Annual Shareholder Report

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name

Costs of a $10,000
investment

Costs paid as a percentage of
a $10,000 investment

Cambria Emerging Shareholder Yield ETF

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number (811-22704)

Cambria ETF Trust
(Exact name of registrant as specified in charter)

3300 Highland Avenue

Manhattan Beach, CA 90266
(Address of principal executive offices) (Zip code)

Corporation Service Company

2711 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: April 30

Date of reporting period: April 30, 2026

Item 1. Reports to Stockholders.

Cambria Emerging Shareholder Yield ETF

TICKER: EYLD (Listed on Cboe BZX Exchange, Inc.)

Annual Shareholder Report | April 30, 2026

This annual shareholder report contains important information about the Cambria Emerging Shareholder Yield ETF for the period of May 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://cambriafunds.com/ EYLD. You can also request this information by contacting us at 1-855-383-4636.

	HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

	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 Net (USD) Total Return Index.

	For the 12-month period ended April 30, 2026, the fund outperformed its benchmark, returning 47.63% versus 46.68% for the MSCI EM Net (USD) Total Return Index.

	During the reporting period, the highest returns came from Hanmi Semiconductor Co. Ltd and HD Hyundai Co. Ltd, which returned 364.63% and 284.83%, respectively. The worst performers were Advancetek Enterprise Co. Ltd and Zhongsheng Group Holdings Ltd, which returned -53.62% and -53.61%, respectively.

	The Fund recorded positive returns during the reporting period. Strong security selection in India and China was the primary source of value added relative to the benchmark, and several Korean holdings produced exceptional gains. These contributions were largely offset by the Fund’s value-oriented positioning in Taiwan and South Korea, which lagged the benchmark’s technology-heavy exposure in those markets, leaving the Fund modestly ahead of the index for the period.

	HOW DID THE FUND PERFORM SINCE INCEPTION?*

	The $10,000 chart reflects a hypothetical $10,000 investment in the fund.

	CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

	Cambria Emerging Shareholder Yield ETF	MSCI EM Net (USD) Total Return Index	MSCI EM Gross (USD) Total Return Index
07/13/2016	10000	10000	10000
07/31/2016	10260	10216	10219
08/31/2016	10356	10469	10476
09/30/2016	10568	10604	10614
10/31/2016	10588	10629	10640
11/30/2016	10268	10140	10151
12/31/2016	10501	10163	10180
01/31/2017	10976	10719	10738
02/28/2017	11509	11047	11068
03/31/2017	11679	11326	11350
04/30/2017	11857	11574	11601
05/31/2017	12091	11916	11946
06/30/2017	12058	12036	12074
07/31/2017	13018	12753	12804
08/31/2017	13792	13038	13094
09/30/2017	13491	12986	13045
10/31/2017	13636	13441	13503
11/30/2017	13408	13468	13531
12/31/2017	14518	13951	14024
01/31/2018	15490	15114	15194
02/28/2018	15187	14417	14495
03/31/2018	15072	14149	14229
04/30/2018	14910	14086	14169
05/31/2018	14489	13587	13670
06/30/2018	13851	13023	13112
07/31/2018	14092	13309	13411
08/31/2018	13368	12949	13052
09/30/2018	13707	12880	12987
10/31/2018	12418	11759	11858
11/30/2018	12623	12243	12347
12/31/2018	12428	11919	12027
01/31/2019	13404	12962	13081
02/28/2019	13583	12992	13112
03/31/2019	13799	13101	13225
04/30/2019	14045	13376	13506
05/31/2019	13414	12406	12530
06/30/2019	14256	13180	13322
07/31/2019	14283	13019	13170
08/31/2019	13595	12384	12532
09/30/2019	13756	12621	12775
10/31/2019	14365	13153	13315
11/30/2019	14240	13135	13298
12/31/2019	15143	14115	14299
01/31/2020	14423	13457	13633
02/29/2020	12973	12747	12914
03/31/2020	10421	10784	10929
04/30/2020	11674	11771	11932
05/31/2020	12249	11862	12026
06/30/2020	12704	12734	12916
07/31/2020	13426	13871	14082
08/31/2020	13487	14178	14396
09/30/2020	13465	13951	14169
10/31/2020	13504	14238	14463
11/30/2020	15033	15555	15801
12/31/2020	16528	16698	16971
01/31/2021	16591	17210	17495
02/28/2021	17823	17342	17630
03/31/2021	18293	17080	17368
04/30/2021	19032	17505	17803
05/31/2021	18828	17911	18220
06/30/2021	18986	17942	18257
07/31/2021	18976	16735	17039
08/31/2021	18896	17173	17491
09/30/2021	17940	16490	16802
10/31/2021	18103	16653	16970
11/30/2021	17588	15974	16280
12/31/2021	18467	16274	16593
01/31/2022	18269	15966	16280
02/28/2022	17160	15489	15796
03/31/2022	16604	15139	15444
04/30/2022	15781	14297	14588
05/31/2022	15760	14360	14656
06/30/2022	14301	13405	13694
07/31/2022	14532	13373	13672
08/31/2022	14897	13428	13734
09/30/2022	13738	11854	12131
10/31/2022	13628	11486	11756
11/30/2022	15739	13190	13501
12/31/2022	15708	13004	13318
01/31/2023	16507	14031	14371
02/28/2023	16121	13121	13441
03/31/2023	15974	13519	13853
04/30/2023	16092	13366	13699
05/31/2023	15564	13141	13473
06/30/2023	16152	13640	13997
07/31/2023	17317	14489	14878
08/31/2023	16746	13597	13966
09/30/2023	16955	13241	13606
10/31/2023	16235	12727	13079
11/30/2023	17621	13745	14128
12/31/2023	18531	14282	14686
01/31/2024	18378	13619	14005
02/29/2024	19378	14267	14674
03/31/2024	19957	14621	15044
04/30/2024	20359	14686	15114
05/31/2024	20892	14769	15204
06/30/2024	21127	15352	15813
07/31/2024	20448	15397	15871
08/31/2024	21055	15646	16133
09/30/2024	21245	16691	17217
10/31/2024	20381	15948	16473
11/30/2024	19882	15375	15882
12/31/2024	19579	15354	15868
01/31/2025	19729	15629	16155
02/28/2025	19639	15704	16236
03/31/2025	19598	15804	16345
04/30/2025	19817	16011	16565
05/31/2025	21459	16694	17278
06/30/2025	22629	17698	18339
07/31/2025	22872	18043	18708
08/31/2025	23439	18275	18983
09/30/2025	23713	19582	20346
10/31/2025	24444	20400	21198
11/30/2025	24518	19912	20694
12/31/2025	25165	20508	21319
01/31/2026	27557	22323	23209
02/28/2026	29432	23550	24488
03/31/2026	26577	20474	21298
04/30/2026	29256	23486	24435

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	Since Inception (07/13/2016)
Cambria Emerging Shareholder Yield ETF at NAV	47.63	8.98	11.58
MSCI EM Net (USD) Total Return Index	46.68	6.05	9.11
MSCI EM Gross (USD) Total Return Index	47.51	6.54	9.55
Visit https://cambriafunds.com/EYLD for more recent performance information.

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.

Cambria Emerging Shareholder Yield ETF

PAGE 1

TSR-AR-132061706

	KEY FUND STATISTICS (as of April 30, 2026)
	Net Assets	$759,255,684
	Number of Holdings	119
	Net Advisory Fee	$3,591,233
	30-Day SEC Yield	4.53%
	30-Day SEC Yield Unsubsidized	4.53%
	Portfolio Turnover	30%

WHAT DID THE FUND INVEST IN? (as of April 30, 2026)*

Top Holdings	(%)
HD Construction Equipment Co. Ltd.	2.0%
Utechzone Co. Ltd.	1.8%
Hanmi Semiconductor Co. Ltd.	1.7%
Holy Stone Enterprise Co. Ltd.	1.5%
KB Financial Group, Inc.	1.4%
XTB SA	1.4%
Samsung Life Insurance Co. Ltd.	1.4%
Sinotruk Hong Kong Ltd.	1.4%
United Microelectronics Corp.	1.4%
HD Hyundai Co. Ltd.	1.3%

Sector Breakdown**

■ Financials (25.3%)

■ Information Technology (18.1%)

■ Industrials (17.1%)

■ Energy (11.6%)

■ Consumer Discretionary (8.1%)

■ Utilities (6.3%)

■ Communication Services (4.1%)

■ Consumer Staples (3.3%)

■ Health Care (2.5%)

■ Cash & Other (3.6%)

Geographic Breakdown (%)

■ Taiwan (21.5%)

■ China (19.6%)

■ South Korea (17.8%)

■ South Africa (11.0%)

■ Brazil (7.3%)

■ Poland (5.2%)

■ India (4.1%)

■ Greece (3.4%)

■ Czech Republic (2.8%)

■ Cash & Other (7.3%)

Percentages are stated as a percent of total 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.

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

	FUND CHANGES

	There have been no changes.

	HOUSEHOLDING

	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 Emerging Shareholder Yield ETF

PAGE 2

TSR-AR-132061706

Cambria Fixed Income Trend ETF

TICKER:CFIT (Listed on Cboe BZX Exchange, Inc.)

Annual Shareholder Report | April 30, 2026

This annual shareholder report contains important information about the Cambria Fixed Income Trend ETF for the period ofMay 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://cambriafunds.com/CFIT. You canalso request this information by contacting us at 1-855-383-4636.

	HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

	The Cambria Fixed Income Trend ETF is an actively managed ETF that applies a tactical trend-following approach across risk-bond segments, relying on the inherent risk-mitigation characteristics of trend following to manage the higher volatility associated with riskier fixed-income exposures. As a performance benchmark, the fund utilizes the Bloomberg Global Aggregate Total Return Index.

	For the 12-month period ended April 30, 2026, the fund outperformed its benchmark, returning 9.61% versus 2.55% for the Bloomberg Global Aggregate Total Return Index.

	The Fund recorded positive returns during the reporting period. As fixed-income trends turned favorable, the Fund’s signals rotated it out of a defensive T-bill posture and into higher-returning credit segments. Convertible bonds (iShares Convertible Bond ETF, +28.19%) were by far the largest contributor, followed by high yield (+7.68%), emerging-market sovereign debt (+6.54%), and preferred securities (+3.04%). The Fund’s ability to tilt toward trending risk segments was the primary driver of its substantial outperformance of the global aggregate benchmark.

	HOW DID THE FUND PERFORM SINCE INCEPTION?*

	The $10,000 chart reflects a hypothetical $10,000 investment in the fund.

	CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	Since Inception (03/27/2025)
Cambria Fixed Income Trend ETF at NAV	9.61	6.30
Bloomberg Global Aggregate Total Return Index	2.55	5.62
Visit https://cambriafunds.com/CFIT for more recent performance information.
* 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.

Cambria Fixed Income Trend ETF

PAGE 1

TSR-AR-132061763

	KEY FUND STATISTICS (as of April 30, 2026)
	Net Assets	$21,193,084
	Number of Holdings	5
	Net Advisory Fee	$0
	30-Day SEC Yield	4.50%
	30-Day SEC Yield Unsubsidized	4.01%
	Portfolio Turnover	105%

WHAT DID THE FUND INVEST IN? (as of April 30, 2026)*

Top Holdings	(%)
Vanguard 0-3 Month Treasury Bill ETF	37.7%
iShares Convertible Bond ETF	23.0%
iShares Preferred and Income Securities ETF	19.4%
State Street SPDR Portfolio High Yield Bond ETF	19.0%
First American Treasury Obligations Fund - Class X, 3.59%	0.9%

Sector Breakdown**

■ Exchange Traded Funds (99.1%)

■ Cash & Other (0.9%)

Percentages are stated as a percent of total net assets.

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

	FUND CHANGES

	There have been no changes.

	HOUSEHOLDING

	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 Fixed Income Trend ETF

PAGE 2

TSR-AR-132061763

Cambria Foreign Shareholder Yield ETF

TICKER: FYLD (Listed on Cboe BZX Exchange, Inc.)

Annual Shareholder Report | April 30, 2026

This annual shareholder report contains important information about the Cambria Foreign Shareholder Yield ETF for the period of May 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://cambriafunds.com/FYLD. You can also request this information by contacting us at 1-855-383-4636.

	HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

	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 Net (USD) Total Return Index.

	For the 12-month period ended April 30, 2026, the fund significantly outperformed its benchmark, returning 50.89% versus 24.60% for the MSCI EAFE Net (USD) Total Return Index.

	During the reporting period, the highest returns came from Tamarack Valley Energy Ltd and Parex Resources Inc., which returned 271.75% and 187.57%, respectively. The worst performers were Future plc and Stellantis NV, which returned -49.68% and -28.65%, respectively.

	The Fund recorded positive returns during the reporting period. Canada was the dominant contributor, driven by an overweight to energy and materials names including Tamarack Valley Energy, Parex Resources, Centerra Gold, and Finning International. Norway and the United Kingdom also added meaningfully. Holdings in the Netherlands, most notably Stellantis, were the largest detractor, though the Fund’s value tilt toward higher-yielding energy and resource companies was overwhelmingly additive over the period.

	HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*

	The $10,000 chart reflects a hypothetical $10,000 investment in the fund.

	CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

Cambria Foreign Shareholder Yield ETF

PAGE 1

TSR-AR-132061300

	Cambria Foreign Shareholder Yield ETF	MSCI EAFE Canada Net Total Return USD Index	MSCI EAFE Canada Gross Total Return USD Index	MSCI EAFE Net (USD) Total Return Index	MSCI EAFE Gross (USD) Total Return Index
04/30/2016	10000	10000	10000	10000	10000
05/31/2016	9863	9887	9899	9909	9922
06/30/2016	9444	9586	9602	9577	9593
07/31/2016	10002	10058	10076	10062	10080
08/31/2016	9991	10067	10087	10069	10088
09/30/2016	10158	10190	10214	10193	10217
10/31/2016	10165	9992	10017	9984	10008
11/30/2016	9981	9832	9858	9785	9810
12/31/2016	10235	10153	10182	11068	10148
01/31/2017	10614	10455	10486	10414	10442
02/28/2017	11857	10576	10609	10562	10593
03/31/2017	10936	10844	10890	10853	10897
04/30/2017	11195	11075	11130	11129	11183
05/31/2017	11592	11444	11515	11538	11608
06/30/2017	11643	11455	11530	11517	11591
07/31/2017	12299	11796	11874	11850	11926
08/31/2017	12420	11793	11873	11845	11923
09/30/2017	12632	12099	12186	12140	12225
10/31/2017	12719	12264	12354	12324	12411
11/30/2017	12841	12388	12482	12454	12543
12/31/2017	13144	12611	12709	12653	12747
01/31/2018	13708	13198	13302	13288	13387
02/28/2018	13299	12571	12673	12688	12785
03/31/2018	12957	12353	12465	12460	12567
04/30/2018	13324	12637	12765	12744	12867
05/31/2018	13168	12397	12539	12458	12596
06/30/2018	12934	12261	12406	12306	12445
07/31/2018	13247	12563	12712	12608	12753
08/31/2018	12866	12325	12474	12365	12508
09/30/2018	13016	12422	12577	12472	12622
10/31/2018	12006	11434	11579	11480	11618
11/30/2018	11877	11424	11571	11465	11605
12/31/2018	11352	10834	10976	10909	11044
01/31/2019	12221	11607	11761	11625	11772
02/28/2019	12419	11905	12065	11922	12073
03/31/2019	12301	11966	12139	11997	12163
04/30/2019	12480	12305	12495	12334	12516
05/31/2019	11788	11723	11921	11742	11933
06/30/2019	12271	12419	12634	12438	12645
07/31/2019	12022	12269	12483	12281	12486
08/31/2019	11540	11968	12178	11962	12164
09/30/2019	12184	12304	12527	12305	12519
10/31/2019	12602	12702	12934	12747	12970
11/30/2019	12864	12860	13097	12891	13118
12/31/2019	13372	13270	13518	13310	13546
01/31/2020	12859	13013	13258	13032	13265
02/29/2020	11541	11858	12084	11854	12067
03/31/2020	9103	10184	10389	10272	10469
04/30/2020	9925	10894	11122	10935	11154
05/31/2020	10375	11357	11602	11412	11646
06/30/2020	10739	11746	12004	11800	12047
07/31/2020	11043	12059	12327	12075	12331
08/31/2020	11887	12681	12965	12696	12966
09/30/2020	11374	12324	12606	12366	12635
10/31/2020	11204	11839	12113	11872	12132
11/30/2020	13037	13656	13973	13713	14014
12/31/2020	13955	14277	14612	14350	14668
01/31/2021	14041	14125	14458	14197	14513
02/28/2021	15057	14485	14829	14516	14840
03/31/2021	15489	14854	15221	14850	15196
04/30/2021	15951	15321	15712	15296	15666
05/31/2021	16574	15854	16272	15795	16192
06/30/2021	16300	15693	16112	15617	16014
07/31/2021	16212	15797	16221	15735	16136
08/31/2021	16430	16050	16484	16013	16422
09/30/2021	16144	15589	16022	15548	15957
10/31/2021	16407	16053	16504	15930	16354
11/30/2021	15641	15302	15734	15189	15595
12/31/2021	16422	16079	16536	15967	16395
01/31/2022	16404	15370	15808	15195	15604
02/28/2022	16465	15131	15564	14926	15330
03/31/2022	16655	15306	15762	15022	15446
04/30/2022	15902	14301	14740	14050	14460
05/31/2022	16339	14420	14882	14156	14589
06/30/2022	14482	13063	13486	12842	13238
07/31/2022	14880	13712	14159	13482	13899
08/31/2022	14538	13072	13500	12842	13241
09/30/2022	13039	11862	12257	11641	12008
10/31/2022	13626	12516	12934	12267	12655
11/30/2022	15507	13849	14315	13648	14082
12/31/2022	15577	13781	14250	13659	14098
01/31/2023	16634	14911	15421	14765	15241
02/28/2023	16320	14563	15063	14457	14924
03/31/2023	16148	14887	15417	14815	15313
04/30/2023	16336	15309	15870	15234	15762
05/31/2023	15246	14642	15197	14589	15115
06/30/2023	15969	15338	15925	15253	15807
07/31/2023	16805	15834	16443	15746	16320
08/31/2023	16183	15222	15810	15143	15697
09/30/2023	16251	14708	15284	14626	15168
10/31/2023	15781	14088	14642	14033	14554
11/30/2023	16722	15411	16021	15335	15908
12/31/2023	17594	16254	16900	16150	16755
01/31/2024	17773	16324	16976	16243	16853
02/29/2024	18049	16603	17268	16541	17164
03/31/2024	18473	17163	17870	17085	17748
04/30/2024	18450	16708	17415	16647	17313
05/31/2024	19249	17347	18102	17292	18005
06/30/2024	18554	17059	17807	17013	17719
07/31/2024	19167	17595	18368	17512	18241
08/31/2024	19221	18182	18984	18081	18836
09/30/2024	19573	18383	19203	18248	19018
10/31/2024	18700	17446	18227	17256	17986
11/30/2024	18520	17487	18275	17158	17887
12/31/2024	18161	17018	17789	16768	17484
01/31/2025	18464	17864	18676	17649	18404
02/28/2025	18714	18178	19007	17991	18763
03/31/2025	19293	18073	18918	17919	18709
04/30/2025	19339	18896	19800	18739	19586
05/31/2025	20390	19786	20759	19597	20511
06/30/2025	21312	20250	21251	20029	20967
07/31/2025	21608	20005	20997	19747	20675
08/31/2025	22659	20886	21925	20589	21558
09/30/2025	23154	21330	22401	20983	21980
10/31/2025	22922	21560	22646	21230	22242
11/30/2025	23851	21785	22888	21362	22384
12/31/2025	24377	22439	23579	22003	23059
01/31/2026	26449	23498	24695	23151	24264
02/28/2026	28546	24627	25885	24222	25389
03/31/2026	27841	22229	23389	21730	22802
04/30/2026	29182	23872	25141	23349	24525

