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.

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

The Cambria Shareholder Yield ETF (“SYLD”) launched on May 13, 2013. For the three-month period ended April 30, 2022, SYLD posted a loss of 2.42%. For the 12-month period ended April 30, 2022, SYLD posted a loss of 0.21%. For the period since inception through April 30, 2022, SYLD gained 214.53%.

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, 2022.

The Fund’s performance (NAV) as of April 30, 2022 is as follows: -0.21% (1 year), 14.86% (annualized five year), and 13.64% (annualized since inception). The Fund’s performance (Market Price) as of April 30, 2022 is as follows: -0.30% (1 year), 15.89% (annualized five year), and 13.64% (annualized since inception).

The Cambria Foreign Shareholder Yield ETF (“FYLD”) launched on December 2, 2013. For the three-month period ended April 30, 2022, FYLD posted a loss of 3.06%. For the 12-month period ended April 30, 2022, FYLD posted a loss of 0.31%. For the period since inception through April 30, 2022, FYLD posted a gain of 46.54%.

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, 2022.

The Fund’s performance (NAV) as of April 30, 2022 is as follows: -0.31% (1 year), 7.27% (annualized five year), and 4.65% (annualized since inception). The Fund’s performance (Market Price) as of April 30, 2022 is as follows: -1.47% (1 year), 7.10% (annualized five year), and 4.59% (annualized since inception).

The Cambria Global Value ETF (“GVAL”) launched on March 11, 2014. For the three-month period ended April 30, 2022, GVAL posted a loss of 10.89%. For the 12-month period ended April 30, 2022, GVAL posted a loss of 7.47%. For the period since inception through April 30, 2022, the Fund posted a gain of 2.63%.

Following the Russian invasion of Ukraine Russian stock markets were halted on February 28, 2022. As a result, Cambria began fair valuing its Russian securities and subsequently wrote these positions down to 0. This resulted in an unrealized loss to the fund of $5,407,704 USD representing a 4.87% decrease in the net assets of the fund.

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, 2022.

The Fund’s performance (NAV) as of April 30, 2022 is as follows: -7.47% (1 year), 1.07% (annualized five year), and 0.32% (annualized since inception). The Fund’s performance (Market Price) as of April 30, 2022 is as follows: -8.08% (1 year), 0.77% (annualized five year), and 0.22% (annualized since inception).

The Cambria Global Momentum ETF (“GMOM”) launched on November 3, 2014. For the three-month period ended April 30, 2022, GMOM posted a gain of 4.99%. For the 12-month period ended April 30, 2022, GMOM posted a gain of 10.19%. For the period since inception through April 30, 2022, GMOM posted a gain of 48.57%.

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, 2022.

The Fund’s performance (NAV) as of April 30, 2022 is as follows: 10.19% (1 year), 7.44% (annualized five year), and 5.43% (annualized since inception). The Fund’s performance (Market Price) as of April 30, 2022 is as follows: 10.05% (1 year), 7.44% (annualized five year), and 5.41% (annualized since inception).

The Cambria Global Asset Allocation ETF (“GAA”) launched on December 9, 2014. For the three-month period ended April 30, 2022, GAA posted a loss of 3.98%. For the 12-month period ended April 30, 2022, GAA posted a loss of 3.01%. For the period since inception through April 30, 2022, GAA posted a gain of 46.17%.

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, 2022.

The Fund’s performance (NAV) as of April 30, 2022 is as follows: -3.01% (1 year), 6.04% (annualized five year), and 5.27% (annualized since inception). The Fund’s performance (Market Price) as April 30, 2022 is as follows: -2.84% (1 year), 6.22% (annualized five year), and 5.39% (annualized since inception).

The Cambria Value and Momentum ETF (“VAMO”) launched on September 8, 2015. For the three-month period ended April 30, 2022, VAMO posted a gain of 7.91%. For the 12-month period ended April 30, 2022, VAMO posted a gain of 14.17%. For the period since inception through April 30, 2022, VAMO posted a gain of 10.84%.

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, 2022.

The Fund’s performance (NAV) as of April 30, 2022 is as follows: 14.17% (1 year), 3.01% (annualized five year), and 1.56% (annualized since inception). The Fund’s performance (Market Price) as of April 30, 2022 is as follows 14.34% (1 year), 2.80% (annualized five year), and 1.45% (annualized since inception).

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, 2022, the Fund posted a gain of 2.11%. For the 12-month period ended April 30, 2022, the Fund posted a loss of -7.98%. For the period since inception through April 30, 2022, the Fund posted a gain of 5.54%.

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, 2022.

The Fund’s performance (NAV) as of April 30, 2022 is as follows: -7.98% (1 year), -1.33% (annualized five year), and 0.88% (annualized since inception). The Fund’s performance (Market Price) as of April 30, 2022 is as follows: -8.12% (1 year), -1.82% (annualized five year), and 0.65% (annualized since inception).

The Cambria Emerging Shareholder Yield ETF (“EYLD”) launched on July 13, 2016. For the three-month period ended April 30, 2022, EYLD posted a loss of 13.62%. For the 12-month period ended April 30, 2022, EYLD posted a loss of -16.81%. For the period since inception through April 30, 2022, EYLD posted a gain of 57.80%.

Following the Russian invasion of Ukraine Russian stock markets were halted on February 28, 2022. As a result, Cambria began fair valuing its Russian securities and subsequently wrote these positions down to 0. This resulted in an unrealized loss to the fund of $7,596,461. USD representing a 7.68% decrease in the net assets of the fund.

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, 2022.

The Fund’s performance (NAV) as of April 30, 2022 is as follows: -16.81% (1 year), 5.88% (annualized 5 year), and 8.19% (annualized since inception). The Fund’s performance (Market Price) as of April 30, 2022 is as follows: -18.81% (1 year), 5.19% (annualized 5 year) and 7.87% (annualized since inception).

The Cambria Tail Risk ETF (“TAIL”) launched on April 5, 2017. For the three-month period ended April 30, 2022, TAIL posted a loss of 4.44%. For the 12-month period ended April 30, 2022, TAIL posted a loss of 9.14%. For the period since inception through April 30, 2022, TAIL posted a loss of 28.86%.

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, 2022.

The Fund’s performance (NAV) as of April 30, 2022 is as follows: -9.14% (1 year), -6.39% (annualized 5 year), and -6.50% (annualized since inception). The Fund’s performance (Market Price) as of April 30, 2022 is as follows: -9.13% (1 year), -6.43% (annualized 5 year), and -6.47% (annualized since inception).

The Cambria Trinity ETF (“TRTY”) launched on September 10, 2018. For the three-month period ended April 30, 2022, TRTY posted a gain of 0.70%. For the 12-month period ended April 30, 2022, TRTY posted a gain of 3.98%. For the period since inception through April 30, 2022, TRTY posted a gain of 20.90%.

