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Dhandho Junoon ETF (JUNE)

Annual Report

April 30, 2017

Cambria Investment Management

Table of Contents

Shareholder Letter (Unaudited)	2
Manager’s Discussion and Analysis of Fund Performance (Unaudited)	3
Schedule of Investments	4
Statement of Assets and Liabilities	5
Statements of Operations	6
Statements of Changes in Net Assets	7
Financial Highlights	8
Notes to Financial Statements	9
Report of Independent Registered Public Accounting Firm	17
Disclosure of Fund Expenses (Unaudited)	18
Trustees and Officers of the Cambria ETF Trust (Unaudited)	19
Board Consideration of the Investment Advisory Agreement (Unaudited)	21
Notice to Shareholders (Unaudited)	23
Supplemental Information (Unaudited)	24

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

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

Cambria Investment Management

Shareholder Letter

(Unaudited)

Dear Shareholder:

We are pleased to present the following annual report for the Cambria ETF Trust on behalf of the Dhandho Junoon ETF (“JUNE”).

●

JUNE

JUNE launched on March 31, 2016 at $25.00 per share. For the three-month period ended April 30, 2017, JUNE posted a gain of 0.65%. For the 12-month period ended April 30, 2017, JUNE posted a gain of 9.22%. Since inception, JUNE posted a cumulative gain of 7.02%. Cambria took over as investment adviser of JUNE on January 23, 2017.

We believe that the S&P 500 Index serves as a suitable benchmark for JUNE. The table below shows the performance of the Fund vs. its benchmark, the S&P 500, for the three-month, 12-month, and since inception periods ended April 30, 2017.

	vs. Benchmark
	JUNE	S&P 500
Cumulative Returns Since Fund Inception	7.02%	18.38%
12 Months Ended 4/30/2017	9.22%	17.92%
3 Months Ended 4/30/2017	0.65%	5.16%

	Sincerely,

	Mebane Faber and Eric Richardson

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.

The performance data quoted represents past performance. Past performance does not guarantee future results.

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.

Cambria Investment Management

Manager’s Discussion and Analysis of Fund Performance

(Unaudited)

Comparison of Change in the Value of a $10,000 Investment in the Dhandho Junoon ETF versus the S&P 500 Total Return Index

The Fund returned 9.22% for the 12-month period ended April 30, 2017. During this 12-month period, allocations to Consumer Discretionary, Technology, Financials, and Materials detracted from the Fund’s performance; whereas, allocations to Telecom, Industrials, and Real Estate contributed to Fund performance.

	AVERAGE ANNUAL TOTAL RETURN FOR THE PERIODS ENDED APRIL 30, 2017
	Six Month Return	One Year Return	Since Inception (Annualized)*
Dhandho Junoon ETF	8.33%	9.22%	6.46%
Dhandho Junoon Index	8.78%	10.10%	7.33%
S&P 500 Total Return Index	13.32%	17.92%	16.87%

* Inception date is March 31, 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.

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 0.75%.

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.

The Dhandho Junoon Index tracks the price movements of a portfolio of stocks of approximately 100 U.S. companies and American Depositary Receipts (“ADRs”) across 3 buckets: (1) Share Buybacks, (2) Select Value Manager Holdings, and (3) Spin-Offs. The index inception date is March 1st, 2016. The Index is calculated as a total return Index, which means that returns assume reinvestment of any dividends and distributions during this period.

The S&P 500 Total Return Index is the Standard & Poor’s composite index of 500 stocks, a widely recognized, unmanaged index of common stock prices. Index performance shown in the table is total return, which assumes reinvestment of any dividends and distributions during the period.

Cambria Investment Management

Schedule of Investments Ÿ Dhandho Junoon ETF

April 30, 2017

Description	Shares		Value
COMMON STOCK — 100.1%
Consumer Discretionary — 52.9%
AutoZone*		474	$	328,098
Barnes & Noble Education*		2,349		24,453
Brinker International		4,221		186,526
CarMax*		3,404		199,134
CBS, Cl B		2,315		154,086
Comcast, Cl A		9		353
Fiat Chrysler Automobiles*		179		2,035
Gannett		3,038		25,398
H&R Block		1,299		32,202
Lear		2,007		286,319
Marriott Vacations Worldwide		1,422		156,676
Murphy USA*		2,490		173,230
New Media Investment Group		2,951		38,835
News, Cl A		7,304		92,907
NVR*		77		162,566
Six Flags Entertainment		648		40,572
Time		5,037		76,562
Visteon*		77		7,927
Wendy's		9,149		134,856
				2,122,735
Consumer Staples — 0.9%
British American Tobacco ADR		527		35,857

Financials — 3.2%
Berkshire Hathaway, Cl B*		779		128,699

Health Care — 1.1%
DaVita*		84		5,797
Halyard Health*		1,005		39,697
				45,494
Industrials — 22.0%
Actuant, Cl A		5,558		151,733
American Airlines Group		800		34,096
Engility Holdings*		4,116		116,689
Huntington Ingalls Industries		1,323		265,777
Moog, Cl A*		2,106		144,577
Quanta Services*		3,939		139,598
Vectrus*		1,245		31,673
				884,143
Information Technology — 11.3%
Apple		228		32,752
Celestica*		9,977		142,172
Cimpress*		140		11,491
CSRA		219		6,369
Microsoft		6		411
Science Applications International		3,062		223,495
Vishay Precision Group*		2,015		34,658
				451,348
Materials — 8.7%
Ashland Global Holdings		1,095		135,233
Mosaic		4,914		132,334
Rayonier Advanced Materials		6,032		79,924
				347,491
Total Common Stock
(Cost $4,017,870)				4,015,767

Total Investments — 100.1%
(Cost $4,017,870)			$	4,015,767
Other Assets and Liabilities — (0.1)%				(3,245	)
Net Assets — 100.0%			$	4,012,522

Percentages based on Net Assets.

*	Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

As of April 30, 2017, all of the Fund’s investments in securities were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

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

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

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

Cambria Investment Management

Statement of Assets and Liabilities

April 30, 2017

	Dhandho Junoon ETF
Assets:
Investments at Fair Value	$	4,015,767
Receivable for Investment Securities Sold		670,308
Dividend Receivable		1,660
Reclaims Receivable		11
Total Assets		4,687,746

Liabilities:
Payable for Capital Shares Redeemed		672,897
Payable Due to Investment Adviser		1,993
Payable Due to Custodian		334
Total Liabilities		675,224

Net Assets	$	4,012,522

Net Assets Consist of:
Paid-in Capital	$	3,889,839
Undistributed Net Investment Income		—
Accumulated Net Realized Gain on Investments		124,786
Net Unrealized Depreciation on Investments		(2,103	)
Net Assets	$	4,012,522

Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		152,000
Net Asset Value, Offering and Redemption Price Per Share	$	26.40

Investments at Cost	$	4,017,870

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

Cambria Investment Management

Statements of Operations

For the periods ended April 30, 2017 and October 31, 2016

	Dhandho Junoon ETF
	For the period November 1, 2016 to April 30, 2017			For the period April 1, 2016 to October 31, 2016⁽²⁾
Investment Income:
Dividend Income from Investments	$	19,777		$	28,859
Interest Income		2			—
Less: Foreign Taxes Withheld		(36	)		(55	)
Total Investment Income		19,743			28,804

Expenses:
Management Fees		10,347			15,648
Total Expenses		10,347			15,648

Net Investment Income		9,396			13,156

Net Realized and Unrealized Gains (Losses) on Investments:
Net Realized Gain (Loss) on Investments ⁽¹⁾		204,041			(141,309	)
Net Change in Unrealized Appreciation (Depreciation) on Investments		21,148			(23,251	)
Net Realized and Unrealized Gain (Loss) on Investments		225,189			(164,560	)

Net Increase (Decrease) in Net Assets Resulting from Operations	$	234,585		$	(151,404	)

⁽¹⁾	Includes realized gain or loss as a result of in-kind transactions. (See Note 4 in Notes to Financial Statements).

⁽²⁾	Fund commenced operations on April 1, 2016.

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

Cambria Investment Management

Statements of Changes in Net Assets

	Dhandho Junoon ETF
	Period Ended April 30, 2017⁽¹⁾			Period Ended October 31, 2016⁽²⁾
Operations:
Net Investment Income (Loss)	$	9,396		$	13,156
Net Realized Gain (Loss) on Investments		204,041	⁽³⁾		(141,309	)
Net Change in Unrealized Appreciation (Depreciation) on Investments		21,148			(23,251	)
Net Increase (Decrease) in Net Assets Resulting from Operations		234,585			(151,404	)

Distributions to Shareholders:
Investment Income		(21,999	)		—
Total Distributions to Shareholders		(21,999	)		—

Capital Share Transactions:
Issued		1,966,929			6,190,725
Redeemed		(672,897	)		(3,583,417	)
Increase in Net Assets from Capital Share Transactions		1,294,032			2,607,308

Total Increase in Net Assets		1,506,618			2,455,904

Net Assets:
Beginning of Period		2,505,904			50,000
End of and Period (Includes Undistributed Net Investment Income of $— and $13,156, respectively)	$	4,012,522		$	2,505,904

Share Transactions:
Beginning shares		—			2,000
Issued		75,000			250,000
Redeemed		(25,000	)		(150,000	)
Net Increase in Shares Outstanding from Share Transactions		50,000			102,000

⁽¹⁾	November 1, 2016 to April 30, 2017 (see Note 1).

⁽²⁾	Commenced operations April 1, 2016.

⁽³⁾	Includes realized gain or loss as a result of in-kind transactions. (See Note 4 in Notes to Financial Statements).

