# EDGAR Filing Document

**Accession Number:** 0001529390
**File Stem:** 0001999371-25-008871
**Filing Date:** 2025-7
**Character Count:** 459342
**Document Hash:** c9c2053c1208e0db20b4874d51763fa7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-008871.hdr.sgml**: 20250709

**ACCESSION NUMBER**: 0001999371-25-008871

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 62

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250709

**DATE AS OF CHANGE**: 20250709

**EFFECTIVENESS DATE**: 20250709

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Cambria ETF Trust
- **CENTRAL INDEX KEY:** 0001529390

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22704
- **FILM NUMBER:** 251113452

**BUSINESS ADDRESS:**
- **STREET 1:** 3300 HIGHLAND AVE
- **CITY:** MANHATTAN BEACH
- **STATE:** CA
- **ZIP:** 90266
- **BUSINESS PHONE:** 310-606-5555

**MAIL ADDRESS:**
- **STREET 1:** 3300 HIGHLAND AVE
- **CITY:** MANHATTAN BEACH
- **STATE:** CA
- **ZIP:** 90266

## Series and Classes Contracts Data

### Cambria Shareholder Yield ETF (Series ID: S000037634)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000116082 | Cambria Shareholder Yield ETF | SYLD            |

### Cambria Foreign Shareholder Yield ETF (Series ID: S000037635)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000116083 | Cambria Foreign Shareholder Yield ETF | FYLD            |

### Cambria Emerging Shareholder Yield ETF (Series ID: S000037636)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000116084 | Cambria Emerging Shareholder Yield ETF | EYLD            |

### Cambria Global Momentum ETF (Series ID: S000043316)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000134055 | Cambria Global Momentum ETF | GMOM            |

### Cambria Global Value ETF (Series ID: S000043317)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000134056 | Cambria Global Value ETF | GVAL            |

### Cambria Value and Momentum ETF (Series ID: S000043319)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000134058 | Cambria Value and Momentum ETF | VAMO            |

### Cambria Global Asset Allocation ETF (Series ID: S000047294)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000148305 | Cambria Global Asset Allocation ETF | GAA             |

### Cambria Tail Risk ETF (Series ID: S000054369)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000170791 | Cambria Tail Risk ETF | TAIL            |

### Cambria Global Real Estate ETF (Series ID: S000058208)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000190833 | Cambria Global Real Estate ETF | BLDG            |

### Cambria Cannabis ETF (Series ID: S000058209)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000190834 | Cambria Cannabis ETF | TOKE            |

### Cambria Trinity ETF (Series ID: S000062926)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000203933 | Cambria Trinity ETF | TRTY            |

### Cambria Micro and SmallCap Shareholder Yield ETF (Series ID: S000083494)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000247151 | Cambria Micro and SmallCap Shareholder Yield ETF | MYLD            |

### Cambria Tactical Yield ETF (Series ID: S000083495)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000247152 | Cambria Tactical Yield ETF | TYLD            |

### Cambria LargeCap Shareholder Yield ETF (Series ID: S000085275)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000250246 | Cambria LargeCap Shareholder Yield ETF | LYLD            |

### Cambria Fixed Income Trend ETF (Series ID: S000090755)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000258091 | Cambria Fixed Income Trend ETF | CFIT            |

?xml version="1.0" encoding="utf-8"?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number **(811-22704)**

**<u>Cambria ETF Trust</u>**

(Exact name of registrant as specified in charter)

**3300 Highland Avenue**

**Manhattan Beach, CA 90266**

(Address of principal executive offices) (Zip code)

**Corporation Service Company**

**2711 Centreville Road, Suite 400**

**Wilmington, DE 19808**

(Name and address of agent for service)

With a Copy to:

**W. John McGuire**

**Morgan, Lewis & Bockius LLP**

**1111 Pennsylvania Avenue, NW**

**Washington, D.C. 20004**

**(844) 986-7700**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>April 30</u>**

Date of reporting period: **<u>April 30, 2025</u>**

**<u>Item 1. Reports to Stockholders.</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;![](cambriancsr001.jpg) | &nbsp;&nbsp;**Cambria Cannabis ETF**<br>TOKE (Principal U.S. Listing Exchange: CBOE)<br>Annual Shareholder Report \| April 30, 2025 | <br> ![](cambriancsr002.jpg) |

---

This annual shareholder report contains important information about the Cambria Cannabis ETF for the period of May 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.cambriafunds.com/toke. You can also request this information by contacting us at 1-855-383-4636.

---

| | | |
|:---|:---|:---|
| **WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment) | **WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment) | **WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment) |
| **Fund Name** | **Costs of a $10,000 <br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Cambria Cannabis ETF | $0 | 0.00% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**<br>The Cambria Cannabis ETF is an actively managed ETF. As a performance benchmark, the fund utilizes the S&P 500 Total Return Index (S&P 500 TR).<br>For the 12-month period ended April 30, 2025, the fund underperformed its performance benchmark returning -23.68% vs 12.10% for the S&P 500 TR. The fund had a net asset value of $6.76 per share on April 30, 2024, and ended the reporting period with a net asset value of $4.91 per share on April 30, 2025.<br>During the reporting period, the highest returns came from Turning Point Brands and Philip Morris International, which returned 102.64% and 78.37%, respectively. The worst performers were AYR Wellness Inc. and Verano Holdings Corp, which returned -89.16% and –85.40%, respectively.<br>The Fund recorded negative returns during the reporting period. The cannabis industry as a whole continues to face headwinds, grappling with regulatory uncertainty, limited access to financial services, and an unfavorable tax landscape. Efforts to federally reclassify cannabis have repeatedly stalled and encountered delays. Without clear policy direction from the current administration the environment remains challenging.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**HOW DID THE FUND PERFORM SINCE INCEPTION?\***<br>The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.<br>**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)<br>![](cambriancsr003.jpg)<br>

Cambria Cannabis ETF PAGE 1 TSR-AR-132061821

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL AVERAGE TOTAL RETURN (%)** | <br>**1 Year** | <br>**5 Year** | <br>**Since Inception** <br> **(07/24/2019)** |
| **Cambria Cannabis ETF NAV** | -23.68 | -12.22 | -21.64 |
| **MSCI North America Net Total Return USD Index** | 12.05 | 15.01 | 12.27 |
| **MSCI North America Gross Total Return USD Index** | 12.51 | 15.55 | 12.81 |
| **S&P 500 TR** | 12.10 | 15.61 | 12.98 |
| <br> Visit https://www.cambriafunds.com/toke for more recent performance information. | <br> Visit https://www.cambriafunds.com/toke for more recent performance information. | <br> Visit https://www.cambriafunds.com/toke for more recent performance information. | <br> Visit https://www.cambriafunds.com/toke for more recent performance information. |
| *\* &nbsp;&nbsp;&nbsp;&nbsp; The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.* | *\* &nbsp;&nbsp;&nbsp;&nbsp; The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.* | *\* &nbsp;&nbsp;&nbsp;&nbsp; The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.* | *\* &nbsp;&nbsp;&nbsp;&nbsp; The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.* |

---

---

| | |
|:---|:---|
| **KEY FUND STATISTICS** (as of April 30, 2025) | |
| **Net Assets** | $12518335 |
| **Number of Holdings** | 24 |
| **Net Advisory Fee** | $0 |
| **30-Day SEC Yield** | 1.57% |
| **30-Day SEC Yield Unsubsidized** | 1.57% |
| **Portfolio Turnover** | 33% |
| Visit https://www.cambriafunds.com/toke for more recent performance information. |  |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
| &nbsp;&nbsp;First American Treasury Obligations Fund | 10.6% |
| &nbsp;&nbsp;Philip Morris International, Inc. | 6.3% |
| &nbsp;&nbsp;Imperial Brands PLC | 5.6% |
| &nbsp;&nbsp;British American Tobacco PLC | 5.0% |
| &nbsp;&nbsp;Altria Group, Inc. | 4.9% |
| &nbsp;&nbsp;Village Farms International, Inc. | 4.9% |
| &nbsp;&nbsp;Turning Point Brands, Inc. | 4.7% |
| &nbsp;&nbsp;Cronos Group, Inc. | 4.5% |
| &nbsp;&nbsp;SNDL, Inc. | 3.8% |
| &nbsp;&nbsp;High Tide, Inc. | 3.7% |

---

---

| | |
|:---|:---|
| **Sector Breakdown\*\*** | **Geographic Breakdown (%)** |
| ![](cambriancsr004.jpg) | ![](cambriancsr005.jpg) |

---

\* Percentages are stated as a percent of net assets.

\*\* The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

**Changes to Fund's Portfolio Manager or Portfolio Management Team:**<br>Effective September 1, 2024, Jonathan Keetz was added as an additional portfolio manager of the Fund.<br>

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.cambriafunds.com/toke.

Cambria Cannabis ETF PAGE 2 TSR-AR-132061821

**HOUSEHOLDING**<br>To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Cambria Investment Management documents not be householded, please contact Cambria Investment Management at 1-855-383-4636, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Cambria Investment Management or your financial intermediary.<br>**Distributed by ALPS Distributor's, Inc.**<br>

Cambria Cannabis ETF PAGE 3 TSR-AR-132061821

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;![](cambriancsr006.jpg) | &nbsp;&nbsp;**Cambria Emerging Shareholder Yield ETF**<br>EYLD (Principal U.S. Listing Exchange: CBOE)<br>Annual Shareholder Report \| April 30, 2025 | <br> ![](cambriancsr002.jpg) |

---

This annual shareholder report contains important information about the Cambria Emerging Shareholder Yield ETF for the period of May 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.cambriafunds.com/eyld. You can also request this information by contacting us at 1-855-383-4636.

---

| | | |
|:---|:---|:---|
| **WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment) | **WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment) | **WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment) |
| **Fund Name** | **Costs of a $10,000 <br> investment** | **Costs paid as a percentage of <br> a $10,000 investment** |
| Cambria Emerging Shareholder Yield ETF | $64 | 0.65% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**<br>The Cambria Emerging Shareholder Yield ETF is an actively managed ETF that employs a factor-based methodology. As a performance benchmark, the fund utilizes the MSCI EM Total Return Index [MSCI EM (EMERGING MARKETS) Net (USD)].<br>For the 12-month period ended April 30, 2025, the fund underperformed its performance benchmark, returning -2.66% vs 9.02% for the MSCI EM (EMERGING MARKETS) Net (USD). The fund had a net asset value of $34.08 per share on April 30, 2024, and ended the reporting period with a net asset value of $31.83 per share on April 30, 2025.<br>During the reporting period, the highest returns came from People's Insurance Group and PICC Property and Casualty, which returned 94.58% and 59.16%, respectively. The worst performers were China Motor Corp and Hanmi Semiconductor Co LTD, which returned -46.74% and -44.74%, respectively.<br>The Fund recorded negative returns during the reporting period. Broad emerging market equity performance was primarily led by a rebound in China's equity markets, particularly in the technology sector. The U.S. administration's reciprocal tariff framework, announced in April, introduced additional layers of complexity in global trade, geopolitical, and economic dynamics. Stock selection in China was the primary driver of underperformance relative to the benchmark, as the fund's methodology favored more value-oriented equities over Chinese technology companies.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**HOW DID THE FUND PERFORM SINCE INCEPTION?\***<br>The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.<br>**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)<br>![](cambriancsr007.jpg)<br>

Cambria Emerging Shareholder Yield ETF PAGE 1 TSR-AR-132061706

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL AVERAGE TOTAL RETURN (%)** | <br>**1 Year** | <br>**5 Year** | <br>**Since Inception** <br> **(07/13/2016)** |
| **Cambria Emerging Shareholder Yield ETF NAV** | -2.66 | 11.16 | 8.08 |
| **MSCI EM (EMERGING MARKETS) Net (USD)** | 9.02 | 6.35 | 5.50 |
| **MSCI EM (EMERGING MARKETS) Gross (USD)** | 9.60 | 6.78 | 5.90 |
| Visit https://www.cambriafunds.com/eyld for more recent performance information. | Visit https://www.cambriafunds.com/eyld for more recent performance information. | Visit https://www.cambriafunds.com/eyld for more recent performance information. | Visit https://www.cambriafunds.com/eyld for more recent performance information. |
| *\* &nbsp;&nbsp;&nbsp;&nbsp; The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.* | *\* &nbsp;&nbsp;&nbsp;&nbsp; The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.* | *\* &nbsp;&nbsp;&nbsp;&nbsp; The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.* | *\* &nbsp;&nbsp;&nbsp;&nbsp; The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.* |

---

---

| | |
|:---|:---|
| **KEY FUND STATISTICS** (as of April 30, 2025) | |
| **Net Assets** | $491710580 |
| **Number of Holdings** | 113 |
| **Net Advisory Fee** | $2693188 |
| **30-Day SEC Yield** | 5.18% |
| **30-Day SEC Yield Unsubsidized** | 5.18% |
| **Portfolio Turnover** | 22% |
| Visit https://www.cambriafunds.com/eyld for more recent performance information. |  |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
| &nbsp;&nbsp;People's Insurance Co. Group of China Ltd. | 1.7% |
| &nbsp;&nbsp;Chicony Electronics Co. Ltd. | 1.6% |
| &nbsp;&nbsp;XTB SA | 1.5% |
| &nbsp;&nbsp;Huadian Power International Corp. Ltd. | 1.5% |
| &nbsp;&nbsp;Asustek Computer, Inc. | 1.5% |
| &nbsp;&nbsp;ITE Technology, Inc. | 1.5% |
| &nbsp;&nbsp;PICC Property & Casualty Co. Ltd. | 1.4% |
| &nbsp;&nbsp;Hanmi Semiconductor Co. Ltd. | 1.4% |
| &nbsp;&nbsp;Tripod Technology Corp. | 1.4% |
| &nbsp;&nbsp;Evergreen Marine Corp. Taiwan Ltd. | 1.4% |

---

---

| | |
|:---|:---|
| **Sector Breakdown\*\*** | **Geographic Breakdown (%)** |
| ![](cambriancsr008.jpg) | ![](cambriancsr009.jpg) |

---

\* Percentages are stated as a percent of net assets.

\*\* The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

**Changes to Fund's Portfolio Manager or Portfolio Management Team:**<br>Effective September 1, 2024, Jonathan Keetz was added as an additional portfolio manager of the Fund.<br>

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.cambriafunds.com/eyld.

Cambria Emerging Shareholder Yield ETF PAGE 2 TSR-AR-132061706

**HOUSEHOLDING**<br>To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Cambria Investment Management documents not be householded, please contact Cambria Investment Management at 1-855-383-4636, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Cambria Investment Management or your financial intermediary.<br>**Distributed by ALPS Distributor's, Inc.**<br>

Cambria Emerging Shareholder Yield ETF PAGE 3 TSR-AR-132061706

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;![](cambriancsr010.jpg) | &nbsp;&nbsp;&nbsp;**Cambria Fixed Income Trend ETF**<br>CFIT (Principal U.S. Listing Exchange: CBOE)<br>Annual Shareholder Report \| April 30, 2025 | <br> ![](cambriancsr002.jpg) |

---

This annual shareholder report contains important information about the Cambria Fixed Income Trend ETF for the period of March 27, 2025, to April 30, 2025. You can find additional information about the Fund at https://cambriafunds.com/cfit. You can also request this information by contacting us at 1-855-383-4636.

---

| | | |
|:---|:---|:---|
| **WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment) | **WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment) | **WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment) |
|  | **Fund Name** | **Costs of a $10,000 <br> investment** |
|  | Cambria Fixed Income Trend ETF | $00.00%<sup>1</sup> |
| 1 | Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current fiscal period from March 27, 2025, to April 30, 2025. Expenses would be higher if the Fund had been in operations for a full year. | Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current fiscal period from March 27, 2025, to April 30, 2025. Expenses would be higher if the Fund had been in operations for a full year. |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**<br>The Cambria Fixed Income Trend ETF is an actively managed ETF that employs a factor-based methodology. As a performance benchmark, the fund utilizes the Bloomberg Global Aggregate Index.<br>The Cambria Fixed Income Trend ETF launched on March 27, 2025. For the period from inception through April 30, 2025, the fund underperformed its performance benchmark, returning -2.46% vs 3.52% for the Bloomberg Global Aggregate Index. The fund had a net asset value of $25.08 per share on March 27, 2025, and ended the reporting period with a net asset value of $24.46 per share on April 30, 2025.<br>During the reporting period, the highest returns came from AT&T Inc. and Fox Corp, which returned 52.69% and 40.94% respectively. The worst performers were Devon Energy Corp and Lennar Corp, which returned -33.17% and -28.51%, respectively.<br>The Fund recorded negative returns during the reporting period. The Cambria Fixed Income Trend ETF applies a tactical trend-following approach to risk bond segments in an attempt to increase return while relying on trend following's inherent risk mitigation characteristics to manage the higher volatility associated with riskier bond segments. The announcement of reciprocal tariffs on April 2, 2025 triggered a sell off across fixed income and the fund took a risk off posture by shifting to T-Bills. The fund experienced a max drawdown of -3.46% and ended the month down -2.46%.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**HOW DID THE FUND PERFORM SINCE INCEPTION?\***<br>The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.<br>**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)<br>![](cambriancsr011.jpg)<br>

Cambria Fixed Income Trend ETF PAGE 1 TSR-AR-132061763

---

| | |
|:---|:---|
| **ANNUAL AVERAGE TOTAL RETURN (%)** | <br>**Since Inception** <br> **(03/27/2025)** |
| **Cambria Fixed Income Trend ETF NAV** | -2.46 |
| **Bloomberg Global Aggregate** | 3.52 |
| Visit https://cambriafunds.com/cfit for more recent performance information. | Visit https://cambriafunds.com/cfit for more recent performance information. |
| *\* &nbsp;&nbsp;&nbsp;&nbsp; The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.* | *\* &nbsp;&nbsp;&nbsp;&nbsp; The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.* |

---

---

| | |
|:---|:---|
| **KEY FUND STATISTICS** (as of April 30, 2025) | |
| **Net Assets** | $12842582 |
| **Number of Holdings** | 3 |
| **Net Advisory Fee** | $0 |
| **30-Day SEC Yield** | 3.46% |
| **30-Day SEC Yield Unsubsidized** | 3.46% |
| **Portfolio Turnover** | 103% |
| Visit https://cambriafunds.com/cfit for more recent performance information. |  |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
| &nbsp;&nbsp;Vanguard 0-3 Month Treasury Bill ETF | 79.9% |
| &nbsp;&nbsp;Vanguard Long-Term Treasury ETF | 19.5% |
| &nbsp;&nbsp;First American Treasury Obligations Fund | 0.6% |

---

---

| |
|:---|
| **Sector Breakdown\*\*** |
| ![](cambriancsr012.jpg) |

---

\* Percentages are stated as a percent of net assets.

\*\* The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://cambriafunds.com/cfit.

**HOUSEHOLDING**<br>To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Cambria Investment Management documents not be householded, please contact Cambria Investment Management at 1-855-383-4636, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Cambria Investment Management or your financial intermediary.<br>**Distributed by ALPS Distributor's, Inc.**<br>

Cambria Fixed Income Trend ETF PAGE 2 TSR-AR-132061763

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;![](cambriancsr013.jpg) | &nbsp;&nbsp;&nbsp;**Cambria Foreign Shareholder Yield ETF**<br>FYLD (Principal U.S. Listing Exchange: CBOE)<br>Annual Shareholder Report \| April 30, 2025 | <br> ![](cambriancsr002.jpg) |

---

This annual shareholder report contains important information about the Cambria Foreign Shareholder Yield ETF for the period of May 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.cambriafunds.com/fyld. You can also request this information by contacting us at 1-855-383-4636.

---

| | | |
|:---|:---|:---|
| **WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment) | **WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment) | **WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment) |
| **Fund Name** | **Costs of a $10,000 <br> investment** | **Costs paid as a percentage of <br> a $10,000 investment** |
| Cambria Foreign Shareholder Yield ETF | $60 | 0.59% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**<br>The Cambria Foreign Shareholder Yield ETF is an actively managed ETF that employs a factor-based methodology. As a performance benchmark the fund utilizes the MSCI EAFE Total Return Index [MSCI EAFE Gross (USD)].<br>For the 12-month period ended April 30, 2025, the fund underperformed its performance benchmark, returning 4.82% vs 13.13% for the MSCI EAFE Gross (USD). The fund had a net asset value of $26.79 per share on April 30, 2024, and ended the reporting period with a net asset value of $26.85 per share on April 30, 2025.<br>During the reporting period, the highest returns came from Heidelberg Materials AG, and BPER Banca Spa Ordinary, which returned 101.69% and 64.64% respectively. The worst performers were Stellantis NV and Parex Resources Inc, which returned -54.79% and -49.00%, respectively.<br>The Fund recorded positive returns during the reporting period. European equities were the primary driver of positive performance, benefiting from a combination of fiscal stimulus and potential geopolitical stability. Germany's recent election has led to increased fiscal stimulus, driving positive performance in German equities. At the sector level, Financials were the largest contributor to positive performance, benefiting from a weaker U.S. Dollar and low direct exposure to potential global trade disruptions.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?\***<br>The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.<br>**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)<br>![](cambriancsr014.jpg)<br>

Cambria Foreign Shareholder Yield ETF PAGE 1 TSR-AR-132061300

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL AVERAGE TOTAL RETURN (%)** | <br>**1 Year** | <br>**5 Year** | <br>**10 Year** |
| **Cambria Foreign Shareholder Yield ETF NAV** | 4.82 | 14.27 | 5.97 |
| **MSCI EAFE Canada Net Total Return USD Index** | 13.10 | 11.65 | 5.52 |
| **MSCI EAFE Canada Gross Total Return USD Index** | 13.70 | 12.23 | 6.07 |
| **MSCI EAFE Net (USD)** | 12.57 | 11.37 | 5.45 |
| **MSCI EAFE Gross (USD)** | 13.13 | 11.92 | 5.96 |
| Visit https://www.cambriafunds.com/fyld for more recent performance information. | Visit https://www.cambriafunds.com/fyld for more recent performance information. | Visit https://www.cambriafunds.com/fyld for more recent performance information. | Visit https://www.cambriafunds.com/fyld for more recent performance information. |
| *\* &nbsp;&nbsp;&nbsp;&nbsp; The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.* | *\* &nbsp;&nbsp;&nbsp;&nbsp; The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.* | *\* &nbsp;&nbsp;&nbsp;&nbsp; The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.* | *\* &nbsp;&nbsp;&nbsp;&nbsp; The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.* |

---

---

| | |
|:---|:---|
| **KEY FUND STATISTICS** (as of April 30, 2025) | |
| **Net Assets** | $335607469 |
| **Number of Holdings** | 103 |
| **Net Advisory Fee** | $1864327 |
| **30-Day SEC Yield** | 4.49% |
| **30-Day SEC Yield Unsubsidized** | 4.49% |
| **Portfolio Turnover** | 52% |
| Visit https://www.cambriafunds.com/fyld for more recent performance information. |  |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
| &nbsp;&nbsp;First American Government Obligations Fund | 2.3% |
| &nbsp;&nbsp;SCOR SE | 1.4% |
| &nbsp;&nbsp;Freenet AG | 1.4% |
| &nbsp;&nbsp;ACS Actividades de Construccion y Servicios SA | 1.4% |
| &nbsp;&nbsp;SSAB AB | 1.3% |
| &nbsp;&nbsp;Intesa Sanpaolo SpA | 1.3% |
| &nbsp;&nbsp;Coface SA | 1.2% |
| &nbsp;&nbsp;NN Group NV | 1.2% |
| &nbsp;&nbsp;RTL Group SA | 1.2% |
| &nbsp;&nbsp;Orange SA | 1.2% |

---

---

| | |
|:---|:---|
| **Sector Breakdown\*\*** | **Geographic Breakdown (%)** |
| ![](cambriancsr015.jpg) | ![](cambriancsr016.jpg) |

---

\* Percentages are stated as a percent of net assets.

\*\* The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

**Changes to Fund's Portfolio Manager or Portfolio Management Team:**<br>Effective September 1, 2024, Jonathan Keetz was added as an additional portfolio manager of the Fund.<br>

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.cambriafunds.com/fyld.

Cambria Foreign Shareholder Yield ETF PAGE 2 TSR-AR-132061300

**HOUSEHOLDING**<br>To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Cambria Investment Management documents not be householded, please contact Cambria Investment Management at 1-855-383-4636, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Cambria Investment Management or your financial intermediary.<br>**Distributed by ALPS Distributor's, Inc.**<br>

Cambria Foreign Shareholder Yield ETF PAGE 3 TSR-AR-132061300

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;![](cambriancsr017.jpg) | &nbsp;&nbsp;&nbsp;**Cambria Global Asset Allocation ETF**<br>GAA (Principal U.S. Listing Exchange: CBOE)<br>Annual Shareholder Report \| April 30, 2025 | <br> ![](cambriancsr002.jpg) |

---

This annual shareholder report contains important information about the Cambria Global Asset Allocation ETF for the period of May 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.cambriafunds.com/gaa. You can also request this information by contacting us at 1-855-383-4636.

---

| | | |
|:---|:---|:---|
| **WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment) | **WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment) | **WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment) |
| **Fund Name** | **Costs of a $10,000 <br> investment** | **Costs paid as a percentage of <br> a $10,000 investment** |
| Cambria Global Asset Allocation ETF | $0 | 0.00% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**<br>The Cambria Global Asset Allocation ETF is an actively managed ETF that employs a buy-and-hold methodology. As a performance benchmark, the fund utilizes the S&P Balanced Equity and Bond – Moderate Index.<br>For the 12-month period ended April 30, 2025, the fund underperformed its performance benchmark, returning 7.22% vs 10.82% for the S&P Balanced Equity and Bond – Moderate Index. The fund had a net asset value of $28.23 per share on April 30, 2024, and ended the reporting period with a net asset value of $29.04 per share on April 30, 2025.<br>During the reporting period, the highest returns came from the VanEck Bitcoin ETF and VanEck Gold Miners ETF, which returned 59.39% and 49.66%, respectively. The worst performers were the Cambria Shareholder Yield ETF and the Cambria Micro and Small Cap Shareholder Yield ETF, which returned -10.44% and -10.20%, respectively.<br>The Fund recorded positive returns during the reporting period. Attractive valuations, favorable fiscal policy, and shifts in capital allocation from the U.S. to foreign investments all benefited international equities, contributing positively to the fund's return. Gold hit all time highs in April 2025 on inflation concerns, geopolitical risks, and economic uncertainty. The fund maintained an average allocation of 4% to gold over the period and it contributed 1.65% to total performance. U.S. small cap and value equities detracted from the overall performance after selling off in April following the announcement of wide-ranging reciprocal tariffs<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?\***<br>The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.<br>**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)<br>![](cambriancsr018.jpg)<br>

Cambria Global Asset Allocation ETF PAGE 1 TSR-AR-132061607

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL AVERAGE TOTAL RETURN (%)** | <br>**1 Year** | <br>**5 Year** | <br>**10 Year** |
| **Cambria Global Asset Allocation ETF NAV** | 7.22 | 8.14 | 5.03 |
| **Bloomberg Global Aggregate** | 8.83 | -1.20 | 0.79 |
| **MSCI ACWI Net Total Return Index (USD)** | 11.84 | 13.07 | 8.63 |
| **MSCI AC WORLD INDEX Gross (USD)** | 12.34 | 13.59 | 9.18 |
| **S&P Balanced Equity and Bond - Moderate Index** | 10.82 | 6.44 | 6.75 |
| Visit https://www.cambriafunds.com/gaa for more recent performance information. | Visit https://www.cambriafunds.com/gaa for more recent performance information. | Visit https://www.cambriafunds.com/gaa for more recent performance information. | Visit https://www.cambriafunds.com/gaa for more recent performance information. |
| *\* &nbsp;&nbsp;&nbsp;&nbsp; The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.* | *\* &nbsp;&nbsp;&nbsp;&nbsp; The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.* | *\* &nbsp;&nbsp;&nbsp;&nbsp; The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.* | *\* &nbsp;&nbsp;&nbsp;&nbsp; The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.* |

---

---

| | |
|:---|:---|
| **KEY FUND STATISTICS** (as of April 30, 2025) | |
| **Net Assets** | $53730239 |
| **Number of Holdings** | 30 |
| **Net Advisory Fee** | $0 |
| **30-Day SEC Yield** | 4.27% |
| **30-Day SEC Yield Unsubsidized** | 4.27% |
| **Portfolio Turnover** | 8% |
| Visit https://www.cambriafunds.com/gaa for more recent performance information. |  |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
| &nbsp;&nbsp;First American Government Obligations Fund | 17.7% |
| &nbsp;&nbsp;Cambria Emerging Shareholder Yield ETF | 9.2% |
| &nbsp;&nbsp;Cambria Global Value ETF | 6.9% |
| &nbsp;&nbsp;Cambria Global Real Estate ETF | 6.5% |
| &nbsp;&nbsp;SPDR Bloomberg Enhanced Roll Yield Commodity Strategy NO K-1 ETF | 5.9% |
| &nbsp;&nbsp;Cambria Tactical Yield ETF | 5.8% |
| &nbsp;&nbsp;Graniteshares Gold Trust | 5.3% |
| &nbsp;&nbsp;Alpha Architect US Quantitative Momentum ETF | 4.8% |
| &nbsp;&nbsp;Vanguard Total International Bond ETF | 4.8% |
| &nbsp;&nbsp;Cambria Foreign Shareholder Yield ETF | 4.7% |

---

---

| |
|:---|
| **Sector Breakdown\*\*** |
| ![](cambriancsr019.jpg) |

---

\* Percentages are stated as a percent of net assets.

\*\* The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

**Changes to Fund's Portfolio Manager or Portfolio Management Team:**<br>Effective September 1, 2024, Jonathan Keetz was added as an additional portfolio manager of the Fund.<br>

Cambria Global Asset Allocation ETF PAGE 2 TSR-AR-132061607

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.cambriafunds.com/gaa.

**HOUSEHOLDING**<br>To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Cambria Investment Management documents not be householded, please contact Cambria Investment Management at 1-855-383-4636, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Cambria Investment Management or your financial intermediary.<br>**Distributed by ALPS Distributor's, Inc.**<br>

Cambria Global Asset Allocation ETF PAGE 3 TSR-AR-132061607

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;![](cambriancsr020.jpg) | &nbsp;&nbsp;&nbsp;**Cambria Global Momentum ETF**<br>GMOM (Principal U.S. Listing Exchange: CBOE)<br>Annual Shareholder Report \| April 30, 2025 | <br> ![](cambriancsr002.jpg) |

---

This annual shareholder report contains important information about the Cambria Global Momentum ETF for the period of May 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.cambriafunds.com/gmom. You can also request this information by contacting us at 1-855-383-4636.

---

| | | |
|:---|:---|:---|
| **WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment) | **WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment) | **WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment) |
| **Fund Name** | **Costs of a $10,000 <br> investment** | **Costs paid as a percentage of <br> a $10,000 investment** |
| Cambria Global Momentum ETF | $61 | 0.59% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**<br>The Cambria Global Momentum ETF is an actively managed ETF that employs a trend following methodology. As a performance benchmark, the fund utilizes the S&P Balanced Equity and Bond – Moderate Index.<br>For the 12-month period ended April 30, 2025, the fund underperformed its performance benchmark, returning 5.16% vs 10.82% for the S&P Balanced Equity and Bond – Moderate Index. The fund had a net asset value of $28.20 per share on April 30, 2024, and ended the reporting period with a net asset value of $28.67 per share on April 30, 2025.<br>During the reporting period, the highest returns came from the VanEck Bitcoin ETF and the GraniteShares Gold Trust ETF, which returned 59.39% and 43.68%, respectively. The worst performers were the iShares Mortgage Real Estate ETF and the Invesco DB Base Metal ETF, which returned -14.20% and –11.89%, respectively.<br>The Fund recorded positive returns during the reporting period. The Cambria Global Momentum ETF is a tactical trend-following ETF that attempts to profit by investing in assets that are in an uptrend and exhibiting positive momentum. As an active strategy with high turnover, the fund trades frequently and participates broadly across global publicly investable assets. Over the period, the fund benefited from the price appreciation of gold, bitcoin, and foreign equities. U.S. equity, Mortgage REIT, and base metals exposure detracted from the fund's positive performance.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?\***<br>The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.<br>**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)<br>![](cambriancsr021.jpg)<br>

Cambria Global Momentum ETF PAGE 1 TSR-AR-132061508

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL AVERAGE TOTAL RETURN (%)** | <br>**1 Year** | <br>**5 Year** | <br>**10 Year** |
| **Cambria Global Momentum ETF NAV** | 5.16 | 7.47 | 3.72 |
| **Bloomberg Global Aggregate** | 8.83 | -1.20 | 0.79 |
| **MSCI ACWI Net Total Return Index (USD)** | 11.84 | 13.07 | 8.63 |
| **MSCI AC WORLD INDEX Gross (USD)** | 12.34 | 13.59 | 9.18 |
| **S&P Balanced Equity and Bond - Moderate Index** | 10.82 | 6.44 | 6.75 |
| Visit https://www.cambriafunds.com/gmom for more recent performance information. | Visit https://www.cambriafunds.com/gmom for more recent performance information. | Visit https://www.cambriafunds.com/gmom for more recent performance information. | Visit https://www.cambriafunds.com/gmom for more recent performance information. |
| *\* &nbsp;&nbsp;&nbsp;&nbsp; The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.* | *\* &nbsp;&nbsp;&nbsp;&nbsp; The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.* | *\* &nbsp;&nbsp;&nbsp;&nbsp; The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.* | *\* &nbsp;&nbsp;&nbsp;&nbsp; The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.* |

---

---

| | |
|:---|:---|
| **KEY FUND STATISTICS** (as of April 30, 2025) | |
| **Net Assets** | $106084936 |
| **Number of Holdings** | 18 |
| **Net Advisory Fee** | $689824 |
| **30-Day SEC Yield** | 1.64% |
| **30-Day SEC Yield Unsubsidized** | 1.64% |
| **Portfolio Turnover** | 135% |
| Visit https://www.cambriafunds.com/gmom for more recent performance information. |  |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
| &nbsp;&nbsp;Cambria Tactical Yield ETF | 11.7% |
| &nbsp;&nbsp;iShares Global Utilities ETF | 5.9% |
| &nbsp;&nbsp;Cambria Global Value ETF | 5.9% |
| &nbsp;&nbsp;Cambria Foreign Shareholder Yield ETF | 5.9% |
| &nbsp;&nbsp;iShares Global Infrastructure ETF | 5.9% |
| &nbsp;&nbsp;iShares Global Financials ETF | 5.9% |
| &nbsp;&nbsp;iShares Residential and Multisector Real Estate ETF | 5.9% |
| &nbsp;&nbsp;iShares Global Consumer Staples ETF | 5.9% |
| &nbsp;&nbsp;VanEck Gold Miners ETF | 5.9% |
| &nbsp;&nbsp;Graniteshares Gold Trust | 5.9% |

---

---

| |
|:---|
| **Sector Breakdown\*\*** |
| ![](cambriancsr022.jpg) |

---

\* Percentages are stated as a percent of net assets.

\*\* The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

**Changes to Fund's Portfolio Manager or Portfolio Management Team:**<br>Effective September 1, 2024, Jonathan Keetz was added as an additional portfolio manager of the Fund.<br>

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.cambriafunds.com/gmom.

Cambria Global Momentum ETF PAGE 2 TSR-AR-132061508

**HOUSEHOLDING**<br>To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Cambria Investment Management documents not be householded, please contact Cambria Investment Management at 1-855-383-4636, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Cambria Investment Management or your financial intermediary.<br>**Distributed by ALPS Distributor's, Inc.**<br>

Cambria Global Momentum ETF PAGE 3 TSR-AR-132061508

---

| | | |
|:---|:---|:---|
| ![](cambriancsr023.jpg) | &nbsp;&nbsp;&nbsp;**Cambria Global Real Estate ETF**<br> BLDG (Principal U.S. Listing Exchange: CBOE)<br> Annual Shareholder Report \| April 30, 2025 | ![](cambriancsr002.jpg) |

---

This annual shareholder report contains important information about the Cambria Global Real Estate ETF for the period of May 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.cambriafunds.com/bldg. You can also request this information by contacting us at 1-855-383-4636.

---

| | | |
|:---|:---|:---|
| **WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment) | **WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment) | **WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment) |
| | **Costs of a $10,000** | **Costs paid as a percentage of** |
| **Fund Name** | **investment** | **a $10,000 investment** |
| Cambria Global Real Estate ETF | $0 | 0.00% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**<br>The Cambria Global Real Estate ETF is an actively managed ETF that employs a factor-based investment methodology focusing on Quality, Value, and Momentum. As a performance benchmark, the fund utilizes the FTSE EPRA NAREIT Global REITs TR Index.<br>For the 12-month period ended April 30, 2025, the fund underperformed its performance benchmark, returning 8.05% vs 13.12% for the FTSE EPRA NAREIT Global REITs TR Index. The fund had a net asset value of $23.59 per share on April 30, 2024, and ended the reporting period with a net asset value of $23.45 per share on April 30, 2025.<br>During the reporting period, the highest returns came from Yeni Gimat Gayrimenkul Ortakligi AS and Welltower Inc., which returned 67.03% and 63.57%, respectively. The worst performers were Office Properties Income Trust and Hudson Pacific Properties, which returned -76.62% and -47.57%, respectively.<br>The Fund recorded positive returns during the reporting period. Occupancy rates improved and rental income stabilized in commercial real estate, which contributed to the Fund's positive performance. Healthcare REITs saw their valuations continue to recover during the reporting period. Office and Hotel REITS were the biggest detractors in terms of fund performance over the reporting period. The Fund had an average allocation of 60.00% to the United States, with the next highest average allocation being Turkey at 8.63%<br>

---

| |
|:---|
| **HOW DID THE FUND PERFORM SINCE INCEPTION?\***<br>The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.<br>**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000) |
| ![](cambriancsr024.jpg) |

---

Cambria Global Real Estate ETF PAGE 1 TSR-AR-132061813

---

| | | |
|:---|:---|:---|
| **ANNUAL AVERAGE TOTAL RETURN (%)**<br>| <br>**1 Year** | <br>**Since Inception**<br>**(09/23/2020)** |
| **Cambria Global Real Estate ETF NAV** | 8.05 | 5.44 |
| **MSCI ACWI Net Total Return Index (USD)** | 11.84 | 11.15 |
| **FTSE EPRA Nareit Global REITs TR Index** | 13.12 | 7.26 |
| **MSCI AC WORLD INDEX Gross (USD)** | 12.34 | 11.66 |
| Visit https://www.cambriafunds.com/bldg for more recent performance information. | Visit https://www.cambriafunds.com/bldg for more recent performance information. | Visit https://www.cambriafunds.com/bldg for more recent performance information. |
| \*&nbsp;&nbsp;&nbsp;&nbsp; *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.* | \*&nbsp;&nbsp;&nbsp;&nbsp; *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.* | \*&nbsp;&nbsp;&nbsp;&nbsp; *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.* |

---

---

| | |
|:---|:---|
| **KEY FUND STATISTICS** (as of April 30, 2025) | |
| **Net Assets** | $36348608 |
| **Number of Holdings** | 81 |
| **Net Advisory Fee** | $0 |
| **30-Day SEC Yield** | 6.51% |
| **30-Day SEC Yield Unsubsidized** | 6.51% |
| **Portfolio Turnover** | 92% |
| Visit https://www.cambriafunds.com/bldg for more recent performance information. |  |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
| &nbsp;&nbsp;First American Treasury Obligations Fund | 3.1% |
| &nbsp;&nbsp;Social Housing Reit PLC | 1.6% |
| &nbsp;&nbsp;Immobiliare Grande Distribuzione SIIQ SpA | 1.5% |
| &nbsp;&nbsp;Stoneweg European Real Estate Investment Trust | 1.4% |
| &nbsp;&nbsp;Wereldhave NV | 1.4% |
| &nbsp;&nbsp;Klepierre SA | 1.4% |
| &nbsp;&nbsp;Target Healthcare REIT PLC | 1.4% |
| &nbsp;&nbsp;Attacq Ltd. | 1.4% |
| &nbsp;&nbsp;Sabra Health Care REIT, Inc. | 1.3% |
| &nbsp;&nbsp;Vukile Property Fund Ltd. | 1.3% |

---

---

| | |
|:---|:---|
| **Sector Breakdown\*\*** | **Geographic Breakdown (%)** |
| ![](cambriancsr025.jpg) | ![](cambriancsr026.jpg) |

---

\* Percentages are stated as a percent of net assets.

\*\* The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

**Changes to Fund's Portfolio Manager or Portfolio Management Team:**<br>Effective September 1, 2024, Jonathan Keetz was added as an additional portfolio manager of the Fund.<br>

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.cambriafunds.com/bldg.

Cambria Global Real Estate ETF PAGE 2 TSR-AR-132061813

---

| |
|:---|
| **HOUSEHOLDING**<br>To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Cambria Investment Management documents not be householded, please contact Cambria Investment Management at 1-855-383-4636, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Cambria Investment Management or your financial intermediary. |
| **Distributed by ALPS Distributor's, Inc.** |

---

Cambria Global Real Estate ETF PAGE 3 TSR-AR-132061813

---

| | | |
|:---|:---|:---|
| ![](cambriancsr027.jpg) | &nbsp;&nbsp;&nbsp;**Cambria Global Value ETF**<br> GVAL (Principal U.S. Listing Exchange: CBOE)<br> Annual Shareholder Report \| April 30, 2025 | ![](cambriancsr002.jpg) |

---

This annual shareholder report contains important information about the Cambria Global Value ETF for the period of May 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.cambriafunds.com/gval. You can also request this information by contacting us at 1-855-383-4636.

---

| | | |
|:---|:---|:---|
| **WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment) | **WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment) | **WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment) |
| | **Costs of a $10,000** | **Costs paid as a percentage of** |
| **Fund Name** | **investment** | **a $10,000 investment** |
| Cambria Global Value ETF | $74 | 0.66% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**<br>The Cambria Global Value ETF is an actively managed ETF that employs a factor-based methodology. As a performance benchmark, the fund utilizes the MSCI ACWI Total Return Index.<br>For the 12-month period ended April 30, 2025, the fund outperformed its performance benchmark, returning 23.06% vs 11.84% for the MSCI ACWI Total Return Index. The fund had a net asset value of $21.62 per share on April 30, 2024, and ended the reporting period with a net asset value of $25.43 per share on April 30, 2025.<br>During the reporting period, the highest returns came from Asseco Poland SA. and Tauron Polska Energia SA., which returned 119.08% and 118.30%, respectively. The worst performers were CAP SA. and Atacadao SA., which returned -28.84% and -28.64%, respectively.<br>The Fund recorded positive returns during the reporting period. Over the period, the Cambria Global Value ETF had an average allocation of 50% to European equities, split roughly evenly across eastern and western Europe. Attractive valuations coupled with shifting fiscal policy drove performance. Chinese equities benefited from a wide-ranging stimulus package aimed at addressing economic slowdowns, focusing on monetary policy adjustments, property market reforms, and capital market support. At the sector level, Financials were the largest contributor to positive performance, benefiting from a weaker U.S. Dollar and low direct exposure to potential global trade disruptions.<br>

---

| |
|:---|
| **HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?\***<br>The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.<br>**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000) |
| ![](cambriancsr028.jpg) |

---

Cambria Global Value ETF PAGE 1 TSR-AR-132061409

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL AVERAGE TOTAL RETURN (%)** | <br>**1 Year** | <br>**5 Year** | <br>**10 Year** |
| **Cambria Global Value ETF NAV** | 23.06 | 13.98 | 5.26 |
| **MSCI ACWI Net Total Return Index (USD)** | 11.84 | 13.07 | 8.63 |
| **MSCI AC WORLD INDEX Gross (USD)** | 12.34 | 13.59 | 9.18 |
| Visit https://www.cambriafunds.com/gval for more recent performance information. | Visit https://www.cambriafunds.com/gval for more recent performance information. | Visit https://www.cambriafunds.com/gval for more recent performance information. | Visit https://www.cambriafunds.com/gval for more recent performance information. |
| \*&nbsp;&nbsp;&nbsp;&nbsp; *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.* | \*&nbsp;&nbsp;&nbsp;&nbsp; *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.* | \*&nbsp;&nbsp;&nbsp;&nbsp; *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.* | \*&nbsp;&nbsp;&nbsp;&nbsp; *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.* |

---

---

| | |
|:---|:---|
| **KEY FUND STATISTICS** (as of April 30, 2025) | |
| **Net Assets** | $188175846 |
| **Number of Holdings** | 114 |
| **Net Advisory Fee** | $633354 |
| **30-Day SEC Yield** | 4.62% |
| **30-Day SEC Yield Unsubsidized** | 4.62% |
| **Portfolio Turnover** | 8% |
| Visit https://www.cambriafunds.com/gval for more recent performance information. |  |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
| &nbsp;&nbsp;First American Treasury Obligations Fund | 3.4% |
| &nbsp;&nbsp;Moneta Money Bank AS | 2.9% |
| &nbsp;&nbsp;Komercni Banka AS | 2.8% |
| &nbsp;&nbsp;CEZ AS | 2.7% |
| &nbsp;&nbsp;Asseco Poland SA | 1.6% |
| &nbsp;&nbsp;Cencosud SA | 1.5% |
| &nbsp;&nbsp;Philip Morris CR AS | 1.5% |
| &nbsp;&nbsp;Geely Automobile Holdings Ltd. | 1.4% |
| &nbsp;&nbsp;People's Insurance Co. Group of China Ltd. | 1.4% |
| &nbsp;&nbsp;BAWAG Group AG | 1.4% |

---

---

| |
|:---|
| **Sector Breakdown\*\*** |
| ![](cambriancsr029.jpg) |

---

\* Percentages are stated as a percent of net assets.