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, 2022.

The Fund’s performance (NAV) as of April 30, 2022 is as follows: 3.98% (1 year) and 5.36% (annualized since inception). The Fund’s performance (Market Price) as of April 30, 2022 is as follows 4.72% (1 year) and 5.57% (annualized since inception).

The Cambria Cannabis ETF (“TOKE”) launched on July 25, 2019. For the three-month period ended April 30, 2022, TOKE posted a loss of 14.45%. For the 12-month period ended April 30, 2022, TOKE posted a loss of 46.49%. For the period since inception through April 30, 2022, TOKE posted a loss of 56.29%.

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, 2022.

The Fund’s performance (NAV) as of April 30, 2022 is as follows: -46.49% (1 year) and -25.83% (annualized since inception). The Fund’s performance (Market Price) as of April 30, 2022 is as follows: -46.17% (1 year) and -25.60% (annualized since inception).

The Global Real Estate ETF (“BLDG”) launched on September 24, 2020. For the three-month period ended April 30, 2022, BLDG posted a loss of 0.83%. For the 12-month period ended April 30, 2022, BLDG posted a gain of 4.70%. For the period since inception through April 30, 2022, BLDG posted a gain of 34.44%.

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, 2022.

The Fund’s performance (NAV) as of April 30, 2022 is as follows: 4.70% (1 year) and 34.44% (cumulative since inception). The Fund’s performance (Market Price) as of April 30, 2022 is as follows: 4.49% (1 year) and 34.08% (cumulative since inception).

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.

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, 2022, SYLD returned -0.21% at net asset value (NAV) and -0.30% at market underperforming its benchmark, the S&P 500 Index, by 0.42%. Overweight allocation and security selection in consumer discretionary were main drivers of underperformance relative to the benchmark, while an overweight allocation and security selection in materials and energy offset underperformance somewhat relative to the benchmark.

On a contribution to total return basis energy, materials and industrials were the best performers contributing 3.29%, 2.34% and 0.17% respectively. On a contribution to total return basis consumer discretionary, financials and Industrials were the worst performing sectors contributing -4.57%, -1.15% and -0.80% respectively.

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.

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.

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, 2022, FYLD returned -0.31% at net asset value (NAV) and -1.47% at market outperforming its benchmark, the MSCI EAFE Total Return Index, by 7.39%. During this period, an overweight allocation to Canada and security selection in Hong Kong and Japan relative to EAFE were the primary driver of outperformance relative to the benchmark. Security selection in the UK detracted from FYLD’s outperformance relative to the benchmark.

On a contribution to total return basis Canada, Hong Kong, and Australian allocations were the best performers contributing 3.04%, 1.00% and 0.72% respectively. On a contribution to total return basis Japan, United Kingdom and Sweden allocations were the worst performers contributing -1.76%, -0.94% and -0.61% respectively.

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.

MSCI EAFE Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization 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.

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, 2022, GVAL returned -7.47% at net asset value (NAV) and -8.08% at market underperforming its benchmark, the MSCI ACWI Total Return Index, by 2.43%. GVAL had an overweight allocation to Russia relative to the benchmark prior to the invasion to Ukraine. Exposure to Russia and Austria were primary drivers of GVAL’s underperformance. Underperformance was offset somewhat by an overweight allocation to the Czech Republic and an underweight allocation to China.

On a contribution to total return basis Czech Republic, Colombia, and Singapore allocations were the best performers contributing 2.47%, 1.44% and 0.98% respectively. On a contribution to total return basis Russia, Chile and Austria allocations were the worst performers contributing -10.14%, -1.85% and -1.47% respectively.

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.

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 45 country indices comprising 24 developed and 21 emerging market country indices. The developed market country indices included are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, 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, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand, and Turkey.

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, 2022, GMOM returned 10.19% at net asset value (NAV) and 10.05% at market outperforming its benchmark, the S&P Balanced Equity & Bond Moderate Index, by 14.59%. GMOM is a tactical trend and momentum strategy and was concentrated in Real Assets over the period. It’s Overweight exposure to the energy and commodities relative to the benchmark were the primary drivers of outperformance over the period.

On a contribution to total return basis energy, commodities, and hedged US equity were the best performers contributing 7.15%, 3.90% and 1.06% respectively. On a contribution to total return basis materials, emerging market equity and global financials were the worst performers contributing -0.55%, -0.48% and -0.45% respectively.

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.

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.

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, 2022, GAA returned -3.01% at net asset value (NAV) and -2.84% at market outperforming its benchmark, the S&P Balanced Equity & Bond Moderate Index, by 1.39%. GAA is a buy and hold global asset allocation portfolio. An overweight allocation to commodities was the primary of outperformance relative to the benchmark. Emerging market stocks were the largest detractor from performance during the period.

On a contribution to total return basis commodities, hedged US equity and global real estate with the best performers contributing 2.92%, 0.57% and 0.32% respectively. On a contribution to total return basis emerging market equity, emerging market fixed income and US bonds were the worst performers contributing -2.37%, -1.07% and -0.58% respectively.

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.

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, 2022, VAMO returned 14.17% at net asset value (NAV) and 14.34% at market outperforming its benchmark, the S&P 500 Index, by 13.96%. Overweight allocation and security selection in energy, security selection in materials, and an underweight allocation to communication services, along with a hedge against the S&P 500 drove VAMO’s outperformance relative to its benchmark.

On a contribution to total return basis energy, materials and industrials were the best performing sectors contributing 7.79%, 3.01% and 0.57% respectively. On a contribution to total return basis consumer discretionary, communication services and information technology we the worst performing sectors contributing -1.66%, -0.41% and -0.35% respectively.

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.

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, 2022, FAIL returned -7.98% at net asset value and -8.12% at market underperforming its benchmark, the Bloomberg Short Treasury Total Return Index, by 7.97%. Exposure to longer duration international developed and emerging market sovereign bonds, as well as US Treasuries drove negative performance. This negative performance was partially offset by positive returns from the options overly.

On a contribution to total return basis foreign developed sovereign bonds, emerging market sovereign bond and US treasuries were the worst performers. MXEA and MXEF Index options were the best performers.

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.

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 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.

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, 2022, EYLD returned -16.81% at net asset value (NAV) and -18.81% at market outperforming its benchmark, the MSCI Emerging Markets Total Return Index, by 0.98%. Underweight allocation and security selection in China, and security selection in India and South Korea relative to the MSCI Emerging Markets Total Return Index were the primary drivers of outperformance. Exposure to Russia as well as security selection in Taiwan were the main detractors from performance relative to the benchmark.

On a contribution to total return basis India, Turkey and Australia allocations were the best performers contributing 1.52%, 1.02% and 0.50% respectively. On a contribution to total return basis Russia, Taiwan and China allocations were the worst performers contributing -16.87%, -3.88% and -1.44% respectively.