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

Cambria Investment Management

Financial Highlights

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

	Net Asset Value, Beginning of Period			Net Investment Income*		Net Realized and Unrealized Gain (Loss) on Investments			Total from Operations			Distributions from Investment Income			Total Distributions			Net Asset Value, End of Period		Total Return⁽¹⁾		Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets		Ratio of Net Investment Income to Average Net Assets		Portfolio Turnover⁽¹⁾⁽²⁾
Dhandho Junoon ETF
2017^†	$	24.57		$	0.09	$	1.96		$	2.05		$	(0.22	)	$	(0.22	)	$	26.40	8.33	%	$	4,013	0.75	%⁽⁴⁾	0.68	%⁽⁴⁾	92	%⁽⁵⁾
2016^††	$	24.87	⁽³⁾	$	0.09	$	(0.39	)	$	(0.30	)	$	—		$	—		$	24.57	(1.21	)%	$	2,506	0.75	%⁽⁴⁾	0.63	%⁽⁴⁾	16	%⁽⁵⁾

*	Per share data calculated using average shares method.

†	November 1, 2016 to April 30, 2017 (see Note 1).

††	April 1, 2016 (commencement of operations) to October 31, 2016 (see Note 1).

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

⁽²⁾	Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.

⁽³⁾	The net asset value at the beginning of the period differs from the beginning net asset value reflected on the Statement of Changes in Net Assets due to a change in unrealized gain/(loss) from the inception date, March 31, 2016, to when the initial basket was created.

⁽⁴⁾	Annualized.

⁽⁵⁾	Not annualized.

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

Cambria Investment Management

Notes to the Financial Statements

April 30, 2017

1. ORGANIZATION

Cambria ETF Trust (the “Trust”), a Delaware statutory trust, was formed on September 9, 2011 as a diversified, open-end registered management investment company under the Investment Company Act of 1940, as amended with multiple funds. The financial statements herein are those of the Dhandho Junoon ETF (the “Fund”). The financial statements of the remaining funds of the Trust are presented separately. The assets of each fund are segregated, and a shareholder’s interest is limited to the fund in which shares are held. Cambria Investment Management, L.P. (the “Investment Adviser”) serves as the investment adviser to the Fund. The Fund is non-diversified.

The Fund commenced operations on April 1, 2016 as a separate series of the Elevation ETF Trust (the “Elevation Fund”) and was advised by ALPS Advisors, Inc. On December 5, 2016, shareholders of the Elevation Fund voted to approve the Agreement and Plan of Reorganization (the “Plan”), which provided for the reorganization of the Elevation Fund into the identically-named Dhandho Junoon ETF, a newly created series of the Trust. Effective January 20, 2017, all assets and liabilities of the Elevation Fund were acquired by the Fund pursuant to the terms of the Plan.

The investment objective of the Dhandho Junoon ETF is to seek investment results that correspond generally to the performance, before the Fund’s fees and expenses, of the Dhandho Junoon Index. The Fund has elected to qualify as a non-diversified series of the Trust under the 1940 Act.

Shares of the Fund are listed and traded on the NYSE Arca, Inc. Market prices for the Shares may be different from their net asset value (“NAV”). The Fund will issue and redeem Shares on a continuous basis at NAV only in large blocks of Shares, typically 25,000 Shares (50,000 shares prior to April 24, 2017), 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 Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 Financial Services – Investment Companies.

Effective April 30, 2017, the Fund changed its fiscal year end to April 30.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Use of Estimates — The Fund is an investment company in conformity with U.S. generally accepted accounting principles (“U.S.GAAP”).Therefore, the Fund 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 Fund.

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

For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. Debt securities are priced based upon valuations provided by independent, third-party pricing agents, if available. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid

Cambria Investment Management

Notes to the Financial Statements

April 30, 2017 (Continued)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 Fund are provided daily by recognized independent pricing agents. If a security price cannot be obtained from an independent, third-party pricing agent, the Fund seeks to obtain a bid price from at least one independent broker.

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

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

●

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

●

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

●

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

For the period ended April 30, 2017, there have been no significant changes to the Fund’s fair valuation methodologies.

Federal Income Taxes — The Fund selected a tax year end of April 30, 2017. Prior to April 30, 2017, the Fund’s tax year end was October 31, 2016. The Fund intends to qualify as “regulated investment company” under Sub-chapter M of the Internal Revenue Code of 1986, as amended. If so qualified, the Fund will not be subject to U.S. federal income tax to the extent it distributes substantially all of its net investment income and net capital gains to its shareholders.

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

Cambria Investment Management

Notes to the Financial Statements

April 30, 2017 (Continued)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

As of and during the period ended April 30, 2017, the Fund did not have a liability for any unrecognized tax benefits. The Fund recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the period, the Fund did not incur any interest or penalties.

Offering Expenses — All offering expenses of the Trust were borne by the Investment Adviser and are not subject to future recoupment. As a result, offering expenses are not reflected in the Statement of Assets and Liabilities.

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

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

Creation Units — The Fund issues and redeems shares on a continuous basis at NAV in groups of 25,000 shares called ‘‘Creation Units.’’ Purchasers of Creation Units (“Authorized Participants”) must pay a creation transaction fee per transaction. The fee is typically a single charge and will be the same regardless of the number of Creation Units purchased by an investor on the same day. An Authorized Participant who holds Creation Units and wishes to redeem at NAV would also pay a Redemption Fee per transaction to the custodian on the date of such redemption, regardless of the number of Creation Units redeemed that day.

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 Fund. Such Authorized Participants may from time to time hold, of record or beneficially, a substantial percentage of the Fund’s 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 Fund 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 Fund. Rather, most retail investors will purchase shares in the secondary market with the assistance of a broker and will be subject to customary brokerage commissions or fees.

If a Creation Unit is purchased or redeemed for cash, a higher transaction fee will be charged. The following table discloses Creation Unit breakdown for the period ended April 30, 2017:

		Creation Unit Shares				Transaction Fee				Value				Redemption Fee
Dhandho Junoon ETF			25,000			$	500			$	660,000			$	500

Cambria Investment Management

Notes to the Financial Statements

April 30, 2017 (Continued)

3. RELATED PARTIES

Investment Advisory Agreement — The Investment Adviser is responsible for overseeing the management and business affairs of the Fund, and has discretion to purchase and sell securities in accordance with the Fund’s objectives, policies, and restrictions. The Investment Adviser reviews, supervises, and administers the Fund’s investment program. The Investment Adviser has entered into an investment advisory agreement (“Management Agreement”) with respect to the Fund. Pursuant to that Management Agreement, the Fund pays the Investment Adviser an annual advisory fee based on its average daily nets assets for the services and facilities it provides payable at an annual rate of 0.75%.

Prior to January 20, 2017, ALPS Advisors, Inc. served as the Fund’s investment adviser.

The Investment Adviser bears all of the costs of the Fund except for the advisory fee, payments under the Fund’s 12b-1 plan, brokerage expenses, acquired fund fees and expenses, taxes, interest (including borrowing costs and dividend expenses on securities sold short), litigation expenses and other extraordinary expenses. The Management Agreement for the Fund 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 Fund, by a majority of the outstanding shares of the Fund, 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.

Dhandho Funds LLC (“Dhandho”), the Index provider and the Fund’s sponsor, is not affiliated with the Trust, the Investment Adviser or the distributor. The Investment Adviser has entered into a License Agreement with Dhandho, under which Dhandho agrees to license the use of the Underlying Index to the Investment Adviser. The Investment Adviser has also entered into a Strategic Partnership Agreement with Dhandho, under which Dhandho agrees to reimburse the Investment Adviser for certain covered expenses of the Fund. Dhandho will also provide marketing support for the Fund, including the distribution of marketing materials related to the Fund. Dhandho does not make investment decisions, provide investment advice, or otherwise act in the capacity of an investment adviser to the Fund. The Fund does not pay a separate licensing fee to use the Underlying Index.

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

Prior to January 20, 2017, ALPS Fund Services, Inc., an affiliate of the ALPS Advisors, Inc., was the fund accountant and administrator of the Fund.

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

Prior to January 20, 2017, ALPS Distributors, Inc., an affiliated of ALPS Advisor, Inc. served as the distributor.

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

Certain officers and/or interested trustees of the Fund are also officers/employees of the current and prior Distributor, Investment Advisor or the Administrator.

Cambria Investment Management

Notes to the Financial Statements

April 30, 2017 (Continued)

4. INVESTMENT TRANSACTIONS

For the period ended April 30, 2017, the purchases and sales of investments in securities excluding in-kind transactions, long-term U.S. Government and short-term securities were:

		Purchases				Sales and Maturities
Dhandho Junoon ETF		$	2,582,224			$	2,607,813

For the period ended April 30, 2017 there were no purchases and sales of U.S. Government securities.

For the period ended April 30, 2017, in-kind transactions associated with creations and redemptions were:

		Purchases				Sales and Maturities				Realized Gains
Dhandho Junoon ETF		$	1,983,367			$	670,308			$	52,042

5. PRINCIPAL RISKS

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

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

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 Fund and the capital resources available for these companies’ dividend payments may adversely affect the Fund.

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

Management Risk — The Fund is passively-managed, meaning that it is designed to track the performance of an underlying index. There can be no guarantee that these strategies and processes will produce the intended results and no guarantee that the Fund will achieve its investment objective. This could result in the Fund’s underperformance compared to other funds with similar investment objectives.

Foreign Investment Risk — Returns on investments in foreign securities could be more volatile than, or trail the returns on, investments in U.S. securities. Investments in or exposures to foreign securities by the Fund is 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

Cambria Investment Management

Notes to the Financial Statements

April 30, 2017 (Continued)

5. PRINCIPAL RISKS (continued)

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.

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

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

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

Non-Diversification Risk — The Fund is non-diversified. Investment by the Fund in securities of a limited number of issuers may expose it to greater market risk and potential monetary losses than if its assets were diversified among the securities of a greater number of issuers.

6. GUARANTEES AND INDEMNIFICATIONS

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

7. INCOME TAXES

The amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period.

Cambria Investment Management

Notes to the Financial Statements

April 30, 2017 (Continued)

7. INCOME TAXES (continued)

These book/tax differences may be temporary or permanent. To the extent these differences are permanent in nature, they are charged or credited to undistributed net investment income (loss), accumulated net realized gain (loss) or paid-in capital, as appropriate, in the period that the differences arise.