\*\* The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

**Changes to Fund's Portfolio Manager or Portfolio Management Team:**<br>Effective September 1, 2024, Jonathan Keetz was added as an additional portfolio manager of the Fund.<br>

<br> For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.cambriafunds.com/gval. <br>

Cambria Global Value ETF PAGE 2 TSR-AR-132061409

---

| |
|:---|
| **HOUSEHOLDING**<br>To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Cambria Investment Management documents not be householded, please contact Cambria Investment Management at 1-855-383-4636, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Cambria Investment Management or your financial intermediary. |
| **Distributed by ALPS Distributor's, Inc.** |

---

Cambria Global Value ETF PAGE 3 TSR-AR-132061409

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;![](cambriancsr030.jpg) | &nbsp;&nbsp;&nbsp;**Cambria LargeCap Shareholder Yield ETF**<br> LYLD (Principal U.S. Listing Exchange:CBOE)<br> Annual Shareholder Report \| April 30, 2025 | ![](cambriancsr002.jpg) |

---

This annual shareholder report contains important information about the Cambria LargeCap Shareholder Yield ETF for the period of July 11, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.cambriafunds.com/lyld. You can also request this information by contacting us at 1-855-383-4636.

---

| | | |
|:---|:---|:---|
| **WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment) | **WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment) | **WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment) |
| | | **Costs of a $10,000** |
|  | **Fund Name** | **investment** |
|  | Cambria LargeCap Shareholder Yield ETF | $340.43%<sup>1</sup> |
| <sup>1</sup> | Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current fiscal period from July 11, 2024 to April 30, 2025. Expenses would be higher if the Fund had been in operations for a full year. | Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current fiscal period from July 11, 2024 to April 30, 2025. Expenses would be higher if the Fund had been in operations for a full year. |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**<br>The Cambria Large Cap Shareholder Yield ETF is an actively managed ETF that employs a factor-based methodology. As a performance benchmark, the fund utilizes the S&P 500 Total Return Index (S&P 500 TR).<br>The Cambria Large Cap Shareholder Yield ETF launched on July 11, 2024. For the period from inception through April 30, 2025, the fund underperformed its performance benchmark, returning -0.62% vs 0.77% for the S&P 500 TR. The fund had a net asset value of $25.00 per share on July 11, 2024, and ended the reporting period with a net asset value of $24.51 per share on April 30, 2025.<br>During the reporting period, the highest returns came from AT&T Inc. and Fox Corp, which returned 52.69% and 40.94%, respectively. The worst performers were Devon Energy Corp and Lennar Corp, which returned -33.17% and -28.51%, respectively.<br>The Fund posted negative returns during the reporting period. After a strong rally in November following the U.S. presidential election, value stocks saw performance weaken after the Federal Reserve's December meeting, which signaled a slower pace of interest rate cuts in 2025. In March and April, uncertainty around tariffs further intensified the sell-off, driving investors toward higher-quality assets.<br>

![](cambriancsr031.jpg)

Cambria LargeCap Shareholder Yield ETF PAGE 1 TSR-AR-132061771

---

| | |
|:---|:---|
| **ANNUAL AVERAGE TOTAL RETURN (%)** | <br>**Since Inception<br>(07/11/2024)** |
| **Cambria LargeCap Shareholder Yield ETF NAV** | -0.62 |
| **S&P 500 TR** | 0.77 |
| Visit https://www.cambriafunds.com/lyld for more recent performance information. | Visit https://www.cambriafunds.com/lyld for more recent performance information. |
| \*&nbsp;&nbsp;&nbsp;&nbsp; *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.* | \*&nbsp;&nbsp;&nbsp;&nbsp; *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.* |

---

---

| | |
|:---|:---|
| **KEY FUND STATISTICS** (as of April 30, 2025) | |
| **Net Assets** | $4289538 |
| **Number of Holdings** | 51 |
| **Net Advisory Fee** | $30751 |
| **30-Day SEC Yield** | 2.12% |
| **30-Day SEC Yield Unsubsidized** | 2.12% |
| **Portfolio Turnover** | 23% |
| Visit https://www.cambriafunds.com/lyld for more recent performance information. |  |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
| &nbsp;&nbsp;AT&T, Inc. | 3.0% |
| &nbsp;&nbsp;Fox Corp. | 2.9% |
| &nbsp;&nbsp;eBay, Inc. | 2.6% |
| &nbsp;&nbsp;Jabil, Inc. | 2.6% |
| &nbsp;&nbsp;Bank of New York Mellon Corp. | 2.6% |
| &nbsp;&nbsp;Hartford Insurance Group, Inc. | 2.5% |
| &nbsp;&nbsp;Aflac, Inc. | 2.5% |
| &nbsp;&nbsp;Molson Coors Beverage Co. | 2.3% |
| &nbsp;&nbsp;Verizon Communications, Inc. | 2.3% |
| &nbsp;&nbsp;American International Group, Inc. | 2.2% |

---

---

| |
|:---|
| **Sector Breakdown** |
| ![](cambriancsr032.jpg) |

---

\* Percentages are stated as a percent of net assets.

<br> For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.cambriafunds.com/lyld. <br>

---

| |
|:---|
| **HOUSEHOLDING**<br>To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Cambria Investment Management documents not be householded, please contact Cambria Investment Management at 1-855-383-4636, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Cambria Investment Management or your financial intermediary. |
| **Distributed by ALPS Distributor's, Inc.** |

---

Cambria LargeCap Shareholder Yield ETF PAGE 2 TSR-AR-132061771

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;![](cambriancsr033.jpg) | &nbsp;&nbsp;&nbsp;**Cambria Micro and SmallCap Shareholder Yield ETF**<br> MYLD (Principal U.S. Listing Exchange:CBOE)<br> Annual Shareholder Report \| April 30, 2025 | ![](cambriancsr002.jpg) |

---

This annual shareholder report contains important information about the Cambria Micro and SmallCap Shareholder Yield ETF for the period of May 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.cambriafunds.com/myld. You can also request this information by contacting us at 1-855-383-4636.

---

| | | |
|:---|:---|:---|
| **WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment) | **WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment) | **WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment) |
| | **Costs of a $10,000** | **Costs paid as a percentage of** |
| **Fund Name** | **investment** | **a $10,000 investment** |
| Cambria Micro and SmallCap Shareholder Yield ETF | $0 | 0.00% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**<br>The Cambria Micro and Small Cap Shareholder Yield ETF is an actively managed ETF that employs a factor-based methodology. As a performance benchmark, the fund utilizes the S&P 600 Total Return Index [S&P 600 (TR)].<br>For the 12-month period ended April 30, 2025, the fund underperformed its performance benchmark, returning -10.20% vs -1.93% for the S&P 600 (TR). The fund had a net asset value of $25.41 per share on April 30, 2024, and ended the reporting period with a net asset value of $21.14 per share on April 30, 2025.<br>During the reporting period, the highest returns came from Cal-Marine Foods Inc. and Adtalem Global Education Inc., which returned 81.69% and 60.96%, respectively. The worst performers were ODP Corp and Kohl's Corp, which returned -73.10% and -68.91%, respectively.<br>The Fund recorded negative returns during the reporting period. Following the U.S. Federal Reserve's December meeting, concerns about a slower pace of interest rate cuts in 2025 led to a sharp drop in small-cap stocks, which are generally more sensitive to interest rate changes. Tariff uncertainty in March and April further exacerbated the sell-off in small caps as investors fled to quality. These factors, along with tilts toward value, have combined to contribute to the Fund's negative performance during the reporting period.<br>

---

| |
|:---|
| **HOW DID THE FUND PERFORM SINCE INCEPTION?\***<br>The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.<br>**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000) |
| ![](cambriancsr034.jpg) |

---

Cambria Micro and SmallCap Shareholder Yield ETF PAGE 1 TSR-AR-132061797

---

| | | |
|:---|:---|:---|
| **ANNUAL AVERAGE TOTAL RETURN (%)**<br>| <br>**1 Year** | <br>**Since Inception**<br>**(01/03/2024)** |
| **Cambria Micro and SmallCap Shareholder Yield ETF NAV** | -10.20 | -6.20 |
| **S&P 500 TR** | 12.10 | 15.13 |
| **S&P 600 (TR)** | -1.93 | -1.51 |
| Visit https://www.cambriafunds.com/myld for more recent performance information. | Visit https://www.cambriafunds.com/myld for more recent performance information. | Visit https://www.cambriafunds.com/myld for more recent performance information. |
| \*&nbsp;&nbsp;&nbsp;&nbsp; *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.* | \*&nbsp;&nbsp;&nbsp;&nbsp; *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.* | \*&nbsp;&nbsp;&nbsp;&nbsp; *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.* |

---

---

| | |
|:---|:---|
| **KEY FUND STATISTICS** (as of April 30, 2025) | |
| **Net Assets** | $10039875 |
| **Number of Holdings** | 101 |
| **Net Advisory Fee** | $0 |
| **30-Day SEC Yield** | 2.73% |
| **30-Day SEC Yield Unsubsidized** | 2.73% |
| **Portfolio Turnover** | 51% |
| Visit https://www.cambriafunds.com/myld for more recent performance information. |  |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
| &nbsp;&nbsp;First American Treasury Obligations Fund | 2.2% |
| &nbsp;&nbsp;Insteel Industries, Inc. | 1.3% |
| &nbsp;&nbsp;Ramaco Resources, Inc. | 1.2% |
| &nbsp;&nbsp;Concentrix Corp. | 1.2% |
| &nbsp;&nbsp;Universal Insurance Holdings, Inc. | 1.2% |
| &nbsp;&nbsp;Mr Cooper Group, Inc. | 1.2% |
| &nbsp;&nbsp;Premier, Inc. | 1.2% |
| &nbsp;&nbsp;Pathward Financial, Inc. | 1.1% |
| &nbsp;&nbsp;Standard Motor Products, Inc. | 1.1% |
| &nbsp;&nbsp;Adtalem Global Education, Inc. | 1.1% |

---

---

| |
|:---|
| **Sector Breakdown\*\*** |
| ![](cambriancsr035.jpg) |

---

\* Percentages are stated as a percent of net assets.

\*\* The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

<br> For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.cambriafunds.com/myld. <br>

Cambria Micro and SmallCap Shareholder Yield ETF PAGE 2 TSR-AR-132061797

---

| |
|:---|
| **HOUSEHOLDING**<br>To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Cambria Investment Management documents not be householded, please contact Cambria Investment Management at 1-855-383-4636, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Cambria Investment Management or your financial intermediary. |
| **Distributed by ALPS Distributor's, Inc.** |

---

Cambria Micro and SmallCap Shareholder Yield ETF PAGE 3 TSR-AR-132061797

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;![](cambriancsr036.jpg) | &nbsp;&nbsp;&nbsp;**Cambria Shareholder Yield ETF**<br> SYLD (Principal U.S. Listing Exchange: CBOE)<br> Annual Shareholder Report \| April 30, 2025 | ![](cambriancsr002.jpg) |

---

This annual shareholder report contains important information about the Cambria Shareholder Yield ETF for the period of May 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.cambriafunds.com/syld. You can also request this information by contacting us at 1-855-383-4636.

---

| | | |
|:---|:---|:---|
| **WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment) | **WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment) | **WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment) |
| | **Costs of a $10,000** | **Costs paid as a percentage of** |
| **Fund Name** | **investment** | **a $10,000 investment** |
| Cambria Shareholder Yield ETF | $56 | 0.59% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**<br>The Cambria Shareholder Yield ETF is an actively managed ETF that employs a factor-based methodology. As a performance benchmark, the fund utilizes the S&P 500 Total Return Index (S&P 500 TR).<br>For the 12-month period ended April 30, 2025, the fund underperformed its performance benchmark, returning -10.44% vs 12.10% for the S&P 500 TR. The fund had a net asset value of $68.94 per share on April 30, 2024, and ended the reporting period with a net asset value of $60.47 per share on April 30, 2025.<br>During the reporting period, the highest returns came from Adtalem Global Education Inc. and AT&T Inc., which returned 114.03% and 72.56%, respectively. The worst performers were ODP Corp and Wabash National Corp, which returned -73.13% and -69.48%, respectively.<br>The Fund recorded negative returns during the reporting period. Factor tilts toward smaller market capitalization and value combined to contribute to the Fund's negative performance during the reporting period. Following the U.S. Federal Reserve's December meeting, concerns about a slower pace of interest rate cuts in 2025 led to a sharp drop in small and mid-cap stocks, which are generally more sensitive to interest rate changes. Tariff uncertainty in March and April further exacerbated the sell-off as investors fled to quality.<br>

---

| |
|:---|
| **HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?\***<br>The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.<br>**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000) |
| ![](cambriancsr037.jpg) |

---

Cambria Shareholder Yield ETF PAGE 1 TSR-AR-132061201

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL AVERAGE TOTAL RETURN (%)** | <br>**1 Year** | <br>**5 Year** | <br>**10 Year** |
| **Cambria Shareholder Yield ETF NAV** | -10.44 | 17.85 | 9.60 |
| **S&P 500 TR** | 12.10 | 15.61 | 12.32 |
| **S&P Composite 1500 TR** | 11.12 | 15.39 | 11.95 |
| Visit https://www.cambriafunds.com/syld for more recent performance information. | Visit https://www.cambriafunds.com/syld for more recent performance information. | Visit https://www.cambriafunds.com/syld for more recent performance information. | Visit https://www.cambriafunds.com/syld for more recent performance information. |
| \*&nbsp;&nbsp;&nbsp;&nbsp; *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.* | \*&nbsp;&nbsp;&nbsp;&nbsp; *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.* | \*&nbsp;&nbsp;&nbsp;&nbsp; *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.* | \*&nbsp;&nbsp;&nbsp;&nbsp; *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.* |

---

---

| | |
|:---|:---|
| **KEY FUND STATISTICS** (as of April 30, 2025) | |
| **Net Assets** | $919155315 |
| **Number of Holdings** | 102 |
| **Net Advisory Fee** | $7103562 |
| **30-Day SEC Yield** | 2.46% |
| **30-Day SEC Yield Unsubsidized** | 2.46% |
| **Portfolio Turnover** | 42% |
| Visit https://www.cambriafunds.com/syld for more recent performance information. |  |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
| &nbsp;&nbsp;Adtalem Global Education, Inc. | 2.3% |
| &nbsp;&nbsp;AT&T, Inc. | 1.8% |
| &nbsp;&nbsp;Fox Corp. | 1.7% |
| &nbsp;&nbsp;UGI Corp. | 1.6% |
| &nbsp;&nbsp;Victory Capital Holdings, Inc. | 1.6% |
| &nbsp;&nbsp;SLM Corp. | 1.5% |
| &nbsp;&nbsp;Aflac, Inc. | 1.5% |
| &nbsp;&nbsp;Synchrony Financial | 1.4% |
| &nbsp;&nbsp;AutoNation, Inc. | 1.4% |
| &nbsp;&nbsp;Ryder System, Inc. | 1.3% |

---

---

| |
|:---|
| **Sector Breakdown\*\*** |
| ![](cambriancsr038.jpg) |

---

\* Percentages are stated as a percent of net assets.

\*\* The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

**Changes to Fund's Portfolio Manager or Portfolio Management Team:**<br>Effective September 1, 2024, Jonathan Keetz was added as an additional portfolio manager of the Fund.<br>

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.cambriafunds.com/syld. <br>

Cambria Shareholder Yield ETF PAGE 2 TSR-AR-132061201

---

| |
|:---|
| **HOUSEHOLDING**<br>To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Cambria Investment Management documents not be householded, please contact Cambria Investment Management at 1-855-383-4636, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Cambria Investment Management or your financial intermediary. |
| **Distributed by ALPS Distributor's, Inc.** |

---

Cambria Shareholder Yield ETF PAGE 3 TSR-AR-132061201

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;![](cambriancsr039.jpg) | &nbsp;&nbsp;&nbsp;**Cambria Tactical Yield ETF**<br> TYLD (Principal U.S. Listing Exchange: CBOE)<br> Annual Shareholder Report \| April 30, 2025 | <br> ![](cambriancsr002.jpg)<br>|

---

This annual shareholder report contains important information about the Cambria Tactical Yield ETF for the period of May 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.cambriafunds.com/tyld. You can also request this information by contacting us at 1-855-383-4636.

---

| | | |
|:---|:---|:---|
| **WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment) | **WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment) | **WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment) |
| | **Costs of a $10,000** | **Costs paid as a percentage of** |
| **Fund Name** | **investment** | **a $10,000 investment** |
| Cambria Tactical Yield ETF | $0 | 0.00% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**<br>The Cambria Tactical Yield ETF is an actively managed ETF that applies a value approach to fixed Income segments. As a performance benchmark, the fund utilizes the Bloomberg Global Aggregate Index.<br>For the 12-month period ended April 30, 2025, the fund underperformed its performance benchmark, returning 5.12% vs 8.83% for the Bloomberg Global Aggregate Index. The fund had a net asset value of $25.22 per share on April 30, 2024, and ended the reporting period with a net asset value of $25.42 per share on April 30, 2025.<br>During the reporting period, the fund was 100% invested in T-bills, which drove returns.<br>The Fund recorded positive returns during the reporting period. The Cambria Tactical Yield ETF applies a value approach to fixed income investing in an attempt to increase risk adjusted return by investing in risk bond segments only when yield spreads relative to T-bills are in the top quartile historically. Throughout the period the fund was 100% invested in T-bills.<br>

---

| |
|:---|
| **HOW DID THE FUND PERFORM SINCE INCEPTION?\***<br>The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.<br>**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000) |
| ![](cambriancsr040.jpg) |

---

---

| | | |
|:---|:---|:---|
| **ANNUAL AVERAGE TOTAL RETURN (%)**<br>| <br>**1 Year** | <br>**Since Inception**<br>**(01/03/2024)** |
| **Cambria Tactical Yield ETF NAV** | 5.12 | 4.98 |
| **Bloomberg Global Aggregate** | 8.83 | 3.72 |
| **ICE BofA US 3-Month Treasury Bill Total Return Index** | 4.88 | 5.00 |
| Visit https://www.cambriafunds.com/tyld for more recent performance information. | Visit https://www.cambriafunds.com/tyld for more recent performance information. | Visit https://www.cambriafunds.com/tyld for more recent performance information. |

---

Cambria Tactical Yield ETF PAGE 1 TSR-AR-132061789

\*&nbsp;&nbsp;&nbsp;&nbsp; *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

---

| | |
|:---|:---|
| **KEY FUND STATISTICS** (as of April 30, 2025) | |
| **Net Assets** | $44483492 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $0 |
| **30-Day SEC Yield** | 3.62% |
| **30-Day SEC Yield Unsubsidized** | 3.62% |
| **Portfolio Turnover** | 0% |
| Visit https://www.cambriafunds.com/tyld for more recent performance information. |  |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
| &nbsp;&nbsp;United States Treasury Bill | 99.9% |
| &nbsp;&nbsp;First American Treasury Obligations Fund | 0.1% |

---

---

| |
|:---|
| **Sector Breakdown** |
| ![](cambriancsr041.jpg) |

---

\* Percentages are stated as a percent of net assets.

<br> For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.cambriafunds.com/tyld. <br>

---

| |
|:---|
| **HOUSEHOLDING**<br>To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Cambria Investment Management documents not be householded, please contact Cambria Investment Management at 1-855-383-4636, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Cambria Investment Management or your financial intermediary. |
| **Distributed by ALPS Distributor's, Inc.** |

---

Cambria Tactical Yield ETF PAGE 2 TSR-AR-132061789

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;![](cambriancsr042.jpg) | &nbsp;&nbsp;&nbsp;**Cambria Tail Risk ETF**<br> TAIL (Principal U.S. Listing Exchange: CBOE)<br> Annual Shareholder Report \| April 30, 2025 | ![](cambriancsr002.jpg) |

---

This annual shareholder report contains important information about the Cambria Tail Risk ETF for the period of May 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.cambriafunds.com/tail. You can also request this information by contacting us at 1-855-383-4636.

---

| | | |
|:---|:---|:---|
| **WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment) | **WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment) | **WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment) |
| | **Costs of a $10,000** | **Costs paid as a percentage of** |
| **Fund Name** | **investment** | **a $10,000 investment** |
| Cambria Tail Risk ETF | $62 | 0.59% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**<br>The Cambria Tail Risk ETF is an actively managed ETF that seeks to provide downside protection relative to the S&P 500. As a performance benchmark, the fund utilizes the Bloomberg Short Treasury Total Return Index.<br>For the 12-month period ended April 30, 2025, the fund outperformed its performance benchmark, returning 10.87% vs 5.03% for the Bloomberg Short Treasury Total Return Index. The fund had a net asset value of $11.81 per share on April 30, 2024, and ended the reporting period with a net asset value of $12.74 per share on April 30, 2025.<br>During the reporting period, the positive performance can be primarily attributed to the S&P 500 index option overlay.<br>The Fund recorded positive returns during the reporting period. Designed as a hedging product, the Cambria Tail Risk ETF utilizes put options on the S&P 500 Index in an attempt to profit when the US equity market experiences a decline. The announcement of reciprocal tariffs in April led to a pullback in US equities, resulting in a positive performance for TAIL.<br>

---

| |
|:---|
| **HOW DID THE FUND PERFORM SINCE INCEPTION?\***<br>The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.<br>**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000) |
| ![](cambriancsr043.jpg) |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL AVERAGE TOTAL RETURN (%)**<br>| <br>**1 Year** | <br>**5 Year** | <br>**Since Inception**<br>**(04/05/2017)** |
| **Cambria Tail Risk ETF NAV** | 10.87 | -9.24 | -6.49 |
| **S&P 500 TR** | 12.10 | 15.61 | 13.18 |
| **Bloomberg Short Treasury Total Return Index** | 5.03 | 2.55 | 2.31 |
| Visit https://www.cambriafunds.com/tail for more recent performance information. | Visit https://www.cambriafunds.com/tail for more recent performance information. | Visit https://www.cambriafunds.com/tail for more recent performance information. | Visit https://www.cambriafunds.com/tail for more recent performance information. |

---

Cambria Tail Risk ETF PAGE 1 TSR-AR-132061862

\*&nbsp;&nbsp;&nbsp;&nbsp; *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

---

| | |
|:---|:---|
| **KEY FUND STATISTICS** (as of April 30, 2025) | |
| **Net Assets** | $161130215 |
| **Number of Holdings** | 10 |
| **Net Advisory Fee** | $461123 |
| **30-Day SEC Yield** | 2.81% |
| **30-Day SEC Yield Unsubsidized** | 2.81% |
| **Portfolio Turnover** | 86% |
| Visit https://www.cambriafunds.com/tail for more recent performance information. |  |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
| &nbsp;&nbsp;United States Treasury Note/Bond | 76.5% |
| &nbsp;&nbsp;First American Treasury Obligations Fund | 10.7% |
| &nbsp;&nbsp;S&P 500 Index | 7.5% |

---

---

| |
|:---|
| **Sector Breakdown\*\*** |
| ![](cambriancsr044.jpg) |

---

\* Percentages are stated as a percent of net assets.

\*\* The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

**Changes to Fund's Portfolio Manager or Portfolio Management Team:**<br>Effective September 1, 2024, Jonathan Keetz was added as an additional portfolio manager of the Fund.<br>

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.cambriafunds.com/tail. <br>

---

| |
|:---|
| **HOUSEHOLDING**<br>To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Cambria Investment Management documents not be householded, please contact Cambria Investment Management at 1-855-383-4636, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Cambria Investment Management or your financial intermediary. |
| **Distributed by ALPS Distributor's, Inc.** |

---

Cambria Tail Risk ETF PAGE 2 TSR-AR-132061862

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;![](cambriancsr045.jpg) | &nbsp;&nbsp;&nbsp;**Cambria Trinity ETF**<br> TRTY (Principal U.S. Listing Exchange: CBOE)<br> Annual Shareholder Report \| April 30, 2025 | ![](cambriancsr002.jpg) |

---

This annual shareholder report contains important information about the Cambria Trinity ETF for the period of May 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.cambriafunds.com/trty. You can also request this information by contacting us at 1-855-383-4636.

---

| | | |
|:---|:---|:---|
| **WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment) | **WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment) | **WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment) |
| | **Costs of a $10,000** | **Costs paid as a percentage of** |
| **Fund Name** | **investment** | **a $10,000 investment** |
| Cambria Trinity ETF | $0 | 0.00% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**<br>The Cambria Trinity ETF is an actively managed exchange-traded fund (ETF) that employs a combination of trend-following and buy-and-hold methodologies. As a performance benchmark, the fund utilizes the S&P Balanced Equity and Bond – Moderate Index.<br>For the 12-month period ended April 30, 2025, the fund underperformed its performance benchmark, returning 2.44% vs 10.82% for the S&P Balanced Equity and Bond – Moderate Index. The fund had a net asset value of $25.50 per share on April 30, 2024, and ended the reporting period with a net asset value of $25.34 per share on April 30, 2025.<br>During the reporting period, the highest returns came from the VanEck Bitcoin ETF and the GraniteShares Gold Trust ETF, which returned 59.39% and 43.68% respectively. The worst performers were the Cambria Chesapeake Pure Trend ETF and iShares Mortgage Real Estate ETF, which returned -27.39% and -14.20%, respectively.<br>The Fund recorded positive returns during the reporting period. The Cambria Trinity ETF is a hybrid buy-and-hold and tactical trend-following ETF that attempts to profit by investing in assets that are in an uptrend and exhibiting positive momentum. As an active strategy with high turnover, the fund trades frequently and participates broadly across global publicly investable assets. Over the period, the fund benefited from the price appreciation of gold, bitcoin, and foreign developed equities. Managed futures trend following, emerging market equity, U.S. equity, and mortgage REIT exposure detracted from the fund's positive performance.<br>

---

| |
|:---|
| **HOW DID THE FUND PERFORM SINCE INCEPTION?\***<br>The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.<br>**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000) |
| ![](cambriancsr046.jpg) |

---

Cambria Trinity ETF PAGE 1 TSR-AR-132061839

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL AVERAGE TOTAL RETURN (%)**<br>| <br>**1 Year** | <br>**5 Year** | <br>**Since Inception**<br>**(09/10/2018)** |
| **Cambria Trinity ETF NAV** | 2.44 | 7.38 | 3.66 |
| **MSCI ACWI Net Total Return Index (USD)** | 11.84 | 13.07 | 9.41 |
| **Bloomberg Global Aggregate** | 8.83 | -1.20 | 0.43 |
| **MSCI AC WORLD INDEX Gross (USD)** | 12.34 | 13.59 | 9.94 |
| **S&P Balanced Equity and Bond - Moderate Index** | 10.82 | 6.44 | 6.92 |
| Visit https://www.cambriafunds.com/trty for more recent performance information. | Visit https://www.cambriafunds.com/trty for more recent performance information. | Visit https://www.cambriafunds.com/trty for more recent performance information. | Visit https://www.cambriafunds.com/trty for more recent performance information. |
| \*&nbsp;&nbsp;&nbsp;&nbsp; *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.* | \*&nbsp;&nbsp;&nbsp;&nbsp; *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.* | \*&nbsp;&nbsp;&nbsp;&nbsp; *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.* | \*&nbsp;&nbsp;&nbsp;&nbsp; *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.* |

---

---

| | |
|:---|:---|
| **KEY FUND STATISTICS** (as of April 30, 2025) | |
| **Net Assets** | $108961783 |
| **Number of Holdings** | 34 |
| **Net Advisory Fee** | $0 |
| **30-Day SEC Yield** | 3.33% |
| **30-Day SEC Yield Unsubsidized** | 3.33% |
| **Portfolio Turnover** | 66% |
| Visit https://www.cambriafunds.com/trty for more recent performance information. |  |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
| &nbsp;&nbsp;Vanguard Intermediate-Term Treasury ETF | 8.0% |
| &nbsp;&nbsp;Cambria Tactical Yield ETF | 7.9% |
| &nbsp;&nbsp;Cambria Value and Momentum ETF | 7.8% |
| &nbsp;&nbsp;Cambria Foreign Shareholder Yield ETF | 6.0% |
| &nbsp;&nbsp;Cambria Global Value ETF | 6.0% |
| &nbsp;&nbsp;First American Government Obligations Fund | 6.0% |
| &nbsp;&nbsp;Cambria Emerging Shareholder Yield ETF | 4.0% |
| &nbsp;&nbsp;Vanguard Total Bond Market ETF | 4.0% |
| &nbsp;&nbsp;Cambria Global Real Estate ETF | 4.0% |
| &nbsp;&nbsp;iMGP DBi Managed Futures Strategy ETF | 4.0% |

---

---

| |
|:---|
| **Sector Breakdown\*\*** |
| ![](cambriancsr047.jpg) |

---

\* Percentages are stated as a percent of net assets.

\*\* The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

**Changes to Fund's Portfolio Manager or Portfolio Management Team:**<br>Effective September 1, 2024, Jonathan Keetz was added as an additional portfolio manager of the Fund.<br>

Cambria Trinity ETF PAGE 2 TSR-AR-132061839

<br> For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.cambriafunds.com/trty. <br>

---

| |
|:---|
| **HOUSEHOLDING**<br>To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Cambria Investment Management documents not be householded, please contact Cambria Investment Management at 1-855-383-4636, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Cambria Investment Management or your financial intermediary. |
| **Distributed by ALPS Distributor's, Inc.** |

---

Cambria Trinity ETF PAGE 3 TSR-AR-132061839

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;![](cambriancsr048.jpg) | &nbsp;&nbsp;&nbsp;**Cambria Value and Momentum ETF**<br> VAMO (Principal U.S. Listing Exchange: CBOE)<br> Annual Shareholder Report \| April 30, 2025 | ![](cambriancsr002.jpg) |

---

This annual shareholder report contains important information about the Cambria Value and Momentum ETF for the period of May 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.cambriafunds.com/vamo. You can also request this information by contacting us at 1-855-383-4636.

---

| | | |
|:---|:---|:---|
| **WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment) | **WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment) | **WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment) |
| | **Costs of a $10,000** | **Costs paid as a percentage of** |
| **Fund Name** | **investment** | **a $10,000 investment** |
| Cambria Value and Momentum ETF | $65 | 0.64% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**<br>The Cambria Value and Momentum ETF is an actively managed ETF that employs a factor-based methodology. As a performance benchmark, the fund utilizes the S&P 500 Total Return Index (S&P 500 TR).<br>For the 12-month period ended April 30, 2025, the fund underperformed its performance benchmark, returning 2.52% vs 12.10% for the S&P 500 TR. The fund had a net asset value of $28.72 per share on April 30, 2024, and ended the reporting period with a net asset value of $28.93 per share on April 30, 2025.<br>During the reporting period, the highest returns came from Robinhood Markets Inc. and Telephone and Data Systems, which returned 194.95% and 137.95%, respectively. The worst performers were Beyond Inc. and EVGO Inc., which returned -48.20% and -37.44%, respectively.<br>The Fund recorded positive returns during the reporting period. The Cambria Value and Momentum ETF is a multi-factor ETF focusing on Value and Momentum with the ability to hedge up to 100% of its notional equity exposure using S&P 500 index futures. Over the period, the fund had an average exposure of 27% to financials, which benefited from the three rate cuts in the second half of 2024. Conversely, energy holdings detracted from fund performance after selling off in April 2025, driven by a sharp drop in oil prices amid oversupply concerns and a global economic slowdown related to the impact of trade tariffs. The fund moved from 50% hedged to 100% hedged and avoided much of the volatility associated with the current administration's wide ranging reciprocal tariffs announced on April 2, 2025.<br>

---

| |
|:---|
| **HOW DID THE FUND PERFORM SINCE INCEPTION?\***<br>The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.<br>**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000) |
| ![](cambriancsr049.jpg) |

---

Cambria Value and Momentum ETF PAGE 1 TSR-AR-132061888

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL AVERAGE TOTAL RETURN (%)**<br>| <br>**1 Year** | <br>**5 Year** | <br>**Since Inception**<br>**(09/08/2015)** |
| **Cambria Value and Momentum ETF NAV** | 2.52 | 13.21 | 2.59 |
| **S&P 500 TR** | 12.10 | 15.61 | 13.38 |
| Visit https://www.cambriafunds.com/vamo for more recent performance information. | Visit https://www.cambriafunds.com/vamo for more recent performance information. | Visit https://www.cambriafunds.com/vamo for more recent performance information. | Visit https://www.cambriafunds.com/vamo for more recent performance information. |
| \*&nbsp;&nbsp;&nbsp;&nbsp; *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.* | \*&nbsp;&nbsp;&nbsp;&nbsp; *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.* | \*&nbsp;&nbsp;&nbsp;&nbsp; *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.* | \*&nbsp;&nbsp;&nbsp;&nbsp; *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.* |

---

---

| | |
|:---|:---|
| **KEY FUND STATISTICS** (as of April 30, 2025) | |
| **Net Assets** | $52072472 |
| **Number of Holdings** | 103 |
| **Net Advisory Fee** | $320065 |
| **30-Day SEC Yield** | 0.92% |
| **30-Day SEC Yield Unsubsidized** | 0.92% |
| **Portfolio Turnover** | 86% |
| Visit https://www.cambriafunds.com/vamo for more recent performance information. |  |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
| &nbsp;&nbsp;First American Treasury Obligations Fund | 7.0% |
| &nbsp;&nbsp;S&P 500 Index | 1.8% |
| &nbsp;&nbsp;Fox Corp. | 1.6% |
| &nbsp;&nbsp;Argan, Inc. | 1.0% |
| &nbsp;&nbsp;Stride, Inc. | 1.0% |
| &nbsp;&nbsp;CoreCivic, Inc. | 1.0% |
| &nbsp;&nbsp;Perimeter Solutions, Inc. | 0.9% |
| &nbsp;&nbsp;Discover Financial Services | 0.9% |
| &nbsp;&nbsp;NRG Energy, Inc. | 0.9% |
| &nbsp;&nbsp;Rush Street Interactive, Inc. | 0.9% |

---

---

| |
|:---|
| **Sector Breakdown\*\*** |
| ![](cambriancsr050.jpg) |

---

\* Percentages are stated as a percent of net assets.

\*\* The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

**Changes to Fund's Portfolio Manager or Portfolio Management Team:**<br>Effective September 1, 2024, Jonathan Keetz was added as an additional portfolio manager of the Fund.<br>

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.cambriafunds.com/vamo. <br>

Cambria Value and Momentum ETF PAGE 2 TSR-AR-132061888

---

| |
|:---|
| **HOUSEHOLDING**<br>To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Cambria Investment Management documents not be householded, please contact Cambria Investment Management at 1-855-383-4636, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Cambria Investment Management or your financial intermediary. |
| **Distributed by ALPS Distributor's, Inc.** |

---

Cambria Value and Momentum ETF PAGE 3 TSR-AR-132061888

**<u>Item 2. Code of Ethics.</u>**

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

*A copy of the registrant's Code of Ethics is filed herewith.*

**<u>Item 3. Audit Committee Financial Expert.</u>**

The registrant's Board of Trustees of the Trust has determined that there is at least one audit committee financial expert serving on its audit committee. Mr. Dennis Schmal is the "audit committee financial expert" and is considered to be "independent" as each term is defined in Item 3 of Form N-CSR.

**Item 4. Principal Accountant Fees and Services.** 

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for these fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. There were no "Other services" provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for the two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

Cambria Cannabis ETF

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;FYE 4/30/2025 | &nbsp;&nbsp;FYE 4/30/2024 |
| &nbsp;&nbsp;(a) Audit Fees | &nbsp;&nbsp;$16000 | &nbsp;&nbsp;$16000 |
| &nbsp;&nbsp;(b) Audit-Related Fees | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;(c) Tax Fees | &nbsp;&nbsp;$3000 | &nbsp;&nbsp;$3000 |
| &nbsp;&nbsp;(d) All Other Fees | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |

---

Cambria Emerging Shareholder Yield ETF

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;FYE 4/30/2025 | &nbsp;&nbsp;FYE 4/30/2024 |
| &nbsp;&nbsp;(a) Audit Fees | &nbsp;&nbsp;$16000 | &nbsp;&nbsp;$16000 |
| &nbsp;&nbsp;(b) Audit-Related Fees | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;(c) Tax Fees | &nbsp;&nbsp;$3000 | &nbsp;&nbsp;$3000 |
| &nbsp;&nbsp;(d) All Other Fees | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |

---

Cambria Fixed Income Trend ETF

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;FYE 4/30/2025 | &nbsp;&nbsp;FYE 4/30/2024 |
| &nbsp;&nbsp;(a) Audit Fees | &nbsp;&nbsp;$8500 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;(b) Audit-Related Fees | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;(c) Tax Fees | &nbsp;&nbsp;$3000 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;(d) All Other Fees | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |

---

Cambria Foreign Shareholder Yield ETF

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;FYE 4/30/2025 | &nbsp;&nbsp;FYE 4/30/2024 |
| &nbsp;&nbsp;(a) Audit Fees | &nbsp;&nbsp;$16000 | &nbsp;&nbsp;$16000 |
| &nbsp;&nbsp;(b) Audit-Related Fees | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;(c) Tax Fees | &nbsp;&nbsp;$3000 | &nbsp;&nbsp;$3000 |
| &nbsp;&nbsp;(d) All Other Fees | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |

---

Cambria Global Asset Allocation ETF

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;FYE 4/30/2025 | &nbsp;&nbsp;FYE 4/30/2024 |
| &nbsp;&nbsp;(a) Audit Fees | &nbsp;&nbsp;$16000 | &nbsp;&nbsp;$16000 |
| &nbsp;&nbsp;(b) Audit-Related Fees | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;(c) Tax Fees | &nbsp;&nbsp;$3000 | &nbsp;&nbsp;$3000 |
| &nbsp;&nbsp;(d) All Other Fees | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |

---

Cambria Global Momentum ETF

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;FYE 4/30/2025 | &nbsp;&nbsp;FYE 4/30/2024 |
| &nbsp;&nbsp;(a) Audit Fees | &nbsp;&nbsp;$16000 | &nbsp;&nbsp;$16000 |
| &nbsp;&nbsp;(b) Audit-Related Fees | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;(c) Tax Fees | &nbsp;&nbsp;$3000 | &nbsp;&nbsp;$3000 |
| &nbsp;&nbsp;(d) All Other Fees | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |

---

Cambria Global Real Estate ETF

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;FYE 4/30/2025 | &nbsp;&nbsp;FYE 4/30/2024 |
| &nbsp;&nbsp;(a) Audit Fees | &nbsp;&nbsp;$16000 | &nbsp;&nbsp;$16000 |
| &nbsp;&nbsp;(b) Audit-Related Fees | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;(c) Tax Fees | &nbsp;&nbsp;$3000 | &nbsp;&nbsp;$3000 |
| &nbsp;&nbsp;(d) All Other Fees | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |

---

Cambria Global Value ETF

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;FYE 4/30/2025 | &nbsp;&nbsp;FYE 4/30/2024 |
| &nbsp;&nbsp;(a) Audit Fees | &nbsp;&nbsp;$16000 | &nbsp;&nbsp;$16000 |
| &nbsp;&nbsp;(b) Audit-Related Fees | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;(c) Tax Fees | &nbsp;&nbsp;$3000 | &nbsp;&nbsp;$3000 |
| &nbsp;&nbsp;(d) All Other Fees | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |

---

Cambria LargeCap Shareholder Yield ETF

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;FYE 4/30/2025 | &nbsp;&nbsp;FYE 4/30/2024 |
| &nbsp;&nbsp;(a) Audit Fees | &nbsp;&nbsp;$8000 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;(b) Audit-Related Fees | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;(c) Tax Fees | &nbsp;&nbsp;$3000 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;(d) All Other Fees | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |

---

Cambria Micro and SmallCap Shareholder Yield ETF

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;FYE 4/30/2025 | &nbsp;&nbsp;FYE 4/30/2024 |
| &nbsp;&nbsp;(a) Audit Fees | &nbsp;&nbsp;$11250 | &nbsp;&nbsp;$7500 |
| &nbsp;&nbsp;(b) Audit-Related Fees | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;(c) Tax Fees | &nbsp;&nbsp;$3000 | &nbsp;&nbsp;$3000 |
| &nbsp;&nbsp;(d) All Other Fees | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |

---

Cambria Shareholder Yield ETF

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;FYE 4/30/2025 | &nbsp;&nbsp;FYE 4/30/2024 |
| &nbsp;&nbsp;(a) Audit Fees | &nbsp;&nbsp;$16000 | &nbsp;&nbsp;$16000 |
| &nbsp;&nbsp;(b) Audit-Related Fees | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;(c) Tax Fees | &nbsp;&nbsp;$3000 | &nbsp;&nbsp;$3000 |
| &nbsp;&nbsp;(d) All Other Fees | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |

---

Cambria Tactical Yield ETF

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;FYE 4/30/2025 | &nbsp;&nbsp;FYE 4/30/2024 |
| &nbsp;&nbsp;(a) Audit Fees | &nbsp;&nbsp;$10875 | &nbsp;&nbsp;$7500 |
| &nbsp;&nbsp;(b) Audit-Related Fees | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;(c) Tax Fees | &nbsp;&nbsp;$3000 | &nbsp;&nbsp;$3000 |
| &nbsp;&nbsp;(d) All Other Fees | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |

---

Cambria Tail Risk ETF

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;FYE 4/30/2025 | &nbsp;&nbsp;FYE 4/30/2024 |
| &nbsp;&nbsp;(a) Audit Fees | &nbsp;&nbsp;$16000 | &nbsp;&nbsp;$16000 |
| &nbsp;&nbsp;(b) Audit-Related Fees | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;(c) Tax Fees | &nbsp;&nbsp;$3000 | &nbsp;&nbsp;$3000 |
| &nbsp;&nbsp;(d) All Other Fees | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |

---

Cambria Trinity ETF

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;FYE 4/30/2025 | &nbsp;&nbsp;FYE 4/30/2024 |
| &nbsp;&nbsp;(a) Audit Fees | &nbsp;&nbsp;$16000 | &nbsp;&nbsp;$16000 |
| &nbsp;&nbsp;(b) Audit-Related Fees | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;(c) Tax Fees | &nbsp;&nbsp;$3000 | &nbsp;&nbsp;$3000 |
| &nbsp;&nbsp;(d) All Other Fees | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |

---

Cambria Value and Momentum ETF

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;FYE 4/30/2025 | &nbsp;&nbsp;FYE 4/30/2024 |
| &nbsp;&nbsp;(a) Audit Fees | &nbsp;&nbsp;$16000 | &nbsp;&nbsp;$16000 |
| &nbsp;&nbsp;(b) Audit-Related Fees | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;(c) Tax Fees | &nbsp;&nbsp;$3000 | &nbsp;&nbsp;$3000 |
| &nbsp;&nbsp;(d) All Other Fees | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |

---

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2) The percentage of fees billed by Cohen & Company, Ltd. applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

<u>Non-Audit Related Fees</u> <u>FYE 4/30/2025</u> <u>FYE 4/30/2024</u> <br> Registrant N/A N/A <br> <u>Registrant's Investment Adviser</u> <u>N/A</u> <u>N/A</u>

(f) All of the principal accountant's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal accountant.

(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant's accountant for services to the registrant and to the registrant's investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years.

<u>Non-Audit Related Fees</u> <u>FYE 4/30/2025</u> <u>FYE 4/30/2024</u> <br> Registrant N/A N/A <br> <u>Registrant's Investment Adviser</u> <u>N/A</u> <u>N/A</u>

(h) The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.

(i) The registrant has not been identified by the U.S. Securities and Exchange Commission as having filed an annual report issued by a registered public accounting firm branch or office that is located in a foreign jurisdiction where the Public Company Accounting Oversight Board is unable to inspect or completely investigate because of a position taken by an authority in that jurisdiction.

(j) The registrant is not a foreign issuer.

**Item 5. Audit Committee of Listed Registrants.**

(a) The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, (the "Act") and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Act. The independent members of the committee are as follows: Dennis Schmal, Taz Turner, and Cullen Roche.

(b) Not applicable

**Item 6. Investments.**

(a) Schedule
 of Investments is included within the financial statements filed under Item 7 of this
 Form.

(b) Not
 applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ![](cambriancsr051.jpg)

Cambria Cannabis ETF (TOKE)

Cambria Emerging Shareholder Yield ETF (EYLD)

Cambria Fixed Income Trend ETF (CFIT)

Cambria Foreign Shareholder Yield ETF (FYLD)

Cambria Global Asset Allocation ETF (GAA)

Cambria Global Momentum ETF (GMOM)

Cambria Global Real Estate ETF (BLDG)

Cambria Global Value ETF (GVAL)

Cambria LargeCap Shareholder Yield ETF (LYLD)

Cambria Micro and SmallCap Shareholder Yield ETF (MYLD)

Cambria Shareholder Yield ETF (SYLD)

Cambria Tactical Yield ETF (TYLD)

Cambria Tail Risk ETF (TAIL)

Cambria Trinity ETF (TRTY)

Cambria Value and Momentum ETF (VAMO)

All Funds above are traded on the Cboe BZX Exchange, Inc.