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.

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.

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, 2022, TAIL returned -9.14% at net asset value (NAV) and -9.13% at market underperforming its benchmark, the Bloomberg Short Treasury Total Return Index, by 9.00%. Longer duration US Treasuries were the core driver of underperformance during the period.

On a contribution to total return basis US treasuries were the worst performer contributing -6.97% to performance.

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.

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, 2022, TRTY returned 3.98% at net asset value (NAV) and 4.72% at market outperforming its benchmark, the S&P Balanced Equity & Bond Moderate Index, by 8.38%. The main drivers of outperformance were overweight exposure to commodities, energy, and hedged US equity exposure relative to the benchmark.

On a contribution to total return basis commodities, energy and hedged US equity were the best performers contributing 2.66%, 2.51% and 1.28% respectively. On a contribution to total return basis emerging market equity, intermediate term US treasuries and emerging market fixed income were the worst performers contributing -0.94%, 0.60% and 0.52% respectively.

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.

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, 2022, TOKE returned -46.49% at net asset value (NAV) and -46.17% at market underperforming its benchmark, the S&P 500 Total Return Index, by 46.70%. 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 Arena Pharmaceuticals, British American Tobacco, and Altria Group were the best performers contributing 2.85%, 0.80% and 0.70% respectively. On a contribution to total return basis Tilray Brans Inc, Greenlane Holdings and Scotts Miracle-Gro were the worst performers contributing -9.99%, -4.64% and -3.73% respectively.

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, 2022. This agreement may be terminated only by, or with the consent of, the Trust’s Board of Trustees.

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, 2022, BLDG returned 4.70% at net asset value (NAV) and 4.49% at market underperforming its benchmark, the FTSE EPRA/NAREIT Global REIT Total Return Index, by 0.99%. During this period, the primary driver for underperformance relative to the benchmark was security selection in the United States, Turkey and Japan.

On a contribution to total return basis United States, Canada and South Africa allocations were the best performers contributing 5.57%, 0.56% and 0.54% respectively. On a contribution to total return basis Japan, Turkey and Hong Kong allocations were the worst performers contributing -1.67%, -0.49% and -0.25% respectively.

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.

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.

Sector Weightings
Cambria Shareholder Yield ETF
Consumer Discretionary	24.78	%
Financials	23.52	%
Materials	17.72	%
Energy	10.39	%
Industrials	6.83	%
Health Care	6.05	%
Information Technology	5.26	%
Consumer Staples	3.78	%
Communication Services	1.67	%
	100.00	%

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

	Shares		Value
Common Stocks (97.98%)
Communication Services (1.64%)
Fox Corp., Class B		121,849	$	4,050,261
Lumen Technologies, Inc.		433,316		4,359,159
				8,409,420
Consumer Discretionary (24.27%)
Abercrombie & Fitch Co., Class A^(a)		117,768		4,072,418
Advance Auto Parts, Inc.		28,730		5,735,370
AutoNation, Inc.^(a)		54,587		6,327,179
Bed Bath & Beyond, Inc.^(a)(b)		197,904		2,693,473
Big 5 Sporting Goods Corp.^(b)		174,552		2,525,767
Big Lots, Inc.^(b)		91,091		2,814,712
Citi Trends, Inc.^(a)(b)		71,825		2,008,945
Dick's Sporting Goods, Inc.^(b)		42,926		4,138,925
Dillard's, Inc., Class A^(b)		50,193		15,249,135
Ethan Allen Interiors, Inc.		179,816		4,268,832
Foot Locker, Inc.		75,205		2,204,259
Haverty Furniture Cos., Inc.^(b)		139,425		3,461,923
Hibbett, Inc.		58,296		2,517,221
LKQ Corp.		90,888		4,510,771
Macy's, Inc.		219,531		5,306,064
ODP Corp.^(a)		103,259		4,443,235
Penske Automotive Group, Inc.		62,699		6,572,109
PulteGroup, Inc.		106,639		4,453,245
Smith & Wesson Brands, Inc.		312,143		4,285,723
Sturm Ruger & Co., Inc.^(b)		67,938		4,629,975
Tapestry, Inc.		129,454		4,261,626
Toll Brothers, Inc.		142,805		6,621,868
Tri Pointe Homes, Inc.^(a)		221,390		4,576,131
Veritiv Corp.^(a)		53,256		7,484,598
Whirlpool Corp.		29,744		5,399,131

	Shares		Value
Consumer Discretionary (continued)
Zumiez, Inc.^(a)		118,300	$	4,333,329
				124,895,964
Consumer Staples (3.71%)
J M Smucker Co.		35,997		4,929,069
Nu Skin Enterprises, Inc., Class A		111,202		4,741,653
Sprouts Farmers Market, Inc.^(a)		197,223		5,877,246
Walgreens Boots Alliance, Inc.		83,148		3,525,475
				19,073,443
Energy (10.18%)
APA Corp.		114,751		4,696,758
California Resources Corp.		105,456		4,240,386
CVR Energy, Inc.		245,557		6,156,114
Exxon Mobil Corp.		56,953		4,855,243
Helmerich & Payne, Inc.		178,971		8,238,035
HF Sinclair Corp.^(a)		138,242		5,255,961
Marathon Oil Corp.		187,421		4,670,531
Oasis Petroleum, Inc.		49,056		6,507,769
Valero Energy Corp.^(b)		69,797		7,780,970
				52,401,767
Financials (23.04%)
Aflac, Inc.		82,472		4,723,996
Allstate Corp.		38,194		4,833,069
Ally Financial, Inc.		94,978		3,795,321
Ameriprise Financial, Inc.		20,449		5,429,005
Assured Guaranty, Ltd.		101,569		5,601,530
Cathay General Bancorp		124,384		4,986,555
Citizens Financial Group, Inc.		102,842		4,051,975
Comerica, Inc.		71,487		5,854,785
Discover Financial Services		42,419		4,770,441
Federated Hermes, Inc.		148,382		4,225,919
First Horizon Corp.		204,490		4,576,486
Hilltop Holdings, Inc.^(b)		150,917		3,846,874
Hope Bancorp, Inc.		336,648		4,814,066
JPMorgan Chase & Co.		27,040		3,227,494
Lincoln National Corp.		70,980		4,269,447
MetLife, Inc.		70,642		4,639,767
Mr Cooper Group, Inc.^(a)		99,203		4,461,159
PacWest Bancorp		131,144		4,313,326
SLM Corp.		268,710		4,495,518
Synchrony Financial		104,611		3,850,731
Unum Group		152,776		4,662,724
US Bancorp		79,599		3,865,328
Voya Financial, Inc.		68,445		4,321,617
Webster Financial Corp.		194,251		9,710,632