Accordingly, the following permanent differences which are primarily attributable to partnership adjustments, reclassification of distributions paid and received, reallocation of dividend incomes from underlying funds and redemptions in-kind, have been reclassified to/from the following accounts.

		Paid-in Capital				Undistributed Net Investment Loss				Accumulated Net Realized Loss
Dhandho Junoon ETF		$	52,590			$	(553	)		$	(52,037	)

These reclassifications had no impact on the net assets or the net asset value per share of the Fund.

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

	Ordinary Income		Long-Term Capital Gain		Return of Capital		Totals
Dhandho Junoon ETF
2017	$	21,999	$	—	$	—	$	21,999
2016		—		—		—		—

As of April 30, 2017, the components of distributable earnings (accumulated losses) on a tax basis were as follows:

	Dhandho Junoon ETF
Undistributed Ordinary Income	$	64,445
Undistributed Long-Term Capital Gain		76,738
Unrealized Depreciation		(18,498	)
Other Temporary Differences		(2	)
Total Distributable Earnings	$	122,683

Under the Regulated Investment Company Modernization Act of 2010, the Fund is permitted to carry forward losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Additionally, post-enactment losses that are carried forward will retain their character as either short term or long term capital losses. As of April 30, 2017 the Fund had no capital losses.

For the period ended April 30, 2017 the Fund utilized capital loss carryforwards of $26,352 to offset current year realized gains.

Cambria Investment Management

Notes to the Financial Statements

April 30, 2017 (Concluded)

7. INCOME TAXES (continued)

The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Fund at April 30, 2017, were as follows:

Cambria Investment Management		Federal Tax Cost				Aggregated Gross Unrealized Appreciation				Aggregated Gross Unrealized Depreciation				Net Unrealized Depreciation
Dhandho Junoon ETF		$	4,034,265			$	89,400			$	(107,898	)		$	(18,498	)

8. REGULATORY MATTERS

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

9. SUBSEQUENT EVENTS

On June 15, 2017, the Board of Trustees approved the closing and liquidation of the Fund. The Fund will liquidate on or around June 30, 2017.

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

Cambria Investment Management

Report of Independent Registered Public Accounting Firm

To the Shareholders of Dhandho Junoon ETF and
Board of Trustees of Cambria ETF Trust

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Dhandho Junoon ETF (the “Fund”), a series of Cambria ETF Trust, as of April 30, 2017, and the related statements of operations and changes in net assets and financial highlights for each of the two periods in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of April 30, 2017, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Dhandho Junoon ETF as of April 30, 2017, the results of its operations and the changes in its net assets and financial highlights for each of the two periods in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

As described in Note 9 to the financial statements, the Board of Trustees approved the closing and liquidation of the Fund on June 15, 2017, which indicates the Fund is not a going concern. The financial statements do not include any adjustments that might be necessary upon liquidation.

COHEN & COMPANY, LTD.
Cleveland, Ohio
June 29, 2017

Cambria Investment Management

Disclosure of Fund Expenses

(Unaudited)

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

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

The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period (November 1, 2016 to April 30, 2017).

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

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

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

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

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

	Beginning Account Value 11/1/16	Ending Account Value 4/30/17	Annualized Expense Ratios	Expenses Paid During Period⁽¹⁾
Dhandho Junoon ETF
Actual Fund Return	$ 1,000.00	$ 1,083.30	0.75%	$ 3.87
Hypothetical 5% Return	$ 1,000.00	$ 1,021.08	0.75%	$ 3.76

⁽¹⁾	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied 181/365 (to reflect the one-half year period).

Cambria Investment Management

Trustees and Officers

(Unaudited)

Set forth below are the names, ages, position with the Trust, term of office, length of time served and the principal occupations for the last five years of each of the persons currently serving as Trustees and Officers of the Trust. Trustees who are deemed not to be “interested persons” of the Trust are referred to as “Independent Trustees.” Mr. Richardson is a Trustee who is deemed to be an “interested” Trustee of the Fund as that term is defined in the 1940 Act by virtue of his employment with and ownership interest in the Investment Adviser. The Trust’s Statement of Additional Information (“SAI”) includes additional information about the Trustees and Officers. The SAI may be obtained without charge by calling (855) 383-4636. The following chart lists Trustees and Officers as of April 30, 2017.

Name, Address, Age⁽¹⁾	Position(s) Held with the Trust and Length of Time Served⁽²⁾	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee During the Past 5 Years
INTERESTED TRUSTEE⁽³⁾
Eric W. Richardson DOB: 1966	Trustee and President of the Trust (since 2012)	Co-founder and Chief Executive Officer, Cambria Investment Management, L.P. (2006-present); Manager, Cambria Indices, LLC (2013-present).	None
INDEPENDENT TRUSTEES
Eric Leake DOB: 1970	Trustee (Since 2013)	Partner and Chief Investment Officer, Anchor Capital Management Group, Inc. (since 1996).	Board Member, National Association of Active Investment Management (NAAIM) (2008-2010).
Dennis G. Schmal DOB: 1947	Trustee (Since 2013)	Self-employed consultant (since 2003).	Director, AssetMark (formerly Genworth) Mutual Funds (2007-present); Director, Merriman Holdings Inc. (formerly MCF Corp.) (financial services) (2003-present); Director, Owens Realty Mortgage Inc. (real estate) (2013-present); Director and Chairman, Pacific Metrics Corporation (2005-2014) (educational services); Director and Chairman, Sitoa Global (2011-2013) (e-commerce); Trustee, Wells Fargo GAI Hedge Funds (2008-present).

⁽¹⁾	Unless otherwise noted, the business address of each trustee is Cambria ETF Trust, 2321 Rosecrans Avenue, Suite 3225, El Segundo CA 90245. Trustees oversee 12 funds in the Cambria ETF Trust.

⁽²⁾	Each Trustee shall hold office during the lifetime of this trust until the election and qualification of his or her successor, or until he or she sooner dies, resigns, or is removed in accordance with the Trust’s Trust Instrument.

⁽³⁾	Denotes Trustees who may be deemed to be “interested” persons of the Fund as that term is defined in the 1940 Act by virtue of their affiliation with (the Distributor and/or its affiliates.)

Cambria Investment Management

Trustees and Officers

(Unaudited) (Concluded)

Name, Address, Age⁽⁴⁾	Position(s) Held with the Trust and Length of Time Served⁽⁵⁾	Principal Occupation(s) During the Past 5 Years
OFFICERS⁽⁶⁾
Ryan DelGiudice DOB: 1990	Chief Compliance Officer (Since 2017)	Vice President (2015-present), Manager (2013-2015), Cipperman Compliance Services; Chief Compliance Officer, Aspiration Funds (2014-present); Associate, Bank of New York Mellon (regulatory administration) (2012-2013).
Mebane Faber DOB: 1977	Vice President (Since 2012)	Co-founder and Chief Investment Officer, Cambria Investment Management, L.P. (2006-present); Manager, Cambria Indices, LLC (2013-present).
Eric Kleinschmidt⁽⁷⁾ 1 Freedom Valley Drive Oaks, PA 19456 DOB: 1968	Principal Financial Officer (Since 2016)	Director of Fund Accounting, SEI Investments Global Funds Services since 2004.

⁽⁴⁾	Unless otherwise noted, the business address of each officer is Cambria ETF Trust, 2321 Rosecrans Avenue, Suite 3225, El Segundo CA 90245.

⁽⁵⁾	Each Trustee shall hold office during the lifetime of this trust until the election and qualification of his or her successor, or until he or she sooner dies, resigns, or is removed in accordance with the Trust’s Trust Instrument.

⁽⁶⁾	Officers oversee 12 funds in the Cambria ETF Trust.

⁽⁷⁾	Certain officers and/or interested trustees of the Fund are also officers of the distributor, the advisor or the administrator.

Cambria Investment Management

Approval of Advisory Agreement & Board Considerations

April 30, 2017 (Unaudited)

Board Consideration of the Investment Advisory Agreement

Dhandho Junoon ETF

The Board of Trustees (the “Board”) of Cambria ETF Trust (the “Trust”), including those Trustees who are not “interested persons” (as defined in the Investment Company Act of 1940, as amended) of the Trust (the “Independent Trustees”), attended an in-person meeting held on September 13, 2016, called for the purpose of, among other things, the consideration of, and voting on, the approval of the investment advisory agreement (the “Agreement”) between the Trust and Cambria Investment Management, L.P. (“Cambria”) applicable to Dhandho Junoon ETF (the “Fund” or “JUNE”). 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. 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 that the evaluation process with respect to Cambria is an ongoing one and, in this regard, the Board considers information at each regularly scheduled meeting, including, among other things, information concerning performance and services provided by Cambria. At the meeting, the Board considered: (1) the nature, extent and quality of the services to be provided by Cambria to JUNE; (2) the investment performance of Cambria with respect to other passively-managed Cambria ETFs; (3) the costs of the services provided by Cambria and the expected profitability to Cambria derived from its relationship with JUNE; (4) the advisory fee and total expense ratio of JUNE compared to a relevant peer group of funds; (5) the extent to which economies of scale would be realized as JUNE grows and whether the advisory fee would enable investors to share in the benefits of economies of scale; (6) benefits (such as soft dollars, if any) received by Cambria and its affiliates from their relationship with JUNE; (7) Cambria’s reputation, expertise and resources in the financial markets; and (8) other factors the Board deemed relevant.

Nature, Quality and Extent of Services. The Board reviewed the nature, quality and extent of the overall services provided by Cambria to JUNE. In particular, the Board considered the responsibilities of Cambria, recognizing that Cambria had invested significant time and effort in structuring the Trust and JUNE, obtaining the necessary exemptive relief from the Securities and Exchange Commission, arranging service providers, exploring various sales channels, and assessing the appeal for JUNE’s investment strategy. In addition, the Board considered that Cambria is responsible for providing investment advisory services to JUNE, monitoring compliance with JUNE’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.