Financial Statements

April 30, 2025

**Table of Contents**

---

| | |
|:---|:---|
| [Schedules of Investments](#cambriancsra001) | 1 |
| [Statements of Assets & Liabilities](#cambriancsra002) | 36 |
| [Statements of Operations](#cambriancsra003) | 39 |
| [Statements of Changes](#cambriancsra004) | 41 |
| [Financial Highlights](#cambriancsra005) | 45 |
| [Notes to Financial Statements](#cambriancsra006) | 55 |
| [Report of Independent Registered Public Accounting Firm](#cambriancsra007) | 77 |

---

**Cambria Cannabis ETF**

**Schedule of Investments**

**April 30, 2025**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 55.3%** | **Shares** | **Value** |
| **Consumer Staples - 37.0%<sup>(a)</sup>** |  |  |
| Altria Group, Inc. | 10451 | $618177 |
| Boston Beer Co., Inc. - Class A <sup>(b)</sup> | 1490 | 366242 |
| British American Tobacco PLC | 14435 | 624832 |
| Imperial Brands PLC | 17238 | 706189 |
| Philip Morris International, Inc. | 4634 | 794082 |
| Turning Point Brands, Inc. | 9607 | 589678 |
| Universal Corp. | 5606 | 326661 |
| Village Farms International, Inc. <sup>(b)</sup> | 830853 | 610677 |
|  |  | 4636538 |
| **Health Care - 15.0%** |  |  |
| <br>Cronos Group, Inc. <sup>(b)</sup>  | 299896 | 563804 |
| High Tide, Inc. <sup>(b)</sup> | 191277 | 463416 |
| Jazz Pharmaceuticals PLC <sup>(b)</sup> | 2395 | 280119 |
| Rubicon Organics, Inc. <sup>(b)</sup> | 249690 | 87843 |
| SNDL, Inc. <sup>(b)</sup> | 323414 | 481887 |
|  |  | 1877069 |
| **Information Technology - 3.3%** |  |  |
| WM Technology, Inc. <sup>(b)</sup>  | 316682 | 408520 |
| **TOTAL COMMON STOCKS (Cost $7,092,990)** |  | 6922127 |
| **REAL ESTATE INVESTMENT TRUSTS - 1.0%** |  |  |
| **Financials - 1.0%** |  |  |
| Advanced Flower Capital, Inc. | 22168 | 122145 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $231,286)** |  | 122145 |
| **SHORT-TERM INVESTMENTS - 10.6%** |  |  |
| **Money Market Funds - 10.6%** |  |  |
| First American Treasury Obligations Fund - Class X, 4.25% <sup>(c)</sup>  | 1329155 | 1329155 |
| **TOTAL SHORT-TERM INVESTMENTS (Cost $1,329,155)** |  | 1329155 |
| **TOTAL INVESTMENTS - 66.9% (Cost $8,653,431)** |  | 8373427 |
| Other Assets in Excess of Liabilities - 33.1% |  | 4144908 |
| **TOTAL NET ASSETS - 100.0%** |  | $12518335 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

PLC – Public Limited Company

(a) To the extent
 that the Fund invests more heavily in a particular industry or sector of the economy,
 its performance will be especially sensitive to developments that significantly affect
 those industries or sectors.

(b) Non-income producing
 security.

(c) The rate shown
 represents the 7-day annualized effective yield as of April 30, 2025.

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

**Cambria Cannabis ETF**

**Schedule of Total Return Swap Contracts**

**April 30, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Counterparty** | **Long/Short** | **Financing Rate<sup>(a)</sup>** | **Payment Frequency** | **Maturity Date** | **Notional Amount** | **Upfront Payments (Receipts)** | **Value/<br> Unrealized<br> Appreciation<br> (Depreciation)<sup>(b)</sup>** |
| Cresco Labs, Inc. | Nomura Securities International, Inc. | Long | OBFR + 1.55% | Monthly | 04/15/2026 | $263343 | $— | $— |
| Glass House Brands, Inc. | Nomura Securities International, Inc. | Long | OBFR + 1.55% | Monthly | 04/15/2026 | 1239785 |  |  |
| Green Thumb Industries, Inc. | Nomura Securities International, Inc. | Long | OBFR + 1.55% | Monthly | 04/15/2026 | 801260 |  |  |
| Grown Rogue International, Inc. | Nomura Securities International, Inc. | Long | OBFR + 1.55% | Monthly | 04/15/2026 | 990519 |  |  |
| Jones Soda Co. | Nomura Securities International, Inc. | Long | OBFR + 1.50% | Monthly | 04/15/2026 | 85477 |  |  |
| TerrAscend Corp. | Nomura Securities International, Inc. | Long | OBFR + 1.55% | Monthly | 04/15/2026 | 197921 |  |  |
| Trulieve Cannabis Corp. | Nomura Securities International, Inc. | Long | OBFR + 1.55% | Monthly | 04/15/2026 | 620182 |  |  |
| Vireo Growth, Inc. | Nomura Securities International, Inc. | Long | OBFR + 1.55% | Monthly | 04/15/2026 | 478279 |  |  |
|  |  |  |  |  |  |  | $— | $— |

---

(a) Floating
 rate based on the Overnight Bank Funding Rate ("OBFR"), which was 4.33% as
 of April 30, 2025.

(b) As
 of April 30, 2025, the balance of unrealized appreciation (depreciation) of swap contracts
 was $0 due to the reset of swaps on April 30, 2025.

There are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2025.

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

**Cambria Emerging Shareholder Yield ETF**

**Schedule of Investments**

**April 30, 2025**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 98.4%** | **Shares** | **Value** |
| **Brazil - 4.5%** |  |  |
| Cia de Saneamento de Minas Gerais Copasa MG | 1038116 | $3916383 |
| Direcional Engenharia SA | 911677 | 5810482 |
| Petroleo Brasileiro SA | 639380 | 3611979 |
| TIM SA | 1383012 | 4603420 |
| Vibra Energia SA | 1208060 | 3987025 |
|  |  | 21929289 |
| **China - 20.6%** |  |  |
| Anhui Conch Cement Co. Ltd. - Class H | 1364631 | 3853399 |
| Bank of Communications Co. Ltd. - Class H | 7572723 | 6639656 |
| CGN Power Co. Ltd. - Class H <sup>(a)</sup> | 16969086 | 5404307 |
| China Feihe Ltd. <sup>(a)</sup> | 6036410 | 4576576 |
| China Pacific Insurance Group Co. Ltd. - Class H | 1683409 | 4579907 |
| China Petroleum & Chemical Corp. - Class H | 9789937 | 5011353 |
| China Shenhua Energy Co. Ltd. - Class H | 1200946 | 4521587 |
| COSCO Shipping Holdings Co. Ltd. - Class H | 2836421 | 4278989 |
| Fufeng Group Ltd. | 6223422 | 5207851 |
| Huadian Power International Corp. Ltd. - Class H | 13515512 | 7563222 |
| JNBY Design Ltd. | 2850326 | 5373119 |
| Lonking Holdings Ltd. | 17590356 | 4422765 |
| People's Insurance Co. Group of China Ltd. - Class H | 14388180 | 8515362 |
| PetroChina Co. Ltd. - Class H | 7991026 | 6120312 |
| PICC Property & Casualty Co. Ltd. - Class H | 3781204 | 6971893 |
| Shenzhen Expressway Corp. Ltd. - Class H | 4240722 | 3608846 |
| Sinopec Engineering Group Co. Ltd. - Class H | 7441871 | 5306301 |
| Zhuzhou CRRC Times Electric Co. Ltd. - Class H | 1181673 | 4746134 |
| Zoomlion Heavy Industry Science and Technology Co. Ltd. - Class H | 6371766 | 4592575 |
|  |  | 101294154 |
| **Czech Republic - 2.2%** |  |  |
| CEZ AS | 112591 | 5704149 |
| Komercni Banka AS | 105852 | 5117662 |
|  |  | 10821811 |
| **Greece - 2.0%** |  |  |
| Eurobank Ergasias Services and Holdings SA | 1780065 | 5003049 |
| National Bank of Greece SA | 468157 | 4929085 |
|  |  | 9932134 |
| **Hong Kong - 0.6%** |  |  |
| China Medical System Holdings Ltd. | 3029082 | 3241707 |
| **India - 5.2%** |  |  |
| Bank of Baroda | 771696 | 2282924 |
| Coal India Ltd. | 829518 | 3783133 |
| Indian Bank | 833031 | 5578930 |
| Oil & Natural Gas Corp. Ltd. | 1216332 | 3519403 |
| Oil India Ltd. | 1235169 | 6005246 |
| Vedanta Ltd. | 878370 | 4358385 |
|  |  | 25528021 |
| **Indonesia - 1.1%** |  |  |
| Indo Tambangraya Megah Tbk PT | 1915941 | 2539199 |
| United Tractors Tbk PT | 2163270 | 2958206 |
|  |  | 5497405 |
| **Mexico - 3.4%** |  |  |
| Arca Continental SAB de CV | 617853 | 6506982 |
| Banco del Bajio SA <sup>(a)</sup> | 1791717 | 4299646 |

---

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

---

| | | |
|:---|:---|:---|
| Genomma Lab Internacional SAB de CV - Class B | 4927425.0 | 5758985 |
|  |  | 16565613 |
| **Poland - 5.9%** |  |  |
| Alior Bank SA | 215722.0 | 5835569 |
| Bank Polska Kasa Opieki SA | 112967.0 | 5629148 |
| Powszechna Kasa Oszczednosci Bank Polski SA | 245162.0 | 4694584 |
| Powszechny Zaklad Ubezpieczen SA | 335201.0 | 5217992 |
| XTB SA <sup>(a)</sup> | 349249.0 | 7576602 |
|  |  | 28953895 |
| **Russia - 0.0%<sup>(b)</sup>** |  |  |
| Alrosa PJSC <sup>(c)(d)</sup> | 538800.0 | 0 |
| Federal Grid Co. - Rosseti PJSC <sup>(c)(d)</sup> | 333725250.0 | 4 |
| Gazprom Neft PJSC <sup>(c)(d)</sup> | 223200.0 | 0 |
| Gazprom PJSC <sup>(c)(d)</sup> | 423000.0 | 0 |
| Inter RAO UES PJSC <sup>(c)(d)</sup> | 11040000.0 | 0 |
| LUKOIL PJSC <sup>(c)(d)</sup> | 17160.0 | 0 |
| Magnitogorsk Iron & Steel Works PJSC <sup>(c)(d)</sup> | 1560000.0 | 0 |
| NovaBev Group PJSC <sup>(c)(d)</sup> | 162720.0 | 0 |
| Novolipetsk Steel PJSC <sup>(c)(d)</sup> | 458400.0 | 0 |
| OGK-2 PJSC <sup>(c)(d)</sup> | 95785855.0 | 1 |
| Sberbank of Russia PJSC <sup>(c)(d)</sup> | 276600.0 | 0 |
| Severstal PAO <sup>(c)(d)</sup> | 85200.0 | 0 |
| Unipro PJSC <sup>(c)(d)</sup> | 21240000.0 | 0 |
|  |  | 5 |
| **South Africa - 10.5%** |  |  |
| Exxaro Resources Ltd. | 374492.0 | 3060562 |
| FirstRand Ltd. | 1064225.0 | 4155348 |
| Investec Ltd. | 775001.0 | 4819266 |
| Investec PLC | 776883.0 | 4842663 |
| Kumba Iron Ore Ltd. | 152712.0 | 2655861 |
| Motus Holdings Ltd. | 980410.0 | 4584426 |
| Nedbank Group Ltd. | 358127.0 | 4879634 |
| Reunert Ltd. | 1773924.0 | 5900285 |
| Sanlam Ltd. | 1142724.0 | 5191058 |
| Tiger Brands Ltd. | 410754.0 | 6403798 |
| Truworths International Ltd. | 1246310.0 | 4978206 |
|  |  | 51471107 |
| **South Korea - 13.1%** |  |  |
| DB Insurance Co. Ltd. | 77864.0 | 4995566 |
| Doosan Bobcat, Inc. | 100269.0 | 3456336 |
| GS Holdings Corp. | 145866.0 | 3971167 |
| Hanmi Semiconductor Co. Ltd. | 129876.0 | 6952911 |
| HD Hyundai Co. Ltd. | 85673.0 | 4743205 |
| HD Hyundai Construction Equipment Co. Ltd. | 103917.0 | 4949125 |
| KB Financial Group, Inc. | 91029.0 | 5776163 |
| KEPCO Plant Service & Engineering Co. Ltd. | 166475.0 | 5164648 |
| Kia Corp. | 81329.0 | 5172101 |
| KT&G Corp. | 70773.0 | 5710632 |
| Samsung C&T Corp. | 42797.0 | 3685088 |
| Samsung Life Insurance Co. Ltd. | 73575.0 | 4461600 |
| Woori Financial Group, Inc. | 445989.0 | 5556430 |
|  |  | 64594972 |
| **Taiwan - 27.1%<sup>(e)</sup>** |  |  |
| Advancetek Enterprise Co. Ltd. | 2579875.0 | 5807804 |
| Asustek Computer, Inc. | 405879.0 | 7360467 |
| Catcher Technology Co. Ltd. | 888506.0 | 6028384 |
| Chicony Electronics Co. Ltd. | 1668119.0 | 8032090 |
| China Motor Corp. | 1270365.0 | 2839981 |
| Dimerco Express Corp. | 2513903.0 | 5785050 |
| Evergreen Marine Corp. Taiwan Ltd. | 1028864.0 | 6642917 |

---

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

---

| | | |
|:---|:---|:---|
| Evergreen Steel Corp. | 1257831 | 3244569 |
| Fusheng Precision Co. Ltd. | 5182 | 57761 |
| Global Mixed Mode Technology, Inc. | 415173 | 2868813 |
| Holy Stone Enterprise Co. Ltd. | 1507777 | 3936447 |
| Huaku Development Co. Ltd. | 1667893 | 5423534 |
| IEI Integration Corp. | 2418809 | 6314935 |
| ITE Technology, Inc. | 1806450 | 7314363 |
| L&K Engineering Co. Ltd. | 826163 | 6096191 |
| Novatek Microelectronics Corp. | 307934 | 4996959 |
| O-TA Precision Industry Co. Ltd. | 1473454 | 3045221 |
| Powertech Technology, Inc. | 875111 | 2968750 |
| Radiant Opto-Electronics Corp. | 1194271 | 5526439 |
| Systex Corp. | 1500296 | 5629101 |
| TaiDoc Technology Corp. | 888500 | 3722571 |
| Tong Yang Industry Co. Ltd. | 1312307 | 5395628 |
| Transcend Information, Inc. | 1500184 | 4690567 |
| Tripod Technology Corp. | 1194374 | 6852629 |
| Utechzone Co. Ltd. | 1620603 | 4727582 |
| Winstek Semiconductor Co. Ltd. | 1270286 | 3566635 |
| Wisdom Marine Lines Co. Ltd. | 2424946 | 4579518 |
|  |  | 133454906 |
| **Turkey - 2.2%** |  |  |
| Dogus Otomotiv Servis ve Ticaret AS | 630272 | 3200908 |
| Enerjisa Enerji AS <sup>(a)</sup> | 3244815 | 4564434 |
| Turkiye Petrol Rafinerileri AS | 923591 | 2991883 |
|  |  | 10757225 |
| **TOTAL COMMON STOCKS** (Cost $476,426,431) |  | 484042244 |
| **SHORT-TERM INVESTMENTS - 0.7%** |  |  |
| **Money Market Funds - 0.7%** |  |  |
| First American Treasury Obligations Fund - Class X, 4.25% <sup>(f)</sup> | 3239216 | 3239216 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $3,239,216) |  | 3239216 |
| **TOTAL INVESTMENTS - 99.1%** (Cost $479,665,647) |  | 487281460 |
| Other Assets in Excess of Liabilities - 0.9% |  | 4429120 |
| **TOTAL NET ASSETS - 100.0%** |  | $491710580 |

---

Percentages are stated as a percent of net assets.

AS – Aksjeselskap

PAO – Publichnoye Aktsionernoye Obshchestvo

PJSC – Public Joint Stock Company

PLC – Public Limited Company

PT – Perseroan Terbatas

SA – Sociedad Anónima

SAB de CV – Sociedad Anónima Bursátil de Capital Variable

(a) Security
 is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as
 amended. These securities may only be resold in transactions exempt from registration
 to qualified institutional investors. As of April 30, 2025, the value of these securities
 total $26,421,565 or 5.4% of the Fund's net assets.

(b) Represents
 less than 0.05% of net assets.

(c) Fair
 value determined using significant unobservable inputs in accordance with procedures
 established by and under the supervision of the Adviser, acting as Valuation Designee.
 These securities represented $5 or 0.0% of net assets as of April 30, 2025.

(d) Non-income
 producing security.

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

(f) The
 rate shown represents the 7-day annualized effective yield as of April 30, 2025.

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

**Cambria Fixed Income Trend ETF**

**Schedule of Investments**

**April 30, 2025**

---

| | | |
|:---|:---|:---|
| **EXCHANGE TRADED FUNDS - 99.4%** | **Shares** | **Value** |
| Vanguard 0-3 Month Treasury Bill ETF <sup>(a)</sup> | 136047 | $10266107 |
| Vanguard Long-Term Treasury ETF | 44012 | 2501642 |
| **TOTAL EXCHANGE TRADED FUNDS** (Cost $12,824,506) |  | 12767749 |
| **SHORT-TERM INVESTMENTS - 0.6%** |  |  |
| **Money Market Funds - 0.6%** |  |  |
| First American Treasury Obligations Fund - Class X, 4.25% <sup>(b)</sup> | 74623 | 74623 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $74,623) |  | 74623 |
| **TOTAL INVESTMENTS - 100.0%** (Cost $12,899,129) |  | 12842372 |
| Other Assets in Excess of Liabilities - 0.0% <sup>(c)</sup> |  | 210 |
| **TOTAL NET ASSETS - 100.0%** |  | $12842582 |

---

Percentages are stated as a percent of net assets.

(a) Fair
 value of this security exceeds 25% of the Fund's net assets. Additional information
 for this security, including the financial statements, is available from the SEC's
 EDGAR database at www.sec.gov.

(b) The
 rate shown represents the 7-day annualized effective yield as of April 30, 2025.

(c) Represents
 less than 0.05% of net assets.

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

**Cambria Foreign Shareholder Yield ETF**

**Schedule of Investments**

**April 30, 2025**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 97.5%** | **Shares** | **Value** |
| **Australia - 4.9%** |  |  |
| AGL Energy Ltd. | 418068 | $2846642 |
| Fortescue Ltd. | 262478 | 2722026 |
| New Hope Corp. Ltd. | 1000037 | 2350903 |
| Santos Ltd. | 695437 | 2677225 |
| Woodside Energy Group Ltd. | 193957 | 2576717 |
| Yancoal Australia Ltd. | 1066250 | 3401269 |
|  |  | 16574782 |
| **Canada - 15.7%** |  |  |
| Athabasca Oil Corp. <sup>(a)</sup> | 922413 | 3037687 |
| Canadian Natural Resources Ltd. | 99942 | 2867913 |
| Cenovus Energy, Inc. | 199938 | 2353833 |
| Centerra Gold, Inc. | 453621 | 3037082 |
| Finning International, Inc. | 118837 | 3354089 |
| iA Financial Corp., Inc. | 41172 | 3999532 |
| Imperial Oil Ltd. | 48135 | 3246825 |
| Labrador Iron Ore Royalty Corp. | 138120 | 2991632 |
| Mullen Group Ltd. | 316659 | 3011315 |
| Parex Resources, Inc. | 382057 | 3076188 |
| Power Corp. of Canada | 105898 | 4008239 |
| Russel Metals, Inc. | 102491 | 2973770 |
| Secure Waste Infrastructure Corp. | 360135 | 3429982 |
| Suncor Energy, Inc. | 90585 | 3199321 |
| Tamarack Valley Energy Ltd. | 1050798 | 2721129 |
| Trican Well Service Ltd. | 955812 | 2807949 |
| Whitecap Resources, Inc. <sup>(b)</sup> | 442866 | 2512123 |
|  |  | 52628609 |
| **Denmark - 1.6%** |  |  |
| D/S Norden AS | 80889 | 2195015 |
| Scandinavian Tobacco Group AS <sup>(c)</sup> | 219508 | 3191511 |
|  |  | 5386526 |
| **France - 11.4%** |  |  |
| Amundi SA <sup>(c)</sup> | 44345 | 3483880 |
| AXA SA | 84983 | 4002066 |
| Bouygues SA | 87054 | 3816558 |
| Coface SA | 203950 | 4161113 |
| Metropole Television SA | 244360 | 3820158 |
| Orange SA | 284701 | 4123460 |
| Rubis SCA | 124524 | 4028871 |
| SCOR SE | 150516 | 4702719 |
| TotalEnergies SE | 49622 | 2875921 |
| Vallourec SACA <sup>(a)</sup> | 173204 | 3199270 |
|  |  | 38214016 |
| **Germany - 4.5%** |  |  |
| Bayerische Motoren Werke AG | 39804 | 3350330 |
| Deutsche Bank AG | 137261 | 3573299 |
| Freenet AG | 112101 | 4653043 |
| Heidelberg Materials AG | 17932 | 3539759 |
|  |  | 15116431 |
| **Hong Kong - 7.8%** |  |  |
| China Overseas Land & Investment Ltd. | 1897830 | 3381816 |
| CK Hutchison Holdings Ltd. | 577460 | 3261224 |
| Hang Seng Bank Ltd. | 251967 | 3518493 |
| Shougang Fushan Resources Group Ltd. | 9812547 | 3112443 |
| Skyworth Group Ltd. | 8582386 | 3297683 |

---

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

---

| | | |
|:---|:---|:---|
| VTech Holdings Ltd. | 492266 | 3313256 |
| WH Group Ltd. <sup>(c)</sup> | 4264821 | 3816321 |
| Yue Yuen Industrial Holdings Ltd. | 1795349 | 2578806 |
|  |  | 26280042 |
| **Ireland - 1.0%** |  |  |
| Bank of Ireland Group PLC | 280034 | 3275465 |
| **Italy - 4.3%** |  |  |
| Anima Holding SpA <sup>(c)</sup> | 566459 | 3837442 |
| BPER Banca SPA | 409635 | 3312422 |
| Eni SpA | 215457 | 3099820 |
| Intesa Sanpaolo SpA | 799235 | 4239142 |
|  |  | 14488826 |
| **Japan - 17.9%** |  |  |
| Amada Co. Ltd. | 330890 | 3300106 |
| Aoyama Trading Co. Ltd. | 216679 | 3109703 |
| Artience Co. Ltd. | 125852 | 2581647 |
| Daicel Corp. | 363322 | 3083587 |
| Dai-ichi Life Holdings, Inc. | 536496 | 3844175 |
| Idemitsu Kosan Co. Ltd. | 477868 | 2956177 |
| Isetan Mitsukoshi Holdings Ltd. | 224978 | 2892080 |
| Japan Post Holdings Co. Ltd. | 345594 | 3347655 |
| Kansai Paint Co. Ltd. | 189330 | 2846968 |
| Kawasaki Kisen Kaisha Ltd. | 223682 | 3050636 |
| Kuraray Co. Ltd. | 216787 | 2522207 |
| Nagase & Co. Ltd. | 151203 | 2655411 |
| Nippon Shokubai Co. Ltd. | 266615 | 3123375 |
| Nippon Yusen KK | 92933 | 3022370 |
| Niterra Co. Ltd. | 104876 | 3258212 |
| Osaka Gas Co. Ltd. | 148315 | 3751961 |
| Press Kogyo Co. Ltd. | 823863 | 3140336 |
| Sankyo Co. Ltd. | 233278 | 3551869 |
| Suruga Bank Ltd. | 444013 | 3906619 |
|  |  | 59945094 |
| **Luxembourg - 3.1%** |  |  |
| APERAM SA | 116316 | 3365367 |
| RTL Group SA | 101321 | 4132131 |
| Tenaris SA | 166151 | 2764070 |
|  |  | 10261568 |
| **Netherlands - 1.8%** |  |  |
| NN Group NV | 67735 | 4135938 |
| Stellantis NV <sup>(b)</sup> | 218883 | 2018406 |
|  |  | 6154344 |
| **Norway - 4.6%** |  |  |
| Aker Solutions ASA | 1173329 | 3164697 |
| Equinor ASA | 135265 | 3093176 |
| Golden Ocean Group Ltd. | 260420 | 1995066 |
| Hoegh Autoliners ASA | 247774 | 1976781 |
| Telenor ASA | 260673 | 3913828 |
| Wallenius Wilhelmsen ASA | 184004 | 1322097 |
|  |  | 15465645 |
| **Singapore - 0.8%** |  |  |
| Venture Corp. Ltd. | 315012 | 2797748 |
| **Spain - 2.3%** |  |  |
| ACS Actividades de Construccion y Servicios SA | 72934 | 4552540 |
| Repsol SA | 252166 | 3088050 |
|  |  | 7640590 |

---

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

---

| | | |
|:---|:---|:---|
| **Sweden - 1.3%** | | |
| SSAB AB - Class B <sup>(b)</sup> | 691348 | 4295935 |
| **United Kingdom - 14.5%** |  |  |
| Aberdeen Group PLC | 1586390 | 3120518 |
| Aviva PLC - Class B | 519004 | 3873371 |
| Balfour Beatty PLC | 589330 | 3593974 |
| Beazley PLC | 300509 | 3542302 |
| BP PLC | 631981 | 2950356 |
| British American Tobacco PLC | 89054 | 3854782 |
| Drax Group PLC | 401858 | 3304366 |
| Future PLC | 247341 | 2320594 |
| Kingfisher PLC | 789408 | 3021456 |
| Legal & General Group PLC | 1117205 | 3491452 |
| Rio Tinto PLC | 49914 | 2958147 |
| Shell PLC | 100050 | 3254065 |
| Subsea 7 SA | 208873 | 3142110 |
| Tesco PLC | 687023 | 3394096 |
| TORM PLC - Class A | 171060 | 2844077 |
|  |  | 48665666 |
| **TOTAL COMMON STOCKS** (Cost $323,358,788) |  | 327191287 |
| **SHORT-TERM INVESTMENTS - 2.9%** |  |  |
| **Investments Purchased with Proceeds from Securities Lending - 2.3%** |  |  |
| First American Government Obligations Fund - Class X, 4.25% <sup>(d)</sup> | 7756475 | 7756475 |
| **Money Market Funds - 0.6%** |  |  |
| First American Treasury Obligations Fund - Class X, 4.25% <sup>(d)</sup> | 1924259 | 1924259 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $9,680,734) |  | 9680734 |
| **TOTAL INVESTMENTS - 100.4%** (Cost $333,039,522) |  | 336872021 |
| Liabilities in Excess of Other Assets - (0.4%) |  | (1264552) |
| **TOTAL NET ASSETS - 100.0%** |  | $335607469 |

---

Percentages are stated as a percent of net assets.

AB – Aktiebolag

AG – Aktiengesellschaft

AS – Aksjeselskap

ASA – Advanced Subscription Agreement

NV – Naamloze Vennootschap

PLC – Public Limited Company

SA – Sociedad Anónima

SE – Societas Europeae

SpA – Societa per Azioni

(a) Non-income
producing security.

(b) All
or a portion of this security is on loan as of April 30, 2025. The fair value of these securities was $7,073,165 which represented
2.1% of net assets.

(c) Security
is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold
in transactions exempt from registration to qualified institutional investors. As of April 30, 2025, the value of these securities
total $14,329,154 or 4.3% of the Fund's net assets.

(d) The
rate shown represents the 7-day annualized effective yield as of April 30, 2025.

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

**Cambria Global Asset Allocation ETF**

**Schedule of Investments**

**April 30, 2025**

---

| | | |
|:---|:---|:---|
| **EXCHANGE TRADED FUNDS - 99.6%** | **Shares** | **Value** |
| Alpha Architect 1-3 Month Box ETF | 4790 | $536049 |
| Alpha Architect International Quantitative Momentum ETF | 38548 | 1162222 |
| Alpha Architect US Quantitative Momentum ETF <sup>(a)</sup> | 43815 | 2578075 |
| Cambria Emerging Shareholder Yield ETF <sup>(b)</sup> | 155448 | 4924593 |
| Cambria Foreign Shareholder Yield ETF <sup>(b)</sup> | 94445 | 2549071 |
| Cambria Global Real Estate ETF <sup>(b)</sup> | 148256 | 3495521 |
| Cambria Global Value ETF <sup>(a)(b)</sup> | 144421 | 3696455 |
| Cambria LargeCap Shareholder Yield ETF <sup>(b)</sup> | 42486 | 1043456 |
| Cambria Micro and SmallCap Shareholder Yield ETF <sup>(b)</sup> | 43817 | 927207 |
| Cambria Shareholder Yield ETF <sup>(b)</sup> | 30986 | 1870315 |
| Cambria Tactical Yield ETF <sup>(b)</sup> | 122754 | 3118565 |
| Cambria Value and Momentum ETF <sup>(b)</sup> | 80079 | 2314147 |
| Graniteshares Gold Trust <sup>(c)</sup> | 86983 | 2826947 |
| J.P. Morgan USD Emerging Markets Sovereign Bond ETF | 40399 | 1535566 |
| Schwab US TIPS ETF | 53926 | 1446835 |
| SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No. K-1 ETF | 120903 | 3168868 |
| SPDR FTSE International Government Inflation-Protected Bond ETF <sup>(a)</sup> | 32413 | 1254707 |
| VanEck Bitcoin ETF <sup>(c)</sup> | 8288 | 220709 |
| VanEck Emerging Markets High Yield Bond ETF <sup>(a)</sup> | 109194 | 2113996 |
| VanEck Gold Miners ETF | 16165 | 792247 |
| VanEck International High Yield Bond ETF <sup>(a)</sup> | 50573 | 1078727 |
| VanEck J.P. Morgan EM Local Currency Bond ETF | 63028 | 1542295 |
| Vanguard Intermediate-Term Corporate Bond ETF <sup>(a)</sup> | 19435 | 1589394 |
| Vanguard Intermediate-Term Treasury ETF | 17441 | 1045937 |
| Vanguard Long-Term Treasury ETF | 17110 | 972532 |
| Vanguard Short-Term Corporate Bond ETF | 13710 | 1085558 |
| Vanguard Total Bond Market ETF | 28177 | 2071010 |
| Vanguard Total International Bond ETF | 51706 | 2562032 |
| **TOTAL EXCHANGE TRADED FUNDS** (Cost $51,821,715) |  | 53523036 |
| **SHORT-TERM INVESTMENTS - 18.1%** |  |  |
| **Investments Purchased with Proceeds from Securities Lending - 17.7%** |  |  |
| First American Government Obligations Fund - Class X, 4.25% <sup>(d)</sup> | 9505960 | 9505960 |
| **Money Market Funds - 0.4%** |  |  |
| First American Treasury Obligations Fund - Class X, 4.25% <sup>(d)</sup> | 193625 | 193625 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $9,699,585) |  | 9699585 |
| **TOTAL INVESTMENTS - 117.7%** (Cost $61,521,300) |  | 63222621 |
| Liabilities in Excess of Other Assets - (17.7%) |  | (9492382) |
| **TOTAL NET ASSETS - 100.0%** |  | $53730239 |

---

Percentages are stated as a percent of net assets.

EM – Emerging Markets

FTSE – Financial Times Stock Exchange

SPDR – Standard & Poor's Depositary Receipt

TIPS – Treasury Inflation-Protected Security

(a) All
or a portion of this security is on loan as of April 30, 2025. The fair value of these securities was $9,268,376 which represented
17.2% of net assets.

(b) Affiliated
security as defined by the Investment Company Act of 1940.

(c) Non-income
producing security.

(d) The
rate shown represents the 7-day annualized effective yield as of April 30, 2025.

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

Transactions with affiliated companies during the year ended April 30, 2025, were as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Security Name | Market <br>Value as of <br>April 30, <br>2024 | Purchases | Purchases<br> In-Kind | Sales | Sales<br> In-Kind | Market <br>Value as of <br>April 30, <br>2025 | Share <br>Balance as of <br>April 30, <br>2025 | Dividends | Change in<br> Unrealized<br> Gain (Loss) | Realized<br> Gain (Loss) |
| &nbsp;&nbsp;Cambria Emerging Shareholder Yield ETF | $5466382 | $— | $411488 | $— | $(556758) | $4924593 | 155448 | $224626 | $(462044) | $65525 |
| &nbsp;&nbsp;Cambria Foreign Shareholder Yield ETF | 2599520 |  | 203649 |  | (274826) | 2549071 | 94445 | 111872 | 4610 | 16118 |
| &nbsp;&nbsp;Cambria Global Real Estate ETF | 3609995 |  | 292668 |  | (412509) | 3495521 | 148256 | 313195 | (23624) | 28991 |
| &nbsp;&nbsp;Cambria Global Value ETF | 3201069 |  | 263487 |  | (349400) | 3696455 | 144421 | 143877 | 551596 | 29703 |
| &nbsp;&nbsp;Cambria LargeCap Shareholder Yield ETF |  | 1102631 | 86935 |  | (123048) | 1043456 | 42486 | 15191 | (30070) | 7008 |
| &nbsp;&nbsp;Cambria Micro and SmallCap Shareholder Yield ETF | 1146274 |  | 85332 |  | (122190) | 927207 | 43817 | 83349 | (185099) | 2890 |
| &nbsp;&nbsp;Cambria Shareholder Yield ETF | 3522059 |  | 165166 | (1343950) | (235791) | 1870315 | 30986 | 52642 | (786119) | 548950 |
| &nbsp;&nbsp;Cambria Tactical Yield ETF | 3187075 |  | 252759 |  | (334933) | 3118565 | 122754 | 134684 | 11360 | 2304 |
| &nbsp;&nbsp;Cambria Value and Momentum ETF | 2360728 |  | 187465 |  | (259459) | 2314147 | 80079 | 41626 | (98272) | 123685 |
|  | $25093102 | $1102631 | $1948949 | $(1343950) | $(2668914) | $23939330 | 862692 | $1121062 | $(1017662) | $825174 |

---

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

**Cambria Global Momentum ETF**

**Schedule of Investments**

**April 30, 2025**

---

| | | |
|:---|:---|:---|
| **EXCHANGE TRADED FUNDS - 99.6%** | **Shares** | **Value** |
| Cambria Foreign Shareholder Yield ETF <sup>(a)(b)</sup> | 232790 | $6283002 |
| Cambria Global Value ETF <sup>(b)</sup> | 245543 | 6284673 |
| Cambria Tactical Yield ETF <sup>(b)</sup> | 488178 | 12402162 |
| Cambria Tail Risk ETF <sup>(b)</sup> | 481715 | 6146684 |
| Graniteshares Gold Trust <sup>(c)</sup> | 191198 | 6213935 |
| Invesco DB Agriculture Fund | 228998 | 6139437 |
| Invesco DB Precious Metals Fund | 83902 | 6171831 |
| iShares Global Consumer Staples ETF <sup>(a)</sup> | 94101 | 6221017 |
| iShares Global Financials ETF | 60783 | 6264904 |
| iShares Global Infrastructure ETF | 111126 | 6266395 |
| iShares Global Utilities ETF <sup>(a)</sup> | 88323 | 6302729 |
| iShares Residential and Multisector Real Estate ETF | 74764 | 6246532 |
| SPDR Bloomberg International Corporate Bond ETF | 198563 | 6193180 |
| United States Commodity Index Fund <sup>(c)</sup> | 88677 | 6068167 |
| VanEck Bitcoin ETF <sup>(c)</sup> | 233141 | 6208545 |
| VanEck Gold Miners ETF | 126877 | 6218242 |
| **TOTAL EXCHANGE TRADED FUNDS** (Cost $98,272,871) |  | 105631435 |
| **SHORT-TERM INVESTMENTS - 4.4%** |  |  |
| **Investments Purchased with Proceeds from Securities Lending - 4.0%** |  |  |
| First American Government Obligations Fund - Class X, 4.25% <sup>(d)</sup> | 4212450 | 4212450 |
| **Money Market Funds - 0.4%** |  |  |
| First American Treasury Obligations Fund - Class X, 4.25% <sup>(d)</sup> | 495769 | 495769 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $4,708,219) |  | 4708219 |
| **TOTAL INVESTMENTS - 104.0%** (Cost $102,981,090) |  | 110339654 |
| Liabilities in Excess of Other Assets - (4.0%) |  | (4254718) |
| **TOTAL NET ASSETS - 100.0%** |  | $106084936 |

---

Percentages are stated as a percent of net assets.

SPDR – Standard & Poor's Depositary Receipt

(a) All
or a portion of this security is on loan as of April 30, 2025. The fair value of these securities was $4,127,544 which represented
3.9% of net assets.

(b) Affiliated
security as defined by the Investment Company Act of 1940.

(c) Non-income
producing security.

(d) The
rate shown represents the 7-day annualized effective yield as of April 30, 2025.

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

Transactions with affiliated companies during the year ended April 30, 2025, were as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Security<br> Name | Market<br> Value as of<br> April 30,<br> 2024 | Purchases | Purchases<br> In-Kind | Sales | Sales<br> In-Kind | Market<br> Value as of<br> April 30,<br> 2025 | Share<br> Balance<br> as of<br> April 30,<br> 2025 | Dividends | Change in<br> Unrealized<br> Gain (Loss) | Realized<br> Gain (Loss) |
| &nbsp;&nbsp;Cambria Foreign Shareholder Yield ETF | $16499017 | $6616580 | $85685 | $(12683378) | $(4013410) | $6283002 | 232790 | $452384 | $(1082801) | $861309 |
| &nbsp;&nbsp;Cambria Global Value ETF |  | 6620549 | 1190235 | (1761666) | (85107) | 6284673 | 245543 |  | 307984 | 12678 |
| &nbsp;&nbsp;Cambria Tactical Yield ETF |  | 12596972 |  |  | $(167498) | 12402162 | 488178 |  | (26850) | (462) |
| &nbsp;&nbsp;Cambria Tail Risk ETF |  | 6298090 |  |  | (82729) | 6146684 | 481715 |  | (67439) | (1238) |
|  | $16499017 | $32132191 | $1275920 | $(14445044) | $(4348744) | $31116521 | 1448226 | $452384 | $(869106) | $872287 |

---

Investments no longer affiliated as of April 30, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Security<br> Name | Market<br> Value as of<br> April 30,<br> 2024 | Purchases | Purchases<br> In-Kind | Sales | Sales<br> In-Kind | Market<br> Value as of<br> April 30,<br> 2025 | Share<br> Balance as<br> of April 30,<br> 2025 | Dividends | Change in<br> Unrealized<br> Gain (Loss) | Realized<br> Gain (Loss) |
| &nbsp;&nbsp;Cambria Chesapeake Pure Trend ETF | $— | $8301844 | $— | $(6186586) | $(1457814) | $— |  | $— | $— | $(657477) |
| &nbsp;&nbsp;Cambria Emerging Shareholder Yield ETF | 16820228 | 6288906 | 163567 | (17562434) | (4307844) |  |  | 550219 | (2798864) | 1396441 |
| &nbsp;&nbsp;Cambria Global Real Estate ETF |  | 6741280 | 1287723 | (7359807) | (83947) |  |  | 86794 |  | (585249) |
| &nbsp;&nbsp;Cambria LargeCap Shareholder Yield ETF |  | 6706548 | 1295437 | (7176953) |  |  |  | 57273 |  | (825032) |
| &nbsp;&nbsp;Cambria Micro and SmallCap Shareholder Yield ETF | 16202026 | 50584 | 525479 | (11885739) | (4416964) |  |  | 362766 | (355794) | (119592) |
| &nbsp;&nbsp;Cambria Shareholder Yield ETF | 16435311 |  | 262107 | (12649584) | (3822095) |  |  | 142391 | (1563547) | 1337808 |
| &nbsp;&nbsp;Cambria Value and Momentum ETF | 8331882 |  |  | (7914191) | (174891) |  |  |  | (738523) | 495723 |
| &nbsp;&nbsp;Grizzle Growth ETF | 8237900 |  | 1274623 | (2142291) | (8123963) |  |  | 121543 | (1180165) | 1933896 |
|  | $66027347 | $19787318 | $4808936 | $(66690999) | $(20929704) | $— |  | $1320986 | $(6636893) | $3633995 |
| &nbsp;&nbsp;Grand Total | $82526364 | $51919509 | $6084856 | $(81136043) | $(25278448) | $31116521 | 1448226 | $1773370 | $(7505999) | $4506282 |

---

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

**Cambria Global Real Estate ETF**

**Schedule of Investments**

**April 30, 2025**

---

| | | |
|:---|:---|:---|
| **REAL ESTATE INVESTMENT TRUSTS - 92.7%** | **Shares** | **Value** |
| **Australia - 1.3%** |  |  |
| Arena REIT | 195750 | $466441 |
| **British Virgin Islands - 1.0%** |  |  |
| SF REIT | 1066962 | 368696 |
| **Canada - 5.0%** |  |  |
| Artis REIT | 83483 | 437823 |
| City Office REIT, Inc. | 92673 | 470779 |
| CT REIT | 45038 | 485140 |
| Granite REIT | 9514 | 436432 |
|  |  | 1830174 |
| **France - 1.4%** |  |  |
| Klepierre SA | 13820 | 504749 |
| **Hong Kong - 1.3%** |  |  |
| Sunlight REIT | 1837486 | 457263 |
| **Italy - 1.4%** |  |  |
| Immobiliare Grande Distribuzione SIIQ SpA <sup>(a)</sup> | 148617 | 527811 |
| **Japan - 1.3%** |  |  |
| AEON REIT Investment Corp. | 544 | 475591 |
| **Malaysia - 1.3%** |  |  |
| YTL Hospitality REIT | 1966287 | 473914 |
| **Mexico - 1.3%** |  |  |
| FIBRA Macquarie Mexico <sup>(b)</sup> | 291836 | 459544 |
| **Netherlands - 2.7%** |  |  |
| NSI NV | 19294 | 472115 |
| Wereldhave NV | 26949 | 507395 |
|  |  | 979510 |
| **Philippines - 1.3%** |  |  |
| AREIT, Inc. | 661620 | 467298 |
| **Singapore - 5.0%** |  |  |
| AIMS APAC REIT | 476366 | 448610 |
| Manulife US REIT <sup>(a)</sup> | 6634447 | 417970 |
| Sasseur REIT | 863229 | 419685 |
| Stoneweg European REIT | 303346 | 515468 |
|  |  | 1801733 |
| **South Africa - 6.5%** |  |  |
| Attacq Ltd. | 648797 | 496680 |
| Fairvest Ltd. | 1847600 | 481734 |
| Hyprop Investments Ltd. | 197394 | 451853 |
| Stor-Age Property REIT Ltd. | 563948 | 455373 |
| Vukile Property Fund Ltd. | 478606 | 486293 |
|  |  | 2371933 |
| **Turkey - 4.1%** |  |  |
| AKIS Gayrimenkul Yatirimi AS | 2226983 | 351738 |
| Ozak Gayrimenkul Yatirim Ortakligi <sup>(a)</sup> | 1256477 | 332277 |
| Reysas Gayrimenkul Yatirim Ortakligi AS <sup>(a)</sup> | 986329 | 357689 |
| Torunlar Gayrimenkul Yatirim Ortakligi AS | 270818 | 431609 |
|  |  | 1473313 |

---

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

---

| | | |
|:---|:---|:---|
| **United Kingdom - 4.2%** | | |
| Care REIT PLC | 319906 | 458738 |
| Social Housing REIT PLC <sup>(b)</sup> | 608236 | 578763 |
| Target Healthcare REIT PLC | 380730 | 498771 |
|  |  | 1536272 |
| **United States - 53.6%<sup>(c)</sup>** |  |  |
| Acadia Realty Trust | 20675 | 394892 |
| Agree Realty Corp. | 6021 | 467290 |
| Alexandria Real Estate Equities, Inc. | 4592 | 333655 |
| Alpine Income Property Trust, Inc. | 27843 | 430174 |
| American Assets Trust, Inc. | 22251 | 416761 |
| AvalonBay Communities, Inc. | 2116 | 444318 |
| Brandywine Realty Trust | 98688 | 390804 |
| Broadstone Net Lease, Inc. | 27137 | 439077 |
| BXP, Inc. | 6807 | 433810 |
| Camden Property Trust | 3745 | 426181 |
| CareTrust REIT, Inc. | 16589 | 485560 |
| CBL & Associates Properties, Inc. | 15510 | 364020 |
| Centerspace | 7097 | 428375 |
| COPT Defense Properties | 16557 | 432303 |
| Cousins Properties, Inc. | 15372 | 423345 |
| CTO Realty Growth, Inc. | 23503 | 429400 |
| Douglas Emmett, Inc. | 26954 | 372774 |
| Empire State Realty Trust, Inc. - Class A | 54742 | 389763 |
| Equity Commonwealth <sup>(d)</sup> | 283675 | 0 |
| Essential Properties Realty Trust, Inc. | 14336 | 461189 |
| Four Corners Property Trust, Inc. | 16157 | 451588 |
| Franklin Street Properties Corp. | 260287 | 411253 |
| Gladstone Commercial Corp. | 30209 | 426853 |
| Healthpeak Properties, Inc. | 22184 | 395763 |
| Highwoods Properties, Inc. | 15577 | 443010 |
| Innovative Industrial Properties, Inc. | 6264 | 340198 |
| JBG SMITH Properties | 30366 | 424517 |
| Kilroy Realty Corp. | 13424 | 422990 |
| LTC Properties, Inc. | 12711 | 455944 |
| LXP Industrial Trust | 49286 | 388867 |
| Mid-America Apartment Communities, Inc. | 2757 | 440155 |
| National Health Investors, Inc. | 6150 | 465370 |
| NexPoint Residential Trust, Inc. | 11206 | 417760 |
| NNN REIT, Inc. | 10734 | 441275 |
| Omega Healthcare Investors, Inc. | 12287 | 479807 |
| One Liberty Properties, Inc. | 17144 | 418314 |
| Orion Properties, Inc. | 208959 | 382395 |
| Paramount Group, Inc. | 110843 | 475516 |
| Piedmont Office Realty Trust, Inc. - Class A | 61289 | 362218 |
| Sabra Health Care REIT, Inc. | 27361 | 488394 |
| Sila Realty Trust, Inc. | 17791 | 458296 |
| SITE Centers Corp. | 34804 | 412079 |
| SL Green Realty Corp. | 7601 | 399889 |
| Tanger, Inc. | 13381 | 421635 |
| Terreno Realty Corp. | 6711 | 378031 |
| VICI Properties, Inc. | 14006 | 448472 |
| Welltower, Inc. | 3026 | 461737 |
|  |  | 19476017 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $35,302,677)** |  | 33670259 |
| **COMMON STOCKS - 2.4%** |  |  |
| **Turkey - 2.4%** |  |  |
| Ronesans Gayrimenkul Yatirim AS <sup>(a)</sup> | 138967 | 395298 |
| Yeni Gimat Gayrimenkul Ortakligi AS | 240893 | 469336 |
| **TOTAL COMMON STOCKS (Cost $746,613)** |  | 864634 |

---

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

---

| | |
|:---|:---|
| **SHORT-TERM INVESTMENTS - 3.1%** | |
| **Money Market Funds - 3.1%** |  |
| First American Treasury Obligations Fund - Class X, 4.25% <sup>(e)</sup>  | 1141315 |
| **TOTAL SHORT-TERM INVESTMENTS (Cost $1,141,315)** | 1141315 |
| **TOTAL INVESTMENTS - 98.2% (**Cost $37,190,605**)**  | 35676208 |
| Other Assets in Excess of Liabilities - 1.8% | 672400 |
| **TOTAL NET ASSETS - 100.0%** | $36348608 |

---

Percentages are stated as a percent of net assets.