	Shares		Value
Financials (continued)
Zions Bancorp NA		92,612	$	5,233,504
				118,561,269
Health Care (5.93%)
Allscripts Healthcare Solutions, Inc.^(a)(b)		211,419		4,367,917
Cigna Corp.		19,266		4,754,463
Innoviva, Inc.^(a)(b)		331,409		5,653,838
McKesson Corp.		22,646		7,011,428
Quest Diagnostics, Inc.		30,576		4,092,292
Universal Health Services, Inc., Class B		37,687		4,617,788
				30,497,726
Industrials (6.70%)
Boise Cascade Co.		79,092		5,977,773
Crane Co.		42,926		4,130,769
Cummins, Inc.		18,759		3,549,015
ManpowerGroup, Inc.		42,419		3,826,194
Matson, Inc.		65,910		5,669,578
Quanta Services, Inc.		59,319		6,879,818
Snap-on, Inc.^(b)		20,787		4,417,030
				34,450,177
Information Technology (5.15%)
Arrow Electronics, Inc.^(a)		39,715		4,680,810
DXC Technology Co.^(a)		142,298		4,083,953
HP, Inc.		163,254		5,979,994
Juniper Networks, Inc.		169,507		5,342,861
Western Union Co.^(b)		170,352		2,855,099
Xerox Holdings Corp.		203,983		3,549,304
				26,492,021
Materials (17.36%)
DuPont de Nemours, Inc.		70,642		4,657,427
Greif, Inc., Class A		75,374		4,573,695
Huntsman Corp.		159,198		5,392,036
International Paper Co.		81,965		3,793,340
Louisiana-Pacific Corp.		120,497		7,774,467
LyondellBasell Industries NV, Class A		48,165		5,106,935
Mosaic Co.		151,931		9,483,533
Nucor Corp.		67,600		10,463,128
Olin Corp.		88,218		5,063,713
Reliance Steel & Aluminum Co.		29,913		5,930,252
Resolute Forest Products, Inc.		511,563		7,131,188
Schweitzer-Mauduit International, Inc.		137,987		3,471,753
Steel Dynamics, Inc.		102,752		8,810,984

	Shares		Value
Materials (continued)
United States Steel Corp.		132,327	$	4,034,650
Worthington Industries, Inc.		76,726		3,649,856
				89,336,957
Total Common Stocks
(Cost $515,323,710)				504,118,744

		Shares		Value
Short-Term Investment (5.55%)
Fidelity Investments Money Market
Treasury Portfolio Institutional Class, 0.01%^(c)(d)		28,574,596	$	28,574,597

Total Short-Term Investment
(Cost $28,574,597)				28,574,597

Total Investments (103.53%)
(Cost $543,898,307)			$	532,693,341

Liabilities Less Other Assets (-3.53%)				(18,158,947	)

Net Assets (100.00%)			$	514,534,394
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, 2022. The total value of securities on loan at April 30, 2022 was $27,074,248.

^(c)

This security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2022 was $28,574,597.

^(d)

Rate shown is the 7-day effective yield as of April 30, 2022.

Investment Abbreviations:

PLC - Public Limited Company

As of April 30, 2022, all of the Fund's investments in securities were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

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

Sector Weightings

Cambria Foreign Shareholder Yield ETF
Financials	22.56	%
Materials	18.60	%
Industrials	16.09	%
Energy	11.89	%
Communication Services	8.19	%
Information Technology	7.83	%
Consumer Staples	7.48	%
Consumer Discretionary	6.04	%
Real Estate	1.32	%
	100.00	%

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

	Shares		Value
Common Stocks (97.49%)
Australia (8.72%)
Challenger, Ltd.^(a)		150,195	$	773,616
CSR, Ltd.		162,078		703,129
Downer EDI, Ltd.		147,186		578,207
Fortescue Metals Group, Ltd.		60,486		924,387
GrainCorp, Ltd., Class A		119,901		875,963
Mineral Resources, Ltd.		18,768		776,270
Super Retail Group, Ltd.		80,121		600,060
Woodside Petroleum, Ltd.		26,826		590,413
				5,822,045
Belgium (1.08%)
Ageas SA		14,908		721,565

Canada (11.76%)
Canadian Natural Resources, Ltd.		20,400		1,262,604
Celestica, Inc.^(b)		66,300		745,240
Corus Entertainment, Inc., Class B		147,900		484,692
Great-West Lifeco, Inc.		17,861		492,736
Home Capital Group, Inc.		25,500		635,986
Imperial Oil, Ltd.		20,400		1,027,106
Interfor Corp.		20,400		581,519
Labrador Iron Ore Royalty Corp.^(a)		29,796		806,219
Mullen Group, Ltd.		66,300		634,279
Suncor Energy, Inc.		20,400		733,330
West Fraser Timber Co., Ltd.		5,100		448,247
				7,851,958

	Shares		Value
Denmark (1.39%)
Scandinavian Tobacco Group A/S, Class A^(c)		44,115	$	927,821

France (6.38%)
AXA SA		25,245		678,058
Carrefour SA		37,128		789,632
Coface SA		47,736		579,634
Metropole Television SA		30,090		562,178
Nexity SA		13,413		410,069
TotalEnergies SE		12,750		635,207
Vivendi SE^(a)		52,173		603,239
				4,258,017
Germany (1.88%)
DWS Group GmbH & Co. KGaA^(c)		13,719		455,317
Freenet AG		28,764		798,368
				1,253,685
Great Britain (12.38%)
abrdn PLC		173,910		413,967
Anglo American PLC		12,495		563,427
Aviva PLC		129,387		704,969
Berkeley Group Holdings PLC		8,724		447,590
BP PLC		149,889		737,986
British American Tobacco PLC		18,921		797,515
Direct Line Insurance Group PLC		151,043		481,850
Legal & General Group PLC		154,946		491,184
Man Group PLC		350,676		1,036,251
Persimmon PLC		16,575		437,687
Quilter PLC^(c)		288,711		478,486
Rio Tinto PLC		13,878		995,748
WPP PLC		53,652		678,021
				8,264,681
Hong Kong (10.08%)
China Resources Cement Holdings, Ltd.		739,500		617,271
Kingboard Holdings, Ltd.		127,500		580,063
Kingboard Laminates Holdings, Ltd.		397,800		618,473
Lee & Man Paper Manufacturing, Ltd.		765,000		368,510
New World Development Co., Ltd.		117,300		449,947
Orient Overseas International, Ltd.		25,500		716,873
Pacific Basin Shipping, Ltd.		1,173,000		547,111
PC Partner Group, Ltd.^(a)		714,000		897,163
Shougang Fushan Resources Group, Ltd.		3,774,000		1,428,416