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Cambria Foreign Shareholder Yield ETF at NAV	50.89	12.84	11.30
MSCI EAFE Canada Net Total Return USD Index	26.33	9.27	9.09
MSCI EAFE Canada Gross Total Return USD Index	26.98	9.86	9.66
MSCI EAFE Net (USD) Total Return Index	24.60	8.83	8.85
MSCI EAFE Gross (USD) Total Return Index	25.22	9.38	9.39
Visit https://cambriafunds.com/FYLD for more recent performance information.
* 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, 2026)
	Net Assets	$643,822,496
	Number of Holdings	102
	Net Advisory Fee	$2,821,007
	30-Day SEC Yield	3.55%
	30-Day SEC Yield Unsubsidized	3.55%
	Portfolio Turnover	48%

WHAT DID THE FUND INVEST IN? (as of April 30, 2026)*

Top Holdings	(%)
First American Government Obligations Fund - Class X, 3.58%	2.2%
Saipem SpA	1.6%
Subsea 7 SA	1.5%
Equinor ASA	1.4%
Athabasca Oil Corp.	1.4%
Tamarack Valley Energy Ltd.	1.4%
Vallourec SACA	1.3%
Yancoal Australia Ltd.	1.3%
Aker BP ASA	1.3%
Parex Resources, Inc.	1.3%

Sector Breakdown**

Geographic Breakdown (%)

■ Energy (33.8%)

■ Financials (19.4%)

■ Industrials (14.9%)

■ Consumer Discretionary (7.8%)

■ Materials (7.6%)

■ Consumer Staples (5.6%)

■ Communication Services (4.0%)

■ Information Technology (2.8%)

■ Utilities (2.7%)

■ Cash & Other (1.4%)

■ Japan (23.5%)

■ United Kingdom (14.3%)

■ Canada (12.8%)

■ France (7.6%)

■ Norway (7.3%)

■ Hong Kong (7.2%)

■ Italy (5.8%)

■ Australia (5.4%)

■ Netherlands (5.2%)

■ Cash & Other (10.9%)

Percentages are stated as a percent of total net assets.

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

Cambria Foreign Shareholder Yield ETF

PAGE 2

TSR-AR-132061300

	FUND CHANGES

	There have been no changes.

	HOUSEHOLDING

	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 Foreign Shareholder Yield ETF

PAGE 3

TSR-AR-132061300

Cambria Global Asset Allocation ETF

TICKER: GAA (Listed on Cboe BZX Exchange, Inc.)

Annual Shareholder Report | April 30, 2026

This annual shareholder report contains important information about the Cambria Global Asset Allocation ETF for the period of May 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://cambriafunds.com/GAA. You can also request this information by contacting us at 1-855-383-4636.

	HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

	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 Total Return Index.

	For the 12-month period ended April 30, 2026, the fund outperformed its benchmark, returning 24.99% versus 16.19% for the S&P Balanced Equity and Bond – Moderate Total Return Index.

	The Fund recorded positive returns during the reporting period. Broad strength in international equities was the primary driver, with emerging-market equities (Cambria Emerging Shareholder Yield ETF, +51.42%), foreign developed and international momentum equities, and global value equities (+42.86%) all contributing strongly. A diversified commodity sleeve and a rally in gold (GraniteShares Gold Trust, +42.74%; VanEck Gold Miners ETF, +88.37%) added further. The Fund’s small bitcoin allocation (-20.99%) was the only notable detractor, while fixed-income holdings contributed modestly.

	HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*

	The $10,000 chart reflects a hypothetical $10,000 investment in the fund.

	CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

	Cambria Global Asset Allocation ETF	Bloomberg Global Aggregate Total Return Index	MSCI ACWI Net Total Return Index(USD)	MSCI AC World Index Gross (USD)	S&P Balanced Equity and Bond - Moderate Index
12/9/14	10000	10000	10000	10000	10000
12/31/14	9910	9958	9935	9938	10021
1/31/15	9945	9942	9779	9785	10085
2/28/15	10139	9862	10324	10334	10236
3/31/15	10057	9767	10164	10180	10198
4/30/15	10257	9870	10459	10481	10217
5/31/15	10178	9694	10445	10475	10260
6/30/15	10009	9651	10199	10233	10078
7/31/15	9950	11068	10288	10326	10261
8/31/15	9572	9684	9583	9622	9952
9/30/15	11857	9734	9235	9278	9908
10/31/15	9744	9754	9960	10008	10287
11/30/15	9652	9593	9878	9930	10282
12/31/15	9525	9644	9700	9755	10184
1/31/16	9326	9727	9115	9169	10096
2/29/16	9373	9944	9052	9111	10168
3/31/16	9861	10213	9723	9793	10510
4/30/16	9994	10349	9867	9943	10523
5/31/16	9955	10210	9879	9964	10616
6/30/16	10181	10508	9819	9909	10793
7/31/16	10378	10587	10242	10339	11005
8/31/16	10378	10536	10277	10379	10965
9/30/16	10491	10594	10340	10447	10971
10/31/16	10338	10300	10164	10272	10791
11/30/16	10179	9890	10242	10355	10763
12/31/16	10348	9845	10463	10583	10861
1/31/17	10544	9956	10749	10875	10980
2/28/17	10730	10003	11050	11184	11241
3/31/17	10780	10018	11186	11329	11251
4/30/17	10902	10131	11360	11511	11372
5/31/17	11036	10288	11611	11775	11498
6/30/17	11071	10279	11664	11833	11505
7/31/17	11355	10452	11989	12168	11647
8/31/17	11496	10555	12035	12221	11748
9/30/17	11576	10460	12268	12462	11785
10/31/17	11626	10421	12523	12723	11916
11/30/17	11707	10536	12765	12975	12088
12/31/17	11922	10573	12971	13189	12167
1/31/18	12263	10699	13703	13936	12388
2/28/18	11953	10604	13127	13356	12095
3/31/18	11993	10717	12846	13078	12012
4/30/18	11926	10545	12969	13210	11957
5/31/18	11875	10465	12985	13238	12158
6/30/18	11743	10419	12915	13172	12210
7/31/18	11871	10401	13304	13573	12406
8/31/18	11804	10412	13409	13686	12673
9/30/18	11828	10322	13467	13751	12633
10/31/18	11350	10207	12458	12724	12178
11/30/18	11351	10239	12640	12916	12383
12/31/18	11107	10446	11750	12011	11992
1/31/19	11705	10605	12678	12963	12489
2/28/19	11827	10544	13017	13316	12654
3/31/19	11922	10676	13180	13492	12946
4/30/19	12037	10644	13625	13954	13174
5/31/19	11788	10789	12817	13138	12943
6/30/19	12247	11028	13656	14005	13481
7/31/19	12258	10997	13696	14051	13583
8/31/19	12113	11221	13372	13724	13730
9/30/19	12251	11107	13653	14019	13780
10/31/19	12429	11181	14027	14406	13942
11/30/19	12510	11096	14369	14764	14158
12/31/19	12791	11161	14875	15290	14313
1/31/20	12662	11303	14711	15125	14547
2/29/20	12115	11379	13522	13909	14164
3/31/20	10785	11124	11697	12040	13544
4/30/20	11331	11342	12950	13336	14373
5/31/20	11791	11392	13513	13924	14726
6/30/20	12071	11493	13945	14375	14879
7/31/20	12503	11860	14682	15141	15367
8/31/20	12724	11842	15581	16073	15868
9/30/20	12584	11799	15079	15561	15592
10/31/20	12409	11811	14712	15186	15281
11/30/20	13408	12025	16526	17064	16120
12/31/20	14002	12187	17293	17862	16409
1/31/21	14264	12080	17214	17785	16241
2/28/21	14607	11872	17613	18203	16281
3/31/21	14664	11643	18083	18698	16442
4/30/21	15070	11790	18874	19524	16976
5/31/21	15294	11901	19168	19838	17074
6/30/21	15334	11796	19420	20106	17362
7/31/21	15344	11953	19554	20250	17744
8/31/21	15421	11903	20044	20764	17980
9/30/21	15122	11692	19216	19915	17419
10/31/21	15448	11664	20196	20936	17980
11/30/21	15088	11630	19710	20439	18013
12/31/21	15471	11613	20498	21263	18375
1/31/22	15223	11375	19492	20222	17691
2/28/22	15124	11240	18988	19706	17395
3/31/22	15126	10898	19400	20145	17365
4/30/22	14617	10301	17847	18540	16230
5/31/22	14765	10329	17868	18575	16300
6/30/22	13800	9997	16362	17016	15548
7/31/22	14159	10210	17504	18211	16485
8/31/22	13928	9807	16860	17547	15833
9/30/22	13055	9303	15246	15875	14732
10/31/22	13506	9239	16166	16837	15206
11/30/22	14326	9674	17420	18151	15906
12/31/22	14126	9726	16734	17444	15332
1/31/23	14742	10046	17934	18698	16081
2/28/23	14326	9712	17420	18169	15626
3/31/23	14376	10019	17957	18742	16201
4/30/23	14386	10063	18215	19020	16398
5/31/23	13955	9866	18020	18830	16315
6/30/23	14419	9865	19066	19932	16752
7/31/23	14872	9934	19764	20667	16981
8/31/23	14570	9798	19212	20098	16779
9/30/23	14258	9512	18417	19274	16119
10/31/23	13980	9398	17863	18699	15794
11/30/23	14727	9872	19512	20433	16868
12/31/23	15349	10282	20449	21422	17588
1/31/24	15257	10140	20569	21552	17725
2/29/24	15446	10013	21452	22485	18024
3/31/24	15884	10068	22126	23204	18379
4/30/24	15627	9814	21396	22448	17721
5/31/24	16032	9943	22264	23374	18322
6/30/24	15882	9957	22760	23903	18767
7/31/24	16293	10232	23127	24295	19151
8/31/24	16476	10474	23715	24920	19518
9/30/24	16804	10652	24266	25509	19856
10/31/24	16463	10295	23721	24944	19437
11/30/24	16760	10330	24608	25886	20109
12/31/24	16230	10108	24026	25281	19649
1/31/25	16582	10166	24832	26136	19982
2/28/25	16613	10311	24683	25985	20131
3/31/25	16726	10375	23708	24973	19602
4/30/25	16756	10680	23929	25217	19638
5/31/25	17181	10642	25304	26683	20113
6/30/25	17704	10844	26440	27893	20783
7/31/25	17723	10682	26799	28278	20961
8/31/25	18281	10837	27460	28989	21349
9/30/25	18627	10908	28456	30050	21811
10/31/25	18700	10880	29092	30728	22143
11/30/25	19003	10906	29089	30733	22282
12/31/25	19142	10934	29392	31063	22215
1/31/26	20072	11037	30264	31990	22340
2/28/26	20828	11160	30653	32410	22530
3/31/26	20122	10817	28451	30098	21709
4/30/26	20943	10952	31346	33172	22818

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Cambria Global Asset Allocation ETF at NAV	24.99	6.80	7.68
Bloomberg Global Aggregate Total Return Index	2.55	-1.46	0.57
MSCI ACWI Net Total Return Index (USD)	31.00	10.68	12.25
MSCI AC World Index Gross (USD)	31.55	11.18	12.80
S&P Balanced Equity and Bond - Moderate Index	16.19	6.09	8.05

Cambria Global Asset Allocation ETF

PAGE 1

TSR-AR-132061607


	Visit https://cambriafunds.com/GAA for more recent performance information.
	* 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, 2026)
	Net Assets	$68,938,256
	Number of Holdings	31
	Net Advisory Fee	$0
	30-Day SEC Yield	3.90%
	30-Day SEC Yield Unsubsidized	3.90%
	Portfolio Turnover	7%

WHAT DID THE FUND INVEST IN? (as of April 30, 2026)*

Top Holdings	(%)
First American Government Obligations Fund - Class X, 3.58%	10.4%
Cambria Emerging Shareholder Yield ETF	10.4%
Cambria Foreign Shareholder Yield ETF	7.2%
Cambria Global Value ETF	6.8%
Cambria Global Real Estate ETF	6.4%
Cambria Tactical Yield ETF	5.0%
Alpha Architect US Quantitative Momentum ETF	4.3%
Cambria Shareholder Yield ETF	4.3%
State Street SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF	4.1%
Vanguard Total International Bond ETF	4.1%

Sector Breakdown**

■ Exchange Traded Funds (99.6%)

■ Cash & Other (0.4%)

Percentages are stated as a percent of total net assets.

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

Cambria Global Asset Allocation ETF

PAGE 2

TSR-AR-132061607

	FUND CHANGES

	There have been no changes.

	HOUSEHOLDING

	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 Asset Allocation ETF

PAGE 3

TSR-AR-132061607

Cambria Global Momentum ETF

TICKER: GMOM (Listed on Cboe BZX Exchange, Inc.)

Annual Shareholder Report | April 30, 2026

This annual shareholder report contains important information about the Cambria Global Momentum ETF for the period of May 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://cambriafunds.com/GMOM. You can also request this information by contacting us at 1-855-383-4636.

	HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

	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 Total Return Index.

	For the 12-month period ended April 30, 2026, the fund outperformed its benchmark, returning 32.91% versus 16.19% for the S&P Balanced Equity and Bond – Moderate Total Return Index.

	The Fund recorded positive returns during the reporting period. The Fund’s trend signals positioned it in assets exhibiting strong positive momentum. Gold and gold-mining shares were the leading contributors (VanEck Gold Miners ETF,+88.37%, alongside a gold bullion sleeve), followed by foreign developed equities (Cambria Foreign Shareholder Yield ETF,+50.25%), global value equities (Cambria Global Value ETF, +42.86%), and emerging-market equities (Cambria Emerging Shareholder Yield ETF, +41.23%). Detractors were modest and included the Fund’s bitcoin exposure (-10.75%), its tail-riskallocation (-5.69%), real estate, and agricultural commodities.

	HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*

	The $10,000 chart reflects a hypothetical $10,000 investment in the fund.

	CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

	Cambria Global Momentum ETF	Bloomberg Global Aggregate Total Return Index	MSCI ACWI Net Total Return Index(USD)	MSCI AC World Index Gross (USD)	S&P Balanced Equity and Bond - Moderate Index
11/03/2014	10000	10000	10000	10000	10000
11/30/2014	10163	10013	10221	10226	10212
12/31/2014	10150	9944	10024	10033	10201
01/31/2015	10417	9928	9867	9878	10266
02/28/2015	10419	9848	10417	10432	10420
03/31/2015	10423	9753	10255	10277	10381
04/30/2015	10277	9856	10553	10580	10400
05/31/2015	10254	9680	10539	10575	10445
06/30/2015	9958	11068	10291	10330	10259
07/31/2015	10070	9659	10380	10424	10445
08/31/2015	11857	9671	9669	9713	10130
09/30/2015	9481	9720	9318	9366	10086
10/31/2015	9475	9740	10050	10103	10472
11/30/2015	9377	9579	9967	10025	10467
12/31/2015	9286	9630	9787	9848	10367
01/31/2016	9207	9714	9197	9256	10277
02/29/2016	9215	9930	9134	9198	10350
03/31/2016	9419	10198	9810	9886	10699
04/30/2016	9391	10334	9955	10038	10712
05/31/2016	9372	10195	9968	10059	10807
06/30/2016	9695	10493	9907	10003	10986
07/31/2016	9876	10572	10334	10437	11203
08/31/2016	9727	10521	10369	10477	11162
09/30/2016	9782	10579	10433	10546	11168
10/31/2016	9583	10285	10256	10370	10985
11/30/2016	9547	9876	10334	10454	10956
12/31/2016	9683	9831	10557	10684	11056
01/31/2017	10008	9942	10845	10978	11177
02/28/2017	10168	9989	11150	11291	11443
03/31/2017	10280	10004	11286	11436	11453
04/30/2017	10380	10117	11462	11620	11577
05/31/2017	10414	10273	11715	11887	11704
06/30/2017	10541	10264	11768	11946	11711
07/31/2017	10895	10437	12097	12284	11856
08/31/2017	11116	10540	12144	12337	11959
09/30/2017	11214	10445	12378	12580	11996
10/31/2017	11350	10406	12635	12844	12130
11/30/2017	11354	10521	12880	13099	12305
12/31/2017	11681	10558	13087	13314	12386
01/31/2018	12326	10684	13826	14068	12610
02/28/2018	11832	10589	13245	13483	12312
03/31/2018	11719	10702	12962	13202	12228
04/30/2018	11727	10530	13085	13336	12172
05/31/2018	11673	10450	13102	13364	12377
06/30/2018	11461	10404	13031	13297	12429
07/31/2018	11557	10387	13424	13702	12629
08/31/2018	11665	10397	13529	13816	12901
09/30/2018	11572	10308	13588	13882	12860
10/31/2018	10776	10193	12570	12845	12397
11/30/2018	10873	10225	12754	13039	12605
12/31/2018	10658	10431	11855	12125	12207
01/31/2019	10826	10590	12791	13087	12713
02/28/2019	10818	10529	13134	13443	12882
03/31/2019	10989	10661	13299	13620	13178
04/30/2019	10995	10629	13748	14087	13411
05/31/2019	10825	10773	12932	13263	13175
06/30/2019	11088	11012	13779	14138	13723
07/31/2019	11096	10982	13819	14184	13827
08/31/2019	11245	11205	13492	13854	13977
09/30/2019	11248	11091	13776	14152	14028
10/31/2019	11341	11165	14153	14543	14193
11/30/2019	11266	11080	14498	14904	14413
12/31/2019	11515	11145	15009	15435	14570
01/31/2020	11442	11287	14843	15269	14808
02/29/2020	10813	11363	13644	14041	14418
03/31/2020	10275	11108	11802	12154	13787
04/30/2020	10333	11326	13066	13462	14631
05/31/2020	10423	11376	13635	14056	14991
06/30/2020	10604	11477	14070	14511	15146
07/31/2020	11093	11843	14814	15284	15643
08/31/2020	11125	11825	15721	16226	16152
09/30/2020	10849	11783	15214	15709	15872
10/31/2020	10642	11794	14844	15331	15556
11/30/2020	11268	12008	16674	17226	16410
12/31/2020	11809	12170	17448	18032	16704
01/31/2021	11954	12062	17369	17954	16533
02/28/2021	12598	11855	17771	18376	16573
03/31/2021	12945	11627	18246	18876	16738
04/30/2021	13484	11774	19044	19709	17281
05/31/2021	13875	11884	19340	20027	17380
06/30/2021	13743	11779	19595	20297	17674
07/31/2021	13606	11936	19730	20443	18062
08/31/2021	13666	11886	20224	20961	18303
09/30/2021	13463	11675	19388	20104	17732
10/31/2021	14024	11647	20378	21135	18302
11/30/2021	13375	11613	19887	20633	18336
12/31/2021	13978	11597	20683	21465	18705
01/31/2022	14152	11359	19667	20415	18008
02/28/2022	14564	11224	19159	19893	17707
03/31/2022	15132	10882	19574	20336	17677
04/30/2022	14858	10286	18007	18716	16521
05/31/2022	15123	10314	18028	18751	16592
06/30/2022	14015	9983	16509	17178	15828
07/31/2022	14044	10195	17661	18384	16781
08/31/2022	13887	9793	17011	17714	16117
09/30/2022	13474	9290	15383	16026	14997
10/31/2022	13750	9226	16311	16997	15479
11/30/2022	13769	9660	17576	18323	16192
12/31/2022	13591	9712	16885	17609	15607
01/31/2023	14043	10031	18095	18876	16370
02/28/2023	13461	9698	17576	18342	15907
03/31/2023	13388	10005	18118	18920	16492
04/30/2023	13548	10049	18378	19201	16692
05/31/2023	13088	9852	18182	19009	16608
06/30/2023	13594	9851	19237	20121	17052
07/31/2023	14103	9920	19941	20864	17286
08/31/2023	13569	9784	19384	20289	17080
09/30/2023	13276	9498	18583	19457	16408
10/31/2023	12919	9385	18024	18876	16077
11/30/2023	13313	9858	19688	20628	17171
12/31/2023	13718	10268	20633	21626	17903
01/31/2024	13536	10126	20754	21757	18043
02/29/2024	14127	9999	21645	22699	18348
03/31/2024	14675	10054	22324	23424	18709
04/30/2024	14088	9800	21588	22661	18039
05/31/2024	14683	9928	22465	23596	18651
06/30/2024	14408	9943	22965	24130	19104
07/31/2024	14822	10217	23335	24526	19495
08/31/2024	14738	10459	23928	25157	19869
09/30/2024	15078	10637	24484	25751	20213
10/31/2024	14907	10280	23934	25181	19786
11/30/2024	15500	10315	24829	26132	20470
12/31/2024	14681	10094	24242	25522	20001
01/31/2025	15210	10152	25055	26384	20341
02/28/2025	14902	10297	24904	26232	20492
03/31/2025	14800	10360	23921	25210	19953
04/30/2025	14814	10665	24144	25457	19991
05/31/2025	15109	10627	25531	26937	20474
06/30/2025	15460	10828	26678	28158	21156
07/31/2025	15497	10667	27040	28547	21337
08/31/2025	16097	10822	27707	29265	21732
09/30/2025	16900	10893	28711	30336	22202
10/31/2025	17058	10865	29353	31020	22541
11/30/2025	17323	10890	29350	31025	22682
12/31/2025	17624	10919	29657	31358	22613
01/31/2026	18947	11021	30536	32294	22741
02/28/2026	20034	11144	30928	32718	22935
03/31/2026	18805	10801	28707	30384	22099
04/30/2026	19689	10936	31628	33488	23228

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Cambria Global Momentum ETF at NAV	32.91	7.86	7.68
Bloomberg Global Aggregate Total Return Index	2.55	-1.46	0.57
MSCI ACWI Net Total Return Index (USD)	31.00	10.68	12.25
MSCI AC World Index Gross (USD)	31.55	11.18	12.80
S&P Balanced Equity and Bond - Moderate Index	16.19	6.09	8.05

Cambria Global Momentum ETF

PAGE 1

TSR-AR-132061508

	Visit https://cambriafunds.com/GMOM for more recent performance information.
	* 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 thededuction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

	KEY FUND STATISTICS (as of April 30, 2026)
	Net Assets	$140,310,608
	Number of Holdings	17
	Net Advisory Fee	$707,689
	30-Day SEC Yield	1.44%
	30-Day SEC Yield Unsubsidized	1.44%
	Portfolio Turnover	81%

WHAT DID THE FUND INVEST IN? (as of April 30, 2026)*

Top Holdings	(%)
Cambria Foreign Shareholder Yield ETF	12.2%
Cambria Global Value ETF	11.7%
Grizzle Growth ETF	6.3%
iShares Global Energy ETF	6.2%
Cambria Emerging Shareholder Yield ETF	6.2%
Invesco DB Energy Fund	6.2%
iShares Global Utilities ETF	6.2%
Cambria Micro and SmallCap Shareholder Yield ETF	6.0%
Vanguard FTSE All World ex-US Small-Cap ETF	5.9%
iShares Global Industrials ETF	5.9%

Sector Breakdown**

■ Exchange Traded Funds (99.7%)

■ Cash & Other (0.3%)

Percentages are stated as a percent of total net assets.

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

	FUND CHANGES

	There have been no changes.

	HOUSEHOLDING

	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 Momentum ETF

PAGE 2

TSR-AR-132061508

Cambria Global Real Estate ETF

TICKER: BLDG (Listed on Cboe BZX Exchange, Inc.)

Annual Shareholder Report | April 30, 2026

This annual shareholder report contains important information about the Cambria Global Real Estate ETF for the period of May 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://cambriafunds.com/BLDG. You can also request this information by contacting us at 1-855-383-4636.

	HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

	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 Total Return Index.

	For the 12-month period ended April 30, 2026, the fund modestly underperformed its benchmark, returning 17.28% versus 17.48% for the FTSE EPRA Nareit Global REITs Total Return Index.

	During the reporting period, the highest returns came from Yeni Gimat Gayrimenkul Ortakligi AS and Reysas Gayrimenkul Yatirim Ortakligi AS, which returned 186.06% and 84.66%, respectively. The worst performers were Franklin Street Properties Corp and Douglas Emmett Inc., which returned -55.50% and -30.66%, respectively.

	The Fund recorded positive returns during the reporting period. An overweight position in Turkey was the single largest contributor to performance, led by strong gains in Turkish REITs, while security selection in Canada and Australia also added value. The Fund’s large average allocation of roughly 64% to U.S. real estate was the primary detractor as several domestic office and apartment REITs lagged, and exposure to Japan also weighed modestly on results.

	HOW DID THE FUND PERFORM SINCE INCEPTION?*

	The $10,000 chart reflects a hypothetical $10,000 investment in the fund.

	CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

Cambria Global Real Estate ETF

PAGE 1

TSR-AR-132061813

	Cambria Global Real Estate ETF	MSCI ACWI Net Total Return Index (USD)	FTSE EPRA Nareit Global REITs Total Return Index	MSCI AC World Index Gross (USD)
09/23/2020	10000	10000	10000	10000
09/30/2020	10308	10246	10344	10248
10/31/2020	9912	9997	10022	10001
11/30/2020	11284	11230	11334	11238
12/31/2020	11621	11751	11783	11764
01/31/2021	11766	11697	11752	11713
02/28/2021	11875	11968	12232	11988
03/31/2021	12131	12288	12655	12315
04/30/2021	12840	11068	13556	12858
05/31/2021	12869	13025	13739	13065
06/30/2021	11857	13197	13913	13241
07/31/2021	13429	13288	14496	13337
08/31/2021	13491	13620	14730	13675
09/30/2021	13002	13057	13893	13115
10/31/2021	13496	13724	14772	13788
11/30/2021	13077	13393	14543	13460
12/31/2021	14187	13929	15625	14003
01/31/2022	13557	13245	14635	13318
02/28/2022	13593	12903	14278	12978
03/31/2022	14244	13183	15069	13267
04/30/2022	13444	12127	14327	12210
05/31/2022	13047	12142	13637	12233
06/30/2022	12176	11118	12507	11207
07/31/2022	12960	11894	13553	11993
08/31/2022	12098	11457	12716	11556
09/30/2022	10701	10360	11152	10455
10/31/2022	11585	10985	11587	11089
11/30/2022	12201	11837	12323	11954
12/31/2022	12070	11371	11920	11488
01/31/2023	12817	12186	13033	12314
02/28/2023	12205	11837	12472	11966
03/31/2023	11683	12202	12119	12343
04/30/2023	11499	12377	12304	12526
05/31/2023	11165	12245	11842	12401
06/30/2023	11571	12956	12232	13127
07/31/2023	12068	13430	12645	13611
08/31/2023	11769	13055	12221	13236
09/30/2023	11152	12515	11437	12694
10/31/2023	10702	12139	10896	12315
11/30/2023	11502	13259	12054	13457
12/31/2023	12377	13896	13219	14108
01/31/2024	11976	13977	12687	14194
02/29/2024	11924	14577	12669	14808
03/31/2024	12268	15035	13022	15281
04/30/2024	11808	14539	12202	14784
05/31/2024	12093	15129	12692	15394
06/30/2024	12269	15466	12840	15742
07/31/2024	13147	15716	13610	16000
08/31/2024	13583	16115	14448	16412
09/30/2024	14191	16489	14918	16800
10/31/2024	13659	16119	14243	16428
11/30/2024	14084	16722	14645	17048
12/31/2024	13357	16326	13585	16650
01/31/2025	13259	16874	13808	17212
02/28/2025	13203	16772	14166	17114
03/31/2025	13042	16110	13822	16447
04/30/2025	12759	16260	13803	16608
05/31/2025	13190	17195	14169	17573
06/30/2025	13514	17967	14230	18370
07/31/2025	13581	18210	14130	18623
08/31/2025	14288	18660	14717	19092
09/30/2025	14329	19336	14850	19791
10/31/2025	13946	19769	14657	20237
11/30/2025	14153	19767	14906	20240
12/31/2025	13979	19973	14732	20458
01/31/2026	14465	20565	15181	21068
02/28/2026	15047	20829	16110	21344
03/31/2026	13868	19333	14903	19822
04/30/2026	14963	21300	16216	21847

	ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	Since Inception (09/23/2020)
Cambria Global Real Estate ETF at NAV	17.28	3.11	7.46
MSCI ACWI Net Total Return Index (USD)	31.00	10.68	14.46
FTSE EPRA Nareit Global REITs Total Return Index	17.48	3.65	9.02
MSCI AC World Index Gross (USD)	31.55	11.18	14.98

	Visit https://cambriafunds.com/BLDG for more recent performance information.
	* 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 thededuction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

	KEY FUND STATISTICS (as of April 30, 2026)
	Net Assets	$51,226,562
	Number of Holdings	78
	Net Advisory Fee	$40,045
	30-Day SEC Yield	4.13%
	30-Day SEC Yield Unsubsidized	4.17%
	Portfolio Turnover	82%

WHAT DID THE FUND INVEST IN? (as of April 30, 2026)*

Top Holdings	(%)
Hudson Pacific Properties, Inc.	2.0%
Yeni Gimat Gayrimenkul Ortakligi AS	1.8%
Piedmont Realty Trust, Inc. - Class A	1.6%
Sila Realty Trust, Inc.	1.6%
Kilroy Realty Corp.	1.5%
Postal Realty Trust, Inc. - Class A	1.5%
Cousins Properties, Inc.	1.5%
Invitation Homes, Inc.	1.4%
Torunlar Gayrimenkul Yatirim Ortakligi AS	1.4%
Highwoods Properties, Inc.	1.4%

Sector Breakdown**

Geographic Breakdown (%)

■ Real Estate (98.8%)

■ Cash & Other (1.2%)

■ United States (62.5%)

■ Turkey (10.0%)

■ Japan (7.2%)

■ Belgium (3.9%)

■ South Africa (3.6%)

■ Canada (2.7%)

■ Hong Kong (2.4%)

■ France (1.4%)

■ Mexico (1.3%)

■ Cash & Other (5.0%)

Percentages are stated as a percent of total net assets.

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

Cambria Global Real Estate ETF

PAGE 2

TSR-AR-132061813

	FUND CHANGES

	There have been no changes.

	HOUSEHOLDING

	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

Cambria Global Value ETF

TICKER: GVAL (Listed on Cboe BZX Exchange, Inc.)

Annual Shareholder Report | April 30, 2026

This annual shareholder report contains important information about the Cambria Global Value ETF for the period of May 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://cambriafunds.com/GVAL. You can also request this information by contacting us at 1-855-383-4636.

	HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

	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 Net (USD) Total Return Index.

	For the 12-month period ended April 30, 2026, the fund outperformed its benchmark, returning 43.27% versus 31.00% for the MSCI ACWI Net (USD) Total Return Index. During the reporting period, the highest returns came from AT&S Austria Technologie & Systemtechnik AG and KGHM Polska Miedz SA, which returned 584.92% and 164.74%, respectively. The worst performers were Pegasus Hava Tasimaciligi AS and Cencosud SA, which returned -37.05% and -26.03%, respectively.

	The Fund recorded positive returns during the reporting period. The Fund’s deep-value methodology favored European markets, where Austria was the largest contributor (led by AT&S), with Poland and the United Kingdom also adding meaningfully across both Eastern and Western Europe. Attractive valuations and improving fiscal and policy backdrops drove these gains. Chile was the largest detractor, and the value tilt’s structural underweight to Korean and Taiwanese technology cost some relative return.

	HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*

	The $10,000 chart reflects a hypothetical $10,000 investment in the fund.

	CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

	Cambria Global Value ETF	MSCI ACWI Net (USD) Total Return Index	MSCI AC World Index Gross (USD)
3/11/14	10000	10000	10000
3/31/14	10315	10067	10071
4/30/14	10293	10163	10172
5/31/14	10318	10379	10397
6/30/14	10405	10574	10597
7/31/14	9965	10446	10472
8/31/14	9852	10677	10707
9/30/14	9209	10331	10364
10/31/14	8713	11068	10440
11/30/14	8675	10577	10619
12/31/14	11857	10373	10418
1/31/15	7808	10211	10258
2/28/15	8462	10779	10834
3/31/15	8204	10612	10672
4/30/15	8923	10920	10987
5/31/15	8633	10906	10981
6/30/15	8375	10649	10728
7/31/15	8305	10742	10825
8/31/15	7860	10005	10087
9/30/15	7619	9643	9726
10/31/15	7883	10400	10492
11/30/15	7595	10314	10410
12/31/15	7481	10128	10227
1/31/16	7008	9517	9612
2/29/16	6917	9452	9551
3/31/16	7792	10152	10266
4/30/16	8053	10302	10424
5/31/16	7726	10315	10445
6/30/16	7617	10252	10388
7/31/16	8066	10694	10839
8/31/16	8198	10730	10880
9/30/16	8304	10796	10952
10/31/16	8578	10613	10768
11/30/16	8262	10693	10856
12/31/16	8687	10924	11094
1/31/17	9146	11223	11400
2/28/17	9246	11538	11725
3/31/17	9435	11679	11876
4/30/17	9732	11861	12067
5/31/17	10055	12123	12344
6/30/17	10212	12178	12405
7/31/17	10791	12518	12756
8/31/17	11015	12566	12812
9/30/17	10960	12809	13064
10/31/17	10976	13075	13338
11/30/17	10849	13328	13602
12/31/17	11187	13543	13826
1/31/18	12218	14307	14609
2/28/18	11722	13706	14001
3/31/18	11451	13413	13710
4/30/18	11429	13541	13849
5/31/18	10735	13558	13878
6/30/18	10579	13485	13808
7/31/18	10908	13891	14229
8/31/18	10470	14000	14347
9/30/18	10610	14061	14416
10/31/18	9992	13008	13338
11/30/18	10025	13198	13540
12/31/18	9680	12268	12592
1/31/19	10543	13237	13590
2/28/19	10477	13591	13959
3/31/19	10331	13762	14144
4/30/19	10715	14227	14629
5/31/19	10197	13383	13773
6/30/19	10966	14259	14681
7/31/19	10823	14301	14730
8/31/19	10155	13962	14387
9/30/19	10476	14255	14696
10/31/19	10704	14645	15102
11/30/19	10750	15003	15477
12/31/19	11267	15531	16029
1/31/20	10898	15360	15856
2/29/20	9580	14119	14581
3/31/20	7402	12213	12622
4/30/20	7746	13521	13980
5/31/20	7982	14109	14596
6/30/20	8381	14560	15069
7/31/20	8548	15330	15872
8/31/20	8634	16269	16850
9/30/20	8286	15744	16313
10/31/20	7685	15361	15920
11/30/20	9463	17255	17888
12/31/20	10340	18056	18725
1/31/21	10171	17974	18645
2/28/21	10557	18390	19082
3/31/21	10691	18881	19602
4/30/21	11092	19707	20467
5/31/21	11633	20013	20797
6/30/21	11239	20277	21078
7/31/21	11367	20417	21229
8/31/21	11813	20928	21767
9/30/21	11425	20063	20877
10/31/21	11815	21088	21948
11/30/21	10995	20580	21426
12/31/21	11457	21403	22290
1/31/22	11517	20352	21200
2/28/22	10607	19826	20658
3/31/22	10669	20256	21118
4/30/22	10263	18634	19436
5/31/22	10588	18656	19472
6/30/22	9348	17083	17839
7/31/22	9358	18276	19091
8/31/22	9405	17604	18395
9/30/22	8450	15918	16642
10/31/22	9130	16879	17651
11/30/22	10191	18188	19028
12/31/22	10495	17472	18287
1/31/23	10899	18725	19602
2/28/23	10778	18188	19047
3/31/23	10680	18749	19648
4/30/23	10976	19018	19939
5/31/23	10421	18815	19740
6/30/23	10989	19907	20895
7/31/23	11699	20636	21666
8/31/23	11076	20059	21069
9/30/23	10695	19230	20205
10/31/23	10617	18652	19602
11/30/23	11459	20373	21421
12/31/23	11941	21352	22457
1/31/24	11554	21477	22594
2/29/24	11615	22398	23572
3/31/24	11978	23102	24325
4/30/24	12110	22340	23533
5/31/24	12637	23247	24503
6/30/24	12261	23765	25058
7/31/24	12402	24148	25469
8/31/24	12702	24761	26124
9/30/24	13189	25336	26741
10/31/24	12601	24768	26150
11/30/24	12375	25694	27136
12/31/24	12293	25086	26503
1/31/25	12974	25928	27399
2/28/25	13635	25772	27241
3/31/25	14370	24754	26180
4/30/25	14903	24984	26436
5/31/25	15371	26420	27972
6/30/25	16117	27607	29240
7/31/25	16337	27981	29644
8/31/25	17125	28672	30390
9/30/25	17498	29711	31502
10/31/25	17989	30376	32213
11/30/25	18556	30372	32218
12/31/25	19070	30689	32564
1/31/26	21021	31599	33536
2/28/26	21480	32005	33976
3/31/26	19997	29707	31552
4/30/26	21352	32729	34776

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Cambria Global Value ETF at NAV	43.27	14.00	10.24
MSCI ACWI Net (USD) Total Return Index	31.00	10.68	12.25
MSCI AC World Index Gross (USD)	31.55	11.18	12.80
Visit https://cambriafunds.com/GVAL for more recent performance information.

Cambria Global Value ETF

PAGE 1

TSR-AR-132061409


	* 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, 2026)
	Net Assets	$541,407,347
	Number of Holdings	114
	Net Advisory Fee	$2,227,980
	30-Day SEC Yield	3.46%
	30-Day SEC Yield Unsubsidized	3.46%
	Portfolio Turnover	21%

WHAT DID THE FUND INVEST IN? (as of April 30, 2026)*

Top Holdings	(%)
AT&S Austria Technologie & Systemtechnik AG	3.9%
Moneta Money Bank AS	3.0%
Komercni Banka AS	2.1%
First American Treasury Obligations Fund - Class X, 3.59%	1.7%
KGHM Polska Miedz SA	1.6%
CEZ AS	1.6%
Mineros SA	1.6%
Grupo de Inversiones Suramericana SA	1.4%
ORLEN SA	1.3%
voestalpine AG	1.3%

Sector Breakdown**

■ Financials (27.9%)

■ Materials (13.4%)

■ Utilities (10.8%)

■ Energy (9.4%)

■ Real Estate (9.0%)

■ Industrials (7.4%)

■ Communication Services (5.9%)

■ Information Technology (5.6%)

■ Consumer Discretionary (3.9%)

■ Cash & Other (6.7%)

Percentages are stated as a percent of total net assets.

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

	FUND CHANGES

	There have been no changes.

	HOUSEHOLDING

	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 2

TSR-AR-132061409

Cambria LargeCap Shareholder Yield ETF

TICKER: LYLD (Listed on Cboe BZX Exchange, Inc.)

Annual Shareholder Report | April 30, 2026

This annual shareholder report contains important information about the Cambria LargeCap Shareholder Yield ETF for the period of May 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://cambriafunds.com/ LYLD. You can also request this information by contacting us at 1-855-383-4636.

	HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

	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.

	For the 12-month period ended April 30, 2026, the fund underperformed its benchmark, returning 26.37% versus 31.05% for the S&P 500 Total Return Index. During the reporting period, the highest returns came from Valero Energy Corp and TD Synnex Corp, which returned 126.44% and 106.38%, respectively. The worst performers were Centene Corp and General Mills Inc., which returned -34.40% and -32.90%, respectively.

	The Fund recorded positive returns during the reporting period. Positive security selection within Materials, Energy, and Industrials was outweighed by weakness in Communication Services, the Fund’s defensive Consumer Staples holdings (including General Mills and Conagra Brands), and a large underweight to Information Technology during a technology-led market. Together these factors left the Fund trailing the cap-weighted S&P 500 for the period.

	HOW DID THE FUND PERFORM SINCE INCEPTION?*

	The $10,000 chart reflects a hypothetical $10,000 investment in the fund.

	CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	Since Inception (07/11/2024)
Cambria LargeCap Shareholder Yield ETF at NAV	26.37	13.47
S&P 500 Total Return Index	31.05	16.68
Visit https://cambriafunds.com/LYLD for more recent performance information.


	* 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.

Cambria LargeCap Shareholder Yield ETF

PAGE 1

TSR-AR-132061771

	KEY FUND STATISTICS (as of April 30, 2026)
	Net Assets	$6,017,343
	Number of Holdings	51
	Net Advisory Fee	$0
	30-Day SEC Yield	2.39%
	30-Day SEC Yield Unsubsidized	1.81%
	Portfolio Turnover	43%

WHAT DID THE FUND INVEST IN? (as of April 30, 2026)*

Top Holdings	(%)
TD SYNNEX Corp.	2.8%
First American Treasury Obligations Fund - Class X, 3.59%	2.7%
FedEx Corp.	2.7%
EOG Resources, Inc.	2.5%
JB Hunt Transport Services, Inc.	2.4%
CF Industries Holdings, Inc.	2.3%
eBay, Inc.	2.3%
Ball Corp.	2.2%
Verizon Communications, Inc.	2.2%
Eastman Chemical Co.	2.2%

Sector Breakdown

■ Financials (23.7%)

■ Energy (16.1%)

■ Consumer Discretionary (11.2%)

■ Health Care (11.1%)

■ Industrials (9.2%)

■ Materials (8.8%)

■ Communication Services (7.6%)

■ Consumer Staples (6.6%)

■ Information Technology (2.9%)

■ Cash & Other (2.8%)

Percentages are stated as a percent of total net assets.

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

	FUND CHANGES

	There have been no changes.

	HOUSEHOLDING

	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

Cambria Micro and SmallCap Shareholder Yield ETF

TICKER: MYLD (Listed on Cboe BZX Exchange, Inc.)

Annual Shareholder Report | April 30, 2026

This annual shareholder report contains important information about the Cambria Micro and SmallCap Shareholder Yield ETF for the period of May 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://cambriafunds.com/MYLD. You can also request this information by contacting us at 1-855-383-4636.

	HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

	The Cambria Micro and SmallCap 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.

	For the 12-month period ended April 30, 2026, the fund outperformed its benchmark, returning 47.06% versus 38.86% for the S&P 600 Total Return Index.

	During the reporting period, the highest returns came from Kohl’s Corp and Ramaco Resources Inc., which returned 256.83% and 234.97%, respectively. The worst performers were Definitive Healthcare Corp and Alight Inc., which returned -75.69% and -74.60%, respectively.
	The Fund recorded positive returns during the reporting period. Security selection within the Energy and Consumer Discretionary sectors drove outperformance, led by Ramaco Resources, Peabody Energy, International Seaways, and Kohl’s. An underweight and selection drag in Information Technology and weakness within Industrials partially offset these gains.

	HOW DID THE FUND PERFORM SINCE INCEPTION?*

	The $10,000 chart reflects a hypothetical $10,000 investment in the fund.

	CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	Since Inception (01/03/2024)
Cambria Micro and SmallCap Shareholder Yield ETF at NAV	47.06	13.83
S&P 500 Total Return Index	31.05	21.73
S&P 600 Total Return Index	38.86	14.19


	Visit https://cambriafunds.com/MYLD for more recent performance information.

Cambria Micro and SmallCap Shareholder Yield ETF

PAGE 1

TSR-AR-132061797


	* 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, 2026)
	Net Assets	$29,581,874
	Number of Holdings	102
	Net Advisory Fee	$0
	30-Day SEC Yield	2.32%
	30-Day SEC Yield Unsubsidized	1.76%
	Portfolio Turnover	55%

WHAT DID THE FUND INVEST IN? (as of April 30, 2026)*

Top Holdings	(%)
Patterson-UTI Energy, Inc.	1.9%
First American Government Obligations Fund - Class X, 3.58%	1.7%
VAALCO Energy, Inc.	1.7%
International Seaways, Inc.	1.5%
Avnet, Inc.	1.5%
Tidewater, Inc.	1.5%
SM Energy Co.	1.5%
ArcBest Corp.	1.5%
Dorian LPG Ltd.	1.4%
Convenant Logistics Group, Inc.	1.4%

Sector Breakdown**

■ Financials (24.0%)

■ Consumer Discretionary (20.6%)

■ Industrials (19.3%)

■ Energy (15.2%)

■ Consumer Staples (6.0%)

■ Communication Services (5.9%)

■ Information Technology (4.4%)

■ Materials (2.6%)

■ Health Care (1.7%)

■ Cash & Other (0.3%)

Percentages are stated as a percent of total net assets.

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

	FUND CHANGES

	There have been no changes.

	HOUSEHOLDING

	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 2

TSR-AR-132061797

Cambria Shareholder Yield ETF

TICKER: SYLD (Listed on Cboe BZX Exchange, Inc.)

Annual Shareholder Report | April 30, 2026

This annual shareholder report contains important information about the Cambria Shareholder Yield ETF for the period of May 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://cambriafunds.com/SYLD. You can also request this information by contacting us at 1-855-383-4636.

	HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

	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.

	For the 12-month period ended April 30, 2026, the fund outperformed its benchmark, returning 34.55% versus 31.05% forthe S&P 500 Total Return Index.

	During the reporting period, the highest returns came from Kohl’s Corp and Peabody Energy Corp, which returned183.44% and 131.94%, respectively. The worst performers were H&R Block Inc. and Whirlpool Corp, which returned-44.22% and -36.99%, respectively.

	The Fund recorded positive returns during the reporting period. Security selection within the Energy sector was the standout driver, led by Peabody Energy and Patterson-UTI Energy, while the Financials and Health Care sectors also contributed positively. The Fund’s structural underweight to Information Technology relative to the benchmark was the largest detractor during a technology-led market, and selection within Communication Services also weighed on relative results.

	HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*

	The $10,000 chart reflects a hypothetical $10,000 investment in the fund.

	CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

	Cambria Shareholder Yield ETF	S&P 500 Total Return Index	S&P Composite 1500 Total Return Index
04/30/2016	10000	10000	10000
05/31/2016	10093	10180	10183
06/30/2016	9916	10206	10212
07/31/2016	10327	10582	10597
08/31/2016	10445	10597	10619
09/30/2016	10569	10599	10618
10/31/2016	10392	10406	10409
11/30/2016	11352	10791	10855
12/31/2016	11511	11004	11068
01/31/2017	11683	11213	11276
02/28/2017	11857	11658	11703
03/31/2017	12047	11672	11712
04/30/2017	12060	11792	11830
05/31/2017	11927	11958	11967
06/30/2017	12179	12032	12059
07/31/2017	12321	12280	12293
08/31/2017	12113	12317	12304
09/30/2017	12717	12572	12594
10/31/2017	12883	12865	12882
11/30/2017	13399	13259	13284
12/31/2017	13785	13407	13417
01/31/2018	14396	14174	14145
02/28/2018	13747	13652	13616
03/31/2018	13560	13305	13320
04/30/2018	13699	13356	13368
05/31/2018	13797	13678	13722
06/30/2018	13715	13762	13807
07/31/2018	14275	14274	14299
08/31/2018	14646	14739	14772
09/30/2018	14440	14823	14822
10/31/2018	13280	13810	13765
11/30/2018	13331	14091	14053
12/31/2018	11943	12819	12751
01/31/2019	13080	13846	13802
02/28/2019	13651	14291	14259
03/31/2019	13323	14569	14491
04/30/2019	13849	15158	15077
05/31/2019	12443	14195	14093
06/30/2019	13398	15196	15093
07/31/2019	13611	15414	15306
08/31/2019	12797	15170	15026
09/30/2019	13590	15454	15325
10/31/2019	13944	15788	15645
11/30/2019	14686	16362	16204
12/31/2019	15155	16855	16691
01/31/2020	14223	16849	16641
02/29/2020	12822	15462	15252
03/31/2020	9558	13552	13257
04/30/2020	11296	15289	14966
05/31/2020	11918	16018	15699
06/30/2020	12278	16336	16011
07/31/2020	12648	17257	16899
08/31/2020	13571	18498	18066
09/30/2020	13255	17795	17381
10/31/2020	13312	17322	16985
11/30/2020	16048	19218	18905
12/31/2020	17201	19957	19683
01/31/2021	19988	19755	19550
02/28/2021	21960	20300	20162
03/31/2021	23063	21189	21043
04/30/2021	24165	22320	22136
05/31/2021	25352	22476	22292
06/30/2021	24866	23000	22755
07/31/2021	23969	23547	23239
08/31/2021	24404	24263	23925
09/30/2021	23496	23134	22836
10/31/2021	24444	24755	24400
11/30/2021	24218	24583	24189
12/31/2021	25439	25685	25282
01/31/2022	24712	24356	23931
02/28/2022	25111	23627	23294
03/31/2022	25261	24504	24109
04/30/2022	24112	22367	22033
05/31/2022	25059	22408	22090
06/30/2022	21639	20559	20248
07/31/2022	23555	22454	22137
08/31/2022	23395	21538	21245
09/30/2022	21070	19555	19285
10/31/2022	24188	21138	20893
11/30/2022	25540	22319	22060
12/31/2022	23936	21033	20786
01/31/2023	26263	22355	22145
02/28/2023	25552	21809	21620
03/31/2023	23945	22610	22275
04/30/2023	23729	22963	22569
05/31/2023	22284	23063	22610
06/30/2023	25049	24587	24144
07/31/2023	26522	25377	24945
08/31/2023	25899	24973	24514
09/30/2023	25506	23782	23331
10/31/2023	24305	23282	22776
11/30/2023	25868	25408	24843
12/31/2023	27879	26562	26080
01/31/2024	27779	27009	26429
02/29/2024	28709	28451	27835
03/31/2024	30467	29366	28768
04/30/2024	28674	28167	27551
05/31/2024	29581	29564	28909
06/30/2024	28565	30624	29822
07/31/2024	30444	30997	30327
08/31/2024	30082	31749	30989
09/30/2024	30381	32427	31624
10/31/2024	29381	32133	31327
11/30/2024	31780	34019	33257
12/31/2024	28826	33208	32327
01/31/2025	29668	34133	33247
02/28/2025	28333	33688	32720
03/31/2025	27119	31790	30876
04/30/2025	25682	31574	30614
05/31/2025	26816	33561	32519
06/30/2025	27802	35268	34139
07/31/2025	27835	36060	34884
08/31/2025	29723	36791	35656
09/30/2025	29550	38134	36875
10/31/2025	28961	39026	37658
11/30/2025	29948	39122	37805
12/31/2025	30008	39146	37827
01/31/2026	31669	39714	38462
02/28/2026	32858	39412	38295
03/31/2026	32726	37449	36388
04/30/2026	34555	41379	40155

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Cambria Shareholder Yield ETF at NAV	34.55	7.41	13.20
S&P 500 Total Return Index	31.05	13.14	15.26
S&P Composite 1500 Total Return Index	31.17	12.65	14.91


	Visit https://cambriafunds.com/SYLD for more recent performance information.

Cambria Shareholder Yield ETF

PAGE 1

TSR-AR-132061201


	* 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, 2026)
	Net Assets	$959,839,527
	Number of Holdings	101
	Net Advisory Fee	$5,399,920
	30-Day SEC Yield	1.90%
	30-Day SEC Yield Unsubsidized	1.90%
	Portfolio Turnover	64%

WHAT DID THE FUND INVEST IN? (as of April 30, 2026)*

Top Holdings	(%)
Garrett Motion, Inc.	1.3%
PVH Corp.	1.3%
Avnet, Inc.	1.2%
Franklin Resources, Inc.	1.2%
Ryder System, Inc.	1.2%
Huntsman Corp.	1.1%
Sirius XM Holdings, Inc.	1.1%
Northern Trust Corp.	1.1%
World Kinect Corp.	1.1%
Photronics, Inc.	1.1%

Sector Breakdown**

■ Consumer Discretionary (24.7%)

■ Financials (22.6%)

■ Energy (17.6%)

■ Materials (8.8%)

■ Industrials (7.0%)

■ Communication Services (6.0%)

■ Health Care (5.6%)

■ Consumer Staples (5.0%)

■ Information Technology (2.3%)

■ Cash & Other (0.4%)

Percentages are stated as a percent of total net assets.