AS – Aksjeselskap

NV – Naamloze Vennootschap

PLC – Public Limited Company

REIT – Real Estate Investment Trust

SA – Sociedad Anónima

SpA – Societa per Azioni

(a) Non-income
producing security.

(b) Security
is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold
in transactions exempt from registration to qualified institutional investors. As of April 30, 2025, the value of these securities
total $1,038,307 or 2.9% of the Fund's net assets.

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

(d) Fair
value determined using significant unobservable inputs in accordance with procedures established by and under the supervision
of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of April 30, 2025.

(e) The
rate shown represents the 7-day annualized effective yield as of April 30, 2025.

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

**Cambria Global Value ETF**

**Schedule of Investments**

**April 30, 2025**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 91.9%** | **Shares** | **Value** |
| **Austria - 8.7%** |  |  |
| Andritz AG | 23855 | $1703871 |
| AT&S Austria Technologie & Systemtechnik AG <sup>(a)</sup> | 60171 | 970665 |
| BAWAG Group AG <sup>(b)</sup> | 23401 | 2564824 |
| Erste Group Bank AG | 30067 | 2024949 |
| EVN AG | 48100 | 1258720 |
| OMV AG | 30640 | 1581410 |
| Raiffeisen Bank International AG | 73569 | 1956884 |
| Verbund AG - Class A | 18977 | 1455420 |
| voestalpine AG | 54198 | 1421981 |
| Wienerberger AG | 41519 | 1452434 |
|  |  | 16391158 |
| **Brazil - 5.1%** |  |  |
| Atacadao SA | 630966 | 949481 |
| Banco Santander Brasil SA | 257064 | 1339868 |
| Centrais Eletricas Brasileiras SA | 199244 | 1541599 |
| JBS SA | 237097 | 1831970 |
| Telefonica Brasil SA | 298821 | 1456418 |
| TIM SA | 424030 | 1411403 |
| Vale SA | 115918 | 1080307 |
|  |  | 9611046 |
| **Chile - 8.3%** |  |  |
| Banco Itau Chile SA | 124023 | 1807384 |
| Banco Santander Chile | 29117552 | 1760479 |
| CAP SA <sup>(a)</sup> | 196274 | 1009467 |
| Cencosud SA | 828504 | 2834915 |
| Cia Sud Americana de Vapores SA | 18652591 | 1030247 |
| Colbun SA | 11060191 | 1728604 |
| Empresas CMPC SA | 691947 | 1085175 |
| Empresas Copec SA | 190980 | 1310997 |
| Enel Americas SA | 14214512 | 1395796 |
| Quinenco SA | 410754 | 1726061 |
|  |  | 15689125 |
| **China - 8.7%** |  |  |
| Bank of China Ltd. - Class H  | 2706535 | 1514565 |
| China Construction Bank Corp. - Class H | 1782810 | 1466596 |
| China Life Insurance Co. Ltd. - Class H | 970459 | 1776848 |
| China Railway Group Ltd. - Class H | 2799767 | 1205738 |
| CITIC Ltd. | 1570008 | 1917063 |
| COSCO Shipping Holdings Co. Ltd. - Class H | 762507 | 1150308 |
| People's Insurance Co. Group of China Ltd. - Class H | 4401842 | 2605144 |
| PetroChina Co. Ltd. - Class H | 1550174 | 1187276 |
| PICC Property & Casualty Co. Ltd. - Class H | 1142771 | 2107074 |
| Postal Savings Bank of China Co. Ltd. - Class H <sup>(b)</sup> | 2291053 | 1412042 |
|  |  | 16342654 |
| **Colombia - 7.3%** |  |  |
| Bancolombia SA  | 160620 | 1904373 |
| Celsia SA ESP | 1336294 | 1271285 |
| Cementos Argos SA | 660152 | 1674763 |
| Ecopetrol SA | 2428238 | 991277 |
| Grupo Argos SA | 349034 | 1815558 |
| Grupo Bolivar SA | 82083 | 1379197 |
| Grupo de Inversiones Suramericana SA | 139456 | 1419124 |
| Grupo Energia Bogota SA ESP | 2396930 | 1662025 |
| Interconexion Electrica SA ESP | 307165 | 1584685 |
|  |  | 13702287 |

---

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

---

| | | |
|:---|:---|:---|
| **Czech Republic - 9.9%** | | |
| CEZ AS | 101874 | 5161198 |
| Komercni Banka AS | 107632 | 5203721 |
| Moneta Money Bank AS <sup>(b)</sup> | 889648 | 5468394 |
| Philip Morris CR AS | 3426 | 2771520 |
|  |  | 18604833 |
| **Greece - 0.0%<sup>(c)</sup>** |  |  |
| <br>FF Group <sup>(a)(d)</sup> | 25214 | 0 |
| **Hong Kong - 8.5%** |  |  |
| BOC Hong Kong Holdings Ltd. | 462565 | 1920495 |
| China Overseas Land & Investment Ltd. | 786374 | 1401270 |
| China Resources Land Ltd. | 399217 | 1351210 |
| CK Asset Holdings Ltd. | 353941 | 1448969 |
| CK Hutchison Holdings Ltd. | 303601 | 1714597 |
| Geely Automobile Holdings Ltd. | 1260265 | 2658458 |
| Sino Land Co. Ltd. | 1394522 | 1434871 |
| Swire Pacific Ltd. - Class A | 156964 | 1358023 |
| Swire Properties Ltd. | 731895 | 1617500 |
| Wharf Real Estate Investment Co. Ltd. | 480597 | 1152600 |
|  |  | 16057993 |
| **Netherlands - 0.0%<sup>(c)</sup>** |  |  |
| Ferrovial SE | 891 | 43282 |
| **Poland - 9.4%** |  |  |
| Alior Bank SA | 56099 | 1517553 |
| Asseco Poland SA | 73758 | 3036296 |
| Jastrzebska Spolka Weglowa SA <sup>(a)</sup> | 174211 | 1110754 |
| KGHM Polska Miedz SA | 38120 | 1205669 |
| Orange Polska SA | 725970 | 1862629 |
| ORLEN SA | 85429 | 1542077 |
| PGE Polska Grupa Energetyczna SA <sup>(a)</sup> | 779813 | 1698327 |
| Powszechny Zaklad Ubezpieczen SA | 111303 | 1732627 |
| Tauron Polska Energia SA <sup>(a)</sup> | 1421745 | 2222975 |
| XTB SA <sup>(b)</sup> | 78815 | 1709811 |
|  |  | 17638718 |
| **Russia - 0.0%<sup>(c)</sup>** |  |  |
| <br>Alrosa PJSC <sup>(a)(d)</sup> | 1262976 | 0 |
| Gazprom Neft PJSC <sup>(a)(d)</sup> | 334880 | 0 |
| Gazprom PJSC <sup>(a)(d)</sup> | 373048 | 0 |
| Rosneft Oil Co. PJSC <sup>(a)(d)</sup> | 198016 | 0 |
| Sberbank of Russia PJSC <sup>(a)(d)</sup> | 287609 | 0 |
| Severstal PAO <sup>(a)(d)</sup> | 82992 | 0 |
| Unipro PJSC <sup>(a)(d)</sup> | 25224732 | 0 |
|  |  | 0 |
| **Singapore - 8.3%** |  |  |
| CapitaLand Investment Ltd. | 744200 | 1566917 |
| Genting Singapore Ltd. | 2074200 | 1175184 |
| Jardine Cycle & Carriage Ltd. | 73500 | 1459195 |
| Oversea-Chinese Banking Corp. Ltd. | 137100 | 1695249 |
| Sembcorp Industries Ltd. | 359400 | 1816124 |
| Singapore Airlines Ltd. | 299000 | 1536092 |
| Singapore Telecommunications Ltd. | 680485 | 1969400 |
| United Overseas Bank Ltd. | 61500 | 1631085 |
| UOL Group Ltd. | 338900 | 1497170 |
| Venture Corp. Ltd. | 135200 | 1200766 |
|  |  | 15547182 |
| **Spain - 10.1%** |  |  |
| Acciona SA | 12307 | 1790150 |

---

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

---

| | | |
|:---|:---|:---|
| Acerinox SA | 135496 | 1524988 |
| Banco Bilbao Vizcaya Argentaria SA | 125579 | 1715681 |
| Banco Santander SA | 282020 | 1975063 |
| CaixaBank SA | 270848 | 2065579 |
| Endesa SA | 77700 | 2332593 |
| Iberdrola SA | 121534 | 2188419 |
| Mapfre SA | 588335 | 2088795 |
| Repsol SA | 88986 | 1089731 |
| Unicaja Banco SA <sup>(b)</sup> | 1160366 | 2203135 |
|  |  | 18974134 |
| **United Kingdom - 7.6%** |  |  |
| Anglo American PLC | 44277 | 1197266 |
| Aviva PLC - Class B <sup>(a)</sup> | 244567 | 1825224 |
| Barclays PLC | 598877 | 2368819 |
| BP PLC | 220093 | 1027488 |
| Legal & General Group PLC | 454867 | 1421535 |
| Lloyds Banking Group PLC | 2242564 | 2190083 |
| Rio Tinto PLC | 21968 | 1301931 |
| Shell PLC | 39734 | 1292324 |
| Vodafone Group PLC | 1653760 | 1614618 |
|  |  | 14239288 |
| **TOTAL COMMON STOCKS (Cost $166,100,772)** |  | 172841700 |
| **PREFERRED STOCKS - 2.5%** |  |  |
| **Brazil - 1.8%** |  |  |
| Gerdau SA | 386758 | 1021559 |
| Itau Unibanco Holding SA | 240061 | 1505048 |
| Petroleo Brasileiro SA | 175848 | 930808 |
|  |  | 3457415 |
| **Colombia - 0.7%** |  |  |
| Banco Davivienda SA, 0.00% <sup>(a)</sup> | 253358 | 1313087 |
| **TOTAL PREFERRED STOCKS (Cost $4,882,121)** |  | 4770502 |
| **REAL ESTATE INVESTMENT TRUSTS - 0.6%** |  |  |
| **United Kingdom - 0.6%** |  |  |
| Segro PLC | 132481 | 1201644 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $1,483,827)** |  | 1201644 |
| **SHORT-TERM INVESTMENTS - 3.4%** |  |  |
| **Money Market Funds - 3.4%** |  |  |
| First American Treasury Obligations Fund - Class X, 4.25% <sup>(e)</sup> | 6405421 | 6405421 |
| **TOTAL SHORT-TERM INVESTMENTS (Cost $6,405,421)** |  | 6405421 |
| **TOTAL INVESTMENTS - 98.4% (**Cost $178,872,141**)** |  | 185219267 |
| Other Assets in Excess of Liabilities - 1.6% |  | 2956579 |
| **TOTAL NET ASSETS - 100.0%** |  | $188175846 |

---

Percentages are stated as a percent of net assets.

AG – Aktiengesellschaft

AS – Aksjeselskap

PAO – Publichnoye Aktsionernoye Obshchestvo

PJSC - Public Joint Stock Company

PLC - Public Limited Company

SA – Sociedad Anónima

SE – Societas Europeae

(a) Non-income
producing security.

(b) Security
is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold
in transactions exempt from registration to qualified institutional investors. As of April 30, 2025, the value of these securities
total $13,358,206 or 7.1% of the Fund's net assets.

(c) Represents
less than 0.05% of net assets.

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

(d) Fair
value determined using significant unobservable inputs in accordance with procedures established by and under the supervision
of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of April 30, 2025.

(e) The
rate shown represents the 7-day annualized effective yield as of April 30, 2025.

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

**Cambria LargeCap Shareholder Yield ETF**

**Schedule of Investments**

**April 30, 2025**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.4%** | **Shares** | **Value** |
| **Communication Services - 11.8%** |  |  |
| AT&T, Inc. | 4627 | $128168 |
| Comcast Corp. - Class A | 2282 | 78044 |
| Fox Corp. - Class A | 2541 | 126516 |
| Interpublic Group of Cos., Inc. | 3108 | 78073 |
| Verizon Communications, Inc. | 2228 | 98166 |
|  |  | 508967 |
| **Consumer Discretionary - 11.3%** |  |  |
| eBay, Inc. | 1659 | 113078 |
| General Motors Co. | 1792 | 81071 |
| Lennar Corp. - Class A | 553 | 60061 |
| PulteGroup, Inc. | 756 | 77550 |
| Toll Brothers, Inc. | 707 | 71315 |
| Yum China Holdings, Inc. | 1846 | 79950 |
|  |  | 483025 |
| **Consumer Staples - 11.3%** |  |  |
| Archer-Daniels-Midland Co. | 1372 | 65513 |
| Conagra Brands, Inc. | 3080 | 76107 |
| General Mills, Inc. | 1379 | 78244 |
| Kraft Heinz Co. | 2737 | 79647 |
| Molson Coors Beverage Co. - Class B | 1729 | 99470 |
| US Foods Holding Corp. <sup>(a)</sup> | 1317 | 86474 |
|  |  | 485455 |
| **Energy - 10.2%** |  |  |
| Baker Hughes Co. | 2499 | 88465 |
| Chevron Corp. | 553 | 75241 |
| EOG Resources, Inc. | 686 | 75686 |
| Marathon Petroleum Corp. | 497 | 68293 |
| Phillips 66 | 616 | 64101 |
| Valero Energy Corp. | 553 | 64198 |
|  |  | 435984 |
| **Financials - 27.0%<sup>(b)</sup>**<br>|  |  |
| Aflac, Inc. | 980 | 106506 |
| American Financial Group, Inc. | 707 | 89549 |
| American International Group, Inc. | 1176 | 95868 |
| Bank of New York Mellon Corp. | 1365 | 109759 |
| Citizens Financial Group, Inc. | 2310 | 85216 |
| Corebridge Financial, Inc. | 2996 | 88771 |
| Hartford Insurance Group, Inc. | 875 | 107336 |
| MetLife, Inc. | 1197 | 90218 |
| PayPal Holdings, Inc. <sup>(a)</sup> | 1021 | 67223 |
| Principal Financial Group, Inc. | 1043 | 77338 |
| Prudential Financial, Inc. | 714 | 73335 |
| Synchrony Financial | 1637 | 85042 |
| Truist Financial Corp. | 2226 | 85345 |
|  |  | 1161506 |
| **Health Care - 9.9%** |  |  |
| <br>Centene Corp. <sup>(a)</sup>  | 1344 | 80438 |
| Cigna Group | 266 | 90451 |
| Pfizer, Inc. | 3524 | 86021 |
| Tenet Healthcare Corp. <sup>(a)</sup> | 558 | 79766 |
| Zimmer Biomet Holdings, Inc. | 844 | 86974 |
|  |  | 423650 |

---

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

---

| | | |
|:---|:---|:---|
| **Industrials - 1.9%** | | |
| Textron, Inc. | 1166 | 82051 |
| **Information Technology - 4.6%** |  |  |
| Jabil, Inc. | 763 | 111826 |
| TD SYNNEX Corp. | 763 | 84540 |
|  |  | 196366 |
| **Materials - 11.4%** |  |  |
| Ball Corp. | 1606 | 83416 |
| CF Industries Holdings, Inc. | 1190 | 93260 |
| Eastman Chemical Co. | 917 | 70609 |
| Nucor Corp. | 560 | 66847 |
| Reliance, Inc. | 294 | 84740 |
| Steel Dynamics, Inc. | 679 | 88073 |
|  |  | 486945 |
| **TOTAL COMMON STOCKS (Cost $4,803,863)** |  | 4263949 |
| **SHORT-TERM INVESTMENTS - 0.2%** |  |  |
| **Money Market Funds - 0.2%** |  |  |
| First American Treasury Obligations Fund - Class X, 4.25% <sup>(c)</sup> | 9749 | 9749 |
| **TOTAL SHORT-TERM INVESTMENTS (Cost $9,749)** |  | 9749 |
| **TOTAL INVESTMENTS - 99.6% (Cost $4,813,612)** |  | 4273698 |
| Other Assets in Excess of Liabilities - 0.4% |  | 15840 |
| **TOTAL NET ASSETS - 100.0%** |  | $4289538 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

(a) Non-income
producing security.

(b) To
the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially
sensitive to developments that significantly affect those industries or sectors.

(c) The
rate shown represents the 7-day annualized effective yield as of April 30, 2025.

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

**Cambria Micro and SmallCap Shareholder Yield ETF**

**Schedule of Investments**

**April 30, 2025**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 96.6%** | **Shares** | **Value** |
| **Communication Services - 5.4%** |  |  |
| Nexstar Media Group, Inc. | 602 | $90095 |
| Scholastic Corp. | 5514 | 99418 |
| Spok Holdings, Inc. | 6806 | 97598 |
| TEGNA, Inc. | 5827 | 94572 |
| TrueCar, Inc. <sup>(a)</sup> | 57898 | 86268 |
| Ziff Davis, Inc. <sup>(a)</sup> | 2572 | 75951 |
|  |  | 543902 |
| **Consumer Discretionary - 21.0%** |  |  |
| Academy Sports & Outdoors, Inc. | 2184 | 82293 |
| Adtalem Global Education, Inc. <sup>(a)</sup> | 1074 | 114059 |
| American Eagle Outfitters, Inc. | 8609 | 90653 |
| Carter's, Inc. | 2616 | 86459 |
| Columbia Sportswear Co. | 1418 | 88157 |
| Ethan Allen Interiors, Inc. | 3854 | 109569 |
| G-III Apparel Group Ltd. <sup>(a)</sup> | 3927 | 99039 |
| Golden Entertainment, Inc. | 3869 | 99433 |
| Helen of Troy Ltd. <sup>(a)</sup> | 2109 | 58757 |
| KB Home | 1842 | 99523 |
| Kohl's Corp. <sup>(b)</sup> | 11643 | 78008 |
| Landsea Homes Corp. <sup>(a)</sup> | 15395 | 93909 |
| Laureate Education, Inc. <sup>(a)</sup> | 5413 | 108639 |
| Macy's, Inc. | 7873 | 89910 |
| Monarch Casino & Resort, Inc. | 1327 | 103758 |
| ODP Corp. <sup>(a)</sup> | 7635 | 104447 |
| Patrick Industries, Inc. | 1241 | 95532 |
| Perdoceo Education Corp. | 4335 | 108895 |
| Standard Motor Products, Inc. | 4212 | 114145 |
| Steven Madden Ltd. | 4015 | 84315 |
| Travel + Leisure Co. | 2232 | 98052 |
| Tri Pointe Homes, Inc. <sup>(a)</sup> | 3328 | 102336 |
|  |  | 2109888 |
| **Consumer Staples - 4.2%** |  |  |
| Cal-Maine Foods, Inc. | 1170 | 109243 |
| Edgewell Personal Care Co. | 3673 | 112210 |
| Nu Skin Enterprises, Inc. - Class A | 15417 | 97590 |
| Spectrum Brands Holdings, Inc. | 1551 | 97868 |
|  |  | 416911 |
| **Energy - 13.0%** |  |  |
| Berry Corp. | 32396 | 80342 |
| CNX Resources Corp. <sup>(a)</sup> | 3425 | 100798 |
| CVR Energy, Inc. | 5345 | 100807 |
| Dorian LPG Ltd. | 4634 | 99260 |
| FutureFuel Corp. | 26222 | 107772 |
| Helmerich & Payne, Inc. | 4228 | 79867 |
| International Seaways, Inc. | 3196 | 108536 |
| Liberty Energy, Inc. | 6969 | 80144 |
| Murphy Oil Corp. | 3924 | 80560 |
| Navigator Holdings Ltd. | 7828 | 99337 |
| Peabody Energy Corp. | 7366 | 90896 |
| Sitio Royalties Corp. - Class A | 5252 | 89074 |
| VAALCO Energy, Inc. | 28224 | 92293 |
| World Kinect Corp. | 3865 | 96973 |
|  |  | 1306659 |
| **Financials - 22.0%** |  |  |
| <br>Bancorp, Inc. <sup>(a)</sup>  | 1907 | 92127 |

---

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

---

| | | |
|:---|:---|:---|
| Brighthouse Financial, Inc. <sup>(a)</sup> | 1821 | 106019 |
| CNO Financial Group, Inc. | 2555.0 | 96937 |
| Employers Holdings, Inc. | 2172.0 | 105538 |
| Enact Holdings, Inc. | 3146.0 | 112595 |
| Genworth Financial, Inc. - Class A <sup>(a)</sup> | 15106.0 | 103627 |
| Hanmi Financial Corp. | 4707.0 | 107649 |
| International Bancshares Corp. | 1653.0 | 100899 |
| Jackson Financial, Inc. - Class A | 1212.0 | 94427 |
| Lincoln National Corp. | 2870.0 | 91467 |
| MGIC Investment Corp. | 4463.0 | 111173 |
| Mr Cooper Group, Inc. <sup>(a)</sup> | 1007.0 | 119843 |
| Navient Corp. | 8160.0 | 101021 |
| Pathward Financial, Inc. | 1439.0 | 114213 |
| PROG Holdings, Inc. | 3945.0 | 103990 |
| Radian Group, Inc. | 3319.0 | 106009 |
| SLM Corp. | 3600.0 | 104076 |
| Universal Insurance Holdings, Inc. | 4977.0 | 120642 |
| Univest Financial Corp. | 3720.0 | 109889 |
| WesBanco, Inc. | 3366.0 | 100240 |
| Western Union Co. | 10376.0 | 102826 |
|  |  | 2205207 |
| **Health Care - 2.2%** |  |  |
| Premier, Inc. - Class A  | 5695.0 | 115893 |
| SIGA Technologies, Inc. | 18691.0 | 103175 |
|  |  | 219068 |
| **Industrials - 19.7%** |  |  |
| ACCO Brands Corp. | 24563.0 | 94813 |
| Atkore, Inc. | 1703.0 | 108771 |
| Boise Cascade Co. | 1061.0 | 98970 |
| Civeo Corp. | 4844.0 | 91988 |
| Concentrix Corp. | 2401.0 | 122595 |
| Conduent, Inc. <sup>(a)</sup> | 36781.0 | 77608 |
| Deluxe Corp. | 6802.0 | 99309 |
| Gates Industrial Corp. PLC <sup>(a)</sup> | 5342.0 | 101071 |
| Genco Shipping & Trading Ltd. | 7963.0 | 103200 |
| IBEX Holdings Ltd. <sup>(a)</sup> | 4281.0 | 107196 |
| Insteel Industries, Inc. | 3834.0 | 130011 |
| Janus International Group, Inc. <sup>(a)</sup> | 13749.0 | 94593 |
| Kennametal, Inc. | 4854.0 | 94556 |
| ManpowerGroup, Inc. | 1873.0 | 80670 |
| Matson, Inc. | 830.0 | 90545 |
| MillerKnoll, Inc. | 5736.0 | 94070 |
| REV Group, Inc. | 3261.0 | 106635 |
| SkyWest, Inc. <sup>(a)</sup> | 1149.0 | 102456 |
| TaskUS, Inc. - Class A <sup>(a)</sup> | 7986.0 | 111485 |
| Wabash National Corp. | 9833.0 | 67946 |
|  |  | 1978488 |
| **Information Technology - 3.7%** |  |  |
| <br>ASGN, Inc. <sup>(a)</sup> | 1682.0 | 84739 |
| Avnet, Inc. | 2217.0 | 104177 |
| ScanSource, Inc. <sup>(a)</sup> | 2978.0 | 98244 |
| Xerox Holdings Corp. | 19863.0 | 87596 |
|  |  | 374756 |
| **Materials - 5.4%** |  |  |
| Kronos Worldwide, Inc. | 14061.0 | 108410 |
| Ramaco Resources, Inc. | 12288.0 | 123863 |
| Ryerson Holding Corp. | 4643.0 | 108554 |
| SunCoke Energy, Inc. | 11538.0 | 104534 |
| Sylvamo Corp. | 1623.0 | 96763 |
|  |  | 542124 |
| **TOTAL COMMON STOCKS (Cost $11,949,232)** |  | 9697003 |

---

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

---

| | | |
|:---|:---|:---|
| **CLOSED-END FUNDS - 1.0%** | | |
| Barings BDC, Inc. | 11269 | 98153 |
| **TOTAL CLOSED-END FUNDS (Cost $109,525)** |  | 98153 |
| **SHORT-TERM INVESTMENTS - 3.0%** |  |  |
| **Investments Purchased with Proceeds from Securities Lending - 0.8%** |  |  |
| <br>First American Government Obligations Fund - Class X, 4.25% <sup>(c)</sup>  | 77420 | 77420 |
| **Money Market Funds - 2.2%** |  |  |
| <br>First American Treasury Obligations Fund - Class X, 4.25% <sup>(c)</sup>  | 225701 | 225701 |
| **TOTAL SHORT-TERM INVESTMENTS (Cost $303,121)** |  | 303121 |
| **TOTAL INVESTMENTS - 100.6% (Cost $12,361,878)** |  | 10098277 |
| Liabilities in Excess of Other Assets - (0.6%) |  | (58402) |
| **TOTAL NET ASSETS - 100.0%** |  | $10039875 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

BDC - Business Development Company

PLC - Public Limited Company

(a) Non-income
producing security.

(b) All
or a portion of this security is on loan as of April 30, 2025. The fair value of these securities was $74,102, which represented
0.7% of net assets.

(c) The
rate shown represents the 7-day annualized effective yield as of April 30, 2025.

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

**Cambria Shareholder Yield ETF**

**Schedule of Investments**

**April 30, 2025**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.2%** | **Shares** | **Value** |
| **Communication Services - 9.2%** |  |  |
| AT&T, Inc. | 591352 | $16380450 |
| Comcast Corp. - Class A | 251564 | 8603489 |
| Fox Corp. - Class A | 321265 | 15995784 |
| Interpublic Group of Cos., Inc. | 347852 | 8738042 |
| TEGNA, Inc. | 526229 | 8540697 |
| Verizon Communications, Inc. | 251212 | 11068401 |
| Yelp, Inc. <sup>(a)</sup> | 266151 | 9336577 |
| Ziff Davis, Inc. <sup>(a)</sup> | 186684 | 5512779 |
|  |  | 84176219 |
| **Consumer Discretionary - 21.7%** |  |  |
| Academy Sports & Outdoors, Inc. | 200725 | 7563318 |
| ADT, Inc. | 1214365 | 9739207 |
| Adtalem Global Education, Inc. <sup>(a)</sup> | 197813 | 21007741 |
| AutoNation, Inc. <sup>(a)</sup> | 71440 | 12441276 |
| BorgWarner, Inc. | 323985 | 9194694 |
| Brunswick Corp. | 123615 | 5692471 |
| Carter's, Inc. | 123955 | 4096713 |
| Columbia Sportswear Co. | 118868 | 7390024 |
| Dillard's, Inc. - Class A | 22559 | 7820303 |
| Ethan Allen Interiors, Inc. | 318375 | 9051401 |
| H&R Block, Inc. | 193908 | 11706226 |
| Haverty Furniture Cos., Inc. | 360910 | 6554126 |
| KB Home | 158448 | 8560945 |
| Kohl's Corp. <sup>(b)</sup> | 411925 | 2759897 |
| Lennar Corp. - Class A | 69396 | 7537100 |
| LKQ Corp. | 245024 | 9362367 |
| ODP Corp. <sup>(a)</sup> | 487202 | 6664923 |
| PulteGroup, Inc. | 96342 | 9882762 |
| PVH Corp. | 104091 | 7180197 |
| Taylor Morrison Home Corp. <sup>(a)</sup> | 162833 | 9338473 |
| Toll Brothers, Inc. | 89918 | 9070029 |
| Travel + Leisure Co. | 221037 | 9710155 |
| Whirlpool Corp. | 97329 | 7424256 |
|  |  | 199748604 |
| **Consumer Staples - 6.1%** |  |  |
| Cal-Maine Foods, Inc.  | 106738 | 9966127 |
| Ingredion, Inc. | 79344 | 10538470 |
| Kraft Heinz Co. | 295322 | 8593870 |
| Molson Coors Beverage Co. - Class B | 180716 | 10396592 |
| Spectrum Brands Holdings, Inc. | 120991 | 7634532 |
| TreeHouse Foods, Inc. <sup>(a)</sup> | 380038 | 8851085 |
|  |  | 55980676 |
| **Energy - 8.8%** |  |  |
| Chevron Corp. | 69100 | 9401746 |
| CVR Energy, Inc. | 315205 | 5944766 |
| EOG Resources, Inc. | 82175 | 9066368 |
| Marathon Petroleum Corp. | 56240 | 7727938 |
| Murphy Oil Corp. | 257286 | 5282081 |
| PBF Energy, Inc. - Class A | 197298 | 3389580 |
| Peabody Energy Corp. | 475218 | 5864190 |
| Phillips 66 | 69730 | 7256104 |
| Plains GP Holdings LP | 582330 | 10854631 |
| Valero Energy Corp. | 64898 | 7534009 |
| World Kinect Corp. | 348453 | 8742686 |
|  |  | 81064099 |

---

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

---

| | | |
|:---|:---|:---|
| **Financials - 19.0%** | | |
| Affiliated Managers Group, Inc.  | 61791 | 10234443 |
| Aflac, Inc. | 123919 | 13467517 |
| American Financial Group, Inc. | 79614 | 10083909 |
| Ameriprise Financial, Inc. | 24624 | 11598396 |
| Assured Guaranty Ltd. | 127434 | 11179785 |
| Federated Hermes, Inc. – Class B | 294106 | 11943645 |
| Jefferies Financial Group, Inc. | 135806 | 6346214 |
| Lincoln National Corp. | 328979 | 10484561 |
| MetLife, Inc. | 144096 | 10860516 |
| PayPal Holdings, Inc. <sup>(a)</sup> | 167867 | 11052363 |
| Principal Financial Group, Inc. | 124798 | 9253772 |
| PROG Holdings, Inc. | 333847 | 8800207 |
| SLM Corp. | 482227 | 13941183 |
| Synchrony Financial | 243202 | 12634344 |
| Victory Capital Holdings, Inc. - Class A | 259619 | 14873572 |
| Western Union Co. <sup>(b)</sup> | 749919 | 7431697 |
|  |  | 174186124 |
| **Health Care - 5.5%** |  |  |
| Cigna Group  | 32021 | 10888421 |
| Pfizer, Inc. | 386633 | 9437711 |
| Tenet Healthcare Corp. <sup>(a)</sup> | 80945 | 11571088 |
| Universal Health Services, Inc. - Class B | 60805 | 10766741 |
| Viatris, Inc. | 909154 | 7655077 |
|  |  | 50319038 |
| **Industrials - 11.9%** |  |  |
| Atkore, Inc.  | 109523 | 6995234 |
| Boise Cascade Co. | 79659 | 7430592 |
| Builders FirstSource, Inc. <sup>(a)</sup> | 60406 | 7226370 |
| ManpowerGroup, Inc. | 143908 | 6198118 |
| Matson, Inc. | 88160 | 9617374 |
| MillerKnoll, Inc. | 423876 | 6951566 |
| REV Group, Inc. | 324864 | 10623053 |
| Ryder System, Inc. | 89378 | 12304669 |
| SkyWest, Inc. <sup>(a)</sup> | 133014 | 11860858 |
| Textron, Inc. | 112630 | 7925773 |
| Timken Co. | 130839 | 8406406 |
| Wabash National Corp. | 635221 | 4389377 |
| WESCO International, Inc. | 57888 | 9433428 |
|  |  | 109362818 |
| **Information Technology - 2.7%** |  |  |
| Avnet, Inc.  | 203939 | 9583094 |
| TD SYNNEX Corp. | 110269 | 12217805 |
| Xerox Holdings Corp. | 675644 | 2979590 |
|  |  | 24780489 |
| **Materials - 12.7%** |  |  |
| Cabot Corp. | 118992 | 9345632 |
| CF Industries Holdings, Inc. | 132849 | 10411376 |
| Dow, Inc. | 195776 | 5988788 |
| Eastman Chemical Co. | 113621 | 8748817 |
| Greif, Inc. - Class A | 166131 | 8718555 |
| Huntsman Corp. | 432811 | 5760714 |
| LyondellBasell Industries NV - Class A | 105051 | 6115019 |
| Mosaic Co. | 315770 | 9599408 |
| Nucor Corp. | 61334 | 7321440 |
| Olin Corp. | 279380 | 6040196 |
| Reliance, Inc. | 38405 | 11069473 |
| Ryerson Holding Corp. | 353222 | 8258330 |
| Steel Dynamics, Inc. | 79495 | 10311296 |
| Sylvamo Corp. | 147742 | 8808378 |
|  |  | 116497422 |

---

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

---

| | | |
|:---|:---|:---|
| **Utilities - 1.6%** | | |
| UGI Corp. | 460987 | 15115764 |
| **TOTAL COMMON STOCKS (Cost $1,060,493,332)** |  | 911231253 |
| **SHORT-TERM INVESTMENTS - 1.3%** |  |  |
| **Investments Purchased with Proceeds from Securities Lending - 0.5%** |  |  |
| First American Government Obligations Fund - Class X, 4.25% <sup>(c)</sup> | 4761649 | 4761649 |
| **Money Market Funds - 0.8%** |  |  |
| <br> First American Treasury Obligations Fund - Class X, 4.25% <sup>(c)</sup> | 7413304 | 7413304 |
| **TOTAL SHORT-TERM INVESTMENTS (Cost $12,174,953)** |  | 12174953 |
| **TOTAL INVESTMENTS - 100.5% (Cost $1,072,668,285)** |  | 923406206 |
| Liabilities in Excess of Other Assets - (0.5%) |  | (4250891) |
| **TOTAL NET ASSETS - 100.0%** |  | $919155315 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

LP - Limited Partnership

NV - Naamloze Vennootschap

(a) Non-income
producing security.

(b) All
or a portion of this security is on loan as of April 30, 2025. The fair value of these securities was $4,528,864 which represented
0.5% of net assets.

(c) The
rate shown represents the 7-day annualized effective yield as of April 30, 2025.

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

**Cambria Tactical Yield ETF**

**Schedule of Investments**

**April 30, 2025**

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS - 100.0%** | **Shares** | **Value** |
| **Money Market Funds - 0.1%** | | |
| <br> First American Treasury Obligations Fund - Class X, 4.25% <sup>(a)</sup>  | 50904 | $50904 |

---

---

| | | |
|:---|:---|:---|
| **U.S. Treasury Bills - 99.9%** | **Par** |  |
| <br>4.51%, 06/12/2025 <sup>(b)</sup>  | $14941000 | 14867233 |
| 4.21%, 09/04/2025 <sup>(b)</sup> | 15113000 | 14893884 |
| 3.99%, 12/26/2025 <sup>(b)</sup> | 15057000 | 14671331 |
|  |  | 44432448 |
| **TOTAL SHORT-TERM INVESTMENTS (Cost $44,479,766)** |  | 44483352 |
| **TOTAL INVESTMENTS - 100.0%** (Cost $44,479,766)  |  | 44483352 |
| Other Assets in Excess of Liabilities - 0.0% <sup>(c)</sup> |  | 140 |
| **TOTAL NET ASSETS - 100.0%** |  | $44483492 |

---

Percentages are stated as a percent of net assets.

(a) The
rate shown represents the 7-day annualized effective yield as of April 30, 2025.

(b) The
rate shown is the annualized effective yield as of April 30, 2025.

(c) Represents
less than 0.05% of net assets.

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

**Cambria Tail Risk ETF**

**Schedule of Investments**

**April 30, 2025**

---

| | | |
|:---|:---|:---|
| **U.S. TREASURY OBLIGATIONS - 76.5%** | **Par** | **Value** |
| United States Treasury Bond, 4.13%, 11/15/2032 | $122128000 | $123330198 |
| **TOTAL U.S. TREASURY OBLIGATIONS (Cost $122,457,076)** |  | 123330198 |

---

---

| | | | |
|:---|:---|:---|:---|
| **PURCHASED OPTIONS - 7.5%<sup>(a)</sup>** | **Notional Amount** | **Contracts** | |
| **Put Options - 7.5%** |  |  |  |
| S&P 500 Index <sup>(b)(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;<br>Expiration: 06/20/2025; Exercise Price: $4,900.00  | $40097232 | 72 | 234000 |
| &nbsp;&nbsp;&nbsp;Expiration: 09/19/2025; Exercise Price: $4,900.00 | 96344738 | 173 | 1678100 |
| &nbsp;&nbsp;&nbsp;Expiration: 12/19/2025; Exercise Price: $4,800.00 | 75182310 | 135 | 1729350 |
| &nbsp;&nbsp;&nbsp;Expiration: 12/19/2025; Exercise Price: $5,200.00 | 25617676 | 46 | 946450 |
| &nbsp;&nbsp;&nbsp;Expiration: 03/20/2026; Exercise Price: $4,700.00 | 91332584 | 164 | 2375540 |
| &nbsp;&nbsp;&nbsp;Expiration: 03/20/2026; Exercise Price: $5,500.00 | 31186736 | 56 | 1842120 |
| &nbsp;&nbsp;&nbsp;Expiration: 06/18/2026; Exercise Price: $5,000.00 | 40654138 | 73 | 1670605 |
| &nbsp;&nbsp;&nbsp;Expiration: 06/18/2026; Exercise Price: $5,300.00 | 30072924 | 54 | 1639710 |
| **TOTAL PURCHASED OPTIONS (Cost $15,965,327)** |  |  | 12115875 |

---

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS - 10.7%** | **Shares** | |
| **Money Market Funds - 10.7%** |  |  |
| <br>First American Treasury Obligations Fund - Class X, 4.25% <sup>(d)</sup>  | 17181354 | 17181354 |
| **TOTAL SHORT-TERM INVESTMENTS (Cost $17,181,354)** |  | 17181354 |
| **TOTAL INVESTMENTS - 94.7%** (Cost $155,603,757)  |  | 152627427 |
| Other Assets in Excess of Liabilities - 5.3% |  | 8502788 |
| **TOTAL NET ASSETS - 100.0%** |  | $161130215 |

---

Percentages are stated as a percent of net assets.

(a) Non-income
producing security.

(b) Exchange-traded.

(c) 100
shares per contract.

(d) The
rate shown represents the 7-day annualized effective yield as of April 30, 2025.

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

**Cambria Trinity ETF**

**Schedule of Investments**

**April 30, 2025**

---

| | | |
|:---|:---|:---|
| **EXCHANGE TRADED FUNDS - 99.6%** | **Shares** | **Value** |
| Alpha Architect 1-3 Month Box ETF | 9656 | $1080603 |
| Cambria Chesapeake Pure Trend ETF <sup>(a)</sup> | 298585 | 4317181 |
| Cambria Emerging Shareholder Yield ETF <sup>(a)</sup> | 138205 | 4378334 |
| Cambria Foreign Shareholder Yield ETF <sup>(a)</sup> | 243745 | 6578678 |
| Cambria Global Real Estate ETF <sup>(a)</sup> | 184117 | 4341037 |
| Cambria Global Value ETF <sup>(a)(b)</sup> | 256792 | 6572591 |
| Cambria LargeCap Shareholder Yield ETF <sup>(a)</sup> | 45257 | 1111512 |
| Cambria Micro and SmallCap Shareholder Yield ETF <sup>(a)</sup> | 51670 | 1093384 |
| Cambria Shareholder Yield ETF <sup>(a)</sup> | 36124 | 2180445 |
| Cambria Tactical Yield ETF <sup>(a)</sup> | 340768 | 8657211 |
| Cambria Tail Risk ETF <sup>(a)</sup> | 167867 | 2141983 |
| Cambria Value and Momentum ETF <sup>(a)</sup> | 295924 | 8551701 |
| Graniteshares Gold Trust <sup>(c)</sup> | 66732 | 2168790 |
| iMGP DBi Managed Futures Strategy ETF <sup>(b)</sup> | 171263 | 4326103 |
| Invesco DB Agriculture Fund <sup>(b)</sup> | 79925 | 2142789 |
| Invesco DB Precious Metals Fund | 29283 | 2154057 |
| iShares Global Consumer Staples ETF <sup>(b)</sup> | 32843 | 2171251 |
| iShares Global Financials ETF | 10607 | 1093263 |
| iShares Global Infrastructure ETF | 38792 | 2187481 |
| iShares Global Utilities ETF | 30826 | 2199743 |
| iShares Residential and Multisector Real Estate ETF | 26094 | 2180154 |
| J.P. Morgan USD Emerging Markets Sovereign Bond ETF <sup>(d)</sup> | 85802 | 3261334 |
| Schwab US TIPS ETF | 81524 | 2187289 |
| SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No. K-1 ETF | 162374 | 4255823 |
| SPDR Bloomberg International Corporate Bond ETF <sup>(b)</sup> | 69280 | 2160843 |
| SPDR FTSE International Government Inflation-Protected Bond ETF | 56130 | 2172792 |
| United States Commodity Index Fund <sup>(c)</sup> | 30950 | 2117908 |
| VanEck Bitcoin ETF <sup>(c)</sup> | 81494 | 2170185 |
| VanEck Gold Miners ETF | 44251 | 2168742 |
| VanEck J.P. Morgan EM Local Currency Bond ETF | 133836 | 3274967 |
| Vanguard Intermediate-Term Treasury ETF | 145998 | 8755500 |
| Vanguard Total Bond Market ETF | 59473 | 4371266 |
| **TOTAL EXCHANGE TRADED FUNDS (Cost $104,782,657)** |  | 108524940 |
| **SHORT-TERM INVESTMENTS - 6.4%** |  |  |
| **Investments Purchased with Proceeds from Securities Lending - 6.0%** |  |  |
| <br>First American Government Obligations Fund - Class X, 4.25% <sup>(e)</sup> | 6535676 | 6535676 |
| **Money Market Funds - 0.4%** |  |  |
| <br>First American Treasury Obligations Fund - Class X, 4.25% <sup>(e)</sup>  | 416544 | 416544 |
| **TOTAL SHORT-TERM INVESTMENTS (Cost $6,952,220)** |  | 6952220 |
| **TOTAL INVESTMENTS - 106.0%** (Cost $111,734,877)  |  | 115477160 |
| Liabilities in Excess of Other Assets - (6.0%) |  | (6515377) |
| **TOTAL NET ASSETS - 100.0%** |  | $108961783 |

---

Percentages are stated as a percent of net assets.