	Shares		Value
Hong Kong (continued)
VTech Holdings, Ltd.		71,400	$	507,270
				6,731,097
Italy (3.77%)
Anima Holding SpA^(c)		127,551		629,742
Eni SpA		48,348		682,955
Unipol Gruppo SpA		117,912		649,324
UnipolSai Assicurazioni SpA		195,687		554,086
				2,516,107
Japan (22.91%)
Aozora Bank, Ltd.		25,500		511,670
Dai Nippon Printing Co., Ltd.		25,500		534,267
Dai-ichi Life Holdings, Inc.		35,700		716,476
Hakuto Co., Ltd.		30,600		543,266
Hosiden Corp.		61,200		587,596
Idemitsu Kosan Co., Ltd.		25,500		669,062
Inabata & Co., Ltd.		35,700		585,120
Inpex Corp.		56,100		662,263
Isuzu Motors, Ltd.		51,000		596,163
Japan Tobacco, Inc.		25,500		436,904
Kewpie Corp.		30,600		516,386
Marubeni Corp.		76,500		838,538
Meiwa Corp.^(a)		86,700		585,906
Mitsui & Co., Ltd.		30,600		742,747
Mixi, Inc.		30,600		529,119
Nippon Carbon Co., Ltd.		15,300		491,038
Nippon Electric Glass Co., Ltd.		30,600		618,484
Nippon Yusen KK		15,300		1,115,300
Nisshinbo Holdings, Inc.		76,500		574,745
Oyo Corp.		35,700		544,956
Press Kogyo Co., Ltd.		193,800		583,901
Sumitomo Osaka Cement Co., Ltd.		20,400		569,046
Sumitomo Warehouse Co., Ltd.		40,800		686,628
Tama Home Co., Ltd.^(a)		25,500		499,488
Tokio Marine Holdings, Inc.		10,200		551,676
				15,290,745
Luxembourg (1.89%)
ArcelorMittal SA		23,052		683,965
RTL Group SA		11,016		576,884
				1,260,849
Netherlands (5.03%)
ASR Nederland NV		15,774		721,213
Boskalis Westminster		21,267		742,621
Flow Traders^(c)		15,810		515,375
Koninklijke Ahold Delhaize NV		17,799		527,449

	Shares		Value
Netherlands (continued)
NN Group NV		17,238	$	853,616
				3,360,274
New Zealand (0.84%)
Fletcher Building, Ltd.		139,893		559,048

Norway (1.61%)
Telenor ASA		36,315		514,563
Yara International ASA		10,863		556,738
				1,071,301
Spain (1.10%)
Repsol SA		48,450		730,141

Sweden (2.87%)
Betsson AB^(b)		122,604		759,139
SSAB AB		88,689		572,085
Telia Co. AB		140,918		586,665
				1,917,889
Switzerland (3.80%)
Ferrexpo PLC		139,689		290,353
Glencore PLC		96,186		601,480
Holcim AG		12,495		618,488
Zurich Insurance Group AG		2,244		1,028,630
				2,538,951
Total Common Stocks
(Cost $66,999,726)				65,076,174

	Shares		Value
Short-Term Investment (2.40%)
Fidelity Investments Money Market Treasury Portfolio Institutional Class, 0.01%^(d)(e)		1,602,264	$	1,602,264

Total Short-Term Investment
(Cost $1,602,264)				1,602,264

Total Investments (99.89%)
(Cost $68,601,990)			$	66,678,438

Other Assets Less Liabilities (0.11%)				76,535

Net Assets (100.00%)			$	66,754,973
Percentages based on Net Assets.

^(a)

This security or a partial position of this security is on loan at April 30, 2022. The total value of securities on loan at April 30, 2022 was $1,529,051.

^(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, 2022, the fair value of securities restricted under Rule 144A in the aggregate was $3,006,741, representing 4.50% 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, 2022 was $1,602,264.

^(e)

Rate shown is the 7-day effective yield as of April 30, 2022.

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

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

Sector Weightings
Cambria Global Value ETF Financials	25.80	%
Utilities	18.46	%
Materials	15.22	%
Other	10.03	%
Consumer Staples	8.15	%
Industrials	7.81	%
Energy	5.34	%
Real Estate	3.42	%
Communication Services	3.18	%
Consumer Discretionary	2.59	%
	100.00	%

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

	Shares		Value
Common Stocks (87.65%)

Austria (8.02%)
BAWAG Group AG^(a)		32,300	$	1,557,907
Erste Group Bank AG		21,594		675,674
Erste Group Bank AG^(b)		24,606		785,404
IMMOFINANZ AG		47,800		1,156,789
Raiffeisen Bank International AG		50,800		588,436
UNIQA Insurance Group AG		121,400		934,920
Voestalpine AG		40,600		1,073,347
Wienerberger AG		50,600		1,441,276
				8,213,753
Chile (6.70%)
Banco de Credito e Inversiones SA		27,420		848,551
CAP SA		199,600		2,475,690
Cencosud SA		815,100		1,304,718
Cia Cervecerias Unidas SA		133,200		890,333
Colbun SA		7,632,200		545,323
Empresa Nacional de
Telecomunicaciones SA		195,600		714,497
Latam Airlines Group SA^(b)		323,500		85,571
				6,864,683
Czech Republic (11.33%)
CEZ AS		119,800		5,140,672
Komercni Banka AS		59,600		1,977,499
Moneta Money Bank AS^(a)		733,400		2,750,920
Philip Morris CR AS		2,300		1,735,280
				11,604,371

	Shares		Value
Great Britain (6.47%)
Aviva PLC		171,700	$	935,513
Barratt Developments PLC		90,100		560,250
Direct Line Insurance Group PLC		230,800		736,287
J Sainsbury PLC		275,400		807,922
Kingfisher PLC		194,500		619,506
Legal & General Group PLC		253,200		802,653
M&G PLC		320,300		862,715
Persimmon PLC		22,000		580,942
Phoenix Group Holdings PLC		93,600		716,777
				6,622,565

Greece (8.96%)
FF Group^(b)(c)	25,407	0
Hellenic Petroleum Holdings SA	124,700	952,440
Hellenic Telecommunications
Organization SA	85,000	1,649,946
JUMBO SA	48,265	786,163
Karelia Tobacco Co. Inc SA^(d)	4,195	1,265,700
Motor Oil Hellas Corinth Refineries SA	92,400	1,471,912
Mytilineos SA	82,800	1,546,096
Public Power Corp. SA^(b)	185,900	1,500,285
		9,172,542