Performance. The Board noted that, since JUNE had not yet commenced investment operations, JUNE had no investment performance. The Board considered that JUNE had previously commenced operations as a series of Elevation ETF Trust on April 1, 2016 but determined the performance of JUNE’s prior management would not be indicative of JUNE’s future performance under Cambria’s portfolio management. The Board noted, however, that Cambria has been relatively successful advising other passively managed ETFs, including other series of the Trust, using different quantitative investment strategies.

Comparative Fees and Expenses. The Board considered that Cambria proposed charging a unitary advisory fee of 0.75% to JUNE. The Trustees noted that under the unitary fee structure proposed, Cambria, and not JUNE, would be responsible for paying many of the expenses necessary to service JUNE, including those of other service providers. In considering the advisory fee, the Board reviewed and considered the fee in light of the nature, quality and extent of the services to be provided by Cambria to JUNE. With respect to the proposed advisory fee and estimated total expense ratio for JUNE, the Board considered how the proposed fee and expense ratio compared to the advisory fees and expense ratios of ETFs

Cambria Investment Management

Approval of Advisory Agreement & Board Considerations

April 30, 2017 (Unaudited) (Concluded)

with comparable strategies. The Board noted that JUNE’s proposed unitary advisory fee is comparable to the average total expense ratio of its peer funds. The Board then considered Cambria’s representation that it would continue to monitor JUNE’s expense ratio as compared to those of its peer funds to seek to ensure that JUNE remains competitive.

Costs and Profitability. The Board then considered the estimated profits to be realized by Cambria in connection with providing services to JUNE. The Board noted that since JUNE had not yet launched as a series of the Trust, it was difficult to estimate how profitable it would be to Cambria. The Board, however, reviewed estimated profit and loss information provided by Cambria with respect to JUNE. In particular, the Board also noted Cambria’s representation of its long-term commitment to the success of JUNE and its proposal of a unitary fee structure under which it bears the risk that JUNE expenses may increase. The Board further considered the costs associated with the personnel, systems and equipment necessary to manage JUNE and to meet the regulatory and compliance requirements adopted by the SEC and other regulatory bodies as well as other expenses Cambria would pay in accordance with the Agreement.

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

Economies of Scale. The Board also considered whether economies of scale would be realized by JUNE as its assets grow larger, including the extent to which this is reflected in the level of fees to be charged. The Board noted that the proposed advisory fee for JUNE does not include breakpoints, but that it was premature - before the commencement of investment operations - to evaluate potential economies of scale. The Board, thus, determined to monitor potential economies of scale, as well as the appropriateness of introducing breakpoints, as assets managed by JUNE 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 for JUNE.

Cambria Investment Management

Notice to Shareholders

April 30, 2017 (Unaudited)

For shareholders that do not have an April 30, 2017, tax year end, this notice is for informational purposes only. For shareholders with an April 30, 2017 tax year end, please consult your tax advisor as to the pertinence of this notice. For the fiscal year ended April 30, 2017, the Funds are designating the following items with regard to distributions paid during the year.

	Return of Capital	Long-Term Capital Gain Distributions	Ordinary Income Distributions	Total Distributions	Qualifying Dividends⁽¹⁾	Qualifying Dividend Income⁽²⁾	U.S. Government Interest⁽³⁾	Qualified Interest Income⁽⁴⁾	Qualified Short-Term Capital Gain⁽⁵⁾
Dhandho Junoon ETF	0.00%	0.00%	100.00%	100.00%	58.76%	59.32%	0.00%	0.00%	0.00%

⁽¹⁾	Qualifying dividends represent dividends which qualify for the corporate dividends received deduction and is reflected as a percentage of ordinary Income distributions (the total of short term capital gain and net investment income distributions).

⁽²⁾

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 its reflected as a percentage of ordinary income distributions (the total of short term capital gain and net investment income distributions). It is the intention of each of the aforementioned funds to designate the maximum amount permitted by law.

⁽³⁾

“U.S. Government Interest represents the amount of interest that was derived from U.S. Government obligations and distributed during the fiscal year. This amount is reflected as a percentage of total ordinary income distributions (the total of short term capital gain and net investment income distributions). Generally, interest from direct U.S. Government obligations is exempt from state income tax. However, for shareholders of the Fund who are residents of California, Connecticut and New York, the statutory threshold requirements were not satisfied to permit exemption of these amounts from state income.

⁽⁴⁾	The percentage in this column represents the amount of “Qualifying Interest Income” as created by the American Jobs Creation Act of 2004 and is a percentage of net investment income that is exempt from U.S. withholding tax when paid for foreign investors.

⁽⁵⁾	The percentage in this column represents the amount of “Qualifying Short-Term Capital Gain” as created by the American Jobs Creation Act of 2004 and is reflected as a percentage of short-term capital gain distributions that is exempt from U.S. withholding tax when paid to foreign investors.

The information reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending April 30, 2017. Complete information will be computed and reported in conjunction with your 2017 Form 1099-DIV.

Cambria Investment Management

Supplemental Information

(Unaudited)

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

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

		Market Price One Year Total Return		Market Price, End of Period
Dhandho Junoon ETF		30.99%		$	31.69

Dhandho Junoon ETF

Premium/ Discount Analysis

Inception Date 3/31/2016

Analysis Period 3/31/2016-4/30/17

	Percent Above or Below Par	Number of Days at Discount/Premium	Percent of Days at Discount/Premium
	-5.00%	—	—
	-4.50%	—	—
	-4.00%	—	—
	-3.50%	—	—
Fund Sold at Discount	-3.00%	2	0.33%
	-2.50%	2	0.33%
	-2.00%	9	1.47%
	-1.50%	28	4.56%
	-1.00%	83	13.52%
	-0.50%	159	61.39%
Sold at Par	0.00%	—	—
	0.50%	87	33.59%
	1.00%	12	46.30%
	1.50%	—	—
	2.00%	1	0.39%
Fund Sold at Premium	2.50%	—	—
	3.00%	—	—
	3.50%	—	—
	4.00%	—	—
	4.50%	—	—
	5.00%	—	—

	vs. Benchmark
	FYLD	MSCI EAFE
Cumulative Returns Since Fund Inception	3.16%	8.80%
12 Months Ended 4/30/2017	11.93%	11.83%
3 Months Ended 4/30/2017	5.50%	7.09%

	vs. Benchmark
	GVAL	ACWI
Cumulative Returns Since Fund Inception	-2.68%	20.67%
12 Months Ended 4/30/2017	20.85%	15.77%
3 Months Ended 4/30/2017	6.38%	5.85%

	vs. Benchmark
	GMOM	SPBXMI
Cumulative Returns Since Fund Inception	3.80%	15.77%
12 Months Ended 4/30/2017	10.52%	8.07%
3 Months Ended 4/30/2017	3.73%	3.58%

	vs. Benchmark
	GAA	SPBXMI
Cumulative Returns Since Fund Inception	9.00%	16.10%
12 Months Ended 4/30/2017	9.08%	8.07%
3 Months Ended 4/30/2017	3.39%	3.58%

	vs. Benchmark
	SOVB	WGBI
Cumulative Returns Since Fund Inception	12.87%	0.06%
12 Months Ended 4/30/2017	4.51%	-3.61%
3 Months Ended 4/30/2017	4.24%	1.84%

Shareholder Letter (Unaudited)	2
Manager’s Discussion and Analysis of Fund Performance (Unaudited)	7
Schedules of Investments
Cambria Shareholder Yield ETF	15
Cambria Foreign Shareholder Yield ETF	17
Cambria Global Value ETF	20
Cambria Global Momentum ETF	23
Cambria Global Asset Allocation ETF	24
Cambria Value and Momentum ETF	25
Cambria Sovereign High Yield Bond ETF	27
Cambria Emerging Shareholder Yield ETF	29
Cambria Tail Risk ETF	32
Statements of Assets and Liabilities	33
Statements of Operations	35
Statements of Changes in Net Assets	37
Financial Highlights	41
Notes to Financial Statements	43
Report of Independent Registered Public Accounting Firm	58
Disclosure of Fund Expenses (Unaudited)	59
Trustees and Officers of the Cambria ETF Trust (Unaudited)	61
Board Consideration of the Investment Advisory Agreement (Unaudited)	63
Notice to Shareholders (Unaudited)	67
Supplemental Information (Unaudited)	68

	vs. Benchmark
	SYLD	S&P 500
Cumulative Returns Since Fund Inception	57.32%	58.58%
12 Months Ended 4/30/2017	20.62%	17.92%
3 Months Ended 4/30/2017	3.24%	5.16%

	vs. Benchmark
	VAMO	S&P 500
Cumulative Returns Since Fund Inception	-4.43%	25.36%
12 Months Ended 4/30/2017	4.98%	17.92%
3 Months Ended 4/30/2017	-0.56%	5.16%

	vs. Benchmark
	EYLD	EEM
Cumulative Returns Since Fund Inception	18.57%	16.01%
3 Months Ended 4/30/2017	8.02%	8.03%

	vs. Benchmark
	TAIL	Short Treasury Index
Cumulative Returns Since Fund Inception	-1.04%	0.05%

	AVERAGE ANNUAL TOTAL RETURN FOR THE PERIODS ENDED APRIL 30, 2017
	One Year Return	Since Inception (Annualized)*
Cambria Shareholder Yield ETF	20.62%	12.11%
S&P 500 Index	17.92%	12.33%

	AVERAGE ANNUAL TOTAL RETURN FOR THE PERIOD ENDED APRIL 30, 2017
	Cumulative Inception to Date*
Cambria Emerging Shareholder Yield ETF	18.57%
Cambria Emerging Shareholder Yield Index	21.39%
MSCI Emerging Market Total Return Index	16.01%