EM – Emerging Markets

FTSE – Financial Times Stock Exchange

SPDR – Standard & Poor's Depositary Receipt

TIPS – Treasury Inflation Protected Security

(a) Affiliated
security as defined by the Investment Company Act of 1940.

(b) All
or a portion of this security is on loan as of April 30, 2025. The fair value of these securities was $6,394,741 which represented
5.9% of net assets.

(c) Non-income
producing security.

(d) Affiliated
investment due to the Fund holding more than 5% of the outstanding shares.

(e) The
rate shown represents the 7-day annualized effective yield as of April 30, 2025.

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

Transactions with affiliated companies during the year ended April 30, 2025, were as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Security Name | Market Value as of April 30, 2024 | Purchases | Purchases In-Kind | Sales | Sales In-Kind | Market Value as of April 30, 2025 | Share Balance as of April 30, 2025 | Dividends | Change in Unrealized Gain (Loss) | Realized Gain (Loss) |
| Cambria Chesapeake Pure Trend ETF | $— | $11287183 | $1131860 | $(4642020) | $(633864) | $4317181 | 298585 | $27406 | $(1338800) | $(1487178) |
| Cambria Emerging Shareholder Yield ETF | 9013406 | 2944136 | 808574 | (7244263) | (437319) | 4378334 | 138205 | 314027 | (1174166) | 467966 |
| Cambria Foreign Shareholder Yield ETF | 8841186 | 1751790 | 838724 | (4386260) | (443799) | 6578678 | 243745 | 320407 | (299639) | 276676 |
| Cambria Global Real Estate ETF | 4108858 | 2535151 | 848754 | (2557197) | (383114) | 4341037 | 184117 | 388579 | 203783 | (415198) |
| Cambria Global Value ETF | 4415790 | 1555712 | 821347 | (813774) | (320606) | 6572591 | 256792 | 200838 | 840574 | 73548 |
| Cambria LargeCap Shareholder Yield ETF |  | 3829727 | 430741 | (2614965) | (174322) | 1111512 | 45257 | 40860 | (56807) | (302862) |
| Cambria Micro and SmallCap Shareholder Yield ETF | 5505689 | 229308 | 614155 | (4382652) | (411059) | 1093384 | 51670 | 199988 | (263062) | (198995) |
| Cambria Shareholder Yield ETF | 7733218 | 137927 | 591831 | (5553569) | (378773) | 2180445 | 36124 | 94751 | (906132) | 555943 |
| Cambria Tactical Yield ETF | 4276769 | 4243978 | 663824 | (234037) | (306742) | 8657211 | 340768 | 180880 | 9674 | 3745 |
| Cambria Tail Risk ETF |  | 2165484 |  |  |  | 2141983 | 167867 |  | (23501) |  |
| Cambria Value and Momentum ETF | 10744191 | 126880 | 1470693 | (3098998) | (665290) | 8551701 | 295924 | 163820 | (81292) | 55517 |
| JPMorgan USD Emerging Markets Sovereign Bond ETF | 3163835 | 15591 | 498048 | (178841) | (232316) | 3261334 | 85802 | 225291 | (6418) | 1435 |
|  | $57802942 | $30822867 | $8718551 | $(35706576) | $(4387204) | $53185391 | 2144856 | $2156847 | $(3095786) | $(969403) |

---

Investments no longer affiliated as of April 30, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Security Name | Market Value as of April 30, 2024 | Purchases | Purchases In-Kind | Sales | Sales In-Kind | Market Value as of April 30, <br>2025 | Share Balance as of April 30, <br>2025 | Dividends | Change in Unrealized Gain (Loss) | Realized Gain (Loss) |
| Grizzle Growth ETF | $2261107 | $— | $335591 | $(684804) | $(2102972) | $— |  | $40676 | $(321582) | $512660 |
| Grand Total | $60064049 | $30822867 | $9054142 | $(36391380) | $(6490176) | $53185391 | 2144856 | $2197523 | $(3417368) | $(456743) |

---

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

**Cambria Value and Momentum ETF**

**Schedule of Investments**

**April 30, 2025**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 79.6%** | **Shares** | **Value** |
| **Communication Services - 4.7%**<br>|  |  |
| AT&T, Inc. | 16355 | $453034 |
| Fox Corp. - Class A | 8213 | 408925 |
| Fox Corp. - Class B | 8849 | 409178 |
| TEGNA, Inc. | 23806 | 386371 |
| Telephone and Data Systems, Inc. | 11727 | 439645 |
| Warner Bros Discovery, Inc. <sup>(a)</sup> | 41146 | 356736 |
|  |  | 2453889 |
| **Consumer Discretionary - 11.6%** |  |  |
| <br>Adtalem Global Education, Inc. <sup>(a)</sup><br>| 4418 | 469192 |
| General Motors Co. | 8606 | 389335 |
| Group 1 Automotive, Inc. | 1075 | 433902 |
| Laureate Education, Inc. <sup>(a)</sup> | 22396 | 449488 |
| La-Z-Boy, Inc. | 11243 | 444099 |
| Perdoceo Education Corp. | 17891 | 449422 |
| Phinia, Inc. | 9843 | 395196 |
| Rush Street Interactive, Inc. <sup>(a)</sup> | 39537 | 479584 |
| Serve Robotics, Inc. <sup>(a)(b)</sup> | 59514 | 367201 |
| Stride, Inc. <sup>(a)</sup> | 3547 | 504561 |
| Travel + Leisure Co. | 9226 | 405298 |
| Urban Outfitters, Inc. <sup>(a)</sup> | 8358 | 441135 |
| Williams-Sonoma, Inc. | 2675 | 413207 |
| Yum China Holdings, Inc. | 8737 | 378400 |
|  |  | 6020020 |
| **Consumer Staples - 3.5%**<br>|  |  |
| Cal-Maine Foods, Inc. | 4829 | 450884 |
| Ingredion, Inc. | 3384 | 449463 |
| Molson Coors Beverage Co. - Class B | 7646 | 439874 |
| Pilgrim's Pride Corp. | 8783 | 479376 |
|  |  | 1819597 |
| **Energy - 2.8%** |  |  |
| Baker Hughes Co.<br>| 9985 | 353469 |
| NextDecade Corp. <sup>(a)</sup> | 47713 | 356893 |
| Select Water Solutions, Inc. | 40754 | 347224 |
| World Kinect Corp. | 15737 | 394842 |
|  |  | 1452428 |
| **Financials - 25.4%<sup>(c)</sup>** |  |  |
| <br>Aflac, Inc.<br>| 4086 | 444066 |
| Assurant, Inc. | 2130 | 410536 |
| Bread Financial Holdings, Inc. | 8651 | 410490 |
| Brighthouse Financial, Inc. <sup>(a)</sup> | 7509 | 437174 |
| Brookfield Asset Management Ltd. | 8720 | 465038 |
| Capital One Financial Corp. | 2466 | 444521 |
| Citizens Financial Group, Inc. | 10567 | 389817 |
| CNO Financial Group, Inc. | 10540 | 399888 |
| Corebridge Financial, Inc. | 13371 | 396183 |
| Discover Financial Services | 2651 | 484258 |
| Enova International, Inc. <sup>(a)</sup> | 4382 | 402224 |
| Enterprise Financial Services Corp. | 8002 | 416264 |
| Equitable Holdings, Inc. | 8253 | 408111 |
| Fidelity National Financial, Inc. | 6879 | 440600 |
| First Citizens BancShares, Inc. - Class A | 236 | 419877 |
| First Horizon Corp. | 22565 | 407975 |
| Hartford Insurance Group, Inc. | 3693 | 453020 |
| Jackson Financial, Inc. - Class A | 4990 | 388771 |
| Lincoln National Corp. | 11844 | 377468 |

---

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

---

| | | |
|:---|:---|:---|
| Loews Corp. | 5044 | 437970 |
| Mercury General Corp. | 7963.0 | 441309 |
| MGIC Investment Corp. | 18448.0 | 459540 |
| Old Republic International Corp. | 11681.0 | 439206 |
| Pathward Financial, Inc. | 5940.0 | 471458 |
| Prudential Financial, Inc. | 3923.0 | 402931 |
| Reinsurance Group of America, Inc. | 2242.0 | 419949 |
| Robinhood Markets, Inc. - Class A <sup>(a)</sup> | 9415.0 | 462371 |
| Skyward Specialty Insurance Group, Inc. <sup>(a)</sup> | 8374.0 | 444576 |
| Synchrony Financial | 8051.0 | 418249 |
| UMB Financial Corp. | 4259.0 | 402774 |
| Unum Group | 5365.0 | 416646 |
|  |  | 13213260 |
| **Health Care - 6.6%** |  |  |
| Cardinal Health, Inc.<br>| 3394.0 | 479538 |
| Catalyst Pharmaceuticals, Inc. <sup>(a)</sup> | 17379.0 | 422136 |
| Clover Health Investments Corp. <sup>(a)</sup> | 115514.0 | 392747 |
| Exelixis, Inc. <sup>(a)</sup> | 11986.0 | 469252 |
| Pediatrix Medical Group, Inc. <sup>(a)</sup> | 30566.0 | 393690 |
| Protagonist Therapeutics, Inc. <sup>(a)</sup> | 8757.0 | 401246 |
| United Therapeutics Corp. <sup>(a)</sup> | 1425.0 | 431903 |
| Universal Health Services, Inc. - Class B | 2411.0 | 426916 |
|  |  | 3417428 |
| **Industrials - 14.2%**<br>|  |  |
| ABM Industries, Inc. | 9333.0 | 454890 |
| Alaska Air Group, Inc. <sup>(a)</sup> | 8265.0 | 365892 |
| Argan, Inc. | 3531.0 | 540702 |
| Delta Air Lines, Inc. | 9209.0 | 383371 |
| DNOW, Inc. <sup>(a)</sup> | 26530.0 | 421031 |
| DXP Enterprises, Inc. <sup>(a)</sup> | 5066.0 | 448138 |
| IES Holdings, Inc. <sup>(a)</sup> | 2412.0 | 474392 |
| Interface, Inc. | 22077.0 | 415048 |
| Matson, Inc. | 3407.0 | 371670 |
| Mueller Industries, Inc. | 5672.0 | 417232 |
| OPENLANE, Inc. <sup>(a)</sup> | 21213.0 | 392653 |
| Planet Labs PBC <sup>(a)</sup> | 114195.0 | 375702 |
| Primoris Services Corp. | 6894.0 | 413433 |
| REV Group, Inc. | 13395.0 | 438017 |
| SkyWest, Inc. <sup>(a)</sup> | 4742.0 | 422844 |
| Sun Country Airlines Holdings, Inc. <sup>(a)</sup> | 32675.0 | 320215 |
| Tutor Perini Corp. <sup>(a)</sup> | 17420.0 | 373833 |
| United Airlines Holdings, Inc. <sup>(a)</sup> | 5625.0 | 387112 |
|  |  | 7416175 |
| **Information Technology - 4.7%** |  |  |
| <br>Benchmark Electronics, Inc.  | 10985.0 | 357342 |
| InterDigital, Inc. | 2018.0 | 405618 |
| NETGEAR, Inc. <sup>(a)</sup> | 18260.0 | 440431 |
| Plexus Corp. <sup>(a)</sup> | 3381.0 | 413936 |
| Sanmina Corp. <sup>(a)</sup> | 5592.0 | 429410 |
| TD SYNNEX Corp. | 3518.0 | 389794 |
|  |  | 2436531 |
| **Materials - 1.9%** |  |  |
| <br>Century Aluminum Co. <sup>(a)</sup>  | 23875.0 | 391789 |
| Perimeter Solutions, Inc. <sup>(a)</sup> | 48773.0 | 494070 |
| Resolute Forest Products <sup>(a)(d)</sup> | 66033.0 | 93767 |
|  |  | 979626 |
| **Real Estate - 0.7%** |  |  |
| <br>Jones Lang LaSalle, Inc. <sup>(a)</sup>  | 1742.0 | 396148 |

---

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

---

| | | |
|:---|:---|:---|
| **Utilities - 3.5%** |  |  |
| MDU Resources Group, Inc. | 26623 | 456318 |
| NRG Energy, Inc. | 4417 | 484015 |
| UGI Corp. | 13777 | 451748 |
| Vistra Corp. | 3428 | 444372 |
|  |  | 1836453 |
| **TOTAL COMMON STOCKS** (Cost $38,967,713) |  | 41441555 |
| **REAL ESTATE INVESTMENT TRUSTS - 1.0%** |  |  |
| **Industrials - 1.0%** |  |  |
| <br>CoreCivic, Inc. <sup>(a)</sup>  | 22263 | 504034 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS** (Cost $476,870) |  | 504034 |
| **SHORT-TERM INVESTMENTS - 7.7%** |  |  |
| **Investments Purchased with Proceeds from Securities Lending - 0.7%** |  |  |
| <br> First American Government Obligations Fund - Class X, 4.25% <sup>(e)</sup>  | 375637 | 375637 |
| **Money Market Funds - 7.0%** |  |  |
| <br> First American Treasury Obligations Fund - Class X, 4.25% <sup>(e)</sup>  | 3634204 | 3634204 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $4,009,841) |  | 4009841 |
| **TOTAL INVESTMENTS - 88.3% (**Cost $43,454,424**)**<br>|  | 45955430 |
| Other Assets in Excess of Liabilities - 11.7% |  | 6117042 |
| **TOTAL NET ASSETS - 100.0%** |  | $52072472 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income
producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) All
 or a portion of this security is on loan as of April 30, 2025. The fair value of these
 securities was $343,361 which represented 0.7% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) To
 the extent that the Fund invests more heavily in a particular industry or sector of the
 economy, its performance will be especially sensitive to developments that significantly
 affect those industries or sectors.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Fair
 value determined using significant unobservable inputs in accordance with procedures
 established by and under the supervision of the Adviser, acting as Valuation Designee.
 These securities represented $93,767 or 0.2% of net assets as of April 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The
 rate shown represents the 7-day annualized effective yield as of April 30, 2025.

**The open futures contracts held by the Fund as of April 30, 2025, were as follows:**

**Cambria Value and Momentum ETF**

**Schedule of Futures Contracts April 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**<br>| **Contracts <br>Sold** | **Expiration<br> Date**  | **Notional**<br> **Value**  | **Value / Unrealized Appreciation (Depreciation)** |
| &nbsp;&nbsp;&nbsp;E-Mini S&P 500 | (149) | 06/20/2025 | $(41623150) | $948432 |
| **Net Unrealized Appreciation (Depreciation)** |  |  |  | $948432 |

---

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

**Statements of Assets and Liabilities**

**April 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Cambria Cannabis <br> ETF** | **Cambria Emerging Shareholder Yield <br> ETF** | **Cambria Fixed** <br> **Income Trend** <br> **ETF<sup>(a)</sup>** | **Cambria Foreign <br> Shareholder Yield <br> ETF** | **Cambria Global <br> Asset Allocation <br> ETF** |
| **ASSETS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated securities, at value | $8373427 | $487281460 | $12842372 | $336872021 | $39283291 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated securities, at value |  |  |  |  | 23939330 |
| &nbsp;&nbsp;&nbsp;Deposit at broker for derivatives | 3610000 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Receivable for swap contracts, net | 514232 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 16095 | 1025865 |  | 2214530 |  |
| &nbsp;&nbsp;&nbsp;Interest receivable | 4581 | 17196 | 210 | 5315 | 636 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold |  | 3781538 |  |  |  |
| &nbsp;&nbsp;&nbsp;Receivable for fund shares sold |  |  |  | 2695330 |  |
| &nbsp;&nbsp;&nbsp;Dividend tax reclaims receivable |  | 353647 |  | 624579 |  |
| &nbsp;&nbsp;&nbsp;Security lending income receivable |  |  |  | 3022 | 12942 |
| &nbsp;&nbsp;&nbsp;Cash |  | 740179 |  | 18420 |  |
| &nbsp;&nbsp;&nbsp;Foreign currency, at value |  | 67 |  | 3718811 |  |
| Total assets | 12518335 | 493199952 | 12842582 | 346152028 | 63236199 |
| **LIABILITIES:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased |  |  |  | 2633071 |  |
| &nbsp;&nbsp;&nbsp;Payable to adviser |  | 231928 |  | 155013 |  |
| &nbsp;&nbsp;&nbsp;Payable upon return of securities loaned |  |  |  | 7756475 | 9505960 |
| &nbsp;&nbsp;&nbsp;Payable for custodian fees |  | 125769 |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for deferred foreign capital gains tax |  | 1131675 |  |  |  |
| Total liabilities |  | 1489372 |  | 10544559 | 9505960 |
| **NET ASSETS** | $12518335 | $491710580 | $12842582 | $335607469 | $53730239 |
| **NET ASSETS CONSISTS OF:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $39095961 | $493999504 | $13116340 | $357999769 | $53331061 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings/(accumulated losses) | (26577626) | (2288924) | (273758) | (22392300) | 339178 |
| Total net assets | $12518335 | $491710580 | $12842582 | $335607469 | $53730239 |
| &nbsp;&nbsp;&nbsp;Net assets | $12518335 | $491710580 | $12842582 | $335607469 | $53730239 |
| &nbsp;&nbsp;&nbsp;Shares issued and outstanding<sup>(b)</sup> | 2550002 | 15450004 | 525000 | 12500010 | 1850001 |
| &nbsp;&nbsp;&nbsp;Net asset value per share | $4.91 | $31.83 | $24.46 | $26.85 | $29.04 |
| **COST:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated securities, at cost | $8653431 | $479665647 | $12899129 | $333039522 | $38306391 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated securities, at cost | $— | $— | $— | $— | $23214908 |
| &nbsp;&nbsp;&nbsp;Foreign currency, at cost | $— | $— | $— | $3553447 | $— |
| **LOANED SECURITIES:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;at value (included in investments) | $— | $— | $— | $7073165 | $9268376 |

---

(a) Inception
 date March 27, 2025.

(b) Unlimited
 shares authorized without par value.

**Statements of Assets and Liabilities**

**April 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Cambria Global Momentum ETF** | **Cambria Global Real Estate ETF** | **Cambria Global Value ETF** | **Cambria LargeCap Shareholder Yield ETF<sup>(a)</sup>** | **Cambria Micro** <br> **and SmallCap Shareholder Yield <br> ETF** |
| **ASSETS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated securities, at value | $79223133 | $35676208 | $185219267 | $4273698 | $10098277 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated securities, at value | 31116521 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Security lending income receivable | 7168 |  |  |  | 56 |
| &nbsp;&nbsp;&nbsp;Interest receivable | 1553 | 2354 | 22053 | 159 | 511 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold |  | 584360 |  |  |  |
| &nbsp;&nbsp;&nbsp;Receivable for fund shares sold |  |  | 7628970 |  |  |
| &nbsp;&nbsp;&nbsp;Dividends receivable |  | 46335 | 1335273 | 16577 | 18451 |
| &nbsp;&nbsp;&nbsp;Dividend tax reclaims receivable |  | 25673 | 569559 |  |  |
| &nbsp;&nbsp;&nbsp;Cash |  |  | 67721 |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency, at value |  | 13678 | 1102 |  |  |
| Total assets | 110348375 | 36348608 | 194843945 | 4290434 | 10117295 |

---

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

**Statements of Assets and Liabilities**

**April 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Cambria Global Momentum ETF** | **Cambria Global Real Estate ETF** | **Cambria Global <br> Value ETF** | **Cambria LargeCap** <br> **Shareholder Yield ETF<sup>(a)</sup>** | **Cambria Micro and SmallCap <br> Shareholder Yield <br> ETF** |
| **LIABILITIES:** | | | | | |
| &nbsp;&nbsp;&nbsp;Payable upon return of securities loaned | 4212450 |  |  |  | 77420 |
| &nbsp;&nbsp;&nbsp;Payable to adviser | 50989 |  | 81278 | 896 |  |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased |  |  | 6542160 |  |  |
| &nbsp;&nbsp;&nbsp;Payable for custodian fees |  |  | 38234 |  |  |
| &nbsp;&nbsp;&nbsp;Payable for expenses and other liabilities |  |  | 6427 |  |  |
| Total liabilities | 4263439 |  | 6668099 | 896 | 77420 |
| **NET ASSETS** | $106084936 | $36348608 | $188175846 | $4289538 | $10039875 |
| **NET ASSETS CONSISTS OF:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $120442153 | $45290734 | $211087608 | $5028427 | $12911909 |
| &nbsp;&nbsp;&nbsp;Total accumulated losses | (14357217) | (8942126) | (22911762) | (738889) | (2872034) |
| Total net assets | $106084936 | $36348608 | $188175846 | $4289538 | $10039875 |
| &nbsp;&nbsp;&nbsp;Net assets | $106084936 | $36348608 | $188175846 | $4289538 | $10039875 |
| &nbsp;&nbsp;&nbsp;Shares issued and outstanding<sup>(b)</sup> | 3700001 | 1550002 | 7400010 | 175000 | 475000 |
| &nbsp;&nbsp;&nbsp;Net asset value per share | $28.67 | $23.45 | $25.43 | $24.51 | $21.14 |
| **COST:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated securities, at cost | $71926703 | $37190605 | $178872141 | $4813612 | $12361878 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated securities, at cost | $31054387 | $— | $— | $— | $— |
| **LOANED SECURITIES:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;at value (included in investments) | $4127544 | $— | $— | $— | $74102 |

---

(a) Inception
 date July 11, 2024.

(b) Unlimited
 shares authorized without par value.

**Statements of Assets and Liabilities**

**April 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Cambria<br> Shareholder Yield<br> ETF** | **Cambria Tactical** **<br> Yield ETF** | **Cambria Tail Risk** **<br> ETF** | **Cambria Trinity** **<br> ETF** | **Cambria Value and** **<br> Momentum ETF** |
| **ASSETS:** | | | | | |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated securities, at value | $923406206 | $44483352 | $152627427 | $62291769 | $45955430 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated securities, at value |  |  |  | 53185391 |  |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 2994904 |  | 65566 |  |  |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 953187 |  |  |  | 37556 |
| &nbsp;&nbsp;&nbsp;Interest receivable | 25117 | 140 | 2374502 | 1552 | 16966 |
| &nbsp;&nbsp;&nbsp;Dividend tax reclaims receivable | 14456 |  |  |  | 316 |
| &nbsp;&nbsp;&nbsp;Security lending income receivable | 2633 |  |  | 18747 | 1710 |
| &nbsp;&nbsp;&nbsp;Receivable for fund shares sold |  |  | 5096120 |  |  |
| &nbsp;&nbsp;&nbsp;Deposit at broker for derivatives |  |  | 4998180 |  | 6461625 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets |  |  | 411703 |  |  |
| Total assets | 927396503 | 44483492 | 165573498 | 115497459 | 52473603 |
| **LIABILITIES:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable upon return of securities loaned | 4761649 |  |  | 6535676 | 375637 |
| &nbsp;&nbsp;&nbsp;Payable for capital shares redeemed | 3023535 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable to adviser | 456004 |  | 54503 |  | 25494 |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased |  |  | 4388780 |  |  |
| Total liabilities | 8241188 |  | 4443283 | 6535676 | 401131 |
| **NET ASSETS** | $919155315 | $44483492 | $161130215 | $108961783 | $52072472 |
| **NET ASSETS CONSISTS OF:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $1151499264 | $44246165 | $335976168 | $112668975 | $79669176 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings/(accumulated losses) | (232343949) | 237327 | (174845953) | (3707192) | (27596704) |
| Total net assets | $919155315 | $44483492 | $161130215 | $108961783 | $52072472 |
| &nbsp;&nbsp;&nbsp;Net assets | $919155315 | $44483492 | $161130215 | $108961783 | $52072472 |
| &nbsp;&nbsp;&nbsp;Shares issued and outstanding<sup>(a)</sup> | 15200000 | 1750000 | 12650002 | 4300002 | 1800004 |
| &nbsp;&nbsp;&nbsp;Net asset value per share | $60.47 | $25.42 | $12.74 | $25.34 | $28.93 |
| **COST:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated securities, at cost | $1072668285 | $44479766 | $155603757 | $59521574 | $43454424 |

---

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

**Statements of Assets and Liabilities**

 **April 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Cambria <br> Shareholder Yield <br> ETF** | **Cambria Tactical <br> Yield ETF** | **Cambria Tail Risk <br> ETF** | **Cambria Trinity <br> ETF** | **Cambria Value and Momentum ETF** |
| &nbsp;&nbsp;&nbsp;Investments in affiliated securities, at cost | $— | $— | $— | $52213303 | $— |
| **LOANED SECURITIES:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;at value (included in investments) | $4528864 | $— | $— | $6394741 | $343361 |

---

(a) Unlimited
 shares authorized without par value.

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

**Statements of Operations**

**For the Year/Period Ended April 30, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Cambria Cannabis<br> ETF** | **Cambria Emerging <br> Shareholder Yield <br> ETF** | **Cambria Fixed** <br> **Income Trend** <br> **ETF<sup>(a)</sup>** | **Cambria Foreign <br> Shareholder Yield <br> ETF** | **Cambria Global <br> Asset Allocation<br> ETF** |
| **INVESTMENT INCOME:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend income from unaffiliated securities | $246404 | $25116838 | $6663 | $17246236 | $986300 |
| &nbsp;&nbsp;&nbsp;Dividend income from affiliated securities |  |  |  |  | 1121062 |
| &nbsp;&nbsp;&nbsp;Reclaims income from unaffiliated securities |  |  |  | 832613 |  |
| &nbsp;&nbsp;&nbsp;Less: Dividend withholding taxes |  | (4027496) |  | (2551051) |  |
| &nbsp;&nbsp;&nbsp;Interest income | 75385 | 602429 | 210 | 172161 | 20687 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 58 | 137 |  | 20377 | 58390 |
| Total investment income | 321847 | 21691909 | 6873 | 15720336 | 2186439 |
| **EXPENSES:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fee | 81731 | 2693188 | 4582 | 1864327 |  |
| &nbsp;&nbsp;&nbsp;Custodian fees |  | 251471 |  |  |  |
| &nbsp;&nbsp;&nbsp;Income tax expense |  |  |  |  | 2040 |
| &nbsp;&nbsp;&nbsp;Other expenses and fees |  |  |  | 198 |  |
| Total expenses | 81731 | 2944659 | 4582 | 1864525 | 2040 |
| &nbsp;&nbsp;&nbsp;Expense reimbursement by Adviser | (81731) |  | (4582) |  |  |
| Net expenses |  | 2944659 |  | 1864525 | 2040 |
| **NET INVESTMENT INCOME** | 321847 | 18747250 | 6873 | 13855811 | 2184399 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated securities<sup>(b)</sup> | (7420788) | (4290396) | (223874) | 11340300 | (424303) |
| &nbsp;&nbsp;&nbsp;Investments in affiliated securities<sup>(b)</sup> |  |  |  |  | 825174 |
| &nbsp;&nbsp;&nbsp;Swap contracts | (4511648) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions received from other investment companies |  |  |  |  | 825 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | (2482) | (123694) |  | (624701) |  |
| Net realized gain (loss) | (11934918) | (4414090) | (223874) | 10715599 | 401696 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated securities | 7910851 | (32542227) | (56757) | (11702708) | 2301622 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated securities |  | **—** |  |  | (1017662) |
| &nbsp;&nbsp;&nbsp;Deferred foreign capital gains tax |  | 214793 |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | 14726 | (177692) |  | (77174) |  |
| Net change in unrealized appreciation (depreciation) | 7925577 | (32505126) | (56757) | (11779882) | 1283960 |
| Net realized and unrealized gain (loss) | (4009341) | (36919216) | (280631) | (1064283) | 1685656 |
| **NET INCREASE (DECREASE) IN NET** |  |  |  |  |  |
| **ASSETS RESULTING FROM OPERATIONS** | $(3687494) | $(18171966) | $(273758) | $12791528 | $3870055 |

---

(a) Inception
 date March 27, 2025.

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

**For the Year/Period Ended April 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Cambria Global <br> Momentum ETF** | **Cambria Global <br> Real Estate ETF** | **Cambria Global <br> Value ETF** | **Cambria LargeCap Shareholder Yield** <br> **ETF<sup>(a)</sup>** | **Cambria Micro and SmallCap <br> Shareholder Yield ETF** |
| **INVESTMENT INCOME:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend income from unaffiliated securities | $667670 | $1529750 | $7324255 | $199962 | $807152 |
| &nbsp;&nbsp;&nbsp;Dividend income from affiliated securities | 1773370 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Less: Dividend withholding taxes |  | (76472) | (816879) |  | (287) |
| &nbsp;&nbsp;&nbsp;Interest income | 23756 | 48452 | 112519 | 1605 | 37133 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 97580 | 243 | 119 |  | 378 |
| &nbsp;&nbsp;&nbsp;Other income |  |  | 60 |  |  |
| Total investment income | 2562376 | 1501973 | 6620074 | 201567 | 844376 |
| **EXPENSES:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fee | 689824 | 197842 | 633354 | 41912 | 166940 |
| &nbsp;&nbsp;&nbsp;Custodian fees |  |  | 79816 |  |  |
| Total expenses | 689824 | 197842 | 713170 | 41912 | 166940 |
| &nbsp;&nbsp;&nbsp;Expense reimbursement by Adviser |  | (197842) |  | (11161) | (166940) |
| Net expenses | 689824 |  | 713170 | 30751 |  |
| **NET INVESTMENT INCOME** | 1872552 | 1501973 | 5906904 | 170816 | 844376 |

---

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

**For the Year/Period Ended April 30, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Cambria Global <br> Momentum ETF** | **Cambria Global <br> Real Estate ETF** | **Cambria Global <br> Value ETF** | **Cambria LargeCap Shareholder Yield** <br> **ETF<sup>(a)</sup>** | **Cambria Micro and SmallCap <br> Shareholder Yield ETF** |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated securities<sup>(b)</sup> | 4289604 | 772104 | 851776 | (741111) | 229225 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated securities<sup>(b)</sup> | 3848835 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions |  | (125342) | (39485) |  |  |
| Net realized gain (loss) | 8138439 | 646762 | 812291 | (741111) | 229225 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated securities | 4386997 | (1099154) | 16360856 | (539914) | (2601579) |
| &nbsp;&nbsp;&nbsp;Investments in affiliated securities | (7505999) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions |  | 14722 | 43563 |  |  |
| Net change in unrealized appreciation (depreciation) | (3119002) | (1084432) | 16404419 | (539914) | (2601579) |
| Net realized and unrealized gain (loss) | 5019437 | (437670) | 17216710 | (1281025) | (2372354) |
| **NET INCREASE (DECREASE) IN NET** |  |  |  |  |  |
| **ASSETS RESULTING FROM OPERATIONS** | $6891989 | $1064303 | $23123614 | $(1110209) | $(1527978) |

---

(a) Inception
 date July 11, 2024.

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

**For the Year Ended April 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Cambria <br> Shareholder Yield<br> ETF** | **Cambria Tactical <br> Yield ETF** | **Cambria Tail Risk <br> ETF** | **Cambria Trinity <br> ETF** | **Cambria Value and Momentum ETF** |
| **INVESTMENT INCOME:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend income from unaffiliated securities | $31870554 | $— | $— | $953411 | $683170 |
| &nbsp;&nbsp;&nbsp;Dividend income from affiliated securities |  |  |  | 2197523 |  |
| &nbsp;&nbsp;&nbsp;Less: Dividend withholding taxes |  |  |  |  | (910) |
| &nbsp;&nbsp;&nbsp;Interest income | 744662 | 1008578 | 2929181 | 19858 | 232254 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 25426 |  |  | 121744 | 2384 |
| &nbsp;&nbsp;&nbsp;Other income |  |  |  |  | 2809 |
| Total investment income | 32640642 | 1008578 | 2929181 | 3292536 | 919707 |
| **EXPENSES:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fee | 7103562 | 122946 | 461123 |  | 320065 |
| &nbsp;&nbsp;&nbsp;Interest expense |  |  |  |  | 26161 |
| &nbsp;&nbsp;&nbsp;Other expenses and fees |  |  | 1500 |  |  |
| Total expenses | 7103562 | 122946 | 462623 |  | 346226 |
| &nbsp;&nbsp;&nbsp;Expense reimbursement by Adviser |  | (122946) |  |  |  |
| Net expenses | 7103562 |  | 462623 |  | 346226 |
| **NET INVESTMENT INCOME** | 25537080 | 1008578 | 2466558 | 3292536 | 573481 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated securities<sup>(a)</sup> | 1433366 | 2242 | (1764905) | 430392 | 3156132 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated securities<sup>(a)</sup> |  |  |  | (456743) |  |
| &nbsp;&nbsp;&nbsp;Futures contracts |  |  |  |  | (758275) |
| &nbsp;&nbsp;&nbsp;Distributions received from other investment companies |  |  |  | 1687 |  |
| Net realized gain (loss) | 1433366 | 2242 | (1764905) | (24664) | 2397857 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated securities | (147437155) | 15634 | 6769068 | 2773566 | (2224901) |
| &nbsp;&nbsp;&nbsp;Investments in affiliated securities |  |  |  | (3417368) |  |
| &nbsp;&nbsp;&nbsp;Futures contracts |  |  |  |  | 172394 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | (17) |  |  |  |  |
| Net change in unrealized appreciation (depreciation) | (147437172) | 15634 | 6769068 | (643802) | (2052507) |
| Net realized and unrealized gain (loss) | (146003806) | 17876 | 5004163 | (668466) | 345350 |
| **NET INCREASE (DECREASE) IN NET** |  |  |  |  |  |
| **ASSETS RESULTING FROM OPERATIONS** | $(120466726) | $1026454 | $7470721 | $2624070 | $918831 |

---

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

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

**Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cambria Cannabis ETF** | **Cambria Cannabis ETF** | **Cambria Emerging Shareholder Yield ETF** | **Cambria Emerging Shareholder Yield ETF** |
|  | **Year ended April<br> 30, 2025** | **Year ended April<br> 30, 2024** | **Year ended April<br> 30, 2025** | **Year ended April<br> 30, 2024** |
| **OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $321847 | $399995 | $18747250 | $10734082 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss)<sup>(a)</sup> | (11934918) | (8917268) | (4414090) | (431560) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 7925577 | 9760026 | (32505126) | 49710584 |
| Net increase (decrease) in net assets from operations | (3687494) | 1242753 | (18171966) | 60013106 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From earnings | (748350) | (397187) | (18218875) | (12050108) |
| Total distributions to shareholders | (748350) | (397187) | (18218875) | (12050108) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Subscriptions | 7208285 |  | 189377620 | 128713314 |
| &nbsp;&nbsp;&nbsp;Redemptions | (1414830) | (873388) | (14230515) |  |
| &nbsp;&nbsp;&nbsp;ETF transaction fees (See Note 2) |  |  | 179262 | 123516 |
| Net increase (decrease) in net assets from capital transactions | 5793455 | (873388) | 175326367 | 128836830 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 1357611 | (27822) | 138935526 | 176799828 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of the year | 11160724 | 11188546 | 352775054 | 175975226 |
| End of the year | $12518335 | $11160724 | $491710580 | $352775054 |
| **SHARES TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Subscriptions | 1200000 |  | 5550000 | 4200000 |
| &nbsp;&nbsp;&nbsp;Redemptions | (300000) | (150000) | (450000) |  |
| Total increase (decrease) in shares outstanding | 900000 | (150000) | 5100000 | 4200000 |

---

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

**Statements of Changes in Net Assets**

---

| | | | |
|:---|:---|:---|:---|
|  | **Cambria Fixed <br> Income Trend<br> ETF** | **Cambria Foreign Shareholder Yield ETF** | **Cambria Foreign Shareholder Yield ETF** |
|  | **Period ended**<br> **April 30, 2025<sup>(a)</sup>** | **Year ended April<br> 30, 2025** | **Year ended April<br> 30, 2024** |
| **OPERATIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $6873 | $13855811 | $11648912 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss)<sup>(b)</sup> | (223874) | 10715599 | 706018 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (56757) | (11779882) | 15476647 |
| Net increase (decrease) in net assets from operations | (273758) | 12791528 | 27831577 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;From earnings |  | (12944687) | (12160168) |
| Total distributions to shareholders |  | (12944687) | (12160168) |
| **CAPITAL TRANSACTIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Subscriptions | 13116340 | 164494780 | 145835241 |
| &nbsp;&nbsp;&nbsp;Redemptions |  | (100688100) | (77228721) |
| &nbsp;&nbsp;&nbsp;ETF transaction fees (See Note 2) |  | 15296 | 6392 |
| Net increase (decrease) in net assets from capital transactions | 13116340 | 63821976 | 68612912 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 12842582 | 63668817 | 84284321 |

---

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

**Statements of Changes in Net Assets**

---

| | | | |
|:---|:---|:---|:---|
|  | **Cambria Fixed<br> Income Trend<br> ETF** | **Cambria Foreign Shareholder Yield ETF** | **Cambria Foreign Shareholder Yield ETF** |
|  | **Period ended**<br> **April 30, 2025<sup>(a)</sup>** | **Year ended April<br> 30, 2025** | **Year ended April<br> 30, 2024** |
| **NET ASSETS:** |  |  |  |
| Beginning of the year/period |  | 271938652 | 187654331 |
| End of the year/period | $12842582 | $335607469 | $271938652 |
| **SHARES TRANSACTIONS** |  |  |  |
| &nbsp;&nbsp;&nbsp;Subscriptions | 525000 | 6100000 | 5800000 |
| &nbsp;&nbsp;&nbsp;Redemptions |  | (3750000) | (3100000) |
| Total increase (decrease) in shares outstanding | 525000 | 2350000 | 2700000 |

---

(a) Inception
 date of the Fund was March 27, 2025.

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

**Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cambria Global Asset Allocation ETF** | **Cambria Global Asset Allocation ETF** | **Cambria Global Momentum ETF** | **Cambria Global Momentum ETF** |
|  | **Year ended April<br> 30, 2025** | **Year ended April<br> 30, 2024** | **Year ended April<br> 30, 2025** | **Year ended April<br> 30, 2024** |
| **OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $2184399 | $1939653 | $1872552 | $5159797 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss)<sup>(a)</sup> | 401696 | (273408) | 8138439 | (4528708) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 1283960 | 2557390 | (3119002) | 4605686 |
| Net increase (decrease) in net assets from operations | 3870055 | 4223635 | 6891989 | 5236775 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From earnings | (2233576) | (1918316) | (2057727) | (4864989) |
| &nbsp;&nbsp;&nbsp;From return of capital | (63710) |  | (1736844) | (90620) |
| Total distributions to shareholders | (2297286) | (1918316) | (3794571) | (4955609) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Subscriptions | 4358050 | 6801606 | 23387820 | 5410020 |
| &nbsp;&nbsp;&nbsp;Redemptions | (5831225) | (6748017) | (57160630) | (46883221) |
| Net increase (decrease) in net assets from capital transactions | (1473175) | 53589 | (33772810) | (41473201) |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 99594 | 2358908 | (30675392) | (41192035) |
| **NET ASSETS:** |  |  |  |  |
| Beginning of the year | 53630645 | 51271737 | 136760328 | 177952363 |
| End of the year | $53730239 | $53630645 | $106084936 | $136760328 |
| **SHARES TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Subscriptions | 150000 | 250000 | 800000 | 200000 |
| &nbsp;&nbsp;&nbsp;Redemptions | (200000) | (250000) | (1950000) | (1700000) |
| Total increase (decrease) in shares outstanding | (50000) |  | (1150000) | (1500000) |

---

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

**Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cambria Global Real Estate ETF** | **Cambria Global Real Estate ETF** | **Cambria Global Value ETF** | **Cambria Global Value ETF** |
|  | **Year ended April<br> 30, 2025** | **Year ended April<br> 30, 2024** | **Year ended April<br> 30, 2025** | **Year ended April<br> 30, 2024** |
| **OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $1501973 | $961406 | $5906904 | $6241361 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss)<sup>(a)</sup> | 646762 | (871283) | 812291 | 2414797 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (1084432) | 583216 | 16404419 | 566894 |
| Net increase (decrease) in net assets from operations | 1064303 | 673339 | 23123614 | 9223052 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From earnings | (2714991) | (1425683) | (4607623) | (7413483) |
| &nbsp;&nbsp;&nbsp;From return of capital | (192966) |  |  |  |
| Total distributions to shareholders | (2907957) | (1425683) | (4607623) | (7413483) |

---

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

**Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cambria Global Real Estate ETF** | **Cambria Global Real Estate ETF** | **Cambria Global Value ETF** | **Cambria Global Value ETF** |
|  | **Year ended April<br> 30, 2025** | **Year ended April<br> 30, 2024** | **Year ended April<br> 30, 2025** | **Year ended April<br> 30, 2024** |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Subscriptions | 33825880 | 1197842 | 77728160 | 23355325 |
| &nbsp;&nbsp;&nbsp;Redemptions | (18045160) | (3705397) | (12973390) | (58332382) |
| &nbsp;&nbsp;&nbsp;ETF transaction fees (See Note 2) | 585 |  | 56987 | 37210 |
| Net increase (decrease) in net assets from capital transactions | 15781305 | (2507555) | 64811757 | (34939847) |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 13937651 | (3259899) | 83327748 | (33130278) |
| **NET ASSETS:** |  |  |  |  |
| Beginning of the year | 22410957 | 25670856 | 104848098 | 137978376 |
| End of the year | $36348608 | $22410957 | $188175846 | $104848098 |
| **SHARES TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Subscriptions | 1300000 | 50000 | 3150000 | 1100000 |
| &nbsp;&nbsp;&nbsp;Redemptions | (700000) | (150000) | (600000) | (2900000) |
| Total increase (decrease) in shares outstanding | 600000 | (100000) | 2550000 | (1800000) |

---

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

**Statements of Changes in Net Assets**

---

| | | | |
|:---|:---|:---|:---|
|  | **Cambria<br> LargeCap<br> Shareholder Yield<br> ETF** | **Cambria Micro and SmallCap Shareholder Yield ETF** | **Cambria Micro and SmallCap Shareholder Yield ETF** |
|  | **Period ended**<br> **April 30, 2025<sup>(a)</sup>** | **Year ended April<br> 30, 2025** | **Period ended**<br> **April 30, 2024<sup>(b)</sup>** |
| **OPERATIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $170816 | $844376 | $203912 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss)<sup>(c)</sup> | (741111) | 229225 | 169996 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (539914) | (2601579) | 337978 |
| Net increase (decrease) in net assets from operations | (1110209) | (1527978) | 711886 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;From earnings | (144888) | (1045181) | (173103) |
| &nbsp;&nbsp;&nbsp;From return of capital |  | (320199) |  |
| Total distributions to shareholders | (144888) | (1365380) | (173103) |
| **CAPITAL TRANSACTIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Subscriptions | 14617453 | 15876943 | 26146140 |
| &nbsp;&nbsp;&nbsp;Redemptions | (9072818) | (29628633) |  |
| Net increase (decrease) in net assets from capital transactions | 5544635 | (13751690) | 26146140 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 4289538 | (16645048) | 26684923 |
| **NET ASSETS:** |  |  |  |
| Beginning of the year/period |  | 26684923 |  |
| End of the year/period | $4289538 | $10039875 | $26684923 |
| **SHARES TRANSACTIONS** |  |  |  |
| &nbsp;&nbsp;&nbsp;Subscriptions | 550000 | 600000 | 1050000 |
| &nbsp;&nbsp;&nbsp;Redemptions | (375000) | (1175000) |  |
| Total increase (decrease) in shares outstanding | 175000 | (575000) | 1050000 |

---

(a) Inception
 date of the Fund was July 11, 2024.

(b) Inception
 date of the Fund was January 4, 2024.

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

**Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cambria Shareholder Yield ETF** | **Cambria Shareholder Yield ETF** | **Cambria Tactical Yield ETF** | **Cambria Tactical Yield ETF** |
|  | **Year ended April<br> 30, 2025** | **Year ended April<br> 30, 2024** | **Year ended April<br> 30, 2025** | **Period ended**<br> **April 30, 2024<sup>(a)</sup>** |
| **OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $25537080 | $18443587 | $1008578 | $138263 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss)<sup>(b)</sup> | 1433366 | 122901059 | 2242 |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (147437172) | 31771880 | 15634 | (12048) |
| Net increase (decrease) in net assets from operations | (120466726) | 173116526 | 1026454 | 126215 |

---

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

**Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br> **Cambria Shareholder Yield ETF** | <br> **Cambria Shareholder Yield ETF** | **Cambria Tactical Yield ETF** | **Cambria Tactical Yield ETF** |
|  | **Year ended April**<br> **30, 2025** | **Year ended April**<br> **30, 2024** | **Year ended April**<br> **30, 2025** | **Period ended**<br> **April 30, 2024<sup>(a)</sup>** |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From earnings  | (24388078) | (18189105) | (849555) | (64232) |
| Total distributions to shareholders | (24388078) | (18189105) | (849555) | (64232) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Subscriptions  | 174915905 | 751168272 | 35499295 | 13808495 |
| &nbsp;&nbsp;&nbsp;Redemptions | (293168300) | (441887187) | (5063180) |  |
| Net increase (decrease) in net assets from capital transactions | (118252395) | 309281085 | 30436115 | 13808495 |
| **NET INCREASE (DECREASE) IN NET ASSETS**  | (263107199) | 464208506 | 30613014 | 13870478 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of the year/period  | 1182262514 | 718054008 | 13870478 |  |
| End of the year/period | $919155315 | $1182262514 | $44483492 | $13870478 |
| **SHARES TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Subscriptions  | 2500000 | 11000000 | 1400000 | 550000 |
| &nbsp;&nbsp;&nbsp;Redemptions | (4450000) | (6200000) | (200000) |  |
| Total increase (decrease) in shares outstanding | (1950000) | 4800000 | 1200000 | 550000 |

---

(a) Inception
 date of the Fund was January 4, 2024.