Poland (11.96%)
Alior Bank SA^(b)	190,600	1,562,817
Bank Polska Kasa Opieki SA	35,900	793,818
Eurocash SA	130,100	349,321
Grupa Lotos SA	58,031	908,698
Jastrzebska Spolka Weglowa SA^(e)	211,100	3,220,799
KGHM Polska Miedz SA	38,500	1,259,155
PGE Polska Grupa Energetyczna SA^(b)	421,700	940,262
Polski Koncern Naftowy ORLEN SA	40,100	681,483
Powszechna Kasa Oszczednosci
Bank Polski SA	103,900	769,169
Santander Bank Polska SA	10,300	628,876
Tauron Polska Energia SA^(b)	1,500,425	1,134,121
		12,248,519

Portugal (7.80%)
Altri SGPS SA	71,400	478,681
Corticeira Amorim SGPS SA	129,647	1,348,566
Energias de Portugal SA	347,200	1,627,013
Galp Energia SGPS SA	102,900	1,262,490
Greenvolt-Energias Renovaveis SA^(b)	994	7,414
Jeronimo Martins SGPS SA	35,700	745,704
Mota-Engil SGPS SA^(b)(e)	260,400	351,079

	Shares		Value
Portugal (continued)
Navigator Co. SA		278,700	$	1,152,540
NOS SGPS SA		184,300		781,988
REN - Redes Energeticas Nacionais
SGPS SA		74,234		226,326
				7,981,801
Russia (–%)^(f)
Alrosa PJSC^(c)(d)(g)		1,262,976		0
Gazprom Neft PJSC^(c)(d)(g)		334,880		0
Gazprom PJSC^(c)(d)(g)		373,048		0
Rosneft Oil Co. PJSC^(c)(d)(g)		198,016		0
Sberbank of Russia PJSC^(c)(d)(g)		287,609		0
Severstal PAO^(c)(d)(g)		82,992		0
Unipro PJSC^(c)(d)(g)		22,421,984		0
				0

Singapore (9.13%)
CapitaLand Integrated Commercial Trust	60,324	101,634
Capitaland Investment, Ltd.	390,000	1,192,885
City Developments, Ltd.	150,000	926,281
ComfortDelGro Corp., Ltd.	540,000	573,990
Golden Agri-Resources, Ltd.	4,148,652	974,953
Jardine Cycle & Carriage, Ltd.	40,000	838,787
Oversea-Chinese Banking Corp., Ltd.	120,000	1,075,093
SATS, Ltd.^(b)	270,000	888,318
Sembcorp Industries, Ltd.	450,000	959,905
Sembcorp Marine, Ltd.^(b)	2,209,954	174,182
Singapore Airlines, Ltd.^(b)	140,000	556,781
United Overseas Bank, Ltd.	50,000	1,084,276
		9,347,085
Spain (8.79%)
Acciona SA	6,418	1,269,503
Banco Bilbao Vizcaya Argentaria SA	103,748	553,703
Banco Santander SA^(e)	144,108	428,184
CaixaBank SA	207,343	675,460
Enagas SA	34,026	738,377
Endesa SA	40,212	849,708
Ferrovial SA	23,233	602,694
Iberdrola SA	153,336	1,781,002
Mapfre SA	318,049	585,494
Naturgy Energy Group SA^(e)	49,932	1,513,378
		8,997,503
Turkey (8.49%)
Akbank TAS	1,000,900	601,285
Eregli Demir ve Celik Fabrikalari TAS	649,600	1,468,225
Haci Omer Sabanci Holding AS	686,800	926,942

	Shares		Value
Turkey (continued)
KOC Holding AS		361,000	$	977,368
Petkim Petrokimya Holding AS^(b)		1,773,208		1,139,286
Turkiye Halk Bankasi AS^(b)		1,074,000		391,315
Turkiye Is Bankasi AS, Class C		1,075,600		762,788
Turkiye Sise ve Cam Fabrikalari AS		935,000		1,141,023
Turkiye Vakiflar Bankasi TAO, Class D^(b)		1,146,300		343,545
Yapi ve Kredi Bankasi AS		2,854,700		936,298
				8,688,075
Total Common Stocks

(Cost $103,675,822)				89,740,897

		Shares		Value
Exchange Traded Funds (8.92%)

Colombia (8.92%)

Equity ETF (8.92%)
iShares^®MSCI Colombia ETF^(e)(h)		805,100		9,137,885

Total Exchange Traded Funds
(Cost $6,564,167)				9,137,885

		Shares		Value
Short-Term Investment (2.93%)
Fidelity Investments Money Market
Treasury Portfolio Institutional
Class, 0.01%^(i)(j)		2,995,971	$	2,995,971

Total Short-Term Investment
(Cost $2,995,971)				2,995,971

Total Investments (99.50%)
(Cost $113,235,960)			$	101,874,753

Other Assets Less Liabilities (0.50%)
				511,578
Net Assets (100.00%)
			$	102,386,331
Percentages based on Net Assets.

^(a)

^(b)

Non-income producing security.

^(c) Fair valued security; valued by management in accordance with procedures approved by the Fund's Board of Trustees. As of April 30, 2022, these securities had an aggregate market value of $0 or 0.00% of total net assets.

^(d) These securities are considered to be illiquid. The aggregate value of these securities at April 30, 2022 was $1,265,700, which represent 1.24% of the Fund's Net Assets.

^(e) This security or a partial position of this security is on loan at April 30, 2022. The total value of securities on loan at April 30, 2022 was $2,829,911.

^(f) Less than 0.005%.

^(g) Level 3 security in accordance with fair value hierarchy.

^(h) Investment is deemed to be an affiliate by virtue of the Fund owning at least 5% of shares of the issuer.

⁽ⁱ⁾ This security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2022 was $2,995,971.

^(j) Rate shown is the 7-day effective yield as of April 30, 2022.

Investment Abbreviations:

ETF- Exchange Traded Fund

PJSC - Private Joint Stock Company

PLC - Public Limited Company

MSCI - Morgan Stanley Capital International

Transactions with affiliated companies during the period ended April 30, 2022 are as follows:

Cambria Global Value ETF

Investments in Securities at	Level 1 - Quoted and Unadjusted		Level 2- Other Significant Observable		Level 3- Significant Unobservable
Value	Prices		Inputs		Inputs⁽¹⁾		Total
Common Stocks
Austria	$	8,213,753		–	$	–		8,213,753
Chile		6,864,683		–		–		6,864,683
Czech Republic		11,604,371		–		–		11,604,371
Great Britain		6,622,565		–		–		6,622,565
Greece		9,172,542		–		–		9,172,542
Poland		12,248,519		–		–		12,248,519
Portugal		7,981,801		–		–		7,981,801
Russia		–		–		0		0
Singapore		9,347,085		–		–		9,347,085
Spain		8,997,503		–		–		8,997,503
Turkey		8,688,075		–		–		8,688,075
Exchange Traded Funds
Colombia		9,137,885		–		–		9,137,885
Short-Term Investment		2,995,971		–		–		2,995,971

Total	$	101,874,753	$	–	$	0	$	101,874,753

The Fund considers, no cap transfers to Level 3 at the ending of the reporting period, which was $0 at the end of the reporting period.