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	40,898,715	$	541,020	$	—	$	41,439,735
Total Investments in Securities	$	40,898,715	$	541,020	$	—	$	41,439,735

Investments in Securities	Level 1		Level 2		Level 3⁽¹⁾		Total
Common Stock	$	108,732,594	$	—	$	—	$	108,732,594
Preferred Stock		3,736,710		—		—		3,736,710
Total Investments in Securities	$	112,469,304	$	—	$	—	$	112,469,304

Type of Contract		Number of Contracts Short			Expiration Date		Notional Amount				Unrealized Depreciation
S&P 500 Index EMINI			(35)		Jun-2017		$	(4,165,875	)		$	(14,750	)

Description	Shares		Value
COMMON STOCK — 99.8%
Consumer Discretionary — 19.9%
American Eagle Outfitters		98,860	$	1,392,937
Best Buy		24,273		1,257,584
Big Lots		26,925		1,359,443
CBS, Cl B		19,388		1,290,465
Children's Place		16,167		1,855,972
Cooper Tire & Rubber		31,974		1,224,604
Dillard's, Cl A		6,910		382,607
Finish Line, Cl A		46,274		731,592
Francesca's Holdings*		50,813		801,829
Group 1 Automotive		14,516		1,000,878
Guess?		63,497		708,627
Home Depot		13,440		2,097,984
Kohl's		22,680		885,201
Lear		7,531		1,074,373
Lowe's		22,940		1,947,147
Macy's		14,606		426,787
O'Reilly Automotive*		7,534		1,869,562
Six Flags Entertainment		27,315		1,710,192
Target		13,211		737,834
Visteon*		7,961		819,585
Whirlpool		7,492		1,391,115
				24,966,318
Consumer Staples — 6.0%
Archer-Daniels-Midland		11,948		546,621
CVS Health		15,836		1,305,520
Dr Pepper Snapple Group		18,722		1,715,871
Nu Skin Enterprises, Cl A		27,875		1,539,536
Pilgrim's Pride		43,767		1,136,191
Wal-Mart Stores		16,976		1,276,256
				7,519,995
Energy — 3.8%
CVR Energy		33,764		739,094
HollyFrontier		25,089		706,004
Murphy Oil		35,736		935,568
Nabors Industries		127,202		1,315,269
Valero Energy		16,291		1,052,562
				4,748,497

Description	Shares		Value
Greenbrier		27,011	$	1,173,628
ManpowerGroup		14,136		1,427,453
MRC Global*		65,118		1,187,101
Northrop Grumman		9,437		2,321,125
Parker-Hannifin		11,818		1,900,335
Southwest Airlines		35,250		1,981,755
United Continental Holdings*		28,176		1,978,237
Wabash National		52,146		1,187,886
				19,968,061
Information Technology — 9.9%
Apple		13,015		1,869,605
Applied Materials		27,240		1,106,216
Corning		53,484		1,543,014
DXC Technology*		3,298		248,472
Hewlett Packard Enterprise		38,346		714,386
HP		44,947		845,902
NetApp		14,649		583,763
Sanmina*		47,073		1,753,469
Symantec		40,621		1,284,842
Texas Instruments		24,938		1,974,591
Western Digital		6,288		560,072
				12,484,332
Materials — 6.2%
Alcoa		43,695		1,473,832
Huntsman		62,379		1,545,128
LyondellBasell Industries, Cl A		9,580		812,001
Packaging Corp of America		18,980		1,874,845
Trinseo		17,026		1,130,526
Worthington Industries		22,170		964,395
				7,800,727
Telecommunication Services — 0.4%
CenturyLink		19,712		506,007

Utilities — 0.7%
AES		77,374		875,100

Total Common Stock
(Cost $106,298,198)				125,408,698

Description	Shares		Value
COMMON STOCK — 97.3%
Australia — 7.2%
Cabcharge Australia		123,714	$	243,636
Caltex Australia		14,803		331,094
CIMIC Group		18,401		510,224
Fortescue Metals Group		87,764		348,961
Monadelphous Group		83,456		780,523
Myer Holdings		310,255		257,874
Seven Group Holdings		72,245		599,936
				3,072,248
Austria — 1.4%
OMV		13,034		600,218

Belgium — 1.0%
Ageas		10,820		443,162

Canada — 11.1%
Capital Power, Cl Common Subscription Receipt		23,125		421,487
Ensign Energy Services		62,900		349,739
Genworth MI Canada		14,187		352,324
Great Canadian Gaming *		22,200		396,333
Great-West Lifeco, Cl Common Subscription Receipt		12,961		348,652
IGM Financial		8,851		265,909
Labrador Iron Ore Royalty		21,620		280,812
Magna International		11,248		469,844
Metro, Cl A		23,092		791,358
Rogers Sugar		91,254		415,809
Sandvine		131,806		307,053
TFI International		14,179		308,707
				4,708,027
Denmark — 4.2%
Novo Nordisk, Cl B		7,861		305,886
Pandora		4,149		448,425
Topdanmark *		17,258		472,379
Tryg		30,123		577,910
				1,804,600
Finland — 5.0%
Kesko, Cl B		8,736		409,384
Metso		18,839		675,768

Description	Shares		Value
TOKAI Holdings		44,200	$	340,198
Toyo Kanetsu		185,000		472,976
Tsugami		37,000		280,467
UT Group		62,900		817,037
Zeon		37,000		421,198
				6,938,441
Netherlands — 1.6%
Aegon		93,018		474,098
BinckBank		44,624		221,802
				695,900
New Zealand — 1.7%
SKY Network Television		141,460		374,908
Tower		394,017		330,050
				704,958
Norway — 5.6%
DNB		30,495		476,285
Grieg Seafood		49,765		390,945
Salmar		34,062		808,110
Telenor		18,688		302,107
Yara International		10,709		398,126
				2,375,573
Portugal — 2.0%
EDP - Energias de Portugal		127,409		420,524
Galp Energia SGPS		27,057		420,583
				841,107
Singapore — 0.9%
Venture		43,310		378,186

Spain — 3.2%
Endesa		16,508		389,044
Gas Natural SDG		22,442		507,501
Mediaset Espana Comunicacion**		32,286		445,066
				1,341,611
Sweden — 3.0%
JM		16,111		567,149
SSAB, Cl A *		107,245		467,615
Telia		54,445		221,903
				1,256,667
Switzerland — 3.1%

Description		Face Amount⁽¹⁾		Value
SOVEREIGN DEBT — 84.2%
Australia — 3.8%
Queensland Treasury
5.750%, 07/22/24	AUD	203,000		$	181,655
4.750%, 07/21/25 (A)	AUD	217,000			184,571
					366,226
Brazil — 7.8%
Brazilian Government International Bond
8.500%, 01/05/24	BRL	2,450,000			741,009

China — 5.0%
China Government Bond
3.160%, 06/27/23	CNY	3,500,000			476,459

Greece — 8.3%
Hellenic Republic Government Bond
4.750%, 04/17/19 (A)	EUR	203,000			214,837
3.650%, 02/24/24 (B)	EUR	349,097			321,549
3.000%, 02/24/23 (B)	EUR	273,175			256,380
					792,766
Hungary — 4.3%
Hungary Government Bond
3.000%, 06/26/24			5,740,000		20,138
Hungary Government Bond
6.000%, 11/24/23	HUF	46,410,000			194,831
5.500%, 06/24/25	HUF	47,390,000			193,588
					408,557
Indonesia — 2.8%
Indonesia Government International Bond
8.375%, 03/15/24	IDR	1,652,000,000			132,976
7.000%, 05/15/27	IDR	1,778,000,000			132,993
					265,969
Malaysia — 4.3%
Malaysia Government Bond
4.392%, 04/15/26	MYR	70,000			16,372
Malaysia Government Bond
4.498%, 04/15/30	MYR	995,000			230,776
4.181%, 07/15/24	MYR	642,000			150,124
Malaysia Government Investment Issue
4.070%, 09/30/26	MYR	70,000			15,934
					413,206
Mexico — 8.3%
Mexican Bonos
10.000%, 12/05/24	MXN	3,705,100			229,699
5.750%, 03/05/26	MXN	4,812,500			232,211
8.500%, 05/31/29	MXN	2,812,600			163,417
7.500%, 06/03/27	MXN	3,029,600			164,023
					789,350
New Zealand — 2.4%
New Zealand Government Bond
4.500%, 04/15/27	NZD	301,000			231,938

Philippines — 4.2%
Philippine Government Bond
8.000%, 07/19/31	PHP	15,182,800			396,324

Poland — 4.6%
Poland Government Bond
5.750%, 04/25/29	PLN	994,000			314,031
Republic of Poland Government Bond
3.250%, 07/25/25	PLN	231,000			59,609
2.500%, 07/25/26	PLN	252,000			60,778
					434,418
Romania — 4.3%
Romania Government Bond
5.850%, 04/26/23	RON	490,000			134,298
5.800%, 07/26/27	RON	490,000			135,577
4.750%, 02/24/25	RON	525,000			135,239
					405,114
Russia — 8.2%
Russian Federal Bond - OFZ
7.600%, 04/14/21	RUB	15,127,000			265,187
7.600%, 07/20/22	RUB	15,435,000			271,779
7.000%, 01/25/23	RUB	13,972,000			239,024
					775,990
South Africa — 5.9%
Republic of South Africa Government Bond
8.000%, 01/31/30	ZAR	2,726,857			186,931
7.000%, 02/28/31	ZAR	3,025,736			188,635
South Africa Government Bond
8.250%, 03/31/32	ZAR	2,719,766			186,585
					562,151
Thailand — 3.6%
Thailand Government Bond
3.625%, 06/16/23	THB	11,127,000			344,297

Description	Shares/ Number of Rights		Value
Turkey — 2.9%
Aygaz		24,720	$	98,617
Kordsa Teknik Tekstil		45,072		102,784
Tekfen Holding		23,776		61,315
Vestel Beyaz Esya Sanayi ve Ticaret		21,784		77,459
				340,175
Total Common Stock
(Cost $10,218,753)				11,224,869