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

**Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br> **Cambria Tail Risk ETF** | <br> **Cambria Tail Risk ETF** | **Cambria Trinity ETF** | **Cambria Trinity ETF** |
|  | **Year ended April**<br> **30, 2025** | **Year ended April**<br> **30, 2024** | **Year ended April**<br> **30, 2025** | **Year ended**<br> **April 30, 2024** |
| **OPERATIONS:** | | | | |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $2466558 | $4493871 | $3292536 | $4308119 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss)<sup>(a)</sup> | (1764905) | (30375217) | (24664) | (2996688) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 6769068 | (637232) | (643802) | 6267947 |
| Net increase (decrease) in net assets from operations | 7470721 | (26518578) | 2624070 | 7579378 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From earnings | (2093066) | (4835037) | (3325439) | (4200302) |
| &nbsp;&nbsp;&nbsp;From return of capital |  |  |  | (156484) |
| Total distributions to shareholders | (2093066) | (4835037) | (3325439) | (4356786) |
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Subscriptions | 139792730 | 19890706 | 16762655 | 2449493 |
| &nbsp;&nbsp;&nbsp;Redemptions | (66138115) | (130810997) | (14210495) | (17660925) |
| &nbsp;&nbsp;&nbsp;ETF transaction fees (See Note 2) |  | 31 |  |  |
| Net increase (decrease) in net assets from capital transactions | 73654615 | (110920260) | 2552160 | (15211432) |
| **NET INCREASE (DECREASE) IN NET ASSETS**  | 79032270 | (142273875) | 1850791 | (11988840) |
| **NET ASSETS:**  |  |  |  |  |
| Beginning of the year | 82097945 | 224371820 | 107110992 | 119099832 |
| End of the year | $161130215 | $82097945 | $108961783 | $107110992 |
| **SHARES TRANSACTIONS**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Subscriptions | 11150000 | 1500000 | 650000 | 100000 |
| &nbsp;&nbsp;&nbsp;Redemptions | (5450000) | (9900000) | (550000) | (700000) |
| Total increase (decrease) in shares outstanding | 5700000 | (8400000) | 100000 | (600000) |

---

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

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Cambria Value and <br> Momentum ETF** | **Cambria Value and <br> Momentum ETF** |
|  | **Year ended April**<br> **30, 2025** | **Year ended April**<br> **30, 2024** |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $573481 | $573659 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss)<sup>(a)</sup> | 2397857 | 3332643 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (2052507) | 6615381 |
| Net increase (decrease) in net assets from operations | 918831 | 10521683 |

---

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

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Cambria Value and <br> Momentum ETF** | **Cambria Value and <br> Momentum ETF** |
|  | **Year ended April**<br> **30, 2025** | **Year ended April**<br> **30, 2024** |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;From earnings | (580310) | (592601) |
| &nbsp;&nbsp;&nbsp;From return of capital | (352764) |  |
| Total distributions to shareholders | (933074) | (592601) |
| **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Subscriptions | 8883441 | 39441240 |
| &nbsp;&nbsp;&nbsp;Redemptions | (18545925) | (51657478) |
| Net increase (decrease) in net assets from capital transactions | (9662484) | (12216238) |
| **NET INCREASE (DECREASE) IN NET ASSETS** | (9676727) | (2287156) |
| **NET ASSETS:** |  |  |
| Beginning of the year | 61749199 | 64036355 |
| End of the year | $52072472 | $61749199 |
| **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Subscriptions | 300000 | 1400000 |
| &nbsp;&nbsp;&nbsp;Redemptions | (650000) | (1850000) |
| Total increase (decrease) in shares outstanding | (350000) | (450000) |

---

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

**Financial Highlights**

**Cambria Cannabis ETF**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended April 30,**  | **Year ended April 30,**  | **Year ended April 30,**  | **Year ended April 30,**  | **Year ended April 30,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **PER SHARE DATA:** |  |  |  |  |  |
| Net asset value, beginning of year | $6.76 | $6.22 | $9.89 | $18.86 | $11.30 |
| **INVESTMENT OPERATIONS:** |  |  |  |  |  |
| <br>Net investment income<sup>(a)</sup> | 0.13 | 0.23 | 0.24 | 0.25 | 0.47 |
| Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | (1.70) | 0.54 | (3.69) | (8.87) | 7.63 |
| Total from investment operations | (1.57) | 0.77 | (3.45) | (8.62) | 8.10 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | (0.28) | (0.23) | (0.22) | (0.35) | (0.54) |
| Total distributions | (0.28) | (0.23) | (0.22) | (0.35) | (0.54) |
| Net asset value, end of year | $4.91 | $6.76 | $6.22 | $9.89 | $18.86 |
| **TOTAL RETURN** | -23.68% | 12.97% | -35.04% | -46.49% | 73.84% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of year (in thousands) | $12518 | $11161 | $11189 | $19780 | $38671 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;Before expense reimbursement/recoupment | 0.59% | 0.59% | 0.59% | 0.59% | 0.59% |
| &nbsp;&nbsp;After expense reimbursement/recoupment | — %<sup>(c)</sup> | 0.35 %<sup>(d)</sup> | 0.42% | 0.42% | 0.42% |
| Ratio of net investment income (loss) to average net assets | 2.32% | 3.96% | 3.17% | 1.80% | 2.94% |
| Portfolio turnover rate<sup>(e)</sup> | 33% | 13% | 23% | 46% | 8% |

---

(a) Net
 investment income per share has been calculated based on average shares outstanding during
 the years.

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

(c) The
 Investment Adviser has contractually agreed to waive 0.17% of its advisory fee, on an
 annualized basis, through at least August 31, 2025, unless otherwise terminated by the
 Board. Additionally, effective March 1, 2024, the Investment Adviser has agreed to a
 voluntarily waiver of the advisory fees on Funds with net assets under $50 million, which
 amounted to 0.42%.

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

(d) Effective
 March 1, 2024, the Investment Adviser has agreed to a voluntarily waiver of the advisory
 fees on Funds with net assets under $50 million, which amounts to 0.24%.

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

**Financial Highlights**

**Cambria Emerging Shareholder Yield ETF**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended April 30,**  | **Year ended April 30,**  | **Year ended April 30,**  | **Year ended April 30,**  | **Year ended April 30,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **PER SHARE DATA:** |  |  |  |  |  |
| Net asset value, beginning of year | $34.08 | $28.61 | $30.22 | $39.13 | $24.97 |
| **INVESTMENT OPERATIONS:**  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 1.35 | 1.39 | 1.77 | 1.81 | 1.27 |
| Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | (2.20) | 5.83 | (1.44) | (8.01) | 14.04 |
| Total from investment operations | (0.85) | 7.22 | 0.33 | (6.20) | 15.31 |
| **LESS DISTRIBUTIONS FROM:**  |  |  |  |  |  |
| Net investment income | (1.41) | (1.75) | (1.57) | (2.16) | (1.00) |
| Net realized gains |  |  | (0.37) | (0.55) |  |
| Return of capital |  |  |  |  | (0.15) |
| Total distributions | (1.41) | (1.75) | (1.94) | (2.71) | (1.15) |
| ETF transaction fees per share | 0.01 |  |  |  |  |
| Net asset value, end of year | $31.83 | $34.08 | $28.61 | $30.22 | $39.13 |
| **TOTAL RETURN**  | -2.66% | 26.51 %<sup>(c)</sup> | 1.64% | -16.81% | 63.04% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of year (in thousands) | $491711 | $352775 | $175975 | $93680 | $62614 |
| Ratio of expenses to average net assets | 0.65% | 0.63% | 0.66% | 0.64% | 0.65% |
| Ratio of net investment income (loss) to average net assets | 4.11% | 4.60% | 6.49% | 5.14% | 4.00% |
| Portfolio turnover rate<sup>(d)</sup> | 22% | 32% | 43% | 45% | 29% |

---

(a) Net
 investment income per share has been calculated based on average shares outstanding during
 the years.

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

(c) The
 total return for the period includes the impact of financial statement adjustments. This
 return differs from the actual performance a shareholder experienced over the period.

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

**Financial Highlights**

**Cambria Fixed Income Trend ETF**

---

| | |
|:---|:---|
|  | **Period ended**<br> **April 30,**<br> **2025**<sup>(a)</sup> |
| **PER SHARE DATA:** | |
| Net asset value, beginning of period | $25.08 |
| **INVESTMENT OPERATIONS:** |  |
| Net investment income<sup>(b)(c)</sup> | 0.02 |
| Net realized and unrealized gain (loss) on investments<sup>(d)</sup> | (0.64) |
| Total from investment operations | (0.62) |
| **LESS DISTRIBUTIONS FROM:** |  |
| Net investment income |  |
| Net asset value, end of period | $24.46 |
| **TOTAL RETURN<sup>(e)</sup>** | -2.46% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |
| Net assets, end of period (in thousands) | $12843 |
| Ratio of expenses to average net assets: |  |
| &nbsp;&nbsp;Before expense reimbursement/recoupment<sup>(f)(g)</sup> | 0.49% |
| &nbsp;&nbsp;After expense reimbursement/recoupment<sup>(f)(g)</sup> | —% |
| Ratio of net investment income (loss) to average net assets<sup>(f)(g)</sup> | 0.74% |
| Portfolio turnover rate<sup>(e)(h)</sup> | 103% |

---

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

(a) Inception
 date of the Fund was March 27, 2025.

(b) Net
 investment income per share has been calculated based on average shares outstanding during
 the period.

(c) Recognition
 of net investment income by the Fund is affected by the timing of the declaration of
 dividends by the underlying exchange traded funds in which the Fund invests. The ratio
 does not include net investment income of the exchange traded funds in which the Fund
 invests.

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

(e) Not
 annualized for periods less than one year.

(f) Annualized
 for periods less than one year.

(g) These
 ratios exclude the impact of expenses of the underlying exchange traded funds as represented
 in the Schedule of Investments. Recognition of net investment income by the Fund is affected
 by the timing of the underlying exchange traded funds in which the Fund invests.

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

**Financial Highlights**

**Cambria Foreign Shareholder Yield ETF**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended April 30,**  | **Year ended April 30,**  | **Year ended April 30,**  | **Year ended April 30,**  | **Year ended April 30,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **PER SHARE DATA:** |  |  |  |  |  |
| Net asset value, beginning of year | $26.79 | $25.19 | $26.18 | $27.65 | $17.86 |
| **INVESTMENT OPERATIONS:** |  |  |  |  |  |
| <br>Net investment income<sup>(a)</sup>  | 1.16 | 1.31 | 1.54 | 1.28 | 0.75 |
| Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 0.06 | 1.77 | (1.01) | (1.32) | 9.86 |
| Total from investment operations | 1.22 | 3.08 | 0.53 | (0.04) | 10.61 |
| **LESS DISTRIBUTIONS FROM:**  |  |  |  |  |  |
| Net investment income | (1.16) | (1.48) | (1.52) | (1.43) | (0.82) |
| Total distributions | (1.16) | (1.48) | (1.52) | (1.43) | (0.82) |
| ETF transaction fees per share | 0.00 <sup>(c)</sup> |  |  |  |  |
| Net asset value, end of year | $26.85 | $26.79 | $25.19 | $26.18 | $27.65 |
| **TOTAL RETURN**  | 4.82% | 12.94% | 2.72% | -0.31% | 60.72% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of year (in thousands) | $335607 | $271939 | $187654 | $66755 | $30416 |
| Ratio of expenses to average net assets | 0.59% | 0.59% | 0.59% | 0.59% | 0.59% |
| Ratio of net investment income (loss) to average net assets | 4.38% | 5.25% | 6.56% | 4.68% | 3.29% |
| Portfolio turnover rate<sup>(d)</sup> | 52% | 44% | 34% | 63% | 59% |

---

(a) Net
 investment income per share has been calculated based on average shares outstanding during
 the years.

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

(c) Amount
 represents less than $0.005 per share.

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

**Financial Highlights**

**Cambria Global Asset Allocation ETF**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended April 30,**  | **Year ended April 30,**  | **Year ended April 30,**  | **Year ended April 30,**  | **Year ended April 30,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **PER SHARE DATA:** |  |  |  |  |  |
| Net asset value, beginning of year | $28.23 | $26.99 | $28.71 | $31.55 | $24.36 |
| **INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income<sup>(a)(b)</sup> | 1.16 | 1.05 | 1.11 | 1.99 | 0.58 |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 0.86 | 1.24 | (1.61) | (2.85) | 7.33 |
| Total from investment operations | 2.02 | 2.29 | (0.50) | (0.86) | 7.91 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | (1.18) | (1.05) | (1.07) | (1.98) | (0.72) |
| Net realized gains |  |  | (0.15) |  |  |
| Return of capital | (0.03) |  |  |  |  |
| Total distributions | (1.21) | (1.05) | (1.22) | (1.98) | (0.72) |
| Net asset value, end of year | $29.04 | $28.23 | $26.99 | $28.71 | $31.55 |
| **TOTAL RETURN**  | 7.22% | 8.63% | -1.58% | -3.01% | 33.00% |

---

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

**Financial Highlights**

**Cambria Global Asset Allocation ETF**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended April 30,**  | **Year ended April 30,**  | **Year ended April 30,**  | **Year ended April 30,**  | **Year ended April 30,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of year (in thousands) | $53730 | $53631 | $51272 | $45933 | $52061 |
| Ratio of expenses to average net assets<sup>(d)</sup> | 0.00 %<sup>(e)</sup> | —% | —% | —% | —% |
| Ratio of tax expenses to average net assets | 0.00 %<sup>(e)</sup> | —% | —% | —% | —% |
| Ratio of net investment income (loss) to average net assets<sup>(d)</sup> | 4.00% | 3.84% | 4.08% | 6.36% | 2.07% |
| Portfolio turnover rate<sup>(f)</sup> | 8% | 13% | —% | 8% | 20% |

---

(a) Net
 investment income per share has been calculated based on average shares outstanding during
 the years.

(b) Recognition
 of net investment income by the Fund is affected by the timing of the declaration of
 dividends by the underlying exchange traded funds in which the Fund invests. The ratio
 does not include net investment income of the exchange traded funds in which the Fund
 invests.

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

(d) These
 ratios exclude the impact of expenses of the underlying exchange traded funds as represented
 in the Schedule of Investments. Recognition of net investment income by the Fund is affected
 by the timing of the underlying exchange traded funds in which the Fund invests.

(e) Amount
 represents less than 0.005%.

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

**Financial Highlights**

**Cambria Global Momentum ETF**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended April 30,**  | **Year ended April 30,**  | **Year ended April 30,**  | **Year ended April 30,**  | **Year ended April 30,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **PER SHARE DATA:** |  |  |  |  |  |
| Net asset value, beginning of year | $28.20 | $28.02 | $31.37 | $29.73 | $23.07 |
| **INVESTMENT OPERATIONS:**  |  |  |  |  |  |
| Net investment income<sup>(a)(b)</sup> | 0.47 | 0.93 | 0.65 | 1.28 | 0.29 |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 0.98 | 0.16 | (3.42) | 1.68 | 6.69 |
| Total from investment operations | 1.45 | 1.09 | (2.77) | 2.96 | 6.98 |
| **LESS DISTRIBUTIONS FROM:**  |  |  |  |  |  |
| Net investment income | (0.53) | (0.89) | (0.58) | (1.25) | (0.30) |
| Return of capital | (0.45) | (0.02) |  | (0.07) | (0.02) |
| Total distributions | (0.98) | (0.91) | (0.58) | (1.32) | (0.32) |
| Net asset value, end of year | $28.67 | $28.20 | $28.02 | $31.37 | $29.73 |
| **TOTAL RETURN**  | 5.16% | 3.98% | -8.81% | 10.19% | 30.49% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of year (in thousands) | $106085 | $136760 | $177952 | $81563 | $62434 |
| Ratio of expenses to average net assets<sup>(d)</sup> | 0.59% | 0.59% | 0.59% | 0.59% | 0.59% |
| Ratio of net investment income (loss) to average net assets<sup>(d)</sup> | 1.60% | 3.38% | 2.25% | 4.19% | 1.13% |
| Portfolio turnover rate<sup>(e)</sup> | 135% | 166% | 307% | 69% | 115% |

---

(a) Net
 investment income per share has been calculated based on average shares outstanding during
 the years.

(b) Recognition
 of net investment income by the Fund is affected by the timing of the declaration of
 dividends by the underlying exchange traded funds in which the Fund invests. The ratio
 does not include net investment income of the exchange traded funds in which the Fund
 invests.

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

(d) These
 ratios exclude the impact of expenses of the underlying exchange traded funds as represented
 in the Schedule of Investments. Recognition of net investment income by the Fund is affected
 by the timing of the underlying exchange traded funds in which the Fund invests.

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

**Financial Highlights**

**Cambria Global Real Estate ETF**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended April 30,** | **Year ended April 30,** | **Year ended April 30,** | **Year ended April 30,** | |
|  | **2025** | **2024** | **2023** | **2022** | **Period ended <br> April 30,**<br>**2021<sup>(a)</sup>** |
| **PER SHARE DATA:** |  |  |  |  |  |
| Net asset value, beginning of year | $23.59 | $24.45 | $29.767 | $31.66 | $25.00 |

---

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

**Financial Highlights**

**Cambria Global Real Estate ETF**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended April 30,** | **Year ended April 30,** | **Year ended April 30,** | **Year ended April 30,** | |
|  | **2025** | **2024** | **2023** | **2022** | **Period ended <br> April 30,**<br>**2021<sup>(a)</sup>** |
| **INVESTMENT OPERATIONS:**  |  |  |  |  |  |
| Net investment income<sup>(b)</sup> | 1.12 | 1.00 | 1.12 | 0.56 | 0.56 |
| Net realized and unrealized gain (loss) on investments | 0.81 <sup>(c)</sup> | (0.36) | (5.44) | 0.99 <sup>(c)</sup> | 6.51 |
| Total from investment operations | 1.93 | 0.64 | (4.32) | 1.55 | 7.07 |
| **LESS DISTRIBUTIONS FROM:**  |  |  |  |  |  |
| Net investment income | (1.93) | (1.50) | (0.99) | (2.76) | (0.41) |
| Net realized gains |  |  |  | (0.49) |  |
| Return of capital | (0.14) |  |  | (0.20) |  |
| Total distributions | (2.07) | (1.50) | (0.99) | (3.45) | (0.41) |
| ETF transaction fees per share | 0.00 <sup>(d)</sup> |  |  |  |  |
| Net asset value, end of period | $23.45 | $23.59 | $24.45 | $29.76 | $31.66 |
| **TOTAL RETURN<sup>(e)</sup>**  | 8.05% | 2.68% | -14.47% | 4.70% | 28.40% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $36349 | $22411 | $25671 | $23809 | $14245 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before expense reimbursement/recoupment<sup>(f)</sup> | 0.59% | 0.59% | 0.59% | 0.59% | 0.59% |
| &nbsp;&nbsp;&nbsp;After expense reimbursement/recoupment<sup>(f)</sup> | — %<sup>(g)</sup> | 0.49 %<sup>(h)</sup> | 0.59% | 0.59% | 0.59% |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | 4.48% | 4.15% | 4.29% | 3.00% | 3.19% |
| Portfolio turnover rate<sup>(e)(i)</sup> | 92% | 77% | 94% | 120% | 51% |

---

(a) Inception
 date of the Fund was September 23, 2020.

(b) Net
 investment income per share has been calculated based on average shares outstanding during
 the periods.

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

(d) Amount
 represents less than $0.005 per share.

(e) Not
 annualized for periods less than one year.

(f) Annualized
 for periods less than one year.

(g) Effective
 March 1, 2024, the Investment Adviser has agreed to a voluntarily waiver of the advisory
 fees on Funds with net assets under $50 million, which amounts to 0.59%.

(h) Effective
 March 1, 2024, the Investment Adviser has agreed to a voluntarily waiver of the advisory
 fees on Funds with net assets under $50 million, which amounts to 0.10%.

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

**Financial Highlights**

**Cambria Global Value ETF**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended April 30,**  | **Year ended April 30,**  | **Year ended April 30,**  | **Year ended April 30,**  | **Year ended April 30,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **PER SHARE DATA:** |  |  |  |  |  |
| Net asset value, beginning of year | $21.62 | $20.75 | $20.48 | $22.96 | $16.37 |
| **INVESTMENT OPERATIONS:**  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 1.22 | 1.05 | 1.03 | 0.96 | 0.53 |
| Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 3.55 | 0.98 | 0.24 | (2.60) | 6.44 |
| Total from investment operations | 4.77 | 2.03 | 1.27 | (1.64) | 6.97 |
| **LESS DISTRIBUTIONS FROM:**  |  |  |  |  |  |
| Net investment income | (0.97) | (1.16) | (1.00) | (0.84) | (0.38) |
| Total distributions | (0.97) | (1.16) | (1.00) | (0.84) | (0.38) |
| ETF transaction fees per share  | 0.01 |  |  |  |  |
| Net asset value, end of year | $25.43 | $21.62 | $20.75 | $20.48 | $22.96 |
| **TOTAL RETURN**  | 23.06% | 10.33% | 6.97% | -7.47% | 43.20% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of year (in thousands) | $188176 | $104848 | $137978 | $102386 | $122851 |
| Ratio of expenses to average net assets | 0.66% | 0.64% | 0.67% | 0.66% | 0.66% |
| Ratio of net investment income (loss) to average net assets | 5.50% | 5.15% | 5.48% | 4.19% | 2.75% |
| Portfolio turnover rate<sup>(c)</sup> | 8% | 36% | 94% | 3% | 14% |

---

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

(a) Net
 investment income per share has been calculated based on average shares outstanding during
 the years.

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

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

**Financial Highlights**

Cambria LargeCap Shareholder Yield ETF

---

| | |
|:---|:---|
|  | **Period ended**<br> **April 30,**<br> **2025**<sup>(a)</sup> |
| **PER SHARE DATA:** | |
| Net asset value, beginning of period | $25.00 |
| **INVESTMENT OPERATIONS:** |  |
| Net investment income<sup>(b)</sup> | 0.49 |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | (0.63) |
| Total from investment operations | (0.14) |
| **LESS DISTRIBUTIONS FROM:** |  |
| Net investment income | (0.35) |
| Total distributions | (0.35) |
| Net asset value, end of period | $24.51 |
| **TOTAL RETURN<sup>(d)</sup>** | -0.62% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |
| Net assets, end of period (in thousands) | $4290 |
| Ratio of expenses to average net assets: |  |
| &nbsp;&nbsp;Before expense reimbursement/recoupment<sup>(e)</sup> | 0.59% |
| &nbsp;&nbsp;After expense reimbursement/recoupment<sup>(e)</sup> | 0.43% |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | 2.40% |
| Portfolio turnover rate<sup>(d)(f)</sup> | 23% |

---

(a) Inception
 date of the Fund was July 11, 2024.

(b) Net
 investment income per share has been calculated based on average shares outstanding during
 the period.

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

(d) Not
 annualized for periods less than one year.

(e) Annualized
 for periods less than one year.

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

**Financial Highlights**

**Cambria Micro and SmallCap Shareholder Yield ETF**

---

| | | |
|:---|:---|:---|
|  | **Year ended**<br>**April 30,**<br>**2025** | **Period ended**<br>**April 30,**<br>**2024<sup>(a)</sup>** |
| **PER SHARE DATA:** |  |  |
| Net asset value, beginning of period | $25.41 | $25.00 |
| **INVESTMENT OPERATIONS:**  |  |  |
| Net investment income<sup>(b)</sup> | 0.78 | 0.25 |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | (3.18) | 0.33 |
| Total from investment operations | (2.40) | 0.58 |
| **LESS DISTRIBUTIONS FROM:**  |  |  |
| Net investment income | (1.43) | (0.17) |
| Return on capital | (0.44) |  |
| Total distributions | (1.87) | (0.17) |
| Net asset value, end of period | $21.14 | $25.41 |
| **TOTAL RETURN<sup>(d)</sup>**  | -10.20% | 2.31% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |
| Net assets, end of period (in thousands) | $10040 | $26685 |
| Ratio of expenses to average net assets: |  |  |

---

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

**Financial Highlights**

**Cambria Micro and SmallCap Shareholder Yield ETF**

---

| | | |
|:---|:---|:---|
|  | **Year ended**<br>**April 30,**<br>**2025** | **Period ended**<br>**April 30,**<br>**2024<sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp;Before expense reimbursement/recoupment<sup>(e)</sup> | 0.59% | 0.59% |
| &nbsp;&nbsp;&nbsp;After expense reimbursement/recoupment<sup>(e)</sup> | — %<sup>(f)</sup> | 0.20 %<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | 2.98% | 2.99% |
| Portfolio turnover rate<sup>(d)(h)</sup> | 51% | 8% |

---

(a) Inception
 date of the Fund was January 4, 2024.

(b) Net
 investment income per share has been calculated based on average shares outstanding during
 the periods.

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

(d) Not
 annualized for periods less than one year.

(e) Annualized
 for periods less than one year.

(f) Effective
 March 1, 2024, the Investment Adviser has agreed to a voluntarily waiver of the advisory
 fees on Funds with net assets under $50 million, which amounts to 0.59%

(g) Effective
 March 1, 2024, the Investment Adviser has agreed to a voluntarily waiver of the advisory
 fees on Funds with net assets under $50 million, which amounts to 0.39%

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

**Financial Highlights**

**Cambria Shareholder Yield ETF**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended April 30,**  | **Year ended April 30,**  | **Year ended April 30,**  | **Year ended April 30,**  | **Year ended April 30,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **PER SHARE DATA:** |  |  |  |  |  |
| Net asset value, beginning of year | $68.94 | $58.14 | $60.89 | $62.48 | $29.82 |
| **INVESTMENT OPERATIONS:**  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 1.47 | 1.29 | 1.48 | 1.17 | 0.88 |
| Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | (8.53) | 10.75 | (2.54) | (1.27) | 32.60 |
| Total from investment operations | (7.06) | 12.04 | (1.06) | (0.10) | 33.48 |
| **LESS DISTRIBUTIONS FROM:**  |  |  |  |  |  |
| Net investment income | (1.41) | (1.24) | (1.40) | (1.23) | (0.82) |
| Net realized gains |  |  | (0.29) | (0.26) |  |
| Total distributions | (1.41) | (1.24) | (1.69) | (1.49) | (0.82) |
| Net asset value, end of year | $60.47 | $68.94 | $58.14 | $60.89 | $62.48 |
| **TOTAL RETURN**  | -10.44% | 20.84% | -1.59% | -0.21% | 113.92% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of year (in thousands) | $919155 | $1182263 | $718054 | $514534 | $278023 |
| Ratio of expenses to average net assets | 0.59% | 0.59% | 0.59% | 0.59% | 0.59% |
| Ratio of net investment income (loss) to average net assets | 2.12% | 2.00% | 2.42% | 1.85% | 1.95% |
| Portfolio turnover rate<sup>(c)</sup> | 42% | 50% | 41% | 51% | 37% |

---

(a) Net
 investment income per share has been calculated based on average shares outstanding during
 the years.

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

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

**Financial Highlights**

**Cambria Tactical Yield ETF**

---

| | | |
|:---|:---|:---|
|  | **Year ended**<br>**April 30,**<br>**2025** | **Period ended**<br>**April 30,**<br>**2024<sup>(a)</sup>** |
| **PER SHARE DATA:** |  |  |
| Net asset value, beginning of period | $25.22 | $25.00 |
| **INVESTMENT OPERATIONS:** |  |  |
| <br>Net investment income<sup>(b)</sup> | 1.23 | 0.41 |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 0.04 | (0.05) |
| Total from investment operations | 1.27 | 0.36 |

---

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

**Financial Highlights**

**Cambria Tactical Yield ETF**

---

| | | |
|:---|:---|:---|
|  | **Year ended**<br> **April 30, 2025** | **Period ended**<br> **April 30,**<br> **2024<sup>(a)</sup>** |
| **LESS DISTRIBUTIONS FROM:** |  |  |
| Net investment income | (1.07) | (0.14) |
| Total distributions | (1.07) | (0.14) |
| Net asset value, end of period | $25.42 | $25.22 |
| **TOTAL RETURN<sup>(d)</sup>**<br>| 5.12% | 1.45% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |
| Net assets, end of period (in thousands) | $44483 | $13870 |
| Ratio of expenses to average net assets: |  |  |
| &nbsp;&nbsp;&nbsp;<br>Before expense reimbursement/recoupment<sup>(e)</sup><br>| 0.59% | 0.59% |
| &nbsp;&nbsp;&nbsp;After expense reimbursement/recoupment<sup>(e)</sup> | – %<sup>(f)</sup> | 0.18 %<sup>(g)</sup> |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | 4.84% | 5.03% |
| Portfolio turnover rate<sup>(d)(h)</sup> | –% | –% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception
 date of the Fund was January 4, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Net
 investment income per share has been calculated based on average shares outstanding during
 the periods.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Realized
 and unrealized gains and losses per share in the caption are balancing amounts necessary
 to reconcile the change in net asset value per share for the periods, and may not reconcile
 with the aggregate gains and losses in the Statements of Operations due to share transactions
 for the periods.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Not
 annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized
 for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Effective
 March 1, 2024, the Investment Adviser has agreed to a voluntarily waiver of the advisory
 fees on Funds with net assets under $50 million, which amounts to 0.59%.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Effective
 March 1, 2024, the Investment Adviser has agreed to a voluntarily waiver of the advisory
 fees on Funds with net assets under $50 million, which amounts to 0.41%.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Portfolio
 turnover rate does not include securities received or delivered from processing creations
 and redemptions.

**Financial Highlights**

**Cambria Tail Risk ETF**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended April 30,** | **Year ended April 30,** | **Year ended April 30,** | **Year ended April 30,** | **Year ended April 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021<sup>(a)</sup>** |
| **PER SHARE DATA:** |  |  |  |  |  |
| Net asset value, beginning of year | $11.81 | $14.62 | $16.92 | $18.74 | $22.65 |
| **INVESTMENT OPERATIONS:** |  |  |  |  |  |
| <br>Net investment income<sup>(b)</sup> | 0.37 | 0.42 | 0.29 | 0.13 | 0.04 |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 0.88 | (2.77) | (2.27) | (1.84) | (3.92) |
| Total from investment operations | 1.25 | (2.35) | (1.98) | (1.71) | (3.88) |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.32) | (0.46) | (0.32) | (0.11) | (0.03) |
| Total distributions | (0.32) | (0.46) | (0.32) | (0.11) | (0.03) |
| Net asset value, end of year | $12.74 | $11.81 | $14.62 | $16.92 | $18.74 |
| **TOTAL RETURN**<br>| 10.87% | -16.28% | -11.86% | -9.14% | -17.13% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of year (in thousands) | $161130 | $82098 | $224372 | $404422 | $281995 |
| Ratio of expenses to average net assets | 0.59% | 0.59% | 0.59% | 0.59% | 0.59% |
| Ratio of net investment income (loss) to average net assets | 3.16% | 3.21% | 1.80% | 0.69% | 0.18% |
| Portfolio turnover rate<sup>(d)</sup> | 86% | 13% | 129% | 60% | 155% |

---

(a) Prior
 to March 15, 2021, the Cambria Global Tail Risk ETF was known as the Cambria Sovereign
 Bond ETF.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Net
 investment income per share has been calculated based on average shares outstanding during
 the years.

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) Portfolio
 turnover rate does not include securities received or delivered from processing creations
 and redemptions.

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

**Financial Highlights**

**Cambria Trinity ETF**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended April 30,** | **Year ended April 30,** | **Year ended April 30,** | **Year ended April 30,** | **Year ended April 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **PER SHARE DATA:** |  |  |  |  |  |
| Net asset value, beginning of year | $25.50 | $24.81 | $26.82 | $27.36 | $21.32 |
| **INVESTMENT OPERATIONS:** |  |  |  |  |  |
| <br>Net investment income<sup>(a)(b)</sup> | 0.78 | 0.93 | 0.89 | 1.59 | 0.42 |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | (0.15) | 0.70 | (1.96) | (0.51) | 6.07 |
| Total from investment operations | 0.63 | 1.63 | (1.07) | 1.08 | 6.49 |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.79) | (0.91) | (0.64) | (1.60) | (0.45) |
| Net realized gains | – | (0.03) | (0.30) | (0.02) | – |
| Total distributions | (0.79) | (0.94) | (0.94) | (1.62) | (0.45) |
| Net asset value, end of year | $25.34 | $25.50 | $24.81 | $26.82 | $27.36 |
| **TOTAL RETURN** | 2.44% | 6.72% | -3.99% | 3.98% | 30.81% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of year (in thousands) | $108962 | $107111 | $119100 | $50958 | $43778 |
| Ratio of expenses to average net assets | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Ratio of net investment income (loss) to average net assets<sup>(d)</sup> | 3.01% | 3.73% | 3.54% | 5.78% | 1.77% |
| Portfolio turnover rate<sup>(e)</sup> | 66% | 69% | 102% | 26% | 50% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net
 investment income per share has been calculated based on average shares outstanding during
 the years.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Recognition
 of net investment income by the Fund is affected by the timing of the declaration of
 dividends by the underlying exchange traded funds in which the Fund invests. The ratio
 does not include net investment income of the exchange traded funds in which the Fund
 invests.

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) These
 ratios exclude the impact of expenses of the underlying exchange traded funds as represented
 in the Schedule of Investments. Recognition of net investment income by the Fund is affected
 by the timing of the underlying exchange traded funds in which the Fund invests.

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

**Financial Highlights**

**Cambria Value and Momentum ETF**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended April 30,**  | **Year ended April 30,**  | **Year ended April 30,**  | **Year ended April 30,**  | **Year ended April 30,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **PER SHARE DATA:** |  |  |  |  |  |
| Net asset value, beginning of year | $28.72 | $24.63 | $26.22 | $23.21 | $16.64 |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.31 | 0.25 | 0.54 | 0.25 | 0.14 |
| Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 0.41 | 4.10 | (1.66) | 3.02 | 6.63 |
| Total from investment operations | 0.72 | 4.35 | (1.12) | 3.27 | 6.77 |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.32) | (0.26) | (0.47) | (0.26) | (0.20) |
| Return of capital | (0.19) | – | – | – | – |
| Total distributions | (0.51) | (0.26) | (0.47) | (0.26) | (0.20) |
| Net asset value, end of year | $28.93 | $28.72 | $24.63 | $26.22 | $23.21 |
| **TOTAL RETURN** | 2.52% | 17.75% | -4.34% | 14.17% | 41.05% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of year (in thousands) | $52072 | $61749 | $64036 | $31469 | $18567 |
| Ratio of expenses to average net assets | 0.64 %<sup>(c)</sup> | 0.64 %<sup>(c)</sup> | 0.61 %<sup>(d)</sup> | 0.59% | 0.61 %<sup>(d)</sup> |
| Ratio of broker expense to average net assets | 0.05% | 0.05% | 0.02% | –% | 0.02% |
| Ratio of operational expenses to average net assets excluding broker expense | 0.59% | 0.59% | 0.59% | 0.59% | 0.59% |
| Ratio of net investment income (loss) to average net assets | 1.06% | 0.94% | 2.00% | 1.02% | 0.70% |
| Portfolio turnover rate<sup>(e)</sup> | 86% | 63% | 71% | 78% | 97% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net
 investment income per share has been calculated based on average shares outstanding during
 the years.

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

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

(c) Includes
 broker expense of 0.05%.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Includes
 broker expense of 0.02%.

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

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

Cambria ETF Trust Notes to Financial Statements

April 30, 2025

**1. ORGANIZATION**

Cambria ETF Trust (the "Trust"), a Delaware statutory trust, was formed on September 9, 2011, as an open-end registered management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust is comprised of multiple exchange traded funds ("ETFs"). These financial statements relate only to Cambria Cannabis ETF, Cambria Emerging Shareholder Yield ETF, Cambria Fixed Income Trend ETF, Cambria Foreign Shareholder Yield ETF, Cambria Global Asset Allocation ETF, Cambria Global Momentum ETF, Cambria Global Real Estate ETF, Cambria Global Value ETF, Cambria LargeCap Shareholder Yield ETF, Cambria Micro and SmallCap Shareholder Yield ETF, Cambria Shareholder Yield ETF, Cambria Tactical Yield ETF, Cambria Tail Risk ETF, Cambria Trinity ETF, and Cambria Value and Momentum ETF ("Cannabis ETF", "Emerging Shareholder Yield ETF", 'Fixed Income Trend ETF", "Foreign Shareholder Yield ETF", "Global Asset Allocation ETF", "Global Momentum ETF", "Global Real Estate ETF", "Global Value ETF", "LargeCap Shareholder Yield ETF", "Micro and SmallCap Shareholder Yield ETF", "Shareholder Yield ETF", "Tactical Yield ETF", "Tail Risk ETF", "Trinity ETF", and "Value and Momentum ETF", respectively, and, collectively, the "Funds"). Cambria Investment Management, L.P. (the "Investment Adviser") serves as the investment adviser to the Funds. Tidal Investments LLC (the "Sub-Adviser"), a Tidal Financial Group company, serves as the sub-adviser to the Funds. The assets of each Fund are segregated, and a shareholder's interest is limited to the Fund in which shares are held. Each Fund is diversified and actively managed.

The investment objective of Cannabis ETF is to seek capital appreciation from investments in the global equity markets that have exposure to the broad cannabis industry. The Cannabis ETF inception date was July 24, 2019.

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

The investment objective of Fixed Income Trend ETF is to seek income and capital appreciation. The Fixed Income Trend ETF inception date was March 27, 2025.

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

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

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

The investment objective of Global Real Estate ETF is to seek income and capital appreciation. The Global Real Estate ETF inception date was September 23, 2020.

The investment objective of Global Value ETF is to seek income and capital appreciation. The Global Value ETF inception date was March 11, 2014.

The investment objective of LargeCap Shareholder Yield ETF is to seek income and capital appreciation. The LargeCap Shareholder Yield ETF inception date was July 11, 2024.

The investment objective of Micro and SmallCap Shareholder Yield ETF is to seek income and capital appreciation. The Micro and SmallCap Shareholder Yield ETF inception date was January 3, 2024.

The investment objective of Shareholder Yield ETF is to seek income and capital appreciation. The Shareholder Yield ETF inception date was May 13, 2013.

The investment objective of Tactical Yield ETF is to seek income and capital appreciation. The Tactical Yield ETF inception date was January 3, 2024.

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

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

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

Shares of the Funds are listed and traded on the Cboe BZX Exchange, Inc. (the "Exchange"). Market prices for the shares may be different from their net asset value ("NAV"). The Funds will issue and redeem shares on a continuous basis at NAV only in large blocks of shares, 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.

Cambria ETF Trust Notes to Financial Statements

April 30, 2025

The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services - Investment Companies.

**2. SIGNIFICANT ACCOUNTING POLICIES**

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

**Use of Estimates** — The Funds are investment companies in conformity with U.S. generally accepted accounting principles ("U.S. GAAP"). Therefore, the Funds follow the accounting and reporting guidance for investment companies. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates and could have a material impact to the Funds.

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

For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. Debt securities are priced based upon valuations provided by independent, third-party pricing agents, if available. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Prices for most securities held in the Funds are provided daily by recognized independent pricing agents. If a security price cannot be obtained from an independent, third-party pricing agent, the Funds seek to obtain a bid price from at least one independent broker.

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

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

Forward currency contracts and swap contracts are generally valued based on the marked-to-market value of the contract. Pricing services, approved and monitored pursuant to a policy approved by the Funds' Board, provide market quotations based on both market prices and indicative bids.

Securities for which market prices are not "readily available" are valued in accordance with fair value procedures established by the Board of Trustees (the "Board"). The Board has designated the Investment Adviser serve as its "Valuation Designee" and perform fair value determinations on behalf of all series of the Trust, subject to the Board's supervision and direction. The following securities may be fair valued by the Valuation Designee: (1) securities for which market quotations are insufficient or not readily available; (2) securities for which, in the judgment of the Valuation Designee, the prices or values do not represent the fair value of the instrument; and (3) securities deemed to be illiquid. Some of the more common reasons that may necessitate that a security be valued using fair value procedures include: the security's trading has been halted or suspended; the security has been de-listed from a national exchange; the security's primary trading market is temporarily closed at a time when under normal conditions, it would be open; the security has not been traded for an extended period of time; the security's primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government-imposed restrictions. Fair valuation is based on subjective factors and, as a result, the fair value price of an asset may differ from the asset's market price and may not be the current price at which the asset may be sold. Fair value estimates are based on judgments regarding the current economic environment, financial reports, credit, collateral and other such factors.

Under Rule 2a-5 of the 1940 Act, a fair value is determined by the Valuation Designee (as defined in Rule 2a-5) in accordance with the Pricing and Valuation Policy and Fair Valuation Procedures, as applicable, of the Investment Adviser, subject to oversight by the Board. In accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP, the Funds disclose fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

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

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

Cambria ETF Trust Notes to Financial Statements

April 30, 2025

● 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).

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Cannabis ETF**<br> **Assets**<br>**Investments in Securities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;&nbsp;Common Stocks | $6922127 | $— | $— | $6922127 |
| &nbsp;&nbsp;&nbsp;Real Estate Investment Trusts | 122145 |  | $— | 122145 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 1329155 |  | $— | 1329155 |
| **Total Assets** | $8373427 | $— | $— | $8373427 |
| **Other Financial Instruments<sup>(a)</sup>:**<br>|  |  |  |  |
| **Liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total Return Swaps | $— | $— | $— | $— |
| **Total Liabilities** | $— | $— | $— | $— |

---

*<sup>(a)</sup>* *The fair value of the Fund's investment represents the net unrealized appreciation (depreciation) as of April 30, 2025.*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Emerging Shareholder Yield ETF**<br> **Investments in Securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stocks | $484042239 | $— | $5 <sup>(a)</sup> | $484042244 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 3239216 |  |  | 3239216 |
| **Total Assets** | $487281455 | $— | $5 | $487281460 |

---

*<sup>(a)</sup>* *A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the year in relation to net assets. Management has concluded that Level 3 investments are not material in relation to net assets.*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fixed Income Trend ETF**<br>**Investments in Securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Exchange Traded Funds | $12767749 | $— | $— | $12767749 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 74623 |  |  | 74623 |
| **Total Assets** | $12842372 | $— | $— | $12842372 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Foreign Shareholder Yield ETF**<br> **Investments in Securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stocks | $327191287 | $— | $— | $327191287 |
| &nbsp;&nbsp;&nbsp;Investments Purchased with Proceeds from Securities Lending | 7756475 |  |  | 7756475 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 1924259 |  |  | 1924259 |
| **Total Investments in Securities** | $336872021 | $— | $— | $336872021 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Global Asset Allocation ETF<br> Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Level 1**  | **Level 2** | **Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total**  |
| &nbsp;&nbsp;&nbsp;Exchange Traded Funds | $53523036 |  | $— | $53523036 |
| &nbsp;&nbsp;&nbsp;Investments Purchased with Proceeds from Securities Lending | 9505960 |  |  | 9505960 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 193625 |  |  | 193625 |
| **Total Assets** | $63222621 | $— | $— | $63222621 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Global Momentum ETF <br> Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Level 1** | **Level 2** | **Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total**  |
| &nbsp;&nbsp;&nbsp;Exchange Traded Funds | $105631435 | $— | $— | $105631435 |
| &nbsp;&nbsp;&nbsp;Investments Purchased with Proceeds from Securities Lending | 4212450 |  |  | 4212450 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 495769 |  |  | 495769 |
| **Total Assets** | $110339654 | $— | $— | $110339654 |

---

Cambria ETF Trust Notes to Financial Statements

April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Global Real Estate ETF**<br> **Investments in Securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Real Estate Investment Trusts | $33670259 | $— | $— <sup>(a)</sup> | $33670259 |
| &nbsp;&nbsp;&nbsp;Common Stocks | 864634 |  |  | 864634 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 1141315 |  |  | 1141315 |
| **Total Assets** | $35676208 | $— | $— | 35676208 |

---

*(a)* *A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the year in relation to net assets. Management has concluded that Level 3 investments are not material in relation to net assets.* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Global Value ETF**<br> **Investments in Securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stocks | $172841700 | $— | $— <sup>(a)</sup> | $172841700 |
| &nbsp;&nbsp;&nbsp;Preferred Stocks | 4770502 |  |  | 4770502 |
| &nbsp;&nbsp;&nbsp;Real Estate Investment Trusts | 1201644 |  |  | 1201644 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 6405421 |  |  | 6405421 |
| **Total Investments in Securities** | $185219267 | $— | $— | $185219267 |

---

*<sup>(a)</sup>* *A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the year in relation to net assets. Management has concluded that Level 3 investments are not material in relation to net assets.*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Large Cap Shareholder Yield ETF**<br> **Investments in Securities**  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stocks | $4263949 | $— | $— | $4263949 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 9749 |  |  | 9749 |
| **Total Assets** | $4273698 | $— | $— | $4273698 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Micro and SmallCap Shareholder Yield ETF**<br> **Investments in Securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stocks | $9697003 | $— | $— | $9697003 |
| &nbsp;&nbsp;&nbsp;Closed End Funds | 98153 |  |  | 98153 |
| &nbsp;&nbsp;&nbsp;Investments Purchased with Proceeds from Securities Lending | 77420 |  |  | 77420 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 225701 |  |  | 225701 |
| **Total Assets** | $10098277 | $— | $— | $10098277 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shareholder Yield ETF**<br> **Investments in Securities**  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stocks | $911231253 | $— | $— | $911231253 |
| &nbsp;&nbsp;&nbsp;Investments Purchased with Proceeds from Securities Lending | 4761649 |  |  | 4761649 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 7413304 |  |  | 7413304 |
| **Total Investments in Securities** | $923406206 | $— | $— | $923406206 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Tactical Yield ETF**<br> **Investments in Securities**  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Money Market Funds | $50904 | $— | $— | $50904 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bills |  | 44432448 |  | $44432448 |
| **Total Assets** | $50904 | $44432448 | $— | $44483352 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Tail Risk ETF**<br> **Investments in Securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Obligations | $— | $123330198 | $— | $123330198 |
| &nbsp;&nbsp;&nbsp;Options Purchased  | 12115875 |  |  | 12115875 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 17181354 |  |  | 17181354 |
| **Total Assets** | $29297229 | $123330198 | $— | $152627427 |

---

Cambria ETF Trust Notes to Financial Statements

April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Trinity ETF**<br> **Investments in Securities**  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Exchange Traded Funds | $108524940 | $— | $— | $108524940 |
| &nbsp;&nbsp;&nbsp;Investments Purchased with Proceeds from Securities Lending | 6535676 |  |  | 6535676 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 416544 |  |  | 416544 |
| **Total Assets** | $115477160 | $— | $— | $115477160 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Value and Momentum ETF**<br> **Investments in Securities**  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stocks | $41347788 | $— | $93767 <sup>(a)</sup> | $41441555 |
| &nbsp;&nbsp;&nbsp;Real Estate Investment Trusts | 504034 |  |  | 504034 |
| &nbsp;&nbsp;&nbsp;Investments Purchased with Proceeds from Securities Lending | 375637 | —— |  | 375637 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 3634204 | —— |  | 3634204 |
| **Total Assets** | $45861663 | $— | $93767 | $45955430 |
| **Other Financial Instruments<sup>(b)</sup>:** |  |  |  |  |
| **Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures | $948432 | $— | $— | $948432 |
| **Total Assets** | $948432 | $— | $— | $948432 |

---

*<sup>(a)</sup>* *A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the year in relation to net assets. Management has concluded that Level 3 investments are not material in relation to net assets.*

*<sup>(b)</sup>* *The fair value of the Fund's investment represents the net unrealized appreciation (depreciation) as of April 30, 2025.*

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

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

**Futures Contracts —** Consistent with its investment objective and strategies, Value and Momentum ETF utilized futures contracts during the year ended April 30, 2025. The Value and Momentum ETF's investment in futures contracts is designed to enable it to more closely approximate the performance of its benchmark index. Value and Momentum ETF chose to invest in futures contracts for tactical hedging purposes as well as to enhance its returns. Initial margin deposits of cash or securities are made upon entering into futures contracts. The contracts are marked-to-market daily and the resulting changes in value are accounted for as unrealized gains and losses. Variation margin payments are paid or received, depending upon whether unrealized gains or losses are incurred. When the contract is closed, Value and Momentum ETF records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the amount invested in the contract. If a margin deposit was made upon entering into futures contracts, it is included in Deposit at Broker for other investments on the Statements of Assets and Liabilities.