The Global Industry Classification Standard (“GICS^®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) andStandard & 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.

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

	FUND CHANGES

	There have been no changes.

	HOUSEHOLDING

	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 2

TSR-AR-132061201

Cambria Tactical Yield ETF

TICKER: TYLD (Listed on Cboe BZX Exchange, Inc.)

Annual Shareholder Report | April 30, 2026

This annual shareholder report contains important information about the Cambria Tactical Yield ETF for the period of May 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://cambriafunds.com/TYLD. You can also request this information by contacting us at 1-855-383-4636.

	HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

	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 Total Return Index.

	For the 12-month period ended April 30, 2026, the fund outperformed its benchmark, returning 3.96% versus 2.55% for the Bloomberg Global Aggregate Total Return Index.

	The Fund recorded positive returns during the reporting period. The Cambria Tactical Yield ETF invests in riskier bond segments only when their yield spreads relative to T-bills rank in the top historical quartile. Because spreads did not reach that threshold during the period, the Fund remained 100% invested in U.S. Treasury bills throughout. Short-dated Treasury yields drove the Fund’s return, which exceeded that of the global aggregate benchmark

	HOW DID THE FUND PERFORM SINCE INCEPTION?*

	The $10,000 chart reflects a hypothetical $10,000 investment in the fund.

	CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	Since Inception (01/03/2024)
Cambria Tactical Yield ETF at NAV	3.96	4.54
Bloomberg Global Aggregate Total Return Index	2.55	3.21
ICE BofA US 3-Month Treasury Bill Total Return Index	3.95	4.55
Visit https://cambriafunds.com/TYLD for more recent performance information.
* 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.

Cambria Tactical Yield ETF

PAGE 1

TSR-AR-132061789

	KEY FUND STATISTICS (as of April 30, 2026)
	Net Assets	$32,781,367
	Number of Holdings	4
	Net Advisory Fee	$0
	30-Day SEC Yield	3.61%
	30-Day SEC Yield Unsubsidized	3.03%
	Portfolio Turnover	0%

WHAT DID THE FUND INVEST IN? (as of April 30, 2026)*

Top Holdings	(%)
United States Treasury Bills, 3.64%, 06/11/2026	34.1%
United States Treasury Bills, 3.65%, 12/24/2026	33.3%
United States Treasury Bills, 3.49%, 10/01/2026	32.0%
First American Treasury Obligations Fund - Class X, 3.59%	0.6%

Sector Breakdown

■ U.S. Treasury Bills (99.4%)

■ Money Market Fund (0.6%)

Percentages are stated as a percent of total net assets.

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

	FUND CHANGES

	There have been no changes.

	HOUSEHOLDING

	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

Cambria Tail Risk ETF

TICKER: TAIL (Listed on Cboe BZX Exchange, Inc.)

Annual Shareholder Report | April 30, 2026

This annual shareholder report contains important information about the Cambria Tail Risk ETF for the period of May 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://cambriafunds.com/TAIL. You can also request this information by contacting us at 1-855-383-4636.

	HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

	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.

	For the 12-month period ended April 30, 2026, the fund underperformed its benchmark, returning -11.16% versus 4.03% for the Bloomberg Short Treasury Total Return Index.

	The Fund recorded negative returns during the reporting period. Designed as a hedging product, the Cambria Tail Risk ETF holds a ladder of put options on the S&P 500 Index backed by a portfolio of U.S. Treasuries. With the U.S. equity market rising sharply over the period, the value of the put-option overlay declined as protection went unused, and the positive return on the Treasury collateral only partially offset that cost. This outcome is consistent with the Fund’s design, which is expected to lose value during sustained equity-market advances.

	HOW DID THE FUND PERFORM SINCE INCEPTION?*

	The $10,000 chart reflects a hypothetical $10,000 investment in the fund.

	CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

	Cambria Tail Risk ETF	S&P 500 TR	Bloomberg Short Treasury Total Return Index
4/5/17	10000	10000	10000
4/30/17	9894	10141	10005
5/31/17	9893	10284	10010
6/30/17	9690	10348	10017
7/31/17	9574	10561	10027
8/31/17	9731	10594	10038
9/30/17	9437	10812	10045
10/31/17	9291	11064	10053
11/30/17	9166	11068	10059
12/31/17	9120	11530	10068
1/31/18	11857	12191	10079
2/28/18	8847	11741	10086
3/31/18	9053	11443	10101
4/30/18	8734	11487	10114
5/31/18	8671	11763	10131
6/30/18	8655	11836	10147
7/31/18	8367	12276	10163
8/31/18	8331	12676	10181
9/30/18	8147	12749	10196
10/31/18	8517	11877	10215
11/30/18	8386	12119	10235
12/31/18	9331	11025	10258
1/31/19	8541	11908	10281
2/28/19	8306	12291	10301
3/31/19	8368	12530	10325
4/30/19	8181	13037	10346
5/31/19	8691	12208	10370
6/30/19	8392	13069	10399
7/31/19	8324	13257	10415
8/31/19	8693	13047	10440
9/30/19	8435	13291	10457
10/31/19	8316	13579	10483
11/30/19	8152	14072	10494
12/31/19	8026	14496	10510
1/31/20	8245	14491	10526
2/29/20	8846	13298	10550
3/31/20	9912	11655	10598
4/30/20	9449	13149	10600
5/31/20	9265	13776	10600
6/30/20	9267	14050	10602
7/31/20	9213	14842	10604
8/31/20	8995	15909	10605
9/30/20	9045	15304	10607
10/31/20	8944	14897	10607
11/30/20	8681	16528	10609
12/31/20	8585	17163	10609
1/31/21	8568	16990	10611
2/28/21	8251	17459	10612
3/31/21	7841	18223	10614
4/30/21	7828	19196	10614
5/31/21	7799	19330	10614
6/30/21	7810	19781	10614
7/31/21	7936	20251	10614
8/31/21	7823	20867	10615
9/30/21	7831	19896	10616
10/31/21	7563	21290	10615
11/30/21	7714	21143	10615
12/31/21	7485	22090	10614
1/31/22	7443	20947	10608
2/28/22	7489	20320	10606
3/31/22	6991	21074	10600
4/30/22	7113	19237	10599
5/31/22	7045	19272	10609
6/30/22	7441	17681	10598
7/31/22	7070	19312	10608
8/31/22	6943	18524	10620
9/30/22	7111	16818	10627
10/31/22	6552	18180	10643
11/30/22	6450	19195	10677
12/31/22	6501	18090	10718
1/31/23	6352	19226	10756
2/28/23	6207	18757	10786
3/31/23	6308	19446	10841
4/30/23	6269	19749	10877
5/31/23	6119	19835	10910
6/30/23	5875	21146	10955
7/31/23	5793	21825	11004
8/31/23	5724	21478	11053
9/30/23	5656	20453	11101
10/31/23	5619	20023	11152
11/30/23	5543	21852	11207
12/31/23	5657	22845	11263
1/31/24	5597	23229	11311
2/29/24	5386	24469	11351
3/31/24	5375	25256	11402
4/30/24	5249	24225	11447
5/31/24	5208	25426	11502
6/30/24	5221	26338	11550
7/31/24	5350	26659	11607
8/31/24	5381	27305	11667
9/30/24	5432	27889	11723
10/31/24	5292	27636	11762
11/30/24	5134	29258	11806
12/31/24	5092	28561	11856
1/31/25	5038	29356	11899
2/28/25	5195	28973	11938
3/31/25	5382	27340	11980
4/30/25	5819	27155	12023
5/31/25	5578	28864	12061
6/30/25	5534	30332	12104
7/31/25	5451	31013	12144
8/31/25	5473	31642	12196
9/30/25	5472	32796	12241
10/31/25	5476	33564	12283
11/30/25	5482	33647	12322
12/31/25	5384	33667	12367
1/31/26	5350	34155	12402
2/28/26	5482	33896	12437
3/31/26	5519	32208	12470
4/30/26	5170	35587	12508

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	Since Inception (04/05/2017)
Cambria Tail Risk ETF at NAV	-11.16	-7.96	-7.02
S&P 500 Total Return Index	31.05	13.14	15.03
Bloomberg Short Treasury Total Return Index	4.03	3.34	2.50
Visit https://cambriafunds.com/TAIL for more recent performance information.
* 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.

Cambria Tail Risk ETF

PAGE 1

TSR-AR-132061862

	KEY FUND STATISTICS (as of April 30, 2026)
	Net Assets	$157,339,140
	Number of Holdings	10
	Net Advisory Fee	$776,931
	30-Day SEC Yield	3.39%
	30-Day SEC Yield Unsubsidized	3.39%
	Portfolio Turnover	134%

WHAT DID THE FUND INVEST IN? (as of April 30, 2026)*

Top Holdings	(%)
United States Treasury Note/Bond, 4.25%, 05/15/2035	88.4%
First American Treasury Obligations Fund - Class X, 3.59%	2.4%
S&P 500 Index Put Option, Expiration: 12/18/2026, Exercise Price: $6,200.00	1.8%
S&P 500 Index Put Option, Expiration: 03/19/2027, Exercise Price: $6,400.00	1.5%
S&P 500 Index Put Option, Expiration: 06/17/2027, Exercise Price: $6,500.00	1.0%
S&P 500 Index Put Option, Expiration: 09/18/2026, Exercise Price: $6,000.00	0.7%
S&P 500 Index Put Option, Expiration: 06/17/2027, Exercise Price: $6,200.00	0.6%
S&P 500 Index Put Option, Expiration: 12/18/2026, Exercise Price: $6,100.00	0.3%
S&P 500 Index Put Option, Expiration: 06/18/2026, Exercise Price: $5,500.00	>0.1%
S&P 500 Index Put Option, Expiration: 09/18/2026, Exercise Price: $5,800.00	>0.1%

Sector Breakdown**

■ U.S. Treasury Securities (88.4%)

■ Purchased Options (5.9%)

■ Cash & Other (5.7%)

Percentages are stated as a percent of total net assets.

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

Cambria Tail Risk ETF

PAGE 2

TSR-AR-132061862

	FUND CHANGES

	There have been no changes.

	HOUSEHOLDING

	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 3

TSR-AR-132061862

Cambria Trinity ETF

TICKER: TRTY (Listed on Cboe BZX Exchange, Inc.)

Annual Shareholder Report | April 30, 2026

This annual shareholder report contains important information about the Cambria Trinity ETF for the period of May 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://cambriafunds.com/TRTY. You can also request this information by contacting us at 1-855-383-4636.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Cambria Trinity ETF is an actively managed 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 Total Return Index.

For the 12-month period ended April 30, 2026, the fund outperformed its benchmark, returning 26.72% versus 16.19% for the S&P Balanced Equity and Bond – Moderate Total Return Index.

The Fund recorded positive returns during the reporting period. As a hybrid buy-and-hold and trend-following strategy that participates broadly across global publicly investable assets, the Fund benefited from strength in foreign developed equities (Cambria Foreign Shareholder Yield ETF, +50.25%), emerging-market equities (Cambria Emerging Shareholder Yield ETF, +51.42%), and global value equities (Cambria Global Value ETF, +42.86%). A powerful advance in gold and gold-mining shares (VanEck Gold Miners ETF, +88.37%), broad commodities, and managed-futures exposure also contributed meaningfully. Detractors were limited, with the Fund’s bitcoin exposure (VanEck Bitcoin ETF, -20.99%) and its allocation to the Cambria Tail Risk ETF (-5.69%) the most notable.

	HOW DID THE FUND PERFORM SINCE INCEPTION?*

	The $10,000 chart reflects a hypothetical $10,000 investment in the fund.

	CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

Cambria Trinity ETF

PAGE 1

TSR-AR-132061839

	Cambria Trinity ETF	MSCI ACWI Net (USD) Total Return Index	Bloomberg Global Aggregate Total Return Index	MSCI AC World Index Gross (USD)	S&P Balanced Equity and Bond - Moderate TotalReturn Index
09/10/2018	10000	10000	10000	10000	10000
09/30/2018	10063	10225	9947	10228	10029
10/31/2018	9599	9458	9836	9464	9668
11/30/2018	9591	9597	9867	9607	9830
12/31/2018	9405	8921	10066	8934	9520
01/31/2019	9701	9625	10220	9642	9915
02/28/2019	9740	9883	10161	9904	10046
03/31/2019	9798	10007	10288	10035	10277
04/30/2019	9830	10345	11068	10379	10459
05/31/2019	9635	9731	10396	9772	10275
06/30/2019	11857	10368	10627	10416	10702
07/31/2019	9913	10399	10597	10451	10783
08/31/2019	9883	10152	10813	10207	10900
09/30/2019	9948	10366	10703	10427	10940
10/31/2019	10052	10649	10774	10715	11068
11/30/2019	10050	10909	10692	10981	11240
12/31/2019	10239	11293	10755	11372	11362
01/31/2020	10108	11169	10892	11250	11548
02/29/2020	9635	10267	10965	10345	11244
03/31/2020	8708	8881	10720	8955	10752
04/30/2020	8888	9832	10930	9919	11410
05/31/2020	9055	10259	10978	10356	11691
06/30/2020	9208	10587	11076	10692	11812
07/31/2020	9514	11147	11429	11261	12199
08/31/2020	9623	11830	11411	11955	12597
09/30/2020	9457	11448	11370	11574	12378
10/31/2020	9309	11170	11381	11295	12131
11/30/2020	9983	12547	11588	12692	12797
12/31/2020	10419	13129	11744	13286	13027
01/31/2021	10627	13069	11640	13228	12893
02/28/2021	11077	13372	11440	13539	12925
03/31/2021	11270	13729	11220	13908	13053
04/30/2021	11627	14330	11362	14521	13477
05/31/2021	11932	14553	11468	14755	13554
06/30/2021	11877	14744	11367	14955	13783
07/31/2021	11800	14846	11519	15062	14086
08/31/2021	11856	15218	11471	15444	14274
09/30/2021	11692	14589	11267	14812	13828
10/31/2021	12038	15334	11240	15572	14273
11/30/2021	11662	14964	11207	15202	14300
12/31/2021	12032	15563	11191	15815	14587
01/31/2022	12005	14799	10962	15041	14044
02/28/2022	12143	14416	10831	14657	13809
03/31/2022	12319	14729	10502	14983	13786
04/30/2022	12089	13550	9926	13790	12884
05/31/2022	12305	13566	9953	13815	12939
06/30/2022	11568	12422	9634	12657	12343
07/31/2022	11685	13290	9839	13545	13087
08/31/2022	11563	12800	9451	13052	12569
09/30/2022	11036	11575	8965	11808	11695
10/31/2022	11377	12273	8903	12523	12071
11/30/2022	11709	13225	9322	13500	12627
12/31/2022	11592	12705	9373	12974	12171
01/31/2023	11974	13616	9680	13908	12766
02/28/2023	11643	13225	9359	13514	12405
03/31/2023	11547	13633	9655	13940	12861
04/30/2023	11608	13829	9697	14147	13017
05/31/2023	11271	13681	9508	14005	12952
06/30/2023	11680	14475	9507	14825	13298
07/31/2023	12068	15005	9573	15372	13481
08/31/2023	11784	14586	9442	14949	13320
09/30/2023	11622	13983	9166	14336	12796
10/31/2023	11377	13562	9056	13908	12538
11/30/2023	11739	14814	9513	15198	13391
12/31/2023	12117	15526	9908	15933	13962
01/31/2024	12028	15617	9772	16030	14071
02/29/2024	12299	16287	9649	16724	14309
03/31/2024	12666	16798	9702	17258	14590
04/30/2024	12388	16244	9457	16696	14068
05/31/2024	12725	16904	9581	17385	14545
06/30/2024	12509	17280	9595	17779	14898
07/31/2024	12828	17559	9860	18070	15203
08/31/2024	12801	18005	10093	18535	15495
09/30/2024	13055	18423	10265	18973	15763
10/31/2024	12733	18010	9921	18553	15430
11/30/2024	13091	18683	9955	19253	15963
12/31/2024	12591	18241	9741	18804	15598
01/31/2025	12868	18853	9796	19439	15863
02/28/2025	12759	18740	9937	19328	15981
03/31/2025	12770	17999	9998	18574	15561
04/30/2025	12690	18167	10292	18756	15590
05/31/2025	12931	19211	10255	19846	15967
06/30/2025	13263	20074	10449	20746	16499
07/31/2025	13288	20346	10294	21033	16640
08/31/2025	13739	20849	10443	21562	16948
09/30/2025	14137	21604	10512	22351	17315
10/31/2025	14210	22087	10485	22855	17579
11/30/2025	14463	22085	10509	22859	17688
12/31/2025	14633	22316	10537	23104	17635
01/31/2026	15416	22977	10635	23794	17735
02/28/2026	16006	23272	10754	24106	17886
03/31/2026	15459	21601	10424	22386	17234
04/30/2026	16081	23799	10553	24673	18114

	ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	Since Inception (09/10/2018)
Cambria Trinity ETF at NAV	26.72	6.70	6.42
MSCI ACWI Net (USD) Total Return Index	31.00	10.68	12.03
Bloomberg Global Aggregate Total Return Index	2.55	-1.46	0.71
MSCI AC World Index Gross (USD)	31.55	11.18	12.56
S&P Balanced Equity and Bond - Moderate Total Return Index	16.19	6.09	8.09

	Visit https://cambriafunds.com/TRTY for more recent performance information.
	* 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, 2026)
	Net Assets	$142,895,642
	Number of Holdings	34
	Net Advisory Fee	$0
	30-Day SEC Yield	3.11%
	30-Day SEC Yield Unsubsidized	3.11%
	Portfolio Turnover	34%

WHAT DID THE FUND INVEST IN? (as of April 30, 2026)*

Top Holdings	(%)
Cambria Foreign Shareholder Yield ETF	8.4%
Cambria Global Value ETF	8.0%
Cambria Value and Momentum ETF	7.6%
Vanguard Intermediate-Term Treasury ETF	6.4%
Cambria Emerging Shareholder Yield ETF	6.4%
Cambria Tactical Yield ETF	5.7%
State Street SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF	4.7%
Cambria Chesapeake Pure Trend ETF	4.1%
Cambria Global Real Estate ETF	3.9%
Cambria Micro and SmallCap Shareholder Yield ETF	3.1%

Sector Breakdown**
	■ Exchange Traded Funds (99.69%) ■ Cash & Other (0.1%)

Percentages are stated as a percent of total net assets.