RIGHT — 0.0%
Brazil — 0.0%
Cia de Gas de Sao Paulo - COMGAS
Expires 05/31/17*
(Cost $—)		137		7

Total Investments — 95.5%
(Cost $10,218,753)			$	11,224,876
Other Assets and Liabilities — 4.5%				533,913
Net Assets — 100.0%			$	11,758,789

	Common Stock
Beginning balance as of July 14, 2016⁽¹⁾	$	—
Realized gain (loss)		1,438
Change in unrealized appreciation (depreciation)		(4,658	)
Purchases		74,667
Sales		(12,263	)
Ending balance as of April 30, 2017	$	59,184

Assets		Fair Value at 4/30/17			Valuation Technique(s)	Unobservable Input		Discount Percentage
Common Stock		$	59,184		Discount from the Last Traded Price	Last Traded Price Comparability Adjustment %			0.0	%

Description	Face Amount/ Contracts		Value
U.S. TREASURY OBLIGATION — 92.7%
U.S. Treasury Note
2.250%, 02/15/27	$	2,300,000	$	2,293,261

Total U.S. Treasury Obligation
(Cost $2,279,622)				2,293,261

Total Investments — 92.7%
(Cost $2,279,622)			$	2,293,261
Other Assets and Liabilities — 7.3%				180,542
Net Assets — 100.0%			$	2,473,803

PURCHASED OPTIONS‡ — 5.2%*
SPX, Put Option, Expires 9/15/2017, Strike Price $2,125		9	$	15,345
SPX, Put Option, Expires 6/16/2017, Strike Price $2,125		3		933
SPX, Put Option, Expires 12/15/2017, Strike Price $2,125		9		28,530
SPX, Put Option, Expires 3/16/2018, Strike Price $2,125		9		44,370
SPX, Put Option, Expires 6/15/2018, Strike Price $2,125		6		38,280

Total Purchased Options
(Cost $170,624)			$	127,458

Investments in Securities	Level 1		Level 2		Level 3		Total
U.S. Treasury Obligation	$	—	$	2,293,261	$	—	$	2,293,261
Total Investments in Securities	$	—	$	2,293,261	$	—	$	2,293,261

Other Financial Instruments	Level 1		Level 2		Level 3		Total
Purchased Options	$	127,458	$	—	$	—	$	127,458
Total Other Financial Instruments	$	127,458	$	—	$	—	$	127,458

	Cambria Shareholder Yield ETF			Cambria Foreign Shareholder Yield ETF			Cambria Global Value ETF			Cambria Global Momentum ETF			Cambria Global Asset Allocation ETF
Assets:
Investments at Fair Value	$	125,408,698		$	41,439,735		$	112,469,304		$	44,885,966		$	28,344,744
Affiliated Investments at Value		—			—			—			13,566,620			8,714,703
Foreign Currency at Value		—			319,262			175,969			—			—
Cash and Cash Equivalents		222,925			520,615			391,465			896,231			118,608
Segregated cash balances with Authorized Participants for deposit securities		—			41,887			—			—			—
Dividends Receivable, Net		96,242			203,430			347,234			—			—
Receivable for Capital Shares Sold		—			—			—			1,236,036			1,282,151
Receivable for Investment Securities Sold		—			—			13,251,197			—			—
Reclaims Receivable		18,990			142,414			183,564			—			—
Total Assets		125,746,855			42,667,343			126,818,733			60,584,853			38,460,206

Liabilities:
Payable for Investment Securities Purchased		—			—			14,559,403			1,230,285			1,277,811
Payable Due to Investment Adviser		64,525			20,549			53,238			26,709			—
Custodian Fees Payable		—			—			15,968			—			—
Collateral payable upon return of deposit securities		—			41,887			—			—			—
Total Liabilities		64,525			62,436			14,628,609			1,256,994			1,277,811

Net Assets	$	125,682,330		$	42,604,907		$	112,190,124		$	59,327,859		$	37,182,395

Net Assets Consist of:
Paid-in Capital	$	106,424,877		$	46,950,635		$	115,748,111		$	59,309,809		$	36,529,437
Undistributed Net Investment Income		30,016			348,186			456,029			—			11,732
Accumulated Net Realized Gain (Loss) on Unaffiliated Investments and Affiliated Investments		117,169			(5,004,528	)		(1,219,166	)		(3,708,778	)		(577,019	)
Net Unrealized Appreciation (Depreciation) on Unaffiliated Investments and Affiliated Investments		19,110,500			319,674			(2,750,972	)		3,726,828			1,218,245
Net Unrealized Depreciation on Foreign Currency Transactions		(232	)		(9,060	)		(43,878	)		—			—
Net Assets	$	125,682,330		$	42,604,907		$	112,190,124		$	59,327,859		$	37,182,395

Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		3,700,000			1,850,010			4,950,010			2,400,001			1,450,001
Net Asset Value, Offering and Redemption Price Per Share	$	33.97		$	23.03		$	22.66		$	24.72		$	25.64

Investments at Cost	$	106,298,198		$	41,120,061		$	115,220,276		$	42,205,680		$	27,892,226
Affiliated Investments at Cost		—			—			—			12,520,078			7,948,976
Cost of Foreign Currency		—			317,170			175,285			—			—

	Cambria Value and Momentum ETF			Cambria Sovereign High Yield Bond ETF			Cambria Emerging Shareholder Yield ETF			Cambria Tail Risk ETF
Assets:
Investments at Fair Value	$	7,680,740		$	8,015,865		$	11,224,876		$	2,293,261
Purchased Options at Value		—			—			—			127,458
Foreign Currency at Value		—			81,714			194,120			—
Cash and Cash Equivalents		269,655			982,883			1,096,503			43,336
Cash at Broker		337,835			—			—			—
Segregated cash balances with Authorized Participants for deposit securities		—			—			33,067			—
Variation Margin Receivable		8,061			—			—			—
Dividends Receivable, Net		1,965			—			4,503			—
Receivable for Investment Securities Sold		—			338,463			—			—
Interest Receivable		—			107,381			—			10,722
Reclaims Receivable		—			—			1,746			—
Total Assets		8,298,256			9,526,306			12,554,815			2,474,777

Liabilities:
Payable Due to Investment Adviser		7,364			4,573			6,020			974
Custodian Fees Payable		—			—			1,844			—
Payable to Broker		—			—			724,844			—
Collateral payable upon return of deposit securities		—			—			33,067			—
Accrued foreign capital gains tax on appreciated securities		—			364			30,251			—
Total Liabilities		7,364			4,937			796,026			974

Net Assets	$	8,290,892		$	9,521,369		$	11,758,789		$	2,473,803

Net Assets Consist of:
Paid-in Capital	$	8,328,882		$	9,180,120		$	10,868,583		$	2,500,050
Undistributed Net Investment Income		154			61,457			46,114			2,278
Accumulated Net Realized Gain (Loss) on Investments and Purchased Options		(902,028	)		30,364			(132,886	)		1,002
Net Unrealized Appreciation (Depreciation) on Investments and Purchased Options		878,634			248,148			1,006,123			(29,527	)
Net Unrealized Appreciation (Depreciation) on Foreign Currency Transactions		—			1,644			1,106			—
Net Unrealized Depreciation on Futures Contracts		(14,750	)		—			—			—
Accumulated foreign capital gains tax on appreciated securities		—			(364	)		(30,251	)		—
Net Assets	$	8,290,892		$	9,521,369		$	11,758,789		$	2,473,803

Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		350,004			350,000			400,004			100,002
Net Asset Value, Offering and Redemption Price Per Share	$	23.69		$	27.20		$	29.40		$	24.74

Investments at Cost	$	6,802,106		$	7,767,717		$	10,218,753		$	2,279,622
Affiliated Investments at Cost		—			—			—			—
Cost of Purchased Options		—			—			—			170,624
Cost of Foreign Currency		—			81,294			193,065			—

	Cambria Shareholder Yield ETF			Cambria Foreign Shareholder Yield ETF			Cambria Global Value ETF			Cambria Global Momentum ETF			Cambria Global Asset Allocation ETF
Investment Income:
Dividend Income	$	2,860,387		$	1,364,044		$	2,953,913		$	657,112		$	652,850
Dividend Income from Affiliated Investments		—			—			—			78,370			113,574
Interest Income		3,895			751			1,118			1,857			409
Less: Foreign Taxes Withheld		13,578			(93,283	)		(314,986	)		—			—
Total Investment Income		2,877,860			1,271,512			2,640,045			737,339			766,833

Expenses:
Management Fees		764,602			170,646			492,485			184,527			—
Custodian Fees		—			—			72,190			—			—
Other Fees		2,390			—			—			—			—
Total Expenses		766,992			170,646			564,675			184,527			—

Net Investment Income		2,110,868			1,100,866			2,075,370			552,812			766,833

Net Realized and Unrealized Gains (Losses) on Investments:
Net Realized Gain (Loss) on Unaffiliated Investments⁽¹⁾		9,915,364			(857,118	)		1,630,071			34,609			(153,887	)
Net Realized Gain (Loss) on Affiliated Investments⁽¹⁾		—			—			—			(24,201	)		31,848
Capital Gain Distributions Received from Unaffiliated Investments		—			—			—			1,568			13,111
Net Realized Gain (Loss) on Foreign Currency Transactions		115			(8,615	)		(805	)		—			—
Net Change in Unrealized Appreciation on Unaffiliated Investments		11,411,349			3,344,104			13,518,072			2,398,511			1,132,325
Net Change in Unrealized Appreciation on Affiliated Investments		—			—			—			956,555			929,581
Net Change in Unrealized Depreciation on Foreign Currency Translation		(270	)		(7,642	)		(47,292	)		—			—
Net Realized and Unrealized Gain on Investments		21,326,558			2,470,729			15,100,046			3,367,042			1,952,978