Risks of entering into futures contracts include: 1) the possibility that there will be an imperfect price correlation between the futures and the underlying securities; 2) the possibility that a lack of liquidity for futures contracts could exist in the secondary market, resulting in an inability to close a position prior to its maturity date; 3) Value and Momentum ETF could lose more than the original margin deposit required to initiate a futures transaction and; 4) losses could exceed amounts disclosed on the Statements of Assets and Liabilities.

**Options Written/Purchased** — The Value and Momentum ETF and Tail Risk ETF may invest in equity options contracts for the purpose of hedging their existing portfolio securities, or securities that they intend to purchase, against fluctuations in fair market value caused by changes in prevailing market interest rates. The Value and Momentum ETF may use options to hedge up to 100% of the value of its long portfolio in an attempt to avoid overvalued and downtrending markets. A Fund may also invest in equity option contracts to enhance its returns. The Tail Risk ETF utilizes a put option strategy to manage the risk of a significant negative movement in the value of domestic equities over rolling one-month periods. When a Fund writes or purchases an option, an amount equal to the premium received or paid by a Fund is recorded as a liability or an asset and is subsequently adjusted to the current market value of the option written or purchased. Premiums received or paid from writing or purchasing options which expire unexercised are treated by a Fund on the expiration date as realized gains or losses. The difference between the premium and the amount paid or received on affecting a closing purchase or sale transaction, including brokerage commissions, is also treated as a realized gain or loss. If an option is exercised, the premium paid or received is added to the cost of the purchase or proceeds from the sale in determining whether the Fund has realized a gain or a loss. The risk in writing a call option is a Fund may give up the opportunity for profit if the market price of the security increases. The risk in writing a put option is a Fund may incur a loss if the market price of the security decreases and the option is exercised. There is risk that a Fund may pay a premium whether or not the option is exercised. A Fund also has the additional risk of being unable to enter into a closing transaction at an acceptable price if a liquid secondary market does not exist. Option contracts also involve the risk that they may not work as intended due to unanticipated developments in market conditions or other causes. Finally, the risk exists that losses on written options could exceed amounts disclosed on the Statements of Assets and Liabilities.

Cambria ETF Trust Notes to Financial Statements

April 30, 2025

**Swaps Contracts** — Swap contracts are agreements among the Fund and a counterparty to exchange the return of the pre-determined underlying investment (such as the rate of return of an underlying index). Swap agreements may be negotiated bilaterally and traded OTC between two parties or, for certain standardized swaps, must be exchange-traded through a futures commission merchant and/or cleared through a clearinghouse that serves as a central counterparty. Risks associated with the use of swap agreements are different from those associated with ordinary portfolio securities transactions, due in part to the fact they could be considered illiquid and many swaps trade on the OTC market. Swaps are particularly subject to counterparty credit, correlation, valuation, liquidity and leveraging risks. While exchange trading and central clearing are intended to reduce counterparty credit risk and increase liquidity, they do not make swap transactions risk-free. Additionally, applicable regulators have adopted rules imposing certain margin requirements, including minimums, on OTC swaps, which may result in the Fund and its counterparties posting higher margin amounts for OTC swaps, which could increase the cost of swap transactions to the Fund and impose added operational complexity.

Depending on their structure, swap agreements may increase or decrease the Fund's exposure to long- or short-term interest rates (in the United States or abroad), commodities, and foreign currencies, and may increase or decrease the overall volatility of the Fund's investments and its Share price.

The fair value of derivative instruments as of April 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liabilities Derivatives** | **Liabilities Derivatives** |
| <br>**Risk Exposure** | **Statements of Assets and**<br> **Liabilities Location** | **Fair** <br> **Value**  | **Statements of Assets and** <br> **Liabilities Location** | **Fair** <br> **Value**  |
| **Cannabis ETF** |  | |  |  |
| Equity Contracts (Total Return Swaps) | Unrealized appreciation on swaps | N/A | Unrealized depreciation on swaps | N/A |
| Total |  |  |  |  |
| **Tail Risk ETF** |  |  |  |  |
| Equity Contracts (Purchased Options) | Investments, at value | $12115875 | Investments, at value | N/A |
| Total |  | $12115875 |  |  |
| **Value and Momentum ETF** |  |  |  |  |
| Equity Risk (Futures Contracts) | Unrealized appreciation on futures contracts | $948432 \* | Unrealized depreciation on futures contracts | N/A |
| Total |  | $948432 \* |  |  |

---

\* *Includes cumulative appreciation/depreciation on futures contracts as reported on the Schedules of Investments. Only current day's variation margin for futures contracts are reported within the Statements of Assets and Liabilities.*

Cambria ETF Trust Notes to Financial Statements

April 30, 2025

The effect of derivative instruments on the Statements of Operations for the year ended April 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Risk Exposure** | **Statements of Operations Location** | **Realized Gain/(Loss)<br> on Derivatives<br> Recognized<br> in Income** | **Change in Unrealized<br> Appreciation/<br> (Depreciation) on<br> Derivatives<br> Recognized<br> in Income** |
| **Cannabis ETF** |  |  |  |
|  | Net Realized Gain (Loss) on Swap contracts |  |  |
| Equity Risk (Swap Contracts) | Net Change in Unrealized Appreciation (Depreciation) on Swap Contracts | $(4511648) | $0 \* |
| Total |  | $(4511648) | $0 \* |
| **Tail Risk ETF** |  |  |  |
| Equity Contracts (Purchased Options)\*\* | Net Realized Gain (Loss) on Investments in Unaffiliated Issuers/ Net Change in Unrealized Appreciation (Depreciation) on Investments in Unaffiliated Issuers | $(614255) | $1515939 |
| Total |  | $(614255) | $1515939 |
| **Value and Momentum ETF** |  |  |  |
| Equity Risk (Futures Contracts) | Net Realized Gain (Loss) on Futures Contracts/Net Change in Unrealized Appreciation (Depreciation) on Futures Contracts | $(758275) | $172394 |
| Total |  | $(758275) | $172394 |

---

\* *Does not round to $1.*

\*\* *Purchased options are included within net realized gain (loss) on investments and net change in unrealized appreciation (depreciation) on investments.*

The monthly average notional value of long swap contracts during the year ended April 30, 2025, for Cannabis ETF was $3,677,418. The average notional amount of purchased option contracts during the year ended April 30, 2025, for Tail Risk ETF was $279,556,923. The monthly average notional value of the short equity futures contracts during the year ended April 30, 2025, for the Value and Momentum ETF was ($26,450,694).

**Federal Income Taxes** — The Funds intend to qualify as "regulated investment companies" under Sub-chapter M of the Internal Revenue Code of 1986 (the "Code"), as amended. If so qualified, the Funds will not be subject to U.S. federal income tax to the extent they distribute substantially all of their net investment income and net capital gains to their shareholders.

The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds' tax returns to determine whether it is "more-likely-than-not" (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current period.

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

As of the year/period ended April 30, 2025, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any from prior years. As a registered investment company, each Fund is subject to a 4% excise tax that is imposed if a Fund does not distribute by the end of any calendar year at least the sum of (i) 98% of its ordinary income (not taking into account any capital gain or loss) for the calendar year and (ii) 98.2% of its capital gain in excess of its capital loss (adjusted for certain ordinary losses) for a one year period generally ending on October 31 of the calendar year (unless an election is made to use the Fund's fiscal year). The Funds generally intend to distribute income and capital gains in the manner necessary to minimize (but not necessarily eliminate) the imposition of such excise tax. The Funds may retain income or capital gains and pay excise tax when it is determined that doing so is in the best interest of shareholders. Management, in consultation with the Board of Trustees, evaluates the costs of the excise tax relative to the benefits of retaining income and capital gains, including that such undistributed amounts (net of the excise tax paid) remain available for investment by the Funds and are available to supplement future distributions. Tax expense is disclosed in the Statements of Operations, if applicable. During the year/period, the Funds did not incur any interest or penalties.

Cambria ETF Trust Notes to Financial Statements

April 30, 2025

**Expenses** — All organizational and offering expenses of the Trust were borne by the Investment Adviser and are not subject to future recoupment. As a result, organizational and offering expenses are not reflected in the financial statements. Expenses included in the accompanying financial statements reflect the expenses of each Fund and do not include any expenses associated with the underlying funds.

**Security Transactions and Investment Income** — Security transactions are accounted for on the trade date. Dividend income received from the underlying funds is recognized on the ex-dividend date and is recorded as dividend income in the Statements of Operations. Capital gain distributions received from the underlying funds are recognized on the ex-dividend date and are recorded on the Statements of Operations as such. Costs used in determining realized gains and losses on the sales of investment securities are on the basis of specific identification. Dividend income is recorded on the ex-dividend date. Dividend income is recorded net of unrecoverable withholding tax. Interest income is recognized on the accrual basis. Amortization and accretion is calculated using the scientific interest method, which approximates the effective interest method over the holding period of the security. Amortization of premiums and discounts is included in interest income. Withholding taxes on foreign dividends and foreign capital gains tax have been provided for in accordance with the Funds' understanding of the applicable country's tax rules and regulations. Capital gain taxes on securities in certain foreign countries are accrued on unrealized appreciation and are due when realized.

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

**Dividends and Distributions to Shareholders** — The Funds generally pay out dividends from their net investment income, if any, quarterly, and distribute their net capital gains, if any, to shareholders at least annually. All distributions are recorded on the ex-dividend date.

**Creation Units** — The Funds issue and redeem shares on a continuous basis at NAV in groups of 50,000 shares (except for the Micro and SmallCap Shareholder Yield ETF, the LargeCap Shareholder Yield ETF, and the Fixed Income Trend ETF which transact 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.

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

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

If a Creation Unit is purchased or redeemed for cash, a higher transaction fee will be charged. The following table discloses Creation Unit breakdown for the year/period ended April 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Creation<br> Unit Shares**  | **Creation Fee** | **Value** | **Redemption Fee** | **Variable Charge** |
| Cannabis ETF | 50000 | $500 | $245500 | $500 | Up to 2.0% |
| Emerging Shareholder Yield ETF | 50000 | 3500 | 1591500 | 3500 | Up to 2.0% |
| Fixed Income Trend ETF | 25000 | 300 | 611500 | 300 | Up to 2.0% |
| Foreign Shareholder Yield ETF | 50000 | 2500 | 1342500 | 2500 | Up to 2.0% |
| Global Asset Allocation ETF | 50000 | 500 | 1452000 | 500 |  |
| Global Momentum ETF | 50000 | 500 | 1433500 | 500 | Up to 2.0% |
| Global Real Estate ETF | 50000 | 1500 | 1172500 | 1500 | Up to 2.0% |
| Global Value ETF | 50000 | 3500 | 1271500 | 3500 | Up to 2.0% |
| LargeCap Shareholder Yield ETF | 25000 | 300 | 612750 | 300 | Up to 2.0% |
| Micro and SmallCap Shareholder Yield ETF | 25000 | 300 | 528500 | 300 | Up to 2.0% |
| Shareholder Yield ETF | 50000 | 700 | 3023500 | 700 |  |
| Tactical Yield ETF | 50000 | 300 | 1271000 | 300 | Up to 2.0% |
| Tail Risk ETF | 50000 | 500 | 637000 | 500 |  |
| Trinity ETF | 50000 | 300 | 1267000 | 300 |  |
| Value and Momentum ETF | 50000 | 700 | 1446500 | 700 |  |

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Cambria ETF Trust Notes to Financial Statements

April 30, 2025

To the extent the Funds permit the contribution of securities in exchange for the purchase of shares (contribution in-kind), shares may be issued in advance of receipt by the Funds of all or a portion of the applicable Deposit Securities. In these circumstances, the Funds may require the Authorized Participant to maintain with the Trust an amount up to 115% and/or 125% of the daily mark-to-market value of the missing Deposit Securities. Amounts are disclosed as segregated cash balances with Authorized Participants for Deposit Securities and payable for collateral upon return of Deposit at Broker for other investments on the Statements of Assets and Liabilities.

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

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

**3. OFFSETTING ASSETS AND LIABILITIES**

The Funds are required to disclose the impact of offsetting assets and liabilities represented in the Statements of Assets and Liabilities to enable users of the financial statements to evaluate the effect, or potential effect, of netting arrangements on the Funds for recognized assets and liabilities. These recognized assets and liabilities are financial instruments and derivative instruments that are either subject to an enforceable master netting arrangement, or similar agreement, or meet the following criteria to offset assets and liabilities: 1) the amounts owed by a Fund to another party are determinable; 2) a Fund has the right to offset the amounts owed with the amounts owed by the other party; 3) a Fund intends to offset assets and liabilities, which can be enforced by law.

As of April 30, 2025, the Funds' financial instruments and derivative instruments are not subject to a master netting arrangement. See Note 9 for offsetting related to securities lending.

**4. COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS**

**Investment Advisory Agreement** — The Investment Adviser is responsible for overseeing the management and business affairs of the Funds and has discretion to purchase and sell securities in accordance with the Funds' objectives, policies, and restrictions. The Investment Adviser reviews, supervises, and administers each Fund's investment program. The Investment Adviser has entered into an investment advisory agreement ("Advisory Agreement") with respect to the Funds. Pursuant to the Advisory Agreement, the Funds pay the Investment Adviser, on a monthly basis, an annual advisory fee based on their average daily nets assets for the services and facilities it provides payable at an annual rate of 0.59% (except for the Fixed Income Trend ETF, which pays an annual advisory fee rate of 0.49% of daily net assets), excluding the Global Asset Allocation ETF and Trinity ETF, neither of which is charged an advisory fee.

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

Cannabis ETF has contractually agreed to waive 0.17% of its advisory fee, on an annualized basis, through at least August 31, 2025, unless otherwise terminated by the Board. The waived fees are not eligible for recapture by the Investment Adviser. The Investment Adviser has agreed to a voluntarily waiver of the advisory fees on Funds with net assets under $50 million. During the year/period ended April 30, 2025, the Investment Adviser voluntarily waived the following:

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| | |
|:---|:---|
| **Fund** | **Fees Waived** |
| Cannabis ETF | $81731 <sup>(a)</sup> |
| Fixed Income Trend ETF | 4582 |
| Global Real Estate ETF | 197842 |
| LargeCap Shareholder Yield ETF | 11161 |
| Micro and SmallCap ETF | 166940 |
| Tactical Yield ETF | 122946 |

---

(a) Total fees waived includes the contractual waiver and voluntary waiver, which amounted to 0.17% and 0.42%, respectively.

Cambria ETF Trust Notes to Financial Statements

April 30, 2025

These voluntary waivers are in addition to the Cannabis ETF's contractual fee waiver/expense limitation agreement discussed above and may be discontinued at any time. The fees waived are not eligible for recapture by the Investment Adviser. Additionally, the Investment Adviser earned $313,401 in Investment Advisory Fees from the Global Momentum ETF related to the Fund's investment in affiliated funds, which is included in the total amount of Investment Advisory Fees presented in the Statements of Operations.

The Sub-Adviser serves as investment sub-adviser to the Funds, pursuant to a sub-advisory agreement between the Adviser and the Sub-Adviser with respect to the Funds (the "Sub-Advisory Agreement"). Pursuant to the Sub-Advisory Agreement, the Sub-Adviser is responsible for the day-to-day management of each Fund's portfolio, including determining the securities purchased and sold by the Funds, subject to the supervision of the Adviser and the Board. The Sub-Adviser is paid a fee of 0.03% on the first $2 billion of the Funds aggregate average daily net assets and 0.025% of average daily net assets over $2 billion by the Adviser, which is calculated and paid monthly. The Sub-Adviser has agreed to assume the Adviser's obligation to pay all expenses incurred by the Funds, except for Excluded Expenses. For assuming the payment obligation, the Adviser has agreed to pay to the Sub-Adviser the profits, if any, generated by the Funds' Investment Advisory Fees, less a contractual fee retained by the Adviser. Expenses incurred by the Funds and paid by the Sub-Adviser include fees charged by Tidal.

**Administrator, Custodian and Transfer Agent** — Tidal ETF Services LLC ("Tidal") serves as the Funds' Administrator and, in that capacity, performs various administrative and management services for the Funds, and prepares reports and materials to be supplied to the Board.

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services"), serves as the Funds' sub-administrator, fund accountant and transfer agent. In those capacities, Fund Services performs various administrative and accounting services for the Funds. Fund Services prepares various federal and state regulatory filings and reports for the Funds, including regulatory compliance monitoring and financial reporting; and monitors the activities of the Funds' custodian. The Custodian acts as the securities lending agent (the "Securities Lending Agent") for the Funds, as applicable. BBH also serves as a custodian for certain securities pursuant to a custodian agreement.

**Distribution Agreement** — The Distributor serves as the Funds' distributor of Creation Units pursuant to a distribution agreement. The Distributor does not maintain any secondary market in Fund shares.

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

Certain officers and trustees of the Trust are affiliated with the Investment Adviser, Sub-Adviser and Administrator.

**5. INVESTMENT TRANSACTIONS**

For the year or period ended April 30, 2025, the purchases and sales of investments in securities, excluding in-kind transactions, long-term U.S. government and short-term securities, were:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases of<br>Securities** | **Proceeds from<br>Sales of Securities** |
| Cannabis ETF | $2526637 | $5258462 |
| Emerging Shareholder Yield ETF | 226016614 | 97021312 |
| Fixed Income Trend ETF | 7575948 | 7599071 |
| Foreign Shareholder Yield ETF | 166366413 | 162496506 |
| Global Asset Allocation ETF | 4358549 | 4420674 |
| Global Momentum ETF | 157062278 | 158425058 |
| Global Real Estate ETF | 29871272 | 29376157 |
| Global Value ETF | 30487717 | 8218624 |
| LargeCap Shareholder Yield ETF | 1996295 | 1973572 |
| Micro and SmallCap Shareholder Yield ETF | 14005759 | 14854423 |
| Shareholder Yield ETF | 501863795 | 499768709 |
| Tactical Yield ETF |  |  |
| Tail Risk ETF | 89817137 | 66480931 |
| Trinity ETF | 72336047 | 72531711 |
| Value and Momentum ETF | 40590804 | 44251503 |

---

For the year ended April 30, 2025, the Tail Risk ETF had purchases and sales of U.S. government securities of $105,997,498 and $60,527,642, respectively.

During the year or period ended April 30, 2025, the Funds realized net capital gains (losses) resulting from redemptions in-kind in which Authorized Participants exchange Fund Shares for securities held by the fund rather than for cash. Because such gains are not taxable to the Funds, and gains are not distributed to shareholders, they have been reclassified from accumulated gains to paid-in capital.

Cambria ETF Trust Notes to Financial Statements

April 30, 2025

For the year or period ended April 30, 2025, in-kind transactions associated with creations and redemptions were:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Purchases of<br>Securities** | **Proceeds from<br>Sales of Securities** | **Net Realized<br>Gain/(Loss)** |
| Cannabis ETF | $3737629 | $811386 | $182299 |
| Emerging Shareholder Yield ETF | 54751233 | 6439873 | 1952669 |
| Fixed Income Trend ETF | 13071503 |  |  |
| Foreign Shareholder Yield ETF | 156879148 | 99980517 | 22885858 |
| Global Asset Allocation ETF | 4324625 | 5814738 | 757397 |
| Global Momentum ETF | 23321609 | 56608591 | 7806400 |
| Global Real Estate ETF | 30083335 | 16913014 | 2533537 |
| Global Value ETF | 44411800 | 8347935 | 1264995 |
| LargeCap Shareholder Yield ETF | 14537233 | 9012121 | (516208) |
| Micro and SmallCap Shareholder Yield ETF | 15410313 | 28475399 | 837658 |
| Shareholder Yield ETF | 172272759 | 288699071 | 31624200 |
| Tactical Yield ETF |  |  | 1555 |
| Tail Risk ETF | 26799529 | 8743458 | 142021 |
| Trinity ETF | 16700824 | 13856096 | 1882008 |
| Value and Momentum ETF | 7712681 | 16667548 | 3841691 |

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**6. PRINCIPAL INVESTMENT RISKS**

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

**Buyback Risk.** When a company repurchases its shares from the marketplace through share buybacks, investors may perceive this action to be a reflection of management's belief that company shares are undervalued, but there is no guarantee that the price of a company's stock will increase after the company announces a buyback. Accordingly, share buybacks may not be an accurate predictor of a company's value or future share performance.

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

**U.S. Regulation of Marijuana.** Although the medical use of marijuana is legal in more than half of the states as well as the District of Columbia and non-medical use of marijuana is legal in an increasing number of states and the District of Columbia, the possession and use of marijuana remains illegal under U.S. federal law. Actions by federal regulatory agencies, such as increased enforcement of federal marijuana laws and the prosecution of nonviolent federal drug crimes by the U.S. Department of Justice ("DOJ"), could produce a chilling effect on the industry's growth and further discourage banks from expanding their services to cannabis-related companies where such services are currently limited, notwithstanding cannabis banking guidance provided by the Financial Crimes Enforcement Network of the U.S. Department of Treasury ("FINCEN"). This conflict between the regulation of marijuana under federal and state law creates volatility and risk for all Cannabis Companies. In particular, the stepped up enforcement of marijuana laws by the federal government would adversely affect the value of the Fund's U.S. investments, if any, as well as the Fund's future ability to invest in Cannabis Companies primarily listed and traded on a U.S. national securities exchange and/or engaged in cannabis-related businesses in the U.S. Cannabis Companies that engage in legal medical or pharmaceutical research or the legal production and distribution of controlled substances such as marijuana must be registered with the Drug Enforcement Administration ("DEA") to perform such activities. Further, the DEA has no obligation to ever issue such registration to cannabis or marijuana products. In addition, although the DOJ published a notice of proposed rulemaking with the Federal Register on May 21, 2024, to initiate a formal rulemaking process to reconsider rescheduling marijuana under the Controlled Substances Act ("CSA"), until a final rule is published, cannabis remains a Schedule I controlled substance and is subject to the limitations of Section 280E of the Code. Section 280E applies by its terms to the purchase and sale of medical-use cannabis products and provides that no deduction or credit is allowed for expenses incurred during a taxable year "in carrying on any trade or business if such trade or business (or the activities which comprise such trade or business) consists of trafficking in controlled substances (within the meaning of Schedules I and II of the CSA) which is prohibited by federal law or the law of any state in which such trade or business is conducted." The disallowance of such tax deductions will likely affect the value of cannabis-related companies.

Cambria ETF Trust Notes to Financial Statements

April 30, 2025

**U.S. Regulation of Hemp and Hemp-Derived CBD.** The Farm Bill effectively removes hemp, its extracts, derivatives, including hemp-derived cannabinoids such as CBD from the CSA's list of controlled substances and allows states to regulate its production, commerce, and research with approval from the United States Department of Agriculture ("USDA"). However, it is unlawful under federal law to market a food or dietary supplement that contains CBD. CBD also may not be included as an active ingredient in any OTC drug product that is not the subject of a U.S. Food and Drug Administration ("FDA")-approved marketing application. FDA has the authority to remove from the market any CBD product that does not comply with the agency's requirements. Accordingly, companies selling food or dietary supplements containing CBD may face federal enforcement action and would not be permitted to sell or market their products.

**Non-U.S. Regulation of Marijuana.** Laws and regulations related to the possession, use (medical or recreational), sale, transport and cultivation of marijuana vary throughout the world. These laws and regulations are subject to change and may have a significant impact on the operations of a Cannabis Company. Such operations may be legal under current law, but may be illegal in the future if the applicable law changes to prohibit marijuana-related activities vital to the company's business. In Canada, the Cannabis Act, along with the related provincial and territorial legislation regulating adult use, distribution and sales, established a legal framework in Canada for the production, distribution, sale, and possession of both medical cannabis and adult use marijuana. However, there can be no assurance that Canadian federal, provincial, or territorial laws regulating cannabis will not be repealed or overturned or that governmental authorities will not limit the application of such laws within their respective jurisdictions.

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

**Commodity Investing Risk.** The Funds may invest in commodity-related companies, commodity futures and physical commodities through the Underlying Vehicles. These investments may subject the Funds to greater volatility than investments in traditional securities. The commodities markets have experienced periods of extreme volatility. Similar future market conditions may result in rapid and substantial valuation increases or decreases in the Funds' holdings.

**Concentration Risk.** The Fund's investments are concentrated in real estate-related industries, and the Fund may be susceptible to loss due to adverse occurrences affecting these industries.

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

**Corporate Bond Risk.** Corporate bonds respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers.

**Counterparty Risk.** The Funds bear the risk that the counterparty to a derivative or other contract with a third party may default on its obligations or otherwise fail to honor its obligations. If a counterparty defaults on its payment obligations, the Funds will lose money and the value of an investment in Funds' Shares may decrease. In addition, the Funds may engage in such investment transactions with a limited number of counterparties.

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

**Cyber Security Risk.** Each Fund, and its service providers, may be susceptible to operational and information security risks resulting from a breach in cyber security, including cyber attacks. A breach in cyber security, intentional or unintentional, may adversely impact the Funds in many ways, including, but not limited to, disruption of the Funds' operational capacity, loss of proprietary information, theft or corruption of data, denial-of-service attacks on websites or network resources, and the unauthorized release of confidential information. Cyber attacks affecting the Funds' third-party service providers, including the Investment Adviser, the sub-adviser, the custodian, the transfer agent, market makers, Authorized Participants, or the issuers of securities in which the Funds invest may subject the Funds to many of the same risks associated with direct cyber security breaches.

Cambria ETF Trust Notes to Financial Statements

April 30, 2025

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

**Derivatives Risk.** Derivatives, such as futures, options, and swaps, can be volatile, and a small investment in a derivative can have a large impact on the performance of the Fund as derivatives can result in losses in excess of the amount invested. Other risks of investments in derivatives include risks of default by the other party to the derivative transactions; risks that the transactions may result in losses that partially or completely offset gains in portfolio positions; and risks that the derivative transaction may not be liquid.

**Options Risk.** The value of the Fund's positions in options fluctuates in response to changes in the value of the underlying index. The Fund also risks losing all or part of the cash paid for purchasing put options. Because the Fund only purchases put options, the Fund's losses from its exposure to put options is limited to the amount of premiums paid to the option seller.

**Swaps Contract Risk.** Swap contracts are agreements among the Fund and a counterparty to exchange the return of the pre- determined underlying investment (such as the rate of return of an underlying index). Swap agreements may be negotiated bilaterally and traded OTC between two parties or, for certain standardized swaps, must be exchange-traded through a futures commission merchant and/or cleared through a clearinghouse that serves as a central counterparty. Risks associated with the use of swap agreements are different from those associated with ordinary portfolio securities transactions, due in part to the fact they could be considered illiquid and many swaps trade on the OTC market. Swaps are particularly subject to counterparty credit, correlation, valuation, liquidity and leveraging risks. While exchange trading and central clearing are intended to reduce counterparty credit risk and increase liquidity, they do not make swap transactions risk- free. Additionally, applicable regulators have adopted rules imposing certain margin requirements, including minimums, on OTC swaps, which may result in the Fund and its counterparties posting higher margin amounts for OTC swaps, which could increase the cost of swap transactions to the Fund and impose added operational complexity.

**Dividend Paying Security Risk.** Securities that pay high dividends as a group can fall out of favor with the market, causing these companies to underperform companies that do not pay high dividends. Also, changes in the dividend policies of companies owned by the Funds and the capital resources available for these companies' dividend payments may adversely affect the Funds.

**Emerging Markets Risk.** Emerging market investments are subject to the same risks as foreign investments and to additional risks due to greater political and economic uncertainties as well as a relative lack of information about issuers in such markets. For example, emerging markets may be subject to, among other risks, greater market volatility; lower trading volume and liquidity; greater social, political and economic uncertainty; governmental controls on foreign investments and limitations on repatriation of invested capital; lower disclosure, corporate governance, auditing and financial reporting standards; fewer protections of property rights; fewer investor rights and limited legal, contractual or practical remedies available to investors against emerging market companies; restrictions on the transfer of securities or currency; and settlement and trading practices that differ from U.S. markets and markets of more developed countries.

**Equity Investing Risk.** An investment in the Funds 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 due to factors affecting a specific issuer, market or securities markets generally.

**ETF Structure Risk.** The Funds are ETFs, and, as a result of an ETF's structure, they are exposed to the following risks:

**Authorized Participants, Market Makers and Liquidity Providers Concentration Risk.** The Funds have a limited number of financial institutions that may act as Authorized Participants. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) Authorized Participants exit the business or otherwise become unable to process creation and/or redemption orders and no other Authorized Participants step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.

**Premium-Discount Risk.** Shares may trade above (premium) or below (discount) their NAV. The market prices of Shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of, and demand for, Shares on the Exchange. This risk is heightened in times of market volatility or periods of steep market declines. Additionally, in stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Funds' underlying portfolio holdings, and this could lead to differences between the market price of the Shares and the underlying value of those Shares.

**Secondary Market Trading Risk.** Investors buying or selling Shares in the secondary market may pay brokerage commissions or other charges, which may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of Shares. In addition, secondary market investors will also incur a bid/ask spread, which varies over time for Shares based on trading volume and market liquidity and is generally higher if Shares have little trading volume and market liquidity. Although the Shares are listed on the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Funds' underlying portfolio holdings, which can be significantly less liquid than Shares. In addition, trading in Shares on the Exchange may be halted.

Cambria ETF Trust Notes to Financial Statements

April 30, 2025

**Exchange-Traded Funds and Exchange-Traded Products ("ETP") and Investment Companies Risk.** The risks of investing in securities of ETFs, ETPs and investment companies typically reflect the risks of the types of instruments in which the underlying ETF, ETP or investment company invests. In addition, with such investments, the Funds bear their proportionate share of the fees and expenses of the underlying entity. As a result, the Funds' operating expenses may be higher and performance may be lower.

**Exchange-Traded Notes Risk.** Because ETNs are unsecured, unsubordinated debt securities, an investment in an ETN exposes the Fund to the risk that an ETN's issuer may be unable to pay. In addition, as with investments in other ETPs, the Fund will bear its proportionate share of the fees and expenses of the ETN, which may cause the Fund's operating expenses to be higher and its performance to be lower.

**Fixed Income Risk.** A decline in an issuer's credit rating and/or financial condition may cause such issuer's fixed income securities to decrease in value while experiencing increased volatility and investment risk. During periods of falling interest rates, an issuer of a callable bond held by the Funds may "call" (or repay) the security before its stated maturity, and the Funds may have to reinvest the proceeds at lower interest rates, resulting in a decline in the Funds' income. The market value of a fixed income security generally changes in response to changes in interest rates and may change quickly and without warning in response to issuer defaults and changes in issuer credit ratings.

**Foreign Investment Risk.** Returns on investments in foreign securities could be more volatile than, or trail the returns on, investments in U.S. securities. Exposures to foreign securities entail special risks, including risks due to: (i) differences in information available about foreign issuers; (ii) differences in investor protection standards in other jurisdictions; (iii) capital controls risks, including the risk of a foreign jurisdiction imposing restrictions on the ability to repatriate or transfer currency or other assets; (iv) political, diplomatic and economic risks; (v) regulatory risks; and (vi) foreign market and trading risks, including the costs of trading and risks of settlement in foreign jurisdictions. In addition, the Funds' investments in securities denominated in other currencies could decline due to changes in local currency relative to the value of the U.S. dollar, which may affect the Funds' returns.

**Futures Contracts Risk.** Risks associated with the use of futures contracts include the following: (i) an imperfect correlation between movements in prices of index futures contracts and movements in the value of the stock index that the instrument is designed to simulate; and (ii) the possibility of an illiquid secondary market for a futures contract and the resulting inability to close a position prior to its maturity date. Investments in futures may expose the Funds to leverage.

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

**Asia-Pacific Risk.** Investments in securities of issuers in Asia-Pacific countries involve risks that are specific to the Asia-Pacific region, including certain legal, regulatory, political and economic risks. Certain Asia-Pacific countries have experienced expropriation and/or nationalization of assets, confiscatory taxation, political instability, armed conflict and social instability as a result of religious, ethnic, socio- economic and/or political unrest. Some economies in this region are dependent on a range of commodities, and are strongly affected by international commodity prices and particularly vulnerable to price changes for these products.

**Canada Risk.** Changes to the U.S. economy may significantly affect the Canadian economy because the U.S. is Canada's largest trading partner and foreign investor. The economy of Canada is also heavily dependent on the demand for natural resources and agricultural products. Accordingly, a change in the supply and demand of these resources, both in Canada and worldwide, can have a significant effect on Canadian market performance. Conditions that weaken demand for its products worldwide could have a negative impact on the Canadian economy as a whole.

**China Risk.** Investments in China involve risks closely tied to the social, political, and economic conditions within China. The Chinese economy may experience slower growth if domestic or global demand for Chinese goods decreases significantly and/or key trading partners implement protectionist measures such as trade tariffs. China's economy is also susceptible to economic recession, market inefficiency, rising inflation rates, volatility and pricing anomalies that may be connected to governmental influence, a lack of public information and/or social and political instability. The Chinese government maintains strict currency controls, regularly intervenes in the currency market, and plays a major role in the country's economic policies regarding foreign investments. Foreign investors are subject to the risk of loss from expropriation or nationalization of their investment assets and property, governmental restrictions on foreign investments and the repatriation of capital.

**Europe Risk.** The Economic and Monetary Union of the European Union ("EU") requires compliance with restrictions on inflation rates, deficits, interest rates, debt levels and fiscal and monetary controls, each of which may significantly affect every country in Europe. Decreasing imports or exports, changes in governmental or EU regulations on trade, changes in the exchange rate of the euro, the default or threat of default by an EU member country on its sovereign debt, and/or an economic recession in an EU member country may have a significant adverse effect on the economies of EU member countries and their trading partners. In addition, the United Kingdom has formally exited the EU ("Brexit"). Although it remains unclear what the potential consequences of Brexit may be, the economies of Europe and the United Kingdom, as well as the broader global economy, could be significantly impacted by Brexit, which may result in lower economic growth and increased volatility and illiquidity across global markets.

Cambria ETF Trust Notes to Financial Statements

April 30, 2025

**Japan Risk.** The economy of Japan is heavily dependent on international trade, government support, and consistent government policy supporting its export market. Slowdowns in the economies of key trading partners such as the United States, China and countries in Southeast Asia could have a negative impact on the Japanese economy as a whole. Trade tariffs and other protectionist measures could also have an adverse impact on the Japanese export market.

**Latin America Risk.** Investments in securities of issuers in Latin American countries involve risks that are specific to the Latin American region, including social, political, and economic conditions within this region and may be more volatile than the performance of funds that invest in more developed countries and regions or funds that focus their investments in more than one region. The Fund's performance may be particularly sensitive to social, political and economic conditions in those countries in Latin America in which the Fund's investments are concentrated

**South Africa Risk.** South Africa's economy is heavily dependent on natural resources and commodity prices. South Africa's currency may also be vulnerable to significant fluctuations and devaluation. Access to health care, unemployment, limited economic opportunity, and other financial constraints, continue to present obstacles to South Africa's full economic development. Disparities of wealth, the pace and success of democratization and capital market development and religious and racial disaffection have also led to social and political unrest. There can be no assurance that initiatives by the South African government to address these issues will achieve the desired results.

**South Korea Risk.** Investments in South Korean issuers may subject the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to South Korea. In addition, economic and political developments of South Korea's neighbors may have an adverse effect on the South Korean economy.

**Taiwan Risk.** The economy of Taiwan is heavily dependent on exports. Currency fluctuations, increasing competition from Asia's other emerging economies, and conditions that weaken demand for Taiwan's export products worldwide could have a negative impact on the Taiwanese economy as a whole. Concerns over Taiwan's history of political contention and its current relationship with China may also have a significant impact on the economy of Taiwan.

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

**High-Yield Securities Risk.** High-yield securities and unrated securities of comparable credit quality are subject to the increased risk of an issuer's inability to meet principal and interest payment obligations. High-yield securities are subject to a greater risk of default and investments in them are inherently speculative. The secondary markets in which high-yield securities are traded may be less liquid and more volatile than the market for higher grade securities.

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

**Interest Rate Risk.** The market value of fixed income securities, and financial instruments related to fixed income securities, will change in response to changes in interest rates. As interest rates rise, the value of certain fixed income securities is likely to decrease. Similarly, if interest rates decline, the value of fixed income securities is likely to increase. Interest rate risk is generally lower for shorter-term investments and higher for longer- term investments. Risks associated with rising interest rates are heightened given the Federal Reserve's recent increases in interest rates. To the extent that rates increase substantially and/or rapidly, the Funds may be subject to significant losses.

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

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

**Large-Capitalization Company Risk.** The Funds' investments in large-capitalization companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.

**Leveraging Risk.** Certain of the Funds' investments may expose the Funds to leverage, causing the Funds' value to be more volatile.

**Liquidity Risk.** Liquidity risk exists when a particular investment is difficult to purchase or sell. A significant, rapid rise in interest rates may result in a period of volatility and increased redemptions if Fund securities become illiquid and are forced to sell the illiquid securities at disadvantageous times or prices. This could have a negative effect on the Funds' ability to achieve its investment objective and may result in losses to Fund shareholders.

Cambria ETF Trust Notes to Financial Statements

April 30, 2025

**Management Risk.** The Funds are actively managed using a model-based approach, and the Adviser selects Fund investments on a periodic basis using a proprietary quantitative algorithm developed by the Adviser for the Funds. There can be no guarantee that these strategies and processes, or the Adviser's quantitative model, will be effective or successful investment management techniques or that the Adviser's judgments about the attractiveness, value and potential appreciation of particular Fund investments will be correct even if the Adviser's overall investment strategies and processes are otherwise effective. Further, there is no guarantee that the Funds will achieve their investment objective.

**Market Events Risk.** Turbulence in the financial markets, reduced liquidity in the equity markets, and/or the advent of certain economic or political events, including global events such as war, acts of terrorism or a public health crisis, may negatively affect issuers, which could have an adverse effect on certain Fund holdings. In addition, there is a risk that policy changes by the U.S. government, Federal Reserve and/or other government actions, such as increasing interest rates, could cause increased volatility in financial markets and higher levels of Fund redemptions, which could have a negative impact on certain Fund holdings.

**Micro-Capitalization Company Risk.** Micro-capitalization companies are more vulnerable to adverse economic events and poor business conditions than larger, more established companies. The earnings and revenue of micro-capitalization companies tend to be less predictable, and their securities are generally less liquid and subject to greater and more unpredictable price changes.

**Momentum Investing Risk.** A Fund employs a "momentum" style of investing that emphasizes investing in securities that have had higher recent price performance compared to other securities. This style of investing is subject to the risk that these securities may be more volatile than a broad cross- section of securities or that the returns on securities that have previously exhibited price momentum are less than returns on other styles of investing or the overall stock market. High momentum may also be a sign that the securities' prices have peaked. Momentum can turn quickly and cause significant variation from other types of investments. The Fund may experience significant losses if momentum stops, turns or otherwise behaves differently than predicted.

**Mortgage-Backed Securities Risk.** Movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain types of MBS. In addition, MBS generally can be prepaid at any time, and prepayments that occur either more quickly (prepayment risk) or more slowly (extension risk) than expected can adversely impact the value of such securities. MBS may be negatively affected by the quality of the underlying mortgages, the credit quality of its issuer or guarantor, and the nature and structure of its credit support. MBS not backed by the full faith and credit of the U.S. government are subject to the risk of default on the underlying mortgage, particularly during periods of economic downturn.

**Municipal Security Risk.** Municipal securities can be significantly affected by political or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the municipal market related to taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the inability to collect revenues from such projects or assets. Certain municipal securities are issued by entities that have limited taxing authority, such as school districts, or are dependent on revenue from a particular sector or industry, such as the utilities sector, infrastructure sector, or transportation industry

**Portfolio Turnover Risk.** The Funds' strategies may frequently involve buying and selling portfolio securities to rebalance the Funds' exposure to various market sectors. Higher portfolio turnover may result in the Funds paying higher levels of transaction costs and generating greater tax liabilities for shareholders. Portfolio turnover risk may cause the Funds' performance to be less than you expect.

**Preferred Securities Risk.** Preferred securities may pay fixed or adjustable rates of return. Preferred securities are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company's preferred securities generally pay dividends only after the company makes required payments to holders of its bonds and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds and other debt to actual or perceived changes in the company's financial condition or prospects. Preferred securities of smaller companies may be more vulnerable to adverse developments than preferred securities of larger companies

**Private Credit Risk.** The Fund may invest indirectly in private credit through registered ETFs. Investments in private securities are illiquid. Private securities are not traded in public markets and can be subject to various restrictions on resale. In addition, there can be no assurance that the Fund, through its investments in other ETFs, will be able to realize the value of private securities in a timely manner. Further, private credit investments can range in credit quality depending on security-specific factors, including total leverage.

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

**Real Estate Industry Risk.** The Funds are subject to the risks related to investments in real estate, including declines in the real estate market, decreases in property revenues, increases in interest rates, increases in property taxes and operating expenses, legal and regulatory changes, a lack of credit or capital, defaults by borrowers or tenants, environmental problems, and natural disasters.

Cambria ETF Trust Notes to Financial Statements

April 30, 2025

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

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

**Consumer Discretionary Sector Risk.** The success of consumer product manufacturers and retailers is tied closely to the performance of their local economy, the international economy, interest rates, competitive and consumer confidence. Success depends heavily on disposable household income and consumer spending. Changes in demographics and consumer tastes can also affect the demand for, and success of, consumer products in the marketplace.