Change in unrealized appreciation/depreciation on Level 3 holding as of April 30, 2022 is ($10,134,181).

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

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 (99.96%)
Global (22.13%)
Commodity ETF (8.68%)
iShares^®Global Energy ETF		199,576	$	7,080,956

Equity ETF (13.45%)
Cambria Global Real Estate ETF*		167,024		4,975,645
FlexShares Global Upstream Natural
Resources Index Fund^(a)		134,160		5,994,269
				10,969,914

International (5.69%)
Equity ETF (5.69%)
Cambria Foreign Shareholder Yield ETF*^(a)	178,748	4,642,086

North America (25.71%)
Commodity ETF (12.79%)
Invesco DB Precious Metals Fund^(b)	98,072	4,897,716
VanEck Gold Miners ETF	158,184	5,534,858
		10,432,574
Equity ETF (12.92%)
iShares^®Residential and
Multisector Real Estate ETF	56,992	5,153,217
Invesco DB Agriculture Fund^(b)	243,776	5,380,136
		10,533,353
United States (46.43%)
Commodity ETF (26.03%)
Graniteshares Gold Trust^(a)(b)	85,072	1,600,204
Invesco DB Base Metals Fund^(b)	261,616	6,218,612
Invesco DB Energy Fund^(b)	345,540	8,773,261
Invesco Optimum Yield Diversified
Commodity Strategy No K-1 ETF	248,612	4,636,614
		21,228,691

	Shares		Value
Equity ETF (20.40%)
Cambria Shareholder Yield ETF^*(a)		102,232	$	6,221,839
Cambria Value and Momentum ETF^*(a)		393,710		10,421,504
				16,643,343

Total Exchange Traded Funds
(Cost $73,806,315)				81,530,917

		Shares		Value
Short-Term Investment (4.58%)
Fidelity Investments Money Market Treasury Portfolio Institutional Class, 0.01%^(c)(d)		3,736,139	$	3,736,139

Total Short-Term Investment
(Cost $3,736,139)				3,736,139

Total Investments (104.54%)
(Cost $77,542,454)	$	85,267,056

Liabilities Less Other Assets (-4.54%)		(3,704,496	)

Net Assets (100.00%)	$	81,562,560

Percentages based on Net Assets.

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

^(a)

This security or a partial position of this security is on loan at April 30, 2022. The total value of securities on loan at April 30, 2022 was $3,592,240.

^(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, 2022 was $3,736,139.

^(d)

Rate shown is the 7-day effective yield as of April 30, 2022.

Investment Abbreviations:

ETF - Exchange Traded Fund

FTSE - Financial Times Stock Exchange

Transactions with affiliated companies during the period ended April 30, 2022 are as follows:

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 (99.71%)
Global (15.04%)
Equity ETF (15.04%)
Alpha Architect Value Momentum Trend ETF	36,992		$ 921,471
Cambria Global Real Estate ETF^*		116,416		3,468,033
Cambria Global Value ETF^*		124,096		2,521,469
				6,910,973

Fixed Income ETF (19.94%)
SPDR^®FTSE International Government Inflation- Protected Bond ETF^(a)	27,552		1,370,437
VanEck Emerging Markets High Yield Bond ETF		94,848		1,835,309
VanEck International High Yield Bond ETF		44,096		916,535
VanEck J. P. Morgan EM Local Currency Bond ETF		108,736		2,751,021
Vanguard^®Total International Bond ETF^(a)		44,992		2,286,943
				9,160,245

North America (1.01%)
Commodity ETF (1.01%)
VanEck Gold Miners ETF	13,248	463,548

	Shares		Value
United States (48.10%)
Commodity ETF (10.04%)
Graniteshares Gold Trust^(b)		73,824	$	1,388,630
Invesco Optimum Yield Diversified
Commodity Strategy No K-1 ETF		172,736		3,221,526
				4,610,156

Equity ETF (15.50%)
Alpha Architect US Quantitative Momentum ETF^(a)	39,200		1,824,838
Cambria Shareholder Yield ETF^*		56,480		3,437,373
Cambria Value and Momentum ETF^*		70,240		1,859,253
				7,121,464

Fixed Income ETF (22.56%)
Schwab US TIPS Bond ETF	23,264	1,375,367
Vanguard^®Intermediate-Term Corporate Bond ETF^(a)	16,800	1,370,376
Vanguard^®Intermediate-Term Government Bond ETF^(a)	29,856	1,829,874
Vanguard^®Long-Term Treasury Bond ETF^(a)	24,992	1,821,417

	Vs Benchmark
	SYLD	S&P 500
Annualized Returns Since Inception	13.64%	13.07%
Cumulative Returns Since Inception	214.53%	200.80%
12 Months Ended 4/30/2022	-0.21%	-0.21%
3 Months Ended 4/30/2022	-2.42%	-8.17%

	Vs Benchmark
	FYLD	MSCI EAFE
Annualized Returns Since Inception	4.65%	4.14%
Cumulative Returns Since Inception	46.54%	40.68%
12 Months Ended 4/30/2022	-0.31%	-7.70%
3 Months Ended 4/30/2022	-3.06%	-7.33%

	Vs Benchmark
	GVAL	MSCI ACWI
Annualized Returns Since Inception	0.32%	8.51%
Cumulative Returns Since Inception	2.63%	94.36%
12 Months Ended 4/30/2022	-7.47%	-5.04%
3 Months Ended 4/30/2022	-10.89%	-8.32%

	Vs Benchmark
	GMOM	SPBXMI
Annualized Returns Since Inception	5.43%	6.94%
Cumulative Returns Since Inception	48.57%	65.21%
12 Months Ended 4/30/2022	10.19%	-4.40%
3 Months Ended 4/30/2022	4.99%	-8.26%

	Vs Benchmark
	GAA	SPBXMI
Annualized Returns Since Inception	5.27%	6.77%
Cumulative Returns Since Inception	46.17%	62.30%
12 Months Ended 4/30/2022	-3.01%	-4.40%
3 Months Ended 4/30/2022	-3.98%	-8.26%

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	22
Cambria Global Value ETF	25
Cambria Global Momentum ETF	29
Cambria Global Asset Allocation ETF	31
Cambria Value and Momentum ETF	34
Cambria Global Tail Risk ETF	37
Cambria Emerging Shareholder Yield ETF	39
Cambria Tail Risk ETF	42
Cambria Trinity ETF	43
Cambria Cannabis ETF	46
Cambria Global Real Estate ETF	48
Statements of Assets and Liabilities	50
Statements of Operations	53
Statements of Changes in Net Assets	56
Financial Highlights	62
Notes to Financial Statements	74
Report of Independent Registered Public Accounting Firm	90
Disclosure of Fund Expenses (Unaudited)	91
Approval of Advisory Agreement & Board Considerations (Unaudited)	93
Liquidity Risk Management Program (Unaudited)	97
Trustees and Officers of the Cambria ETF Trust (Unaudited)	98
Notice to Shareholders (Unaudited)	100
Supplemental Information (Unaudited)	101