Net Increase in Net Assets Resulting from Operations	$	23,437,426		$	3,571,595		$	17,175,416		$	3,919,854		$	2,719,811

	Cambria Value and Momentum ETF			Cambria Sovereign High Yield Bond ETF			Cambria Emerging Shareholder Yield ETF⁽¹⁾			Cambria Tail Risk ETF⁽²⁾
Investment Income:
Dividend Income	$	64,640		$	—		$	168,344		$	—
Interest Income		—			305,318			—			3,252
Less: Foreign Taxes Withheld		—			(1,097	)		(17,803	)		—
Total Investment Income		64,640			304,221			150,541			3,252

Expenses:
Management Fees		32,946			40,105			33,670			974
Broker Expense		3,695			—			—			—
Custodian Fees		—			—			5,184			—
Total Expenses		36,641			40,105			38,854			974

Net Investment Income		27,999			264,116			111,687			2,278

Net Realized and Unrealized Gains (Losses) on Investments:
Net Realized Gain (Loss) on Unaffiliated Investments⁽³⁾		(37,101	)		28,207			(20,751	)		—
Net Realized Gains on Purchased Options		—			—			—			1,002
Net Realized Loss on Futures Contracts		(479,165	)		—			—			—
Net Realized Gain (Loss) on Foreign Currency Transactions		—			4,549			(14,206	)		—
Net Change in Unrealized Appreciation on Unaffiliated Investments		694,366			46,318			1,006,123			13,639
Net Change in Unrealized Depreciation on Purchased Options		—			—			—			(43,166	)
Net Change in Unrealized Appreciation on Futures Contracts		28,853			—			—			—
Change in Accumulated Foreign Capital Gains Tax on Appreciated Securities		—			(364	)		(30,251	)		—
Net Change in Unrealized Appreciation (Depreciation) on Foreign Currency Translation		—			591			1,106			—
Net Realized and Unrealized Gain (Loss) on Investments		206,953			79,301			942,021			(28,525	)

Net Increase (Decrease) in Net Assets Resulting from Operations	$	234,952		$	343,417		$	1,053,708		$	(26,247	)

	Cambria Shareholder Yield ETF						Cambria Foreign Shareholder Yield ETF
	Year Ended April 30, 2017			Year Ended April 30, 2016			Year Ended April 30, 2017			Year Ended April 30, 2016
Operations:
Net Investment Income	$	2,110,868		$	3,756,107		$	1,100,866		$	1,408,400
Net Realized Gain (Loss) on Investments⁽¹⁾		9,915,364			8,220,198			(857,118	)		(7,426,632	)
Net Realized Gain (Loss) on Foreign Currency Transactions		115			338			(8,615	)		71,284
Net Change in Unrealized Appreciation (Depreciation) on Investments		11,411,349			(20,357,482	)		3,344,104			1,054,154
Net Change in Unrealized Appreciation (Depreciation) on Foreign Currency Translation		(270	)		38			(7,642	)		(5,776	)
Net Increase (Decrease) in Net Assets Resulting from Operations		23,437,426			(8,380,801	)		3,571,595			(4,898,570	)

Distributions to Shareholders:
Investment Income		(2,080,769	)		(3,873,914	)		(683,048	)		(1,478,338	)
Net Realized Gains		—			(7,516,422	)		—			—
Return of Capital		—			(176,238	)		—			(201,561	)
Total Distributions to Shareholders		(2,080,769	)		(11,566,574	)		(683,048	)		(1,679,899	)

Capital Share Transactions:
Issued		6,673,132			4,477,385			16,416,416			—
Redeemed		(39,744,687	)		(74,228,527	)		(3,195,354	)		(27,620,154	)
Increase (Decrease) in Net Assets from Capital Share Transactions		(33,071,555	)		(69,751,142	)		13,221,062			(27,620,154	)

Total Increase (Decrease) in Net Assets		(11,714,898	)		(89,698,517	)		16,109,609			(34,198,623	)

Net Assets:
Beginning of Year		137,397,228			227,095,745			26,495,298			60,693,921
End of Year (Includes Undistributed (Distributions in Excess of) Net Investment Income of $30,016, $(198), $348,186 and $(63,752), respectively)	$	125,682,330		$	137,397,228		$	42,604,907		$	26,495,298

Share Transactions:
Issued		200,000			150,000			750,000			—
Redeemed		(1,300,000	)		(2,550,000	)		(150,000	)		(1,300,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(1,100,000	)		(2,400,000	)		600,000			(1,300,000	)

	Cambria Global Value ETF						Cambria Global Momentum ETF
	Year Ended April 30, 2017			Year Ended April 30, 2016			Year Ended April 30, 2017			Year Ended April 30, 2016
Operations:
Net Investment Income	$	2,075,370		$	1,679,970		$	552,812		$	403,361
Net Realized Gain (Loss) on Investments⁽¹⁾		1,630,071			(2,715,464	)		10,408			(3,572,734	)
Net Realized Loss on Foreign Currency Transactions		(805	)		(234,783	)		—			—
Capital Gain Distributions Received from Investments		—			—			1,568			129,573
Net Change in Unrealized Appreciation (Depreciation) on Unaffiliated Investments and Affiliated Investments		13,518,072			(7,643,381	)		3,355,066			183,657
Net Change in Unrealized Appreciation (Depreciation) on Foreign Currency Translation		(47,292	)		234,205			—			—
Net Increase (Decrease) in Net Assets Resulting from Operations		17,175,416			(8,679,453	)		3,919,854			(2,856,143	)

Distributions to Shareholders:
Investment Income		(1,965,865	)		(1,427,287	)		(530,781	)		(449,733	)
Return of Capital		—			—			(39,767	)		(24,940	)
Total Distributions to Shareholders		(1,965,865	)		(1,427,287	)		(570,548	)		(474,673	)

Capital Share Transactions:
Issued		28,631,893			5,536,613			35,515,650			1,134,445
Redeemed		(1,087,609	)		(6,574,021	)		(1,176,541	)		(16,725,720	)
Increase (Decrease) in Net Assets from Capital Share Transactions		27,544,284			(1,037,408	)		34,339,109			(15,591,275	)

Total Increase (Decrease) in Net Assets		42,753,835			(11,144,148	)		37,688,415			(18,922,091	)

Net Assets:
Beginning of Year		69,436,289			80,580,437			21,639,444			40,561,535
End of Year (Includes Undistributed (Distributions in Excess of) Net Investment Income of $456,029, $346,131, $– and $(15,160), respectively)	$	112,190,124		$	69,436,289		$	59,327,859		$	21,639,444

Share Transactions:
Issued		1,400,000			250,000			1,500,000			50,000
Redeemed		(50,000	)		(350,000	)		(50,000	)		(700,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		1,350,000			(100,000	)		1,450,000			(650,000	)

	Cambria Global Asset Allocation ETF						Cambria Value and Momentum ETF
	Year Ended April 30, 2017			Year Ended April 30, 2016			Year Ended April 30, 2017			Period Ended April 30, 2016⁽¹⁾
Operations:
Net Investment Income	$	766,833		$	758,017		$	27,999		$	10,552
Net Realized Loss on Investments and Futures Contracts		(122,039	)⁽²⁾		(1,218,889	)⁽²⁾		(516,266	)		(361,602	)⁽²⁾
Capital Gain Distributions Received from Unaffiliated and Affiliated Investments		13,111			128,122			—			—
Net Change in Unrealized Appreciation (Depreciation) on Investments and Futures Contracts		2,061,906			(1,411,706	)		723,219			140,665
Net Increase (Decrease) in Net Assets Resulting from Operations		2,719,811			(1,744,456	)		234,952			(210,385	)

Distributions to Shareholders:
Investment Income		(777,368	)		(812,989	)		(28,879	)		(9,518	)
Net Realized Gains		—			(2,164	)		—			—
Total Distributions to Shareholders		(777,368	)		(815,153	)		(28,879	)		(9,518	)

Capital Share Transactions:
Issued		14,843,502			6,325,166			3,547,675			8,035,273
Redeemed		(3,755,694	)		(11,399,910	)		—			(3,278,226	)
Increase (Decrease) in Net Assets from Capital Share Transactions		11,087,808			(5,074,744	)		3,547,675			4,757,047

Total Increase (Decrease) in Net Assets		13,030,251			(7,634,353	)		3,753,748			4,537,144

Net Assets:
Beginning of Year/Period		24,152,144			31,786,497			4,537,144			—
End of Year/Period (Includes Undistributed (Distributions in Excess of) Net Investment Income of $11,732, $—, $154 and $1,034, respectively)	$	37,182,395		$	24,152,144		$	8,290,892		$	4,537,144

Share Transactions:
Issued		600,000			250,000			150,000			350,004
Redeemed		(150,000	)		(500,000	)		—			(150,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		450,000			(250,000	)		150,000			200,004

	Cambria Sovereign High Yield Bond ETF					Cambria Emerging Shareholder Yield ETF			Cambria Tail Risk ETF
	Year Ended April 30, 2017			Period Ended April 30, 2016⁽¹⁾		Period Ended April 30, 2017⁽²⁾			Period Ended April 30, 2017⁽³⁾
Operations:
Net Investment Income	$	264,116		$	21,691	$	111,687		$	2,278
Net Realized Gain (Loss) on Investments and Purchased Options		28,207			—		(20,751	)⁽⁴⁾		1,002
Net Realized Gain (Loss) on Foreign Currency Transactions		4,549			2,417		(14,206	)		—
Net Change in Unrealized Appreciation (Depreciation) on Investments and Purchased Options		46,318			201,830		1,006,123			(29,527	)
Net Change in Unrealized Appreciation (Depreciation) on Foreign Currency Translation		591			1,053		1,106			—
Net Change in Unrealized Appreciation (Depreciation) on Foreign Capital Tax Gains on Appreciated Securities		(364	)		—		(30,251	)		—
Net Increase (Decrease) in Net Assets Resulting from Operations		343,417			226,991		1,053,708			(26,247	)