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

Cambria Trinity ETF

PAGE 2

TSR-AR-132061839

	FUND CHANGES

	There have been no changes.

	HOUSEHOLDING

	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

Cambria Value and Momentum ETF

TICKER: VAMO (Listed on Cboe BZX Exchange, Inc.)

Annual Shareholder Report | April 30, 2026

This annual shareholder report contains important information about the Cambria Value and Momentum ETF for the period of May 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://cambriafunds.com/vamo. You can also request this information by contacting us at 1-855-383-4636.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

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.

For the 12-month period ended April 30, 2026, the fund underperformed its benchmark, returning 24.39% versus 31.05% for the S&P 500 Total Return Index.

During the reporting period, the highest returns came from Planet Labs PBC and Tutor Perini Corp, which returned 1,032.40% and 329.25%, respectively. The worst performers were Freddie Mac and Stride Inc., which returned -60.82% and -57.01%, respectively.

The Fund recorded positive returns during the reporting period. The Cambria Value and Momentum ETF is a multi-factor strategy focusing on Value and Momentum, with the ability to hedge up to 100% of its notional equity exposure using S&P 500 index futures. Security selection was strong, particularly within Industrials, Financials, and Materials. However, the Fund’s equity hedge was the dominant influence on results: carrying a substantial short-futures position in a strongly rising market sharply reduced net returns and was the principal reason the Fund trailed the unhedged S&P 500. An underweight to Information Technology also detracted.

	HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*

	The $10,000 chart reflects a hypothetical $10,000 investment in the fund.

	CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

	Cambria Value and Momentum ETF	S&P 500 Total Return Index
09/08/2015	10000	10000
09/30/2015	9946	9762
10/31/2015	9696	10585
11/30/2015	9779	10617
12/31/2015	9299	10449
01/31/2016	8899	9931
02/29/2016	9232	9917
03/31/2016	9248	10590
04/30/2016	9102	11068
05/31/2016	9027	10822
06/30/2016	11857	10850
07/31/2016	9188	11250
08/31/2016	9306	11266
09/30/2016	9376	11268
10/31/2016	9020	11062
11/30/2016	9604	11472
12/31/2016	9650	11699
01/31/2017	9610	11921
02/28/2017	9442	12394
03/31/2017	9467	12409
04/30/2017	9556	12536
05/31/2017	9305	12712
06/30/2017	9403	12792
07/31/2017	9576	13055
08/31/2017	9569	13095
09/30/2017	9987	13365
10/31/2017	10093	13677
11/30/2017	10181	14096
12/31/2017	10201	14253
01/31/2018	10285	15069
02/28/2018	9803	14514
03/31/2018	10017	14145
04/30/2018	10168	14199
05/31/2018	10574	14541
06/30/2018	10476	14630
07/31/2018	10467	15175
08/31/2018	10687	15669
09/30/2018	10281	15759
10/31/2018	9718	14681
11/30/2018	9355	14981
12/31/2018	9022	13628
01/31/2019	8975	14720
02/28/2019	8890	15193
03/31/2019	8468	15488
04/30/2019	8531	16115
05/31/2019	8120	15091
06/30/2019	8446	16155
07/31/2019	8417	16387
08/31/2019	8091	16127
09/30/2019	8181	16429
10/31/2019	8400	16785
11/30/2019	8516	17394
12/31/2019	8553	17919
01/31/2020	8301	17912
02/29/2020	7884	16438
03/31/2020	6939	14407
04/30/2020	6882	16254
05/31/2020	6965	17028
06/30/2020	6864	17367
07/31/2020	7260	18346
08/31/2020	7414	19665
09/30/2020	7455	18918
10/31/2020	7434	18415
11/30/2020	7893	20430
12/31/2020	8086	21216
01/31/2021	8813	21002
02/28/2021	9340	21581
03/31/2021	9720	22526
04/30/2021	9708	23728
05/31/2021	10461	23894
06/30/2021	10369	24452
07/31/2021	9736	25033
08/31/2021	9857	25794
09/30/2021	10106	24594
10/31/2021	10522	26317
11/30/2021	10665	26135
12/31/2021	10689	27306
01/31/2022	10271	25893
02/28/2022	10871	25118
03/31/2022	10813	26050
04/30/2022	11084	23779
05/31/2022	11583	23822
06/30/2022	10866	21856
07/31/2022	11010	23871
08/31/2022	11230	22898
09/30/2022	11005	20789
10/31/2022	11872	22472
11/30/2022	11859	23728
12/31/2022	11602	22361
01/31/2023	11718	23766
02/28/2023	11658	23186
03/31/2023	10822	24037
04/30/2023	10603	24412
05/31/2023	10258	24518
06/30/2023	11124	26138
07/31/2023	11504	26978
08/31/2023	11543	26549
09/30/2023	11554	25283
10/31/2023	11286	24751
11/30/2023	11418	27012
12/31/2023	12258	28239
01/31/2024	12189	28713
02/29/2024	12535	30246
03/31/2024	12998	31220
04/30/2024	12484	29944
05/31/2024	12810	31429
06/30/2024	12084	32557
07/31/2024	13182	32953
08/31/2024	12879	33753
09/30/2024	12968	34473
10/31/2024	12943	34161
11/30/2024	14088	36166
12/31/2024	13029	35304
01/31/2025	13319	36287
02/28/2025	12904	35814
03/31/2025	12902	33796
04/30/2025	12799	33567
05/31/2025	13165	35679
06/30/2025	13391	37494
07/31/2025	13567	38335
08/31/2025	14364	39112
09/30/2025	14861	40540
10/31/2025	14514	41489
11/30/2025	14957	41591
12/31/2025	15170	41616
01/31/2026	15587	42220
02/28/2026	15646	41899
03/31/2026	15780	39813
04/30/2026	15921	43990

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Cambria Value and Momentum ETF at NAV	24.39	10.40	5.75
S&P 500 Total Return Index	31.05	13.14	15.26
Visit https://cambriafunds.com/vamo for more recent performance information.

Cambria Value and Momentum ETF

PAGE 1

TSR-AR-132061888


	* 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, 2026)
	Net Assets	$83,102,922
	Number of Holdings	103
	Net Advisory Fee	$398,075
	30-Day SEC Yield	0.93%
	30-Day SEC Yield Unsubsidized	0.93%
	Portfolio Turnover	74%

WHAT DID THE FUND INVEST IN? (as of April 30, 2026)*

Top Holdings	(%)
First American Treasury Obligations Fund - Class X, 3.59%	6.6%
First American Government Obligations Fund - Class X, 3.58%	1.7%
TD SYNNEX Corp.	1.2%
Garrett Motion, Inc.	1.2%
IES Holdings, Inc.	1.1%
Visteon Corp.	1.1%
Rush Street Interactive, Inc.	1.1%
Enova International, Inc.	1.0%
Primoris Services Corp.	1.0%
Liberty Energy, Inc.	1.0%

Sector Breakdown**

■ Financials (20.1%)

■ Energy (17.5%)

■ Consumer Discretionary (17.2%)

■ Industrials (13.1%)

■ Heath Care (7.7%)

■ Information Technology (3.8%)

■ Materials (3.6%)

■ Communication Services (2.6%)

■ Consumer Staples (1.8%)

■ Cash & Other (12.6%)

Percentages are stated as a percent of total net assets.

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

	FUND CHANGES

	There have been no changes.

	HOUSEHOLDING

	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 2

TSR-AR-132061888

Item 2. Code of Ethics.

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.

Item 3. Audit Committee Financial Expert.

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. David Norris 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 Emerging Shareholder Yield ETF

	FYE 4/30/2026	FYE 4/30/2025
( a ) Audit Fees	$16,000	$16,000
( b ) Audit-Related Fees	N/A	N/A
( c ) Tax Fees	$3,000	$3,000
( d ) All Other Fees	N/A	N/A

Cambria Fixed Income Trend ETF

	FYE 4/30/2026	FYE 4/30/2025
( a ) Audit Fees	$12,750	$8,500
( b ) Audit-Related Fees	N/A	N/A
( c ) Tax Fees	$3,000	$3,000
( d ) All Other Fees	N/A	N/A

Cambria Foreign Shareholder Yield ETF

	FYE 4/30/2026	FYE 4/30/2025
( a ) Audit Fees	$16,000	$16,000
( b ) Audit-Related Fees	N/A	N/A
( c ) Tax Fees	$3,000	$3,000
( d ) All Other Fees	N/A	N/A

Cambria Global Asset Allocation ETF

	FYE 4/30/2026	FYE 4/30/2025
( a ) Audit Fees	$16,000	$16,000
( b ) Audit-Related Fees	N/A	N/A
( c ) Tax Fees	$3,000	$3,000
( d ) All Other Fees	N/A	N/A

Cambria Global Momentum ETF

	FYE 4/30/2026	FYE 4/30/2025
( a ) Audit Fees	$16,000	$16,000
( b ) Audit-Related Fees	N/A	N/A
( c ) Tax Fees	$3,000	$3,000
( d ) All Other Fees	N/A	N/A

Cambria Global Real Estate ETF

	FYE 4/30/2026	FYE 4/30/2025
( a ) Audit Fees	$16,000	$16,000
( b ) Audit-Related Fees	N/A	N/A
( c ) Tax Fees	$3,000	$3,000
( d ) All Other Fees	N/A	N/A

Cambria Global Value ETF

	FYE 4/30/2026	FYE 4/30/2025
( a ) Audit Fees	$16,000	$16,000
( b ) Audit-Related Fees	N/A	N/A
( c ) Tax Fees	$3,000	$3,000
( d ) All Other Fees	N/A	N/A

Cambria LargeCap Shareholder Yield ETF

	FYE 4/30/2026	FYE 4/30/2025
( a ) Audit Fees	$12,000	$8,000
( b ) Audit-Related Fees	N/A	N/A
( c ) Tax Fees	$3,000	$3,000
( d ) All Other Fees	N/A	N/A

Cambria Micro and SmallCap Shareholder Yield ETF

	FYE 4/30/2026	FYE 4/30/2025
( a ) Audit Fees	$15,000	$11,250
( b ) Audit-Related Fees	N/A	N/A
( c ) Tax Fees	$3,000	$3,000
( d ) All Other Fees	N/A	N/A

Cambria Shareholder Yield ETF

	FYE 4/30/2026	FYE 4/30/2025
( a ) Audit Fees	$16,000	$16,000
( b ) Audit-Related Fees	N/A	N/A
( c ) Tax Fees	$3,000	$3,000
( d ) All Other Fees	N/A	N/A

Cambria Tactical Yield ETF

	FYE 4/30/2026	FYE 4/30/2025
( a ) Audit Fees	$14,500	$10,875
( b ) Audit-Related Fees	N/A	N/A
( c ) Tax Fees	$3,000	$3,000
( d ) All Other Fees	N/A	N/A

Cambria Tail Risk ETF

	FYE 4/30/2026	FYE 4/30/2025
( a ) Audit Fees	$16,000	$16,000
( b ) Audit-Related Fees	N/A	N/A
( c ) Tax Fees	$3,000	$3,000
( d ) All Other Fees	N/A	N/A

Cambria Trinity ETF

	FYE 4/30/2026	FYE 4/30/2025
( a ) Audit Fees	$16,000	$16,000
( b ) Audit-Related Fees	N/A	N/A
( c ) Tax Fees	$3,000	$3,000
( d ) All Other Fees	N/A	N/A

Cambria Value and Momentum ETF

	FYE 4/30/2026	FYE 4/30/2025
( a ) Audit Fees	$16,000	$16,000
( b ) Audit-Related Fees	N/A	N/A
( c ) Tax Fees	$3,000	$3,000
( d ) All Other Fees	N/A	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:

Non-Audit Related Fees	FYE 4/30/2026	FYE 4/30/2025
Registrant	N/A	N/A
Registrant’s Investment Adviser	N/A	N/A

(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:

Non-Audit Related Fees	FYE 4/30/2026	FYE 4/30/2025
Registrant	N/A	N/A
Registrant’s Investment Adviser	N/A	N/A

(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: Javier Marquina, Michelle McDonough, David Norris, and Domenick Pugliese.

(b) Not applicable

Item 6. Investments.

(a)

Schedules of Investments are included within the financial statements filed under Item 7 of this Form.

(b)

Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.

(a)

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, 2026

Table of Contents

Schedules of Investments	1
Statements of Assets & Liabilities	32
Statements of Operations	34
Statements of Changes	36
Financial Highlights	40
Notes to Financial Statements	50
Report of Independent Registered Public Accounting Firm	69
Additional Information (Unaudited)	71

Cambria Emerging Shareholder Yield ETF

Schedule of Investments

April 30, 2026

COMMON STOCKS - 99.0%	Shares		Value
Brazil - 7.3%
Ambev SA		2,516,660	$	7,415,095
Cia de Saneamento de Minas Gerais Copasa MG		818,408		8,954,591
Cyrela Brazil Realty SA Empreendimentos e Participacoes		1,180,511		5,576,185
Direcional Engenharia SA		2,042,551		5,308,702
Grupo SBF SA		2,714,635		6,068,704
Lojas Renner SA		2,278,544		6,239,561
Petroleo Brasileiro SA - Petrobras		710,732		7,851,093
TIM SA		1,537,334		8,006,754
				55,420,685

China - 19.6%
Bank of Communications Co. Ltd. - Class H		8,411,861		7,678,877
CGN Power Co. Ltd. - Class H ^(a)		18,849,479		8,374,872
China Coal Energy Co. Ltd. - Class H		5,063,683		9,451,777
China Pacific Insurance Group Co. Ltd. - Class H		1,869,888		8,121,748
China Petroleum & Chemical Corp. - Class H		10,874,768		6,400,598
China Shenhua Energy Co. Ltd. - Class H		1,254,874		7,741,527
Consun Pharmaceutical Group Ltd.		2,898,312		6,001,994
COSCO SHIPPING Holdings Co. Ltd. - Class H		3,150,721		5,792,580
CSPC Pharmaceutical Group Ltd.		6,857,239		7,362,832
ENN Energy Holdings Ltd.		709,316		5,533,254
Fufeng Group Ltd.		6,711,319		5,578,128
Huadian Power International Corp. Ltd. - Class H		15,013,205		8,146,329
JNBY Design Ltd.		3,166,150		8,658,657
Lonking Holdings Ltd.		19,539,654		8,282,369
PetroChina Co. Ltd. - Class H		6,326,498		9,716,919
Sinotruk Hong Kong Ltd.		2,156,072		10,586,981
Zhongsheng Group Holdings Ltd.		3,395,324		3,077,791
Zhuzhou CRRC Times Electric Co. Ltd. - Class H		1,414,255		6,471,356
Zoomlion Heavy Industry Science and Technology Co. Ltd. - Class H		7,626,094		7,662,606
ZTO Express Cayman, Inc.		315,132		7,865,727
				148,506,922

Czech Republic - 2.8%
CEZ AS		125,147		7,209,924
Komercni Banka AS		126,642		6,741,383
Moneta Money Bank AS ^(a)		797,171		7,017,482
				20,968,789

Greece - 3.4%
Eurobank SA		1,548,734		6,689,053
JUMBO SA		185,444		5,058,118
National Bank of Greece SA		424,173		6,683,398
Piraeus Bank SA		813,191		7,587,518
				26,018,087

Hungary - 1.1%
Magyar Telekom Telecommunications PLC		1,075,656		8,513,933

India - 4.1%
Bank of Baroda		771,696		2,142,061
Coal India Ltd.		829,518		4,207,730
Indian Bank		833,031		7,476,445
Malco Energy Ltd. ^(b)(c)		878,370		1,161,520
Oil & Natural Gas Corp. Ltd.		1,216,332		3,838,772
Oil India Ltd.		1,235,169		6,387,072
Talwandi Sabo Power Ltd. ^(b)(c)		878,370		1,161,520
Vedanta Aluminium Metal Ltd. ^(b)(c)		878,370		1,161,520
Vedanta Iron and Steel Ltd. ^(b)(c)		878,370		1,161,520
Vedanta Ltd.		878,370		2,513,033
				31,211,193

Indonesia - 0.5%
United Tractors Tbk PT	2,404,726	4,035,661

Mexico - 0.7%
Genomma Lab Internacional SAB de CV - Class B	5,477,496	5,151,860

Poland - 5.2%
Alior Bank SA	239,797	8,186,625
Bank Polska Kasa Opieki SA	125,529	7,836,905
Powszechna Kasa Oszczednosci Bank Polski SA	251,121	6,556,525
Powszechny Zaklad Ubezpieczen SA	356,638	6,257,497
XTB SA ^(a)	388,226	10,924,479
		39,762,031
Russia - 0.0% ^(d)
Alrosa PJSC ^(b)(c)	538,800	0	^(e)
Federal Grid Co. - Rosseti PJSC ^(b)(c)	328,200,000	5
Gazprom Neft PJSC ^(b)(c)	223,200	0	^(e)
Gazprom PJSC ^(b)(c)	423,000	0	^(e)
Inter RAO UES PJSC ^(b)(c)	11,040,000	0	^(e)
LUKOIL PJSC ^(b)(c)	17,160	0	^(e)
Magnitogorsk Iron & Steel Works PJSC ^(b)(c)	1,560,000	0	^(e)
NovaBev Group PJSC ^(b)(c)	162,720	0	^(e)
Novolipetsk Steel PJSC ^(b)(c)	458,400	0	^(e)
OGK-2 PJSC ^(b)(c)	94,200,000	1
Sberbank of Russia PJSC ^(b)(c)	276,600	0	^(e)
Severstal PAO ^(b)(c)	85,200	0	^(e)
Unipro PAO ^(b)(c)	21,240,000	0	^(e)
		6