Cambria ETF Trust	Shareholder Letter
	April 30, 2022 (Unaudited)

	Vs Benchmark
	VAMO	S&P 500
Annualized Returns Since Inception	1.56%	13.93%
Cumulative Returns Since Inception	10.84%	137.79%
12 Months Ended 4/30/2022	14.17%	0.21%
3 Months Ended 4/30/2022	7.91%	-8.17%

	Vs Benchmark
	FAIL/*	Spliced Index – WGBI/Short Treasury**	Short Treasury
Annualized Returns Since Inception	0.88%	2.41%	1.03%
Cumulative Returns Since Inception	5.54%	15.98%	6.57%
12 Months Ended 4/30/2022	-7.98%	0.14%	-0.14%
3 Months Ended 4/30/2022	2.11%	-0.08%	-0.08%

	Vs Benchmark
	EYLD	MSCI EEM
Annualized Returns Since Inception	8.19%	6.73%
Cumulative Returns Since Inception	57.80%	45.88%
12 Months Ended 4/30/2022	-16.81%	-18.06%
3 Months Ended 4/30/2022	-13.62%	-10.40%

	Vs Benchmark
	TAIL	Short Treasury
Annualized Returns Since Inception	-6.50%	1.15%
Cumulative Returns Since Inception	-28.86%	5.99%
12 Months Ended 4/30/2022	-9.14%	-0.14%
3 Months Ended 4/30/2022	-4.44%	-0.08%

	Vs Benchmark
	TRTY	SPBXMI
Annualized Returns Since Inception	5.36%	7.22%
Cumulative Returns Since Inception	20.90%	28.84%
12 Months Ended 4/30/2022	3.98%	-4.40%
3 Months Ended 4/30/2022	0.70%	-8.26%

	Vs Benchmark
	TOKE	S&P 500
Annualized Returns Since Inception	-25.83%	13.86%
Cumulative Returns Since Inception	-56.29%	43.25%
12 Months Ended 4/30/2022	-46.49%	0.21%
3 Months Ended 4/30/2022	-14.45%	-8.17%

	Vs Benchmark
	BLDG	ENXG
Annualized Returns Since Inception	20.32%	25.20%
Cumulative Returns Since Inception	34.44%	43.27%
12 Months Ended 4/30/2022	4.70%	5.69%
3 Months Ended 4/30/2022	-0.83%	-2.10%

	Manager’s Discussion and
Cambria Shareholder Yield ETF	Analysis of Fund Performance
	April 30, 2022 (Unaudited)

	1 Year	3 Year	5 Year	Since Inception*
Cambria Shareholder Yield ETF - NAV	-0.21%	20.30%	14.86%	13.64%
Cambria Shareholder Yield ETF - Market	-0.30%	20.34%	14.89%	13.64%
S&P 500 Index	0.21%	13.85%	13.66%	13.07%

	1 Year	Since Inception
Cambria Cannabis ETF - NAV	-46.49%	-25.83%
Cambria Cannabis ETF - Market	-46.17%	-25.60%
S&P 500 Index	0.21%	13.86%

	1 Year	Since Inception
Cambria Global Real Estate ETF - NAV	4.70%	20.32%
Cambria Global Real Estate ETF - Market	4.49%	20.12%
FTSE EPRA Nareit Global REITs Index	5.69%	25.20%

Cambria Global Value ETF	Schedule of Investments
	April 30, 2022

	Market Value											Market Value		Share Balance				Change in
	as of				Purchases				Sales			as of		as of				Unrealized		Realized
Security Name	April 30, 2021		Purchases		In-Kind		Sales		In-Kind			April 30, 2022		April 30, 2022		Dividends		Gain (Loss)		Gain/Loss
iShares MSCI
Colombia ETF	$	8,347,450	$	–	$	349,490	$	–	$	(978,915	)	$	9,137,885		805,100	$	93,172	$	1,139,788	$	280,072
Grand Total	$	8,347,450	$	–	$	349,490	$	–	$	(978,915	)	$	9,137,885		805,100	$	93,172	$	1,139,788	$	280,072

The accompanying notes are an integral part of the financial statements.
Annual Report \| April 30, 2022	29

	Market Value												Market Value		Share Balance				Change in
	as of				Purchases					Sales			as of		as of April				Unrealized			Realized
Security Name	April 30, 2021		Purchases		In-Kind		Sales			In-Kind			April 30, 2022		30, 2022		Dividends		Gain (Loss)			Gain/Loss
Cambria Global Real Estate ETF	$	–	$	4,344,519		1,305,293	$	–		$	(199,735	)	$	4,975,645		167,024	$	376,318	$	(463,685	)	$	(10,747	)
Cambria Foreign Shareholder Yield ETF		4,020,942		–		1,219,949		–			(284,566	)		4,642,086		178,748		207,295		(355,517	)		41,278
Cambria Value and Momentum ETF		3,875,794		3,847,545		2,568,578		–			(546,550	)		10,421,504		393,710		82,867		647,096			29,041
Cambria Shareholder Yield ETF		10,330,758		–		2,002,863		(5,307,080	)		(738,095	)		6,221,839		102,232		228,460		(1,970,295	)		1,903,688
	$	18,227,494	$	8,192,064	$	7,096,683	$	(5,307,080	)	$	(1,768,946	)	$	26,261,074		841,714	$	894,940	$	(2,142,401	)	$	1,963,260

Cambria Emerging Shareholder Yield ETF	$	5,783,508	$	–	$	125,240	$	(4,998,741	)	$	(252,484	)	$	–	–	$	256,579	$	(1,616,366	)	$	958,843
Cambria Global Value ETF		3,553,933		396,822		88,828		(3,781,160	)		(174,533	)		–	–		77,667		(111,153	)		27,263
	$	9,337,441	$	396,822	$	214,068	$	(8,779,901	)	$	(427,017	)	$	–	–	$	334,246	$	(1,727,519	)	$	986,106

Grand Total	$	27,564,935	$	8,588,886	$	7,310,751	$	(14,086,981	)	$	(2,195,963	)	$	26,261,074	841,714	$	1,229,186	$	(3,869,920	)	$	2,949,366

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

International (35.56%)

Equity ETF (15.62%)

Alpha Architect International Quantitative Momentum ETF^(a)

Cambria Emerging Shareholder Yield ETF^*

Cambria Foreign Shareholder Yield ETF^*