Distributions to Shareholders:
Investment Income		(218,944	)		—		(55,329	)		—
Net Realized Gains		(10,215	)		—		—			—
Total Distributions to Shareholders		(229,159	)		—		(55,329	)		—

Capital Share Transactions:
Issued		6,666,175			3,822,496		12,207,140			2,500,050
Redeemed		(1,308,551	)		—		(1,446,730	)		—
Increase in Net Assets from Capital Share Transactions		5,357,624			3,822,496		10,760,410			2,500,050

Total Increase in Net Assets		5,471,882			4,049,487		11,758,789			2,473,803

Net Assets:
Beginning of Year/Period		4,049,487			—		—			—
End of Year/Period (Includes Undistributed Net Investment Income of $61,457, $24,108, $46,114 and $2,278, respectively)	$	9,521,369		$	4,049,487	$	11,758,789		$	2,473,803

Share Transactions:
Issued		250,000			150,000		450,004			100,002
Redeemed		(50,000	)		—		(50,000	)		—
Net Increase in Shares Outstanding from Share Transactions		200,000			150,000		400,004			100,002

	Net Asset Value, Beginning of Period		Net Investment Income*		Net Realized and Unrealized Gain (Loss) on Investments			Total from Operations			Distributions from Investment Income			Distributions from Net Realized Capital Gains			Return of Capital			Total Distributions			Net Asset Value, End of Period		Total Return⁽¹⁾			Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets⁽²⁾			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover⁽¹⁾⁽³⁾
Cambria Shareholder Yield ETF
2017	$	28.62	$	0.50	$	5.35		$	5.85		$	(0.50	)	$	—		$	—		$	(0.50	)	$	33.97		20.62	%	$	125,682		0.59	%		1.63	%		50	%
2016	$	31.54	$	0.64	$	(1.45	)	$	(0.81	)	$	(0.69	)	$	(1.39	)	$	(0.03	)	$	(2.11	)	$	28.62		(2.59	)%	$	137,397		0.59	%		2.10	%		43	%
2015	$	29.95	$	0.65	$	2.29		$	2.94		$	(0.55	)	$	(0.80	)	$	—		$	(1.35	)	$	31.54		9.92	%	$	227,096		0.59	%		2.09	%		41	%
2014⁽⁴⁾	$	25.00	$	0.45	$	4.98		$	5.43		$	(0.36	)	$	(0.12	)	$	—		$	(0.48	)	$	29.95		21.81	%	$	205,156		0.59	%⁽⁵⁾		1.67	%⁽⁵⁾		89	%
Cambria Foreign Shareholder Yield ETF
2017	$	21.20	$	0.81	$	1.59		$	2.40		$	(0.57	)	$	—		$	—		$	(0.57	)	$	23.03		11.93	%	$	42,605		0.59	%		3.80	%		43	%
2016	$	23.80	$	0.81	$	(2.61	)	$	(1.80	)	$	(0.68	)	$	—		$	(0.12	)	$	(0.80	)	$	21.20		(7.67	)%	$	26,495		0.59	%		3.83	%		53	%
2015	$	26.63	$	0.93	$	(2.70	)	$	(1.77	)	$	(0.77	)	$	(0.29	)	$	—		$	(1.06	)	$	23.80		(6.67	)%	$	60,694		0.59	%		3.76	%		48	%
2014⁽⁶⁾	$	25.00	$	0.41	$	1.33		$	1.74		$	(0.11	)	$	—		$	—		$	(0.11	)	$	26.63		6.96	%	$	66,572		0.59	%⁽⁵⁾		3.91	%⁽⁵⁾		15	%
Cambria Global Value ETF
2017	$	19.29	$	0.50	$	3.38		$	3.88		$	(0.51	)	$	—		$	—		$	(0.51	)	$	22.66		20.85	%	$	112,190		0.68	%		2.48	%		16	%
2016	$	21.78	$	0.45	$	(2.57	)	$	(2.12	)	$	(0.37	)	$	—		$	—		$	(0.37	)	$	19.29		(9.76	)%	$	69,436		0.69	%		2.36	%		15	%
2015	$	25.73	$	0.68	$	(4.10	)	$	(3.42	)	$	(0.52	)	$	(0.01	)	$	—		$	(0.53	)	$	21.78		(13.29	)%	$	80,580		0.69	%		3.10	%		25	%
2014⁽⁷⁾	$	25.00	$	0.14	$	0.59		$	0.73		$	—		$	—		$	—		$	—		$	25.73		2.92	%	$	23,160		0.69	%⁽⁵⁾		4.11	%⁽⁵⁾		—	%
Cambria Global Momentum ETF
2017	$	22.78	$	0.42	$	1.95		$	2.37		$	(0.40	)	$	—		$	(0.03	)	$	(0.43	)	$	24.72		10.52	%	$	59,328		0.59	%		1.77	%		106	%
2016	$	25.35	$	0.34	$	(2.51	)	$	(2.17	)	$	(0.38	)	$	—		$	(0.02	)	$	(0.40	)	$	22.78		(8.61	)%	$	21,639		0.59	%		1.43	%		316	%
2015⁽⁸⁾	$	25.00	$	0.30	$	0.39		$	0.69		$	(0.34	)	$	—		$	—		$	(0.34	)	$	25.35		2.76	%	$	40,562		0.59	%⁽⁵⁾		2.40	%⁽⁵⁾		16	%

	Net Asset Value, Beginning of Period		Net Investment Income*		Net Realized and Unrealized Gain (Loss) on Investments			Total from Operations			Distributions from Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Net Asset Value, End of Period		Total Return⁽¹⁾			Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets⁽²⁾			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover⁽¹⁾⁽³⁾
Cambria Global Asset Allocation ETF
2017	$	24.15	$	0.65	$	1.51		$	2.16		$	(0.67	)	$	—		$	(0.67	)	$	25.64		9.08	%	$	37,182		—	%		2.60	%		9	%
2016	$	25.43	$	0.58	$	(1.26	)	$	(0.68	)	$	(0.60	)	$	—		$	(0.60	)	$	24.15		(2.58	)%	$	24,152		—	%		2.44	%		8	%
2015⁽⁴⁾	$	25.00	$	0.18	$	0.46		$	0.64		$	(0.21	)	$	—		$	(0.21	)	$	25.43		2.58	%	$	31,786		—	%⁽⁵⁾		1.81	%⁽⁵⁾		4	%
Cambria Value and Momentum ETF
2017	$	22.69	$	0.12	$	1.01		$	1.13		$	(0.13	)	$	—		$	(0.13	)	$	23.69		4.98	%	$	8,291		0.66	%⁽⁶⁾		0.50	%		76	%
2016⁽⁷⁾	$	25.00	$	0.08	$	(2.32	)	$	(2.24	)	$	(0.07	)	$	—		$	(0.07	)	$	22.69		(8.96	)%	$	4,537		0.66	%⁽⁵⁾⁽⁶⁾		0.55	%⁽⁵⁾		48	%
Cambria Sovereign High Yield Bond ETF
2017	$	26.99	$	1.04	$	0.14		$	1.18		$	(0.93	)	$	(0.04	)	$	(0.97	)	$	27.20		4.51	%	$	9,521		0.59	%		3.88	%		86	%
2016⁽⁸⁾	$	25.00	$	0.19	$	1.80		$	1.99		$	—		$	—		$	—		$	26.99		7.96	%	$	4,049		0.59	%⁽⁵⁾		3.82	%⁽⁵⁾		—	%
Cambria Emerging Shareholder Yield ETF
2017⁽⁹⁾	$	25.00	$	0.43	$	4.18		$	4.61		$	(0.21	)	$	—		$	(0.21	)	$	29.40		18.57	%	$	11,759		0.69	%⁽⁵⁾		2.00	%⁽⁵⁾		33	%
Cambria Tail Risk ETF
2017⁽¹⁰⁾	$	25.00	$	0.02	$	(0.28	)	$	(0.26	)	$	—		$	—		$	—		$	24.74		(1.04	)%	$	2,474		0.59	%⁽⁵⁾		1.38	%⁽⁵⁾		—	%

	Creation Unit Shares		Transaction Fee		Value		Redemption Fee		Variable Charge
Cambria Shareholder Yield ETF		50,000	$	700	$	1,698,500	$	700	None
Cambria Foreign Shareholder Yield ETF		50,000		2,000		1,151,500		2,000	Up to 2.0%
Cambria Global Value ETF		50,000		3,500		1,133,000		3,500	Up to 2.0%
Cambria Global Momentum ETF		50,000		500		1,236,000		500	Up to 2.0%
Cambria Global Asset Allocation ETF		50,000		500		1,282,000		500	None
Cambria Value and Momentum ETF		50,000		700		1,184,500		700	None
Cambria Sovereign High Yield Bond ETF		50,000		550		1,360,000		550	Up to 2.0%
Cambria Emerging Shareholder Yield ETF		50,000		3,500		1,470,000		3,500	Up to 2.0%
Cambria Tail Risk ETF		50,000		500		1,237,000		500	None

Security	Shares		Dates Acquired	Cost Basis
Banco Espirito Santo		318,087	3/11/14	$	449,606
BANIF - Banco Internacional do Funchal		60,980,850	3/11/14⁽¹⁾		747,095

	Purchases		Sales and Maturities
Cambria Shareholder Yield ETF	$	66,236,393	$	64,019,877
Cambria Foreign Shareholder Yield ETF		13,624,771		12,277,647
Cambria Global Value ETF		19,609,934		13,658,444
Cambria Global Momentum ETF		35,468,081		33,238,043
Cambria Global Asset Allocation ETF		2,570,800		2,650,133
Cambria Value and Momentum ETF		3,961,860		4,286,574
Cambria Sovereign High Yield Bond ETF		7,879,298		4,491,246
Cambria Emerging Shareholder Yield ETF⁽¹⁾		8,546,755		2,412,606
Cambria Tail Risk ETF⁽²⁾		2,329,268		—