South Africa - 11.0%
Exxaro Resources Ltd.	416,221	5,494,892
FirstRand Ltd.	1,183,043	6,266,239
Investec Ltd.	842,815	7,012,707
Investec PLC	843,641	7,179,622
Momentum Group Ltd.	3,349,506	7,610,914
Motus Holdings Ltd.	1,089,822	7,290,342
MTN Group Ltd.	704,903	8,844,348
Nedbank Group Ltd.	398,056	6,383,712
Reunert Ltd.	1,971,932	8,260,628
Sanlam Ltd.	1,270,305	6,525,589
Tiger Brands Ltd.	456,576	7,948,794
Truworths International Ltd.	1,385,398	4,305,691
		83,123,478

South Korea - 17.8%
DB Insurance Co. Ltd.	52,798	5,966,117
Doosan Bobcat, Inc.	111,447	5,410,049
GS Holdings Corp.	162,150	8,953,671
Hanmi Semiconductor Co. Ltd.	51,227	12,710,043
HD Construction Equipment Co. Ltd.	124,370	15,420,471
HD Hyundai Co. Ltd.	47,436	9,930,473
KB Financial Group, Inc.	101,172	10,948,022
KEPCO Plant Service & Engineering Co. Ltd.	185,036	7,759,735
Kia Corp.	64,647	6,616,380
KT&G Corp.	78,645	9,454,156
LG Uplus Corp.	546,356	5,834,870
Samsung C&T Corp.	47,558	9,571,240
Samsung Life Insurance Co. Ltd.	63,500	10,681,803
Shinhan Financial Group Co. Ltd.	123,133	8,293,545
Woori Financial Group, Inc.	353,599	7,950,733
		135,501,308

Taiwan - 21.5%
Asustek Computer, Inc.	451,149	8,272,738
Catcher Technology Co. Ltd.	987,665	6,514,920

Chicony Electronics Co. Ltd.	1,854,372		7,227,980
Dimerco Express Corp.	2,794,554		6,879,553
Evergreen Marine Corp. Taiwan Ltd.	1,143,686		7,291,407
Genius Electronic Optical Co. Ltd.	491,805		7,900,669
Holy Stone Enterprise Co. Ltd.	1,676,096		11,241,156
Huaku Development Co. Ltd.	1,946,772		7,741,744
IEI Integration Corp.	2,688,963		5,855,811
ITE Technology, Inc.	2,008,159		7,859,102
L&K Engineering Co. Ltd.	351,792		7,438,989
Powertech Technology, Inc.	972,837		6,232,887
Synnex Technology International Corp.	2,748,304		7,156,025
Systex Corp.	1,667,765		6,316,394
Tong Yang Industry Co. Ltd.	1,458,844		3,444,004
Transcend Information, Inc.	1,169,342		9,318,716
Tripod Technology Corp.	644,827		9,127,646
United Microelectronics Corp.	4,248,873		10,365,885
Utechzone Co. Ltd.	1,800,998		13,812,511
Winstek Semiconductor Co. Ltd.	1,412,059		7,487,128
Wisdom Marine Lines Co. Ltd.	2,695,683		6,100,159
			163,585,424

Thailand - 1.9%
Kasikornbank PCL - NVDR	1,232,747		7,336,542
PTT PCL - NVDR	6,542,261		7,074,613
			14,411,155

Turkey - 2.1%
Enerjisa Enerji AS ^(a)	3,460,111		9,403,651
Turkiye Petrol Rafinerileri AS	1,026,615		6,157,225
			15,560,876
TOTAL COMMON STOCKS (Cost $548,528,588)			751,771,408

SHORT-TERM INVESTMENTS - 0.9%	Shares		Value
Money Market Funds – 0.9%
First American Treasury Obligations Fund - Class X, 3.59% ^(f)	6,511,307		6,511,307
TOTAL SHORT-TERM INVESTMENTS (Cost $6,511,307)			6,511,307

TOTAL INVESTMENTS - 99.9% (Cost $555,039,895)			758,282,715
Other Assets in Excess of Liabilities - 0.1%			972,969
TOTAL NET ASSETS - 100.0%		$	759,255,684

Percentages are stated as a percent of net assets.

NVDR - Non-Voting Depositary Receipt

PCL - Public Company Limited

PJSC - Public Joint Stock Company

PLC - Public Limited Company

(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, 2026, the value of these securities total $35,720,484 or 4.7% of the Fund’s net assets.

(b)

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 $4,646,086 or 0.6% of net assets as of April 30, 2026.

(c)

Non-income producing security.

(d)

Represents less than 0.05% of net assets.

(e)

Rounds to zero.

(f)

The rate shown represents the 7-day annualized yield as of April 30, 2026.

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

Cambria Fixed Income Trend ETF

Schedule of Investments

April 30, 2026

EXCHANGE TRADED FUNDS - 99.1%	Shares		Value
iShares Convertible Bond ETF		43,283	$	4,878,427
iShares Preferred and Income Securities ETF		130,416		4,101,583
State Street SPDR Portfolio High Yield Bond ETF		171,250		4,032,937
Vanguard 0-3 Month Treasury Bill ETF ^(a)		105,545		7,985,535
TOTAL EXCHANGE TRADED FUNDS (Cost $20,087,212)				20,998,482

SHORT-TERM INVESTMENTS - 0.9%	Shares		Value
Money Market Funds – 0.9%
First American Treasury Obligations Fund - Class X, 3.59% ^(b)		190,345		190,345
TOTAL SHORT-TERM INVESTMENTS (Cost $190,345)				190,345

TOTAL INVESTMENTS - 100.0% (Cost $20,277,557)				21,188,827
Other Assets in Excess of Liabilities - 0.0% ^(c)				4,257
TOTAL NET ASSETS - 100.0%			$	21,193,084

Percentages are stated as a percent of net assets.

SPDR – Standard & Poor’s Depository Receipt

(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 yield as of April 30, 2026.

(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, 2026

COMMON STOCKS - 98.6%	Shares		Value
Australia - 5.4%
Fortescue Ltd.		438,235	$	6,199,697
New Hope Corp. Ltd.		1,987,268		7,840,394
Treasury Wine Estates Ltd.		1,449,877		4,519,808
Woodside Energy Group Ltd.		325,392		7,859,597
Yancoal Australia Ltd.		1,563,329		8,598,934
				35,018,430

Austria - 1.0%
OMV AG		95,399		6,734,719

Canada - 12.8%
Athabasca Oil Corp. ^(a)		1,041,660		9,171,608
Centerra Gold, Inc.		373,647		6,502,753
Finning International, Inc.		97,598		7,147,678
Imperial Oil Ltd.		58,933		7,894,467
Labrador Iron Ore Royalty Corp.		239,069		4,996,628
Parex Resources, Inc.		400,081		8,429,579
Precision Drilling Corp. ^(a)		78,514		7,323,388
Russel Metals, Inc.		168,394		6,554,269
Secure Waste Infrastructure Corp. ^(a)		426,508		7,268,863
Suncor Energy, Inc.		121,512		8,326,526
Tamarack Valley Energy Ltd.		947,097		8,882,847
				82,498,606

Denmark - 1.6%
D/S Norden AS		133,282		6,288,200
Scandinavian Tobacco Group AS^(b)		361,965		3,831,611
				10,119,811

France - 7.6%
AXA SA		110,717		5,319,884
Coface SA		297,168		5,493,165
Metropole Television SA ^(c)		384,920		5,863,882
Pernod Ricard SA		59,091		4,358,103
Rubis SCA		141,398		5,828,245
SCOR SE		164,631		6,128,932
TotalEnergies SE		81,280		7,563,836
Vallourec SACA		286,422		8,622,511
				49,178,558

Germany - 1.8%
Deutsche Bank AG		205,459		6,390,150
Freenet AG		156,727		4,992,220
				11,382,370

Hong Kong - 7.2%
BOC Hong Kong Holdings Ltd.		1,077,488		6,151,965
Cathay Pacific Airways Ltd.		3,848,903		5,690,430
Orient Overseas International Ltd.		330,517		5,760,047
Skyworth Group Ltd. ^(a)		10,137,491		8,102,227
United Energy Group Ltd.		94,846,985		5,812,519
VTech Holdings Ltd.		655,355		5,045,376
WH Group Ltd. ^(b)		4,641,127		5,641,051
Yue Yuen Industrial Holdings Ltd.		2,335,623		4,338,757
				46,542,372
Ireland - 1.8%
Bank of Ireland Group PLC		281,692		5,534,393
DCC PLC		77,548		5,845,989
				11,380,382

Italy - 5.8%
Banco BPM SpA	440,191	6,398,486
Eni SpA	284,143	8,003,652
Intesa Sanpaolo SpA	779,394	5,282,616
Saipem SpA ^(c)	1,937,265	10,472,563
Unipol Assicurazioni SpA	266,895	6,953,980
		37,111,297

Japan - 23.5%
Aisin Corp.	265,935	4,227,136
Alps Alpine Co. Ltd.	409,000	6,182,482
Amada Co. Ltd.	436,924	7,337,186
Artience Co. Ltd.	239,219	5,974,554
Cosmo Energy Holdings Co. Ltd.	194,800	4,980,898
Daicel Corp.	590,358	4,645,786
Daiichi Life Group, Inc.	638,532	5,873,246
Idemitsu Kosan Co. Ltd.	691,202	5,953,728
Isetan Mitsukoshi Holdings Ltd.	338,049	6,410,958
Japan Post Holdings Co. Ltd.	517,324	6,023,964
Kansai Paint Co. Ltd.	339,783	5,084,103
Kawasaki Kisen Kaisha Ltd.	384,213	6,288,817
Kuraray Co. Ltd.	519,010	5,450,177
MS&AD Insurance Group Holdings, Inc.	215,700	5,558,007
Nagase & Co. Ltd.	856,208	6,439,813
NGK Corp.	245,699	7,785,844
Nippon Electric Glass Co. Ltd.	135,702	7,060,093
Nippon Shokubai Co. Ltd.	426,192	5,873,394
Nippon Yusen KK	162,318	5,877,684
Press Kogyo Co. Ltd.	1,002,110	5,050,396
Sompo Holdings, Inc.	153,876	5,697,801
Tokyo Gas Co. Ltd.	129,578	5,520,649
Toyo Seikan Group Holdings Ltd.	208,600	4,315,770
Toyoda Gosei Co. Ltd.	230,480	6,811,861
Tsukishima Holdings Co. Ltd.	274,159	5,472,498
Yamaha Corp.	753,800	5,416,786
		151,313,631

Luxembourg - 2.1%
RTL Group SA	137,758	5,295,027
Tenaris SA	263,667	8,426,426
		13,721,453

Netherlands - 5.2%
Aegon Ltd.	691,142	5,697,598
ASR Nederland NV	75,605	5,728,673
EXOR NV	62,770	4,921,173
Koninklijke Ahold Delhaize NV	131,355	6,169,695
NN Group NV	70,278	6,128,416
Signify NV ^(b)	221,790	5,029,086
		33,674,641

Norway - 7.3%
Aker BP ASA ^(c)	217,584	8,468,789
Aker Solutions ASA	1,750,520	7,965,927
DNO ASA	3,011,818	6,446,442
Equinor ASA	231,536	9,291,729
Hoegh Autoliners ASA	556,754	7,962,471
Wallenius Wilhelmsen ASA	520,906	6,668,263
		46,803,621

Spain - 1.2%
Repsol SA	286,898	7,670,457

United Kingdom - 14.3%
Aberdeen Group PLC	2,032,174	5,754,540
Balfour Beatty PLC	550,265	6,109,979
Beazley PLC	478,847	8,314,289

Berkeley Group Holdings PLC ^(a)	104,333		4,551,587
BP PLC	906,305		7,199,729
British American Tobacco PLC	92,225		5,425,148
Drax Group PLC	493,730		5,936,396
Future PLC	750,913		3,410,779
Kingfisher PLC	1,295,688		5,049,532
Legal & General Group PLC	1,590,371		5,447,024
M&G PLC	1,431,872		5,897,858
Shell PLC	146,870		6,647,112
Subsea 7 SA	275,068		9,892,674
Tesco PLC	903,155		5,924,232
Vodafone Group PLC	4,132,364		6,593,091
			92,153,970
TOTAL COMMON STOCKS (Cost $493,731,461)			635,304,318

SHORT-TERM INVESTMENTS - 2.6%	Shares		Value
Investments Purchased with Proceeds from Securities Lending – 2.3%
First American Government Obligations Fund - Class X, 3.58% ^(d)	14,466,764		14,466,764

Money Market Funds – 0.3%
First American Treasury Obligations Fund - Class X, 3.59% ^(d)	2,058,193		2,058,193
TOTAL SHORT-TERM INVESTMENTS (Cost $16,524,957)			16,524,957

TOTAL INVESTMENTS - 101.2% (Cost $510,256,418)			651,829,275
Liabilities in Excess of Other Assets - (1.2)%			(8,006,779	)
TOTAL NET ASSETS - 100.0%		$	643,822,496

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

(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, 2026, the value of these securities was $14,501,748 or 2.3% of the Fund’s net assets.

(c)

All or a portion of this security is on loan as of April 30, 2026. The fair value of these securities was $13,945,467 or 2.2% of the Fund's net assets.

(d)

The rate shown represents the 7-day annualized yield as of April 30, 2026.

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

Cambria Global Asset Allocation ETF

Schedule of Investments

April 30, 2026

EXCHANGE TRADED FUNDS - 99.6%	Shares		Value
Alpha Architect 1-3 Month Box ETF ^(a)		5,183	$	603,975
Alpha Architect International Quantitative Momentum ETF ^(b)		38,402		1,709,657
Alpha Architect US Quantitative Momentum ETF ^(b)		38,800		2,977,291
Cambria Emerging Shareholder Yield ETF ^(c)		158,701		7,144,719
Cambria Foreign Shareholder Yield ETF ^(c)		127,823		4,955,698
Cambria Global Real Estate ETF ^(c)		170,425		4,398,192
Cambria Global Value ETF ^(c)		132,656		4,676,124
Cambria LargeCap Shareholder Yield ETF ^(c)		46,441		1,398,115
Cambria Micro and SmallCap Shareholder Yield ETF ^(b)(c)		52,108		1,583,614
Cambria Shareholder Yield ETF ^(b)(c)		37,179		2,958,705
Cambria Tactical Yield ETF ^(c)		137,090		3,453,297
Cambria Value and Momentum ETF ^(c)		78,192		2,798,492
Graniteshares Gold Trust ^(a)		52,886		2,402,082
Invesco Global Ex US High Yield Corporate Bond ETF		59,501		1,179,310
JPMorgan USD Emerging Markets Sovereign Bond ETF		46,184		1,851,138
Schwab US TIPS ETF		65,786		1,767,670
State Street SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF		76,110		2,840,425
State Street SPDR FTSE International Government Inflation-Protected Bond ETF ^(b)		30,164		1,225,262
USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund		98,313		2,805,853
VanEck Bitcoin Trust ^(a)		9,959		215,114
VanEck Emerging Markets High Yield Bond ETF ^(b)		120,328		2,419,796
VanEck Gold Miners ETF		11,554		1,020,102
VanEck J. P. Morgan EM Local Currency Bond ETF		71,498		1,827,489
Vanguard Intermediate-Term Corporate Bond ETF		21,533		1,784,009
Vanguard Intermediate-Term Treasury ETF		19,623		1,163,448
Vanguard Long-Term Treasury ETF ^(b)		20,985		1,149,348
Vanguard Short-Term Corporate Bond ETF ^(b)		14,774		1,171,135
Vanguard Total Bond Market ETF		32,006		2,352,441
Vanguard Total International Bond ETF		59,074		2,838,506
TOTAL EXCHANGE TRADED FUNDS (Cost $56,835,981)				68,671,007

SHORT-TERM INVESTMENTS- 10.8%	Shares		Value
Investments Purchased with Proceeds from Securities Lending – 10.4%
First American Government Obligations Fund - Class X, 3.58% ^(d)		7,172,914		7,172,914

Money Market Funds – 0.4%
First American Treasury Obligations Fund - Class X, 3.59% ^(d)		255,744		255,744
TOTAL SHORT-TERM INVESTMENTS (Cost $7,428,658)				7,428,658

TOTAL INVESTMENTS - 110.4% (Cost $64,264,639)				76,099,665
Liabilities in Excess of Other Assets - (10.4)%				(7,161,409	)
TOTAL NET ASSETS - 100.0%			$	68,938,256

Percentages are stated as a percent of net assets.

EM – Emerging Markets

FTSE – Financial Times Stock Exchange

SPDR – Standard & Poor’s Depository Receipt

TIPS – Treasury Inflation-Protected Security

(a)

Non-income producing security.

(b)

All or a portion of this security is on loan as of April 30, 2026. The fair value of these securities was $7,057,514 or 10.2% of the Fund's net assets.

(c)

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

(d)

The rate shown represents the 7-day annualized yield as of April 30, 2026.