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

**Energy Sector Risk.** The energy sector includes, for example, oil, gas, and consumable fuel companies. Energy companies can be substantially impacted by, among other things, the volatility of oil prices, worldwide supply and demand, worldwide economic growth, and political instability in oil or gas producing regions such as the Middle East and Eastern Europe.

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

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

**Industrials Sector Risk.** Issuers in the industrials sector are affected by supply and demand, both for their specific product or service and for industrial sector products in general. The products of such issuers may face obsolescence due to rapid technological developments and frequent new product introduction. Government regulations, world events, economic conditions and exchange rates affect the performance of companies in the industrials sector. Issuers in the industrials sector may be adversely affected by liability for environmental damage, product liability claims and exchange rates. The industrials sector may also be adversely affected by changes or trends in commodity prices, which may be influenced by unpredictable factors.

**Information Technology Sector Risk.** Technology companies face intense competition, which may have an adverse effect on their profit margins. Technology companies may have limited product lines, markets, financial resources or personnel. The products of technology companies may face obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the technology sector are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies.

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

**Utilities Sector Risk.** Utilities include companies such as electric, gas and water firms and renewable energy companies. Companies in the utilities sector may be adversely impacted by many factors, including, among others, supply and demand, operating costs, financing costs, rate caps or rate changes, government regulation and environmental factors. Deregulation of utilities may also subject these companies to increased competition and reduce their profitability.

**Short Sale Risk.** If a security is sold short and subsequently has to be bought back at a higher price, the Funds will realize a loss on the transaction. The amount of loss on a short sale is potentially unlimited because there is no limit on the price a shorted security might attain (as compared to a long position, where the maximum loss is the amount invested). The use of short sales may increase the Funds' exposure to the market, and may increase losses and the volatility of returns.

Cambria ETF Trust Notes to Financial Statements

April 30, 2025

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

**Sovereign Debt Securities Risk.** Investments in sovereign debt obligations involve special risks not present in corporate debt obligations. The issuer of the sovereign debt or the authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due, and the Funds may have limited recourse in the event of a default. During periods of economic uncertainty, the market prices of sovereign debt, and the Funds' NAV, may be more volatile than prices of U.S. debt obligations. In the past, certain non-U.S. markets have encountered difficulties in servicing their debt obligations, withheld payments of principal and interest and declared moratoria on the payment of principal and interest on their sovereign debts. These risks increase for lower-rated and high-yield debt securities, as discussed in each applicable Funds' prospectus.

**Swap Contracts Risk.** Each swap exposes the Fund to counterparty risk when a counterparty to a financial instrument entered into by the Fund may become bankrupt or otherwise fail to perform its obligations. As a result, the Fund may experience delays in or be prevented from obtaining payments owed to it pursuant to a swap contract.

**Underlying Vehicle Counterparty and Leverage Risk.** Through its investments in affiliated and unaffiliated ETFs and other ETPs (collectively, "Underlying Vehicles"), the Funds may be indirectly exposed to additional risks. For example, if an Underlying Vehicle contracts with a counterparty, the Funds indirectly bears the risk that the counterparty fails to honor its obligations, causing the Underlying Vehicle, and therefore the Fund, to lose money and decline in value. Derivatives used by Underlying Vehicles may include leverage, allowing them to obtain the right to a return on stipulated capital that exceeds the amount paid or invested. Use of leverage is speculative and could magnify losses. Although certain Underlying Vehicles may comply with their obligations related to certain derivatives in accordance with Rule 18f-4 under the 1940 Act, as applicable, the Fund's value-at- risk limitations (if applicable) may not prevent losses greater than the value of those obligations. Other Underlying Vehicles may not employ any risk management procedures at all, leading to even greater losses. Due to the Funds' investments in Underlying Vehicles, the value of the Funds' Shares may be volatile.

**U.S. Government Securities Risk.** U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This would result in losses to the Funds. The securities of other U.S. government-sponsored entities ("GSEs") may not be backed by the full faith and credit of the U.S. government, but rather supported through federal subsidies, loans, or other benefits.

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

**7. GUARANTEES AND INDEMNIFICATIONS**

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

Cambria ETF Trust Notes to Financial Statements

April 30, 2025

**8. RECLASSIFICATION OF CAPITAL ACCOUNTS**

U.S. GAAP requires that certain amounts of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. These differences are primarily due to adjustments for redemptions in-kind, and with respect to the Cannabis ETF, net operating losses. For the year/period ended April 30, 2025, the following table shows the reclassifications made:

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| | | |
|:---|:---|:---|
| **Fund** | **Paid-In Capital** | **Total <br> Distributable <br> Earnings <br> (Accumulated <br> Losses)** |
| Cannabis ETF | $(1334295) | $1334295 |
| Emerging Shareholder Yield ETF | 784324 | (784324) |
| Fixed Income Trend ETF |  |  |
| Foreign Shareholder Yield ETF | 21884893 | (21884893) |
| Global Asset Allocation ETF | 765208 | (765208) |
| Global Momentum ETF | 7795195 | (7795195) |
| Global Real Estate ETF | 2144262 | (2144262) |
| Global Value ETF | 1173926 | (1173926) |
| LargeCap Shareholder Yield ETF | (516208) | 516208 |
| Micro and SmallCap Shareholder Yield ETF | 837658 | (837658) |
| Shareholder Yield ETF | 31724709 | (31724709) |
| Tactical Yield ETF | 1555 | (1555) |
| Tail Risk ETF | (82988) | 82988 |
| Trinity ETF | 1893592 | (1893592) |
| Value and Momentum ETF | 3841692 | (3841692) |

---

9. INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS

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

Cambria ETF Trust Notes to Financial Statements

April 30, 2025

For tax purposes, short-term realized gains are considered ordinary income. The tax character of dividends and distributions declared during the year or period ended April 30, 2025, and April 30, 2024, respectively, were as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year/Period Ended April 30, 2025** | **Year/Period Ended April 30, 2025** | **Year/Period Ended April 30, 2025** | **Year/Period Ended April 30, 2024** | **Year/Period Ended April 30, 2024** | **Year/Period Ended April 30, 2024** |
| <br>**Fund** | **Ordinary <br> Income** | **Long-Term <br> Capital <br> Gains** | **Return of <br> Capital** | **Ordinary <br> Income** | **Long-Term<br> Capital <br> Gains** | **Return of <br> Capital** |
| Cannabis ETF | $748350 | $— | $— | $397187 | $— | $— |
| Emerging Shareholder Yield ETF | 18218875 |  |  | 12050108 |  |  |
| Fixed Income Trend ETF |  |  |  |  |  |  |
| Foreign Shareholder Yield ETF | 12944687 |  |  | 12160168 |  |  |
| Global Asset Allocation ETF | 2233576 |  | 63710 | 1918316 |  |  |
| Global Momentum ETF | 2057727 |  | 1736844 | 4864989 |  | 90620 |
| Global Real Estate ETF | 2714991 |  | 192966 | 1425683 |  |  |
| Global Value ETF | 4607623 |  |  | 7413483 |  |  |
| LargeCap Shareholder Yield ETF | 144888 |  |  |  |  |  |
| Micro and SmallCap Shareholder Yield ETF | 1045181 |  | 320199 | 173103 |  |  |
| Shareholder Yield ETF | 24388078 |  |  | 18189105 |  |  |
| Tactical Yield ETF | 849555 |  |  | 64232 |  |  |
| Tail Risk ETF | 2093066 |  |  | 4835037 |  |  |
| Trinity ETF | 3325439 |  |  | 4380302 |  | 156484 |
| Value and Momentum ETF | 580310 |  | 352764 | 592601 |  |  |

---

Funds are permitted to carry forward losses for an unlimited period and losses that are carried forward will retain their character as either short-term or long-term capital losses. As of April 30, 2025, the Funds have the following capital loss carryforwards and offset capital gains for an unlimited period:

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| | | |
|:---|:---|:---|
| **Fund** | **Non-Expiring<br> Short-Term** | **Non-Expiring<br> Long-Term** |
| Cannabis ETF | $743322 | $22490152 |
| Emerging Shareholder Yield ETF | 5727849 | 3044622 |
| Fixed Income Trend ETF | 223874 |  |
| Foreign Shareholder Yield ETF | 15181234 | 15534461 |
| Global Asset Allocation ETF | 4107 | 1298594 |
| Global Momentum ETF | 21021907 |  |
| Global Real Estate ETF | 5570375 | 1200971 |
| Global Value ETF | 390099 | 30423793 |
| LargeCap Shareholder Yield ETF | 224903 |  |
| Micro and SmallCap Shareholder Yield ETF | 593684 | 14749 |
| Shareholder Yield ETF | 42028453 | 42876310 |
| Tactical Yield ETF |  |  |
| Tail Risk ETF | 53115559 | 122517671 |
| Trinity ETF | 5071963 | 2053094 |
| Value and Momentum ETF | 24596635 | 5501075 |

---

For the year ended April 30, 2025, the Global Momentum ETF and Tail Risk ETF utilized $851,943 and $304,634 of capital loss carryforward, respectively.

Net capital losses incurred after October 31 (post-October losses) and net investment losses incurred after December 31 (late-year losses), and within the taxable year, may be elected to be deferred to the first business day of the Fund's next taxable year. As of April 30, 2025, the Cambria Cannabis ETF had $2,513,374 in late-year losses. As of April 30, 2025, the remaining Funds had not elected to defer any post-October or late-year losses.

The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments and foreign currency and distributable (accumulated) earnings (losses) held by the Funds at April 30, 2025, were as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Cannabis ETF** | **Emerging<br> Shareholder<br> Yield ETF** | **Fixed Income<br> Trend ETF** | **Foreign <br> Shareholder <br> ETF** | **Global Asset<br> Allocation <br> ETF** |
| Investments, at cost | $9218708 | $487693586 | $12899129 | $333616409 | $61520742 |
| Gross tax unrealized appreciation | 1365633 | 63560842 | 25986 | 31853551 | 4668569 |
| Gross tax unrealized depreciation | (2210914) | (63972968) | (82743) | (28597939) | (2966690) |
| Net tax unrealized appreciation (depreciation) | (845281) | (412126) | (56757) | 3255612 | 1701879 |
| Undistributed ordinary income (loss) |  | 6874715 | 6873 | 5203518 |  |
| Undistributed long-term capital gain (loss) |  |  |  |  |  |
| Total distributable earnings |  | 6874715 | 6873 | 5203518 |  |
| Other accumulated gain (loss) | (25732345) | (8751513) | (223874) | (30851430) | (1302701) |
| Total distributable (accumulated) earnings (losses) | $(26577626) | $(2288924) | $(273758) | $(22392300) | $399178 |

---

Cambria ETF Trust Notes to Financial Statements

April 30, 2025

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Global <br> Momentum ETF** | **Global Real** <br> **Estate ETF**  | **Global <br> Value ETF** | **LargeCap Shareholder <br> Yield ETF** | **Micro and SmallCap <br> Shareholder<br> Yield ETF** |
| Investments, at cost | $103674964 | $37860697 | $179899766 | $4813612 | $12361878 |
| Gross tax unrealized appreciation | 7872498 | 1783567 | 25406932 | 57366 | 467820 |
| Gross tax unrealized depreciation | (1207808) | (3968056) | (20087431) | (597280) | (2731421) |
| Net tax unrealized appreciation (depreciation) | 6664690 | (2184489) | 5319501 | (539914) | (2263601) |
| Undistributed ordinary income (loss) |  |  | 2557279 | 25928 |  |
| Undistributed long-term capital gain (loss) |  |  |  |  |  |
| Total distributable earnings |  |  | 2557279 | 25928 |  |
| Other accumulated gain (loss) | (21021907) | (6757637) | (30788542) | (224903) | (608433) |
| Total distributable (accumulated) earnings (losses) | $(14357217) | $(8942126) | $(22911762) | $(738889) | $(2872034) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Shareholder** <br> **Yield ETF**  | **Tactical Yield** <br> **ETF**  | **Tail Risk ETF** | **Trinity ETF** | **Value and** <br> **Momentum ETF**  |
| Investments, at cost | $1072668285 | $44479766 | $152424626 | $112083233 | $44402856 |
| Gross tax unrealized appreciation | 67339944 | 5625 | 5898056 | 6487642 | 5882465 |
| Gross tax unrealized depreciation | (216602023) | (2039) | (5695255) | (3093715) | (3381459) |
| Net tax unrealized appreciation (depreciation) | (149262079) | 3586 | 202801 | (3393927) | 2501006 |
| Undistributed ordinary income (loss) | 1823074 | 233741 | 584476 | 23938 |  |
| Undistributed long-term capital gain (loss) |  |  |  |  |  |
| Total distributable earnings | 1823074 | 233741 | 584476 | 23938 |  |
| Other accumulated gain (loss) | (84904944) |  | (175633230) | (7125057) | (30097710) |
| Total distributable (accumulated) earnings (losses) | $(232343949) | $237327 | $(174845953) | $(3707192) | $(27596704) |

---

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

10. SECURITIES LENDING

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

Cash collateral received in connection with securities lending of each applicable Fund is invested in First American Government Obligations Fund Class X and is presented on the Schedules of Investments.

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

Cambria ETF Trust Notes to Financial Statements

April 30, 2025

The following is a summary of securities lending agreements held by the Funds, with cash collateral of overnight and continuous maturities and non- cash collateral, if any, which would be subject to offset as of April 30, 2025:

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| | | |
|:---|:---|:---|
| **Fund** | **Value of**<br> **Securities on** <br> **Loan** | **Payable on** <br> **Collateral Received** |
| Foreign Shareholder Yield ETF | $7073165 | $7756475 |
| Global Asset Allocation ETF | 9268376 | 9505960 |
| Global Momentum ETF | 4127544 | 4212450 |
| Micro and SmallCap Shareholder Yield ETF | 74102 | 77420 |
| Shareholder Yield ETF | 4528864 | 4761649 |
| Trinity ETF | 6394741 | 6535676 |
| Value and Momentum ETF | 343361 | 375637 |

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11. ACCOUNTING PRONOUNCEMENTS AND/OR REGULATORY UPDATES

During the reporting year/period, the Funds adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's Chief Operating Decision Maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available.

The Management Committee of the Trust's Adviser acts as the CODM. Each Fund within the Trust represents a single operating segment, as the CODM monitors the operating results of each Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information in the form of a Fund's total returns, expense ratios, changes in net assets resulting from operations, subscriptions and redemptions and profitability to the Advisor, which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and peers to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statement of Operations.

12. SUBSEQUENT EVENTS

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

![](cambriancsr052.jpg)

**<u>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

To the Shareholders and Board of Trustees of Cambria ETF Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, and total return swap contracts, of Cambria ETF Trust comprising the funds listed below (the "Funds") as of April 30, 2025, the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2025, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Fund Name | &nbsp;&nbsp;Statements of<br> Operations | &nbsp;&nbsp;Statements of<br> Changes in Net Assets | &nbsp;&nbsp;Financial Highlights |
| &nbsp;&nbsp;Cambria Shareholder Yield ETF, Cambria Foreign Shareholder Yield ETF, Cambria Global Value ETF, Cambria Global Momentum ETF, Cambria Global Asset Allocation ETF, Cambria Value and Momentum ETF, Cambria Emerging Shareholder Yield ETF, Cambria Tail Risk ETF, Cambria Trinity ETF, and Cambria Cannabis ETF  | &nbsp;&nbsp;For the year ended<br>April 30, 2025 | &nbsp;&nbsp;For the years ended <br>April 30, 2025 and 2024 | &nbsp;&nbsp;For the years ended <br>April 30, 2025, 2024, 2023, 2022 and 2021 |
| &nbsp;&nbsp;Cambria Global Real Estate ETF | &nbsp;&nbsp;For the year ended <br>April 30, 2025 | &nbsp;&nbsp;For the years ended <br>April 30, 2025 and 2024 | &nbsp;&nbsp;For the years ended <br>April 30, 2025, 2024, 2023, and April 2022 and for the period from September 23, 2020 (commencement of operations) through April 30, 2021 |
| &nbsp;&nbsp;Cambria Micro and SmallCap Shareholder Yield ETF and Cambria Tactical Yield ETF  | &nbsp;&nbsp;For the year ended <br>April 30, 2025 | &nbsp;&nbsp;For the year ended April 30, 2025 and for the period from January 4, 2024 (commencement of operations) through April 30, 2024 | &nbsp;&nbsp;For the year ended April 30, 2025 and for the period from January 4, 2024 (commencement of operations) through April 30, 2024 |
| &nbsp;&nbsp;Cambria LargeCap Shareholder Yield ETF  | &nbsp;&nbsp;For the period from July 11, 2024 (commencement of operations) through April 30, 2025 | &nbsp;&nbsp;For the period from July 11, 2024 (commencement of operations) through April 30, 2025 | &nbsp;&nbsp;For the period from July 11, 2024 (commencement of operations) through April 30, 2025 |
| &nbsp;&nbsp;Cambria Fixed Income Trend ETF | &nbsp;&nbsp;For the period from March 27, 2025 (commencement of operations) through April 30, 2025  | &nbsp;&nbsp;For the period from March 27, 2025 (commencement of operations) through April 30, 2025  | &nbsp;&nbsp;For the period from March 27, 2025 (commencement of operations) through April 30, 2025  |

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![](cambriancsr053.jpg)

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of April 30, 2025, by correspondence with the custodians and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2016.

![](cambriancsr054.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

June 27, 2025

&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial
 Highlights are included within the financial statements filed under Item 7(a) of this
 Form.

**Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.**

There have been no changes in or disagreements with the Funds' accountants.

**Item 9. Proxy Disclosure for Open-End Investment Companies.**

There were no matters submitted to a vote of shareholders during the period covered by the report.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.**

See Item 7(a). Under the Investment Advisory Agreement, in exchange for a single unitary management fee from each Fund, the Adviser has agreed to pay all expenses incurred by the Funds, including Trustee compensation, except for certain excluded expenses.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

**Board Considerations in Approving the Investment Advisory and Sub-Advisory Agreements for the New Fund**

The Board of Trustees (the "Board") of Cambria ETF Trust (the "Trust"), including those Trustees who are not "interested persons" (as defined in the Investment Company Act of 1940, as amended) of the Trust (the "Independent Trustees"), attended a meeting held on December 3, 2024 (the "Meeting"), called for the purpose of, among other things, the consideration of, and voting on, the approval of (1) the investment advisory agreement between Cambria Investment Management, L.P. ("Cambria") and the Trust (the "Advisory Agreement"), and (2) the sub-advisory agreement between Tidal Investments LLC ("Tidal") and Cambria (the "Sub-Advisory Agreement" and, together with the Advisory Agreement, the "Agreements"), with respect to a newly proposed series of the Trust: Cambria Fixed Income Trend ETF (the "New Fund"). In preparation for its deliberations, the Board requested and reviewed written responses from Cambria and Tidal to due diligence questionnaires circulated on the Board's behalf relating to the New Fund. The Board also reviewed a memorandum from Fund counsel discussing the legal standards applicable to its consideration of the Agreements. During its deliberations, the Independent Trustees received an oral presentation from representatives of Cambria and Tidal. The Independent Trustees were assisted in their review by independent legal counsel and met with counsel in executive session separate from the representatives of Cambria and Tidal.

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

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

***Nature, Extent and Quality of Services.*** The Board reviewed the nature, quality, and extent of the overall services to be provided by Cambria and Tidal to the New Fund. In particular, the Board considered the responsibilities of Cambria and Tidal under the terms of the Agreements. The Board recognized that Cambria had invested significant time and effort in structuring the Trust and the New Fund, arranging service providers, exploring various sales channels, and assessing the appeal for the New Fund's investment strategy. In addition, the Board considered that Cambria is responsible for providing investment advisory services to the New Fund, monitoring compliance with the New Fund's objectives, policies, and restrictions, and carrying out directives of the Board. The Board noted that Tidal will be providing certain sub-advisory services to the Fund, such as trading the Fund's portfolio securities based on instructions from Cambria; oversight of general portfolio compliance with applicable securities laws, regulations, and investment restrictions; proxy voting; responsibility for daily monitoring of portfolio exposures and quarterly reporting to the Board; and implementation of Board directives as they relate to the New Fund. The Board also considered the services provided by Cambria in the oversight of Tidal as well as the Trust's distributor, administrator, transfer agent, and custodian. In addition, the Board evaluated the integrity of Cambria's and Tidal's personnel, the professional qualifications and experience of the portfolio management team in managing assets, their experiences with Cambria's and Tidal's services, and the adequacy of Cambria's and Tidal's resources and financial condition. Based on its review, within the context of its full deliberations, the Board determined that it was satisfied with the nature, extent, and quality of the services to be provided to the New Fund by Cambria and Tidal.

***Performance.*** The Board noted that, since the New Fund had not yet commenced investment operations, it had no investment performance. The Board considered that Cambria has been relatively successful managing other ETFs; however, the Board noted that most of Cambria's Funds either invest primarily in equities or employ allocation or tail risk strategies, not bond strategies. Representatives from Cambria provided information regarding, and led a discussion on, the factors that may impact the New Fund's future performance, including current market conditions and Cambria's future expectations with respect to the New Fund's strategies. The Board also discussed and considered the performance track record, investment experience, professional background, and qualifications of the New Fund's portfolio managers.

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

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

***Other Benefits.*** The Board then considered the extent to which Cambria and Tidal will derive ancillary benefits from the New Fund's operations. The Board discussed that while Cambria did not have any affiliates that would benefit from the New Fund's operations, Tidal's affiliate, Tidal ETF Services, LLC, will serve as the administrator to the New Fund. However, the Board also noted that under the Fund's unitary fee structure, Cambria will be paying Tidal ETF Services, LLC's fee out of the management fee it receives from the New Fund. The Board also reviewed the degree to which Cambria may receive compensation from the New Fund based upon the New Fund's investment in other Cambria ETFs, noting that Cambria does not expect the New Fund to invest its assets in other Cambria ETFs.

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

***Conclusion.*** 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 and sub-advisory arrangements, as outlined in the Agreements, 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 approving the Agreements, the Board did not identify any single factor as being of paramount importance, and different Trustees may have given different weight to different factors. In light of the foregoing, the Board, including a majority of the Independent Trustees, determined to approve the Agreements with respect to the New Fund.

**Board Considerations in Approving the Investment Advisory and Sub-Advisory Agreements** 

The Board of Trustees (the "Board") of Cambria ETF Trust (the "Trust"), including those Trustees who are not "interested persons" (as defined in the Investment Company Act of 1940, as amended) of the Trust (the "Independent Trustees"), attended a meeting held via videoconference on March 25, 2025 (the "Meeting"), called for the purpose of, among other things, the consideration of, and voting on, the approval and continuation of (1) the investment advisory agreement between Cambria Investment Management, L.P. ("Cambria") and the Trust (the "Advisory Agreement"), and (2) the sub-advisory agreement between Tidal Investments LLC ("Tidal") and Cambria (the "Sub-Advisory Agreement" and, together with the Advisory Agreement, the "Agreements"), with respect to each series of the Trust except for the Cambria Fixed Income Trend ETF and Cambria LargeCap Shareholder Yield ETF (each, a "Fund" and, collectively, the "Funds"). In preparation for its deliberations, the Board requested and reviewed written responses from Cambria and Tidal to due diligence questionnaires circulated on the Board's behalf relating to the Funds. The Board also reviewed a memorandum from Fund counsel discussing the legal standards applicable to its consideration of the Agreements. During its deliberations, the Board received an oral presentation from Cambria and Tidal and was assisted by the advice of independent legal counsel.

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

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

***Nature, Extent and Quality of Services.*** The Board reviewed the nature, quality, and extent of the overall services to be provided by Cambria and Tidal to the Funds. In particular, the Board considered the responsibilities or Cambria and Tidal under the terms of the Agreements. The Board recognized that Cambria had invested significant time and effort in structuring the Trust, developing the Funds, arranging service providers, exploring various sales channels, and assessing the appeal for each Fund's investment strategy. In addition, the Board considered that Cambria is responsible for providing investment advisory services to each Fund, monitoring compliance with each Fund's objectives, policies, and restrictions, and carrying out directives of the Board. The Board noted that Tidal will be providing certain sub-advisory services to the Funds, such as trading the Funds' portfolio securities based on instructions from Cambria; oversight of general portfolio compliance with applicable securities laws, regulations, and investment restrictions; proxy voting; responsibility for daily monitoring of portfolio exposures and quarterly reporting to the Board; and implementation of Board directives as they relate to the Funds. The Board also considered the services provided by Cambria in the oversight of Tidal as well as the Trust's distributor, administrator, transfer agent, and custodian. In addition, the Board evaluated the integrity of Cambria's and Tidal's personnel, the professional qualifications and experience of the portfolio management team in managing assets, their experiences with Cambria's and Tidal's services, and the adequacy of Cambria's and Tidal's resources and financial condition. Based on its review, within the context of its full deliberations, the Board determined that it was satisfied with the nature, extent, and quality of the services provided to the Funds by Cambria and Tidal.

***Performance.*** The Board noted that it considered the performance of the Funds throughout the year and reviewed each Fund's performance for the three-month, 12-month, and since inception periods ended January 31, 2025, as applicable. In this regard, among other things, the Board considered reports comparing each Fund's total returns to the total returns of the Fund's Peer Group and its benchmark index. Representatives from Cambria provided information regarding, and led a discussion on, the factors impacting each Fund's performance, including current market conditions and Cambria's future expectations with respect to each Fund's strategies.

*<u>Cambria Shareholder Yield ETF</u>:* The Board considered that the Fund underperformed, before fees and expenses, the S&P 500, its benchmark index, for the since inception period, 12- and three-month periods. Primary drivers of the Fund's underperformance for the three-month period, relative to its benchmark, were security selection in the Consumer Discretionary sector, and an underweight allocation and security selection in the Communication Services sector. Primary drivers of the Fund's underperformance for the 12-month period, relative to its benchmark, were an underweight allocation to and security selection in the Technology and Communication Services sectors as well as security selection in the Consumer Discretionary sector. The Board further noted that the Fund outperformed all of the funds in its Peer Group for the since inception period, underperformed all of its Peer Group funds for the 12-month period, and underperformed all but one of its Peer Group funds for the three-month period.

*<u>Cambria Foreign Shareholder Yield ETF</u>:* The Board considered that the Fund underperformed, before fees and expenses, the MSCI EAFE Index, its benchmark index, for the since inception, 12- and three-month periods. Primary drivers of the Fund's underperformance over the three-month period, relative to its benchmark, were security selection in Japan and the United Kingdom, overweight allocation in Canada and exposure to the Canadian dollar. The Fund's security selection in the United Kingdom and Australia as well as an underweight allocation to Germany drove underperformance relative to its benchmark for the 12-month period. The Board further noted that the Fund outperformed all but one fund in its Peer Group over the since inception period, underperformed all of its Peer Group funds over the 12-month period, and underperformance all but one fund in its Peer Group for the most recent three-month period.

*<u>Cambria Global Value ETF</u>:* The Board considered that the Fund underperformed, before fees and expenses, the MSCI ACWI Total Return Index, its benchmark index, for the three-month and 12-month periods, and significantly underperformed the same benchmark for the since inception period. The primary driver of the Fund's underperformance over the three- and 12-month periods was a lack of exposure to the U.S. relative to its benchmark. The Board further noted that the Fund underperformed all of the funds in its Peer Group for the three- and 12-month periods, and the Fund's performance significantly lagged behind the performance of all funds in the Peer Group for the since inception period.

*<u>Cambria Global Momentum ETF</u>:* The Board considered that the Fund underperformed, before fees and expenses, the S&P Balanced Equity and Bond – Moderate Index, its benchmark index, for the three- and 12-month periods, and significantly underperformed the same benchmark for the since inception period. A primary driver of the Fund's underperformance relative to its benchmark over the three-month period was its exposure to emerging market stocks. The Fund's exposure to commodities and trend following strategy contributed to its underperformance over the 12-month period. The Board further noted that the Fund generally performed within the high range of its Peer Group for the since inception and 12-month periods, but the Fund's performance lagged the performance of its Peer Group funds for the three-month period.

*<u>Cambria Global Asset Allocation ETF</u>:* The Board considered that the Fund underperformed, before fees and expenses, the S&P Balanced Equity and Bond – Moderate Index, its benchmark index, for the since inception, three- and 12-month periods. The primary driver of the Fund's underperformance over the three-month period relative to its benchmark was the Fund's exposure to emerging market and global real estate stocks; whereas, the Fund's exposure to long-term U.S. Treasuries and international government bonds were the primary causes of the Fund's underperformance over the 12-month period. The Board further noted that the Fund's performance was in the middle of the range of its Peer Group for the since inception period, but the Fund's performance generally lagged the performance of its Peer Group funds for the three- and 12-month periods.

*<u>Cambria Value and Momentum ETF</u>:* The Board considered that the Fund significantly underperformed, before fees and expenses, the S&P 500, its benchmark index, for the since inception, three- and 12-month periods. The primary drivers of the Fund's underperformance over the three-month period were the Fund's hedge against the S&P 500 as well as security selection in the Consumer Discretionary sector and security selection in the Technology sector. The primary drivers of the Fund's underperformance over the 12-month period were the Fund's hedge against the S&P 500 as well an underweight allocation to the Communication Services sector. The Board further noted that the Fund underperformed its Peer Group over all three periods, including significant underperformance for the since inception period.

*<u>Cambria Emerging Shareholder Yield ETF</u>:* The Board considered that the Fund outperformed, before fees and expenses, the MSCI Emerging Markets Total Return Index, its benchmark index, for the since inception period, but underperformed its benchmark for the three- and 12-month periods. The primary drivers of the Fund's underperformance over the three-month period, relative to its benchmark, was security selection in Taiwan and an overweight allocation to and security selection in South Africa as well as exposure to South African Rand. The primary drivers of the Fund's outperformance over the 12-month period, relative to its benchmark, was security selection in Taiwan and an underweight allocation to and security selection in China. The Board further noted that the Fund outperformed its Peer Group for the since inception period, generally performed in line with its Peer Group funds for the 12-month period, and underperformed all but one of its Peer Group funds for the three-month period.

*<u>Cambria Tail Risk ETF</u>:* The Board considered that the Fund underperformed, before fees and expenses, the Bloomberg Barclays U.S. Short Term Treasury Total Return Index Unhedged, its benchmark index, for the three-, 12-month, and since inception periods, including significant underperformance for the 12-month and since inception periods. The Fund's allocation to put options on the S&P 500, which had positive performance for the quarter, was the primary driver of the Fund's underperformance for the three- and 12-month periods. The Board further noted that the Fund outperformed its Peer Group for all three periods, including significant outperformance for the three- and 12-month periods.

*<u>Cambria Trinity ETF</u>:* The Board considered that the Fund significantly underperformed, before fees and expenses, the S&P Balanced Equity and Bond – Moderate Index, its benchmark index, for all three periods. The primary drivers of the Fund's underperformance over the three-month period were exposure to gold mining stocks, emerging market stocks, and global real estate stocks. The Fund's exposure to trend following contributed to the Fund's relative underperformance of its benchmark over the 12-month period. The Board further noted that the Fund underperformed its Peer Group for all three periods.

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

*<u>Cambria Global Real Estate ETF</u>:* The Board considered that the Fund underperformed, before fees and expenses, the FTSE EPRA Nareit Global REITs Total Return Index, its benchmark index, for the since inception period, but outperformed its index for the three- and 12-month periods. For the three-month period, an overweight allocation to Turkey, security selection and currency exposure in Australia, and an underweight allocation, security selection, and currency exposure in the United Kingdom were the primary contributors to outperformance relative to the benchmark index. For the 12-month period, positive returns were driven primarily by the Fund's overweight allocation and security selection in Turkey, South Africa, and Netherlands relative to the benchmark index. The Board further noted that the Fund generally performed within the range of its Peer Group for each period, but the Fund generally underperformed the performance of its Peer Group for the three-month period.

*<u>Cambria Micro & Small Cap Shareholder Yield ETF</u>:* The Board considered that the Fund underperformed, before fees and expenses, the S&P Small Cap 600 Index, its benchmark index, for the three-, 12-month, and since inception periods. For the three-month period, an overweight allocation and security selection in the Energy sector, security selection in the Consumer Discretionary sector, underweight allocation to the Health Care sector, and an underweight allocation and security selection in the Technology sector were the primary drivers of underperformance relative to the benchmark index. For the 12-month period, underperformance relative to the benchmark was driven primarily by the Fund's security selection in the Consumer Discretionary and Industrials sectors as well as an underweight to these same sectors. The Board further noted that the Fund underperformed all but one fund in its Peer Group for each period.

*<u>Cambria Tactical Yield ETF</u>:* The Board considered that the Fund slightly underperformed, before fees and expenses, the ICE BofA U.S. 3-Month Treasury Bill Index, its benchmark index, for the three-month and since inception periods, but slightly outperformed the benchmark for the 12-month period. The Board further noted that the Fund outperformed all but one fund in its Peer Group for each period.

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

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

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

***Other Benefits.*** The Board then considered the extent to which Cambria and Tidal derive or will derive ancillary benefits from a Fund's operations. The Board discussed that while Cambria did not have any affiliates that would benefit from the Funds' operations, Tidal's affiliate, Tidal ETF Services, LLC, will serve as the administrator to the Funds. However, the Board also noted that under the Funds' unitary fee structure, Cambria will be paying Tidal ETF Services, LLC's fee out of the management fee it receives from the Funds. The Board also reviewed the degree to which Cambria may receive compensation from the Funds based upon a Fund's investment in other Funds.

***Economies of Scale.*** The Board next considered the absence of breakpoints in Cambria's fee schedule for each Fund and reviewed information regarding the extent to which economies of scale or other efficiencies may result from increases in a Fund's asset levels. The Board determined that it is difficult to predict when economies of scale might be realized for Cambria and the Funds, some of which launched less than 16 months ago. The Board, thus, determined to monitor potential economies of scale, as well as the appropriateness of introducing breakpoints in the future, as assets managed by each Fund grow larger.

***Conclusion.*** In approving the Agreements, 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 Agreements. 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 and sub-advisory arrangements, as outlined in the Agreements, 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 Agreements with respect to the Funds.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

Not Applicable.

**<u>Item 16. Controls and Procedures.</u>**

(a) The
 Registrant's President/Principal Executive Officer and Treasurer/Principal Financial
 Officer have reviewed the Registrant's disclosure controls and procedures (as defined
 in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act"))
 as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b)
 under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act
 of 1934. Based on their review, such officers have concluded that the disclosure controls
 and procedures are effective in ensuring that information required to be disclosed in
 this report is appropriately recorded, processed, summarized and reported and made known
 to them by others within the Registrant and by the Registrant's service provider.

(b) There
 were no changes in the Registrant's internal control over financial reporting (as defined
 in Rule 30a-3(d) under the Act) that occurred during the period covered by this report
 that have materially affected, or are reasonably likely to materially affect, the Registrant's
 internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

(a) Not Applicable.

(b) Not Applicable.

**<u>Item 19. Exhibits.</u>**

*(a)* (1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3)](ex99cert.htm) *[A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](ex99cert.htm)* [Filed herewith.](ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.* Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Change in the registrant's independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period. Not applicable.

*[(b)](ex99-906cert.htm)* *[Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](ex99-906cert.htm)* [Furnished herewith.](ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Cambria ETF
 Trust

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| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Mebane Faber |
|  | Mebane Faber, President/Principal Executive Officer |

---

Date <u>July 9, 2025</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Mebane Faber |
|  | Mebane Faber, President/Principal Executive Officer |

---

Date <u>July 9, 2025</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Aaron J. Perkovich |
|  | Aaron J. Perkovich, Treasurer/Principal Financial Officer |

---

Date <u>July 9, 2025</u>

*\* Print the name and title of each signing officer under his or her signature.*

## Ex-99.Code

**[Cambria ETF Trust N-CSR](cambria_ncsr-043025.htm)**

**Exhibit 99.CODE ETH**

**CAMBRIA ETF TRUST**

**SENIOR FINANCIAL OFFICER CODE OF ETHICS**

**<u>Purposes of the Code</u>**

The reputation and integrity of Cambria ETF Trust (the "Trust") are valuable assets that are vital to the Trust's success. Each officer and employee of the Trust, including each of the Trust's senior financial officers ("SFOs"), is responsible for conducting the Trust's business in a manner that demonstrates a commitment to the highest standards of integrity. SFOs include the principal executive officer, the principal financial officer, comptroller (or principal accounting officer), and any person who performs a similar function.

The Trust has adopted a Code of Ethics under Rule 17j-1 under the Investment Company Act of 1940, as amended. The Trust's Rule 17j-1 Code is designed to prevent certain conflicts of interest that may arise when officers, employees, or trustees know about present or future fund transactions, have the power to influence those transactions; and engage in securities transactions in their personal account(s).

The Trust has chosen to adopt a SFO code of ethics ("SFO Code") for the purpose of promoting:

**I.** Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

**II.** Full, fair, accurate, timely and understandable disclosure in reports and documents that the Trust files with, or submits to, the U.S. Securities and Exchange Commission (the "SEC"), and in other public communications made by the Trust;

**III.** Compliance with applicable laws and governmental rules and regulations;

**IV.** The prompt internal reporting of violations of the SFO Code to an appropriate person or persons identified in the SFO Code; and

**V.** Accountability for adherence to the SFO Code.

This SFO Code should be read in conjunction with the Trust's other policy statements, including its Rule 17j-1 Code of Ethics and its Disclosure Controls and Procedures.

**<u>Principles for the Handling of Financial Information and Avoiding Conflicts of Interest</u>**

The Trust has adopted the following principles to govern the manner in which SFOs perform their duties. Persons subject to these guidelines include the principal executive officer, the principal financial officer, comptroller (or principal accounting officer), and any officer or employee who performs a similar function or who participates in the preparation of any part of the Trust's financial statements. Specifically, persons subject to this SFO Code shall:

**I.** Act with honesty and integrity

**II.** Avoid actual or apparent conflicts of interest with the Trust in personal and professional relationships

**III.** Provide information to the employees and service providers (adviser, sub-adviser, administrator, independent registered public accounting firm, outside counsel, custodian, etc.) of the Trust that is accurate, complete, objective, relevant, timely, and understandable

**IV.** Endeavor to ensure full, fair, timely, accurate, and understandable disclosure in the Trust's periodic reports

**V.** Comply with the federal securities laws and other applicable laws and rules, such as the Internal Revenue Code

**VI.** Act in good faith, responsibly, and with due care, competence and diligence, without misrepresenting material facts or subordinating independent judgment to another end

**VII.** Respect the confidentiality of information acquired in the course of their work, except where disclosure is expressly permitted or is otherwise legally mandated

**VIII.** Record (or participate in the recording of) entries in the Trust's books and records that are accurate

**IX.** Refrain from using confidential information for personal advantage

**X.** Discuss any material transaction or relationship that could reasonably be expected to give rise to a conflict of interest with the SFOs, Trust's Chief Compliance Officer ("CCO") or Fund counsel, as appropriate.

**<u>Violations of the Code</u>**

Any action that directly or indirectly contravenes one or more of the Principles outlined above shall be treated as a violation of this SFO Code unless good cause for such apparent contravention is found to exist.

Dishonest or unethical conduct or conduct that is illegal will constitute a per se violation of this SFO Code, regardless of whether this SFO Code refers to that particular conduct.

A violation of this SFO Code may result in disciplinary action, up to and including termination of employment. The Trust must and will report all suspected criminal violations to the appropriate authorities for possible prosecution, and will investigate, address and report as appropriate, non-criminal violations.

**<u>Enforcement of the SFO Code</u>**

**Violations**

All persons subject to this SFO Code who observe, learn of, or, in good faith, suspect a current or threatened violation of the SFO Code must immediately report the violation in writing to the CCO, another member of the Trust's senior management, or to the Audit Committee of the Board. An example of a possible SFO Code violation is the preparation and filing of financial disclosure that omits material facts, or that is accurate but is written in a way that obscures its meaning.

**Disclosure of Existing or Potential Conflicts of Interest**

All persons subject to this SFO Code shall file a letter (a "Disclosure Letter") regarding any transaction or relationship that reasonably appears to involve an actual or apparent conflict of interest with the Trust within ten days of becoming aware of such transaction or relationship. A Disclosure Letter should be prepared regarding these transactions or relationships whether you are involved or have only observed the transaction or relationship. All Disclosure Letters shall be submitted to the CCO, or if it is not possible to disclose the matter to the CCO, then the Disclosure Letter shall be submitted to another member of the Trust's senior management or to the Audit Committee of the Board.

An executive officer of the Trust or the Audit Committee will review all Disclosure Letters and determine whether further action is warranted. All determinations will be documented in writing and will be maintained by the CCO or other appropriate officers of the Trust.

**Outside Service Providers**

Because service providers to the Trust, such as the administrator, independent registered public accounting firm, and custodian, provide much of the work relating to the Trust's financial statements, all persons subject to this SFO Code should be alert for actions by service providers that may be illegal, or that could be viewed as dishonest or unethical conduct. SFOs should report these actions to the CCO even if he or she knows, or thinks, that the service provider has its own code of ethics covering persons who are Trust SFOs or employees.

**Non-Retaliation Policy**

SFOs who report violations or suspected violations in good faith will not be subject to retaliation of any kind. Reported violations will be investigated and addressed promptly and will be treated confidentially to the extent possible.

**<u>Annual Certification</u>**

SFOs will receive training on the contents and importance of this SFO Code and related policies and the manner in which violations must be reported and how Disclosure Letters must be submitted. Each SFO will be asked to certify on an annual basis that he or she is in full compliance with the SFO Code and any related policy statements.

**<u>Questions about the Code</u>**

The Trust's Board has designated the CCO to implement and administer this SFO Code. Any questions about this SFO Code should be directed to the CCO.

## Ex-99.Cert

**[Cambria ETF Trust N-CSR](cambria_ncsr-043025.htm)** 

**Exhibit 99.CERT**

**<u>CERTIFICATIONS</u>**

I, Mebane Faber, certify that:

1. I
 have reviewed this report on Form N-CSR of Cambria ETF Trust;

2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact
 or omit to state a material fact necessary to make the statements made, in light of the
 circumstances under which such statements were made, not misleading with respect to the
 period covered by this report;

3. Based
 on my knowledge, the financial statements, and other financial information included in
 this report, fairly present in all material respects the financial condition, results
 of operations, changes in net assets, and cash flows (if the financial statements are
 required to include a statement of cash flows) of the registrant as of, and for, the
 periods presented in this report;

4. The
 registrant's other certifying officer(s) and I are responsible for establishing
 and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under
 the Investment Company Act of 1940) and internal control over financial reporting (as
 defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant
 and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to
 the registrant, including its consolidated subsidiaries, is made known to us by others
 within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over
 financial reporting to be designed under our supervision, to provide reasonable assurance
 regarding the reliability of financial reporting and the preparation of financial statements
 for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and
 procedures, as of a date within 90 days prior to the filing date of this report based
 on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected,
 or is reasonably likely to materially affect, the registrant's internal control
 over financial reporting; and

5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal
 control over financial reporting which are reasonably likely to adversely affect the
 registrant's ability to record, process, summarize, and report financial information;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have
 a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | July 9, 2025 | /s/ Mebane Faber |
|  |  | Mebane Faber |
|  |  | President/Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Aaron J. Perkovich, certify that:

1. I
 have reviewed this report on Form N-CSR of Cambria ETF Trust;

2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact
 or omit to state a material fact necessary to make the statements made, in light of the
 circumstances under which such statements were made, not misleading with respect to the
 period covered by this report;

3. Based
 on my knowledge, the financial statements, and other financial information included in
 this report, fairly present in all material respects the financial condition, results
 of operations, changes in net assets, and cash flows (if the financial statements are
 required to include a statement of cash flows) of the registrant as of, and for, the
 periods presented in this report;

4. The
 registrant's other certifying officer(s) and I are responsible for establishing
 and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under
 the Investment Company Act of 1940) and internal control over financial reporting (as
 defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant
 and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to
 the registrant, including its consolidated subsidiaries, is made known to us by others
 within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over
 financial reporting to be designed under our supervision, to provide reasonable assurance
 regarding the reliability of financial reporting and the preparation of financial statements
 for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and
 procedures, as of a date within 90 days prior to the filing date of this report based
 on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected,
 or is reasonably likely to materially affect, the registrant's internal control
 over financial reporting; and

5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal
 control over financial reporting which are reasonably likely to adversely affect the
 registrant's ability to record, process, summarize, and report financial information;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have
 a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | July 9, 2025 | /s/ Aaron J. Perkovich |
|  |  | Aaron J Perkovich |
|  |  | Treasurer/Principal Financial Officer |

---

## Exhibit 99.906

**[Cambria ETF Trust N-CSR](cambria_ncsr-043025.htm)**

**Exhibit 99.906 CERT** 

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Tidal Trust II, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Tidal Trust II for the period ended April 30, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Tidal Trust II for the stated period.

---

| | |
|:---|:---|
| /s/ Mebane Faber  | /s/ Aaron J. Perkovich<br>|
| Mebane Faber | Aaron J. Perkovich |
| President/Principal Executive Officer, | Treasurer/Principal Financial Officer, |
| Cambria ETF Trust | Cambria ETF Trust |

---

Dated: <u>July 9, 2025</u> Dated: <u>July 9, 2025</u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Tidal Trust II for purposes of Section 18 of the Securities Exchange Act of 1934.