Transactions with affiliated companies during the year ended April 30, 2026, were as follows:

Security Name	Market Value as of April 30, 2025	Purchases	Sales	Market Value as of April 30, 2026	Share Balance as of April 30, 2026	Dividend Income	Change in Unrealized Gain (Loss)	Realized Gain (Loss)
Cambria Emerging Shareholder Yield ETF	$4,924,593	$829,074	$(654,654)	$7,144,719	158,701	$346,859	$2,077,213	$(31,507)
Cambria Foreign Shareholder Yield ETF	2,549,071	1,074,362	(103,358)	4,955,698	127,823	168,582	1,415,358	20,265
Cambria Global Real Estate ETF	3,495,521	587,526	(113,192)	4,398,192	170,425	168,213	411,123	17,214
Cambria Global Value ETF	3,696,455	578,257	(831,527)	4,676,124	132,656	126,981	1,228,645	4,294
Cambria LargeCap Shareholder Yield ETF	1,043,456	174,832	(63,993)	1,398,115	46,441	35,083	241,144	2,676
Cambria Micro and SmallCap Shareholder Yield ETF	927,207	239,107	(34,673)	1,583,614	52,108	31,534	444,352	7,621
Cambria Shareholder Yield ETF	1,870,315	477,656	(65,089)	2,958,705	37,179	51,736	641,297	34,526
Cambria Tactical Yield ETF	3,118,565	476,438	(113,098)	3,453,297	137,090	155,024	(29,755)	1,147
Cambria Value and Momentum ETF	2,314,147	367,611	(397,181)	2,798,492	78,192	16,636	385,265	128,650
	$23,939,330	$4,804,863	$(2,376,765)	$33,366,956	940,615	$1,100,648	$6,814,642	$184,886

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

Cambria Global Momentum ETF
Schedule of Investments

April 30, 2026

EXCHANGE TRADED FUNDS - 99.7%	Shares		Value
Cambria Emerging Shareholder Yield ETF ^(a)		192,673	$	8,674,138
Cambria Foreign Shareholder Yield ETF ^(a)		442,167		17,142,815
Cambria Global Value ETF ^(a)		465,702		16,415,996
Cambria Micro and SmallCap Shareholder Yield ETF ^(a)		277,832		8,443,592
FlexShares Morningstar Global Upstream Natural Resources Index Fund		147,919		8,142,941
Graniteshares Gold Trust ^(b)		165,881		7,534,315
Grizzle Growth ETF ^(a)		162,654		8,894,913
Invesco DB Base Metals Fund		327,847		8,150,276
Invesco DB Energy Fund		261,306		8,667,520
Invesco DB Precious Metals Fund		65,628		7,126,545
iShares Global Energy ETF		152,910		8,686,817
iShares Global Industrials ETF ^(c)		42,188		8,264,629
iShares Global Utilities ETF ^(c)		97,492		8,651,362
VanEck Gold Miners ETF		76,877		6,787,470
Vanguard FTSE All World ex-US Small-Cap ETF ^(c)		52,430		8,288,659
TOTAL EXCHANGE TRADED FUNDS (Cost $111,257,297)				139,871,988

SHORT-TERM INVESTMENTS - 3.5%		Shares		Value
Investments Purchases with Proceeds from Securities Lending – 3.1% First American Government Obligations Fund - Class X, 3.58% ^(d)		4,363,725		4,363,725

Money Market Funds – 0.4% First American Treasury Obligations Fund - Class X, 3.59% ^(d)		500,903		500,903
TOTAL SHORT-TERM INVESTMENTS (Cost $4,864,628)				4,864,628

TOTAL INVESTMENTS - 103.2% (Cost $116,121,925)				144,736,616
Liabilities in Excess of Other Assets - (3.2)%				(4,426,008	)
TOTAL NET ASSETS - 100.0%			$	140,310,608

Percentages are stated as a percent of net assets.

FTSE – Financial Times Stock Exchange

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

(b)	Non-income producing security.

(c)	All or a portion of this security is on loan as of April 30, 2026. The fair value of these securities was $4,376,046 or 3.1% of the Fund’s net assets.

(d)	The rate shown represents the 7-day annualized yield as of April 30, 2026.

Transactions with affiliated companies during the year ended April 30, 2026, were as follows:


Security Name	Market Value as of April 30, 2025		Purchases		Sales			Market Value as of April 30, 2026		Share Balance as of April 30, 2026		Dividend Income		Change in Unrealized Gain (Loss)		Realized Gain (Loss)
Cambria Emerging Shareholder Yield ETF	$	-	$	7,627,928	$	(926,941	)	$	8,674,138		192,673	$	413,652	$	1,915,435	$	57,716
Cambria Foreign Shareholder Yield ETF		6,283,002		8,377,872		(1,645,318	)		17,142,815		442,167		407,232		3,985,561		141,698
Cambria Global Value ETF		6,284,673		8,330,362		(2,102,574	)		16,415,996		465,702		350,706		3,664,715		238,820
Cambria Micro and SmallCap Shareholder Yield ETF		-		7,833,487		(101,193	)		8,443,592		277,832		44,220		712,438		(1,140	)
Grizzle Growth ETF		-		7,575,791		(612,922	)		8,894,913		162,654		31,729		1,878,188		53,856
	$	12,567,675	$	39,745,440	$	(5,388,948	)	$	59,571,454		1,541,028	$	1,247,539	$	12,156,337	$	490,950

Transactions with affiliated companies during the period ended April 30, 2026 that are no longer affiliated as of April 30, 2026, were as follows:


Security Name	Market Value as of April 30, 2025		Purchases		Sales			Market Value as of April 30, 2026		Share Balance as of April 30, 2026		Dividend Income		Change in Unrealized Gain (Loss)		Realized Gain (Loss)
Cambria Tactical Yield ETF	$	12,402,162	$	-	$	(12,385,076	)	$	-		-	$	-	$	26,850	$	(43,936	)
Cambria Tail Risk ETF		6,146,684		-		(5,679,876	)		-		-		53,016		67,440		(534,248	)
	$	18,548,846	$	-	$	(18,064,952	)	$	-		-	$	53,016	$	94,290	$	(578,184	)

Grand Total	$	31,116,521	$	39,745,440	$	(23,453,900	)	$	59,571,454		1,541,028	$	1,300,555	$	12,250,627	$	(87,234	)

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

Cambria Global Real Estate ETF
Schedule of Investments

April 30, 2026

REAL ESTATE INVESTMENT TRUSTS - 98.8%	Shares		Value
Belgium - 3.9% Ascencio		10,889	$	637,079
Cofinimmo SA		6,938		682,775
Retail Estates NV		8,536		680,243
				2,000,097
Canada - 2.7%
CT Real Estate Investment Trust		51,673		666,478
Granite Real Estate Investment Trust		10,186		688,915
				1,355,393
France - 1.4%
ICADE		28,854		692,870

Hong Kong - 2.4% Fortune Real Estate Investment Trust		1,004,251		623,129
Sunlight Real Estate Investment Trust		1,946,005		578,895
				1,202,024
Japan - 7.2% AEON REIT Investment Corp.		772		618,862
Fukuoka REIT Corp.		561		646,446
Global One Real Estate Investment Corp.		749		584,158
Hankyu Hanshin REIT, Inc.		663		630,158
NIPPON REIT Investment Corp.		1,102		629,996
Tokyu REIT, Inc.		488		600,357
				3,709,977
Mexico - 1.3% Fibra MTY SAPI de CV		791,627		684,293

Netherlands - 1.3% Wereldhave NV		26,329		679,825

Singapore - 1.2% Sasseur Real Estate Investment Trust		1,207,654		635,707

South Africa - 3.6%
Attacq Ltd.		610,903		610,261
Growthpoint Properties Ltd.		620,537		609,082
Hyprop Investments Ltd.		183,697		615,025
				1,834,368
Turkey - 10.0% Emlak Konut Gayrimenkul Yatirim Ortakligi AS		1,320,624		601,496
Kizilbuk Gayrimenkul Yatirim Ortakligi AS ^(a)		7,051,077		518,086
Panora Gayrimenkul Yatirim Ortakligi		249,987		719,785
Pasifik Gayrimenkul Yatirim Ortakligi		9,358,108		621,323
Reysas Gayrimenkul Yatirim Ortakligi AS ^(a)		771,909		517,627
Sinpas Gayrimenkul Yatirim Ortakligi AS ^(a)		6,609,557		535,379
Torunlar Gayrimenkul Yatirim Ortakligi AS		334,937		726,436
Yeni Gimat Gayrimenkul Ortakligi AS		169,552		900,580
				5,140,712
United Kingdom - 1.3% Target Healthcare REIT PLC		479,249		680,831

United States - 62.5% ^(b)
Agree Realty Corp.		8,368		645,257
Alexandria Real Estate Equities, Inc.		13,307		539,067
Alpine Income Property Trust, Inc.		34,520		648,976
American Homes 4 Rent - Class A		22,548		717,928

Brixmor Property Group, Inc.	21,898		658,911
Broadstone Net Lease, Inc.	34,908		691,178
BXP, Inc.	12,353		722,156
CareTrust REIT, Inc.	16,725		659,801
Chatham Lodging Trust	79,562		690,598
Chiron Real Estate, Inc.	18,933		663,980
Community Healthcare Trust, Inc.	40,283		693,673
Cousins Properties, Inc.	29,241		748,862
DiamondRock Hospitality Co.	66,114		674,363
EastGroup Properties, Inc.	3,422		688,507
EPR Properties	12,134		677,199
Essential Properties Realty Trust, Inc.	20,469		643,341
Four Corners Property Trust, Inc.	26,314		672,849
Franklin Street Properties Corp.	875,971		570,783
Gaming and Leisure Properties, Inc.	13,763		666,955
Gladstone Land Corp.	56,713		543,878
Global Net Lease, Inc.	70,658		675,491
Highwoods Properties, Inc.	29,858		725,848
Hudson Pacific Properties, Inc. ^(a)	111,009		1,022,393
Innovative Industrial Properties, Inc.	12,147		658,975
Invitation Homes, Inc.	25,394		730,585
Kilroy Realty Corp.	22,886		761,188
LTC Properties, Inc.	16,942		647,523
LXP Industrial Trust	14,034		714,611
National Health Investors, Inc.	7,633		587,054
NET Lease Office Properties	44,347		579,172
NETSTREIT Corp. ^(c)	33,158		682,060
NNN REIT, Inc.	14,880		651,595
Omega Healthcare Investors, Inc.	13,926		654,104
Phillips Edison & Co., Inc.	16,887		678,266
Piedmont Realty Trust, Inc. - Class A ^(a)	97,155		812,216
Postal Realty Trust, Inc. - Class A	34,543		755,801
Regency Centers Corp.	8,453		658,066
Rexford Industrial Realty, Inc.	18,651		669,384
Sabra Health Care REIT, Inc.	31,469		650,150
Sila Realty Trust, Inc.	26,409		803,626
STAG Industrial, Inc.	17,339		668,939
Sun Communities, Inc.	4,836		618,234
Terreno Realty Corp.	10,196		664,779
Universal Health Realty Income Trust	15,889		646,682
VICI Properties, Inc.	23,171		676,593
Welltower, Inc.	3,252		706,790
WP Carey, Inc.	9,223		672,633
			31,991,020
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $46,648,717)			50,607,117

SHORT-TERM INVESTMENTS - 1.5%	Shares		Value
Money Market Funds – 1.0% First American Treasury Obligations Fund - Class X, 3.59% ^(d)	527,884		527,884

Investments Purchased with Proceeds from Securities Lending – 0.5% First American Government Obligations Fund - Class X, 3.58% ^(d)	230,706		230,706
TOTAL SHORT-TERM INVESTMENTS (Cost $758,590)			758,590

TOTAL INVESTMENTS - 100.3% (Cost $47,407,307)			51,365,707
Liabilities in Excess of Other Assets - (0.3)%			(139,145	)
TOTAL NET ASSETS - 100.0%		$	51,226,562

Percentages are stated as a percent of net assets.
PLC - Public Limited Company
REIT - Real Estate Investment Trust

(a)	Non-income producing security.

(b)	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.

(c)	All or a portion of this security is on loan as of April 30, 2026. The fair value of these securities was $225,982 or 0.4% of Fund’s net assets.

(d)	The rate shown represents the 7-day annualized yield as of April 30, 2026.

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

Cambria Global Value ETF

Schedule of Investments

April 30, 2026

COMMON STOCKS – 92.5%	Shares		Value
Austria - 11.3% ANDRITZ AG		51,460	$	4,366,647
AT&S Austria Technologie & Systemtechnik AG ^(a)		191,596		21,092,560
BAWAG Group AG ^(b)		31,668		5,415,271
Erste Group Bank AG		45,607		5,042,227
OMV AG		69,060		4,875,310
Raiffeisen Bank International AG		123,519		6,726,541
Verbund AG - Class A		50,004		3,764,796
voestalpine AG		133,169		6,861,320
Wienerberger AG		95,614		2,765,045
				60,909,717
Brazil - 4.9% Axia Energia SA		474,506		5,958,396
Banco Santander Brasil SA		547,966		3,219,098
Telefonica Brasil SA		735,068		5,847,233
TIM SA		1,070,121		5,573,412
Vale SA		375,395		6,164,853
				26,762,992
Chile - 6.9%
Banco Itau Chile SA		207,008		4,233,057
Banco Santander Chile		47,486,174		3,797,058
CAP SA ^(a)		698,598		5,446,333
Cencosud SA		1,051,826		2,659,344
Cia Sud Americana de Vapores SA		60,936,863		3,453,818
Colbun SA		22,470,178		3,346,266
Empresas CMPC SA		2,317,131		2,874,107
Empresas Copec SA		521,604		3,653,738
Enel Americas SA		37,148,634		3,467,938
Quinenco SA		922,156		4,509,270
				37,440,929
Colombia - 9.4% Celsia SA		3,690,733		5,061,648
Cementos Argos SA		1,413,243		4,622,135
Ecopetrol SA		8,517,205		6,086,243
Grupo Argos SA		988,708		4,293,426
Grupo Cibest SA		238,220		4,939,224
Grupo de Inversiones Suramericana SA		554,106		7,806,390
Grupo Energia Bogota SA ESP		5,219,371		4,368,017
Interconexion Electrica SA ESP		701,477		5,425,207
Mineros SA		2,246,403		8,396,637
				50,998,927
Czech Republic - 8.0% CEZ AS		151,088		8,704,428
Komercni Banka AS		212,218		11,296,748
Moneta Money Bank AS ^(b)		1,862,843		16,398,574
Philip Morris CR AS		7,463		6,824,694
				43,224,444
Greece - 0.0% ^(c) FF Group ^(a)(d)		25,214		0

Hong Kong - 8.9% BOC Hong Kong Holdings Ltd.		804,335		4,592,386
China Overseas Land & Investment Ltd.		2,111,278		3,579,671
China Resources Land Ltd.		1,095,429		4,545,348
CK Asset Holdings Ltd.		872,593		5,443,331
CK Hutchison Holdings Ltd.		641,684		5,329,275
Geely Automobile Holdings Ltd.		1,539,237		4,500,291

Sino Land Co. Ltd.	3,489,832	5,565,018
Swire Pacific Ltd. - Class A	411,866	4,459,143
Swire Properties Ltd.	1,672,619	5,338,713
Wharf Real Estate Investment Co. Ltd.	1,474,546	4,582,247
		47,935,423
Netherlands - 0.7% JBS NV ^(a)	247,155	3,982,491

Poland - 9.4% Alior Bank SA	127,834	4,364,229
Allegro.eu SA ^(a)(b)	395,518	3,245,609
Asseco Poland SA	79,739	4,004,769
KGHM Polska Miedz SA ^(a)	106,350	8,884,016
Orange Polska SA	1,419,279	5,824,259
ORLEN SA	192,540	7,060,367
PGE Polska Grupa Energetyczna SA ^(a)	1,453,584	4,270,765
Powszechny Zaklad Ubezpieczen SA	220,170	3,863,058
Tauron Polska Energia SA ^(a)	1,942,479	5,072,695
XTB SA ^(b)	152,867	4,301,598
		50,891,365
Russia - 0.0% ^(c)
Alrosa PJSC ^(a)(d)	1,262,976	0	^(e
Gazprom Neft PJSC ^(a)(d)	334,880	0	^(e
Gazprom PJSC ^(a)(d)	373,048	0	^(e
Rosneft Oil Co. PJSC ^(a)(d)	198,016	0	^(e
Sberbank of Russia PJSC ^(a)(d)	287,609	0	^(e
Severstal PAO ^(a)(d)	82,992	0	^(e
Unipro PAO ^(a)(d)	22,421,984	0	^(e
		0	^(e
Singapore - 9.1% CapitaLand Investment Ltd.	1,865,772	4,075,146
Genting Singapore Ltd.	6,407,578	3,423,282
Jardine Cycle & Carriage Ltd.	183,887	4,706,976
Oversea-Chinese Banking Corp. Ltd.	290,821	5,003,913
Seatrium Ltd.	2,274,177	4,198,866
Sembcorp Industries Ltd.	722,307	3,773,838
Singapore Airlines Ltd.	693,689	3,428,114
Singapore Telecommunications Ltd.	1,277,734	4,607,793
United Overseas Bank Ltd.	128,632	3,653,399
UOL Group Ltd.	820,997	6,856,692
Venture Corp. Ltd.	427,138	5,436,546
		49,164,565
South Africa - 0.2% Valterra Platinum Ltd.	12,431	1,007,315

Thailand - 7.6% Bangkok Bank PCL - NVDR	846,423	4,219,457
Central Pattana PCL - NVDR	2,406,203	4,576,565
Central Retail Corp. PCL - NVDR	5,792,407	3,251,815
Charoen Pokphand Foods PCL - NVDR	4,661,506	2,759,938
Global Power Synergy PCL - NVDR	3,531,739	3,764,949
Kasikornbank PCL - NVDR	738,820	4,396,996
Krung Thai Bank PCL - NVDR	5,378,992	5,445,409
Minor International PCL - NVDR	4,800,493	3,048,400
PTT Exploration & Production PCL - NVDR	1,173,077	5,541,954
PTT PCL - NVDR	3,901,887	4,219,389
		41,224,872
Turkey - 7.6% BIM Birlesik Magazalar AS	285,005	4,677,047
Haci Omer Sabanci Holding AS	1,792,796	3,795,106
Iskenderun Demir ve Celik AS	3,950,428	4,233,281
Pegasus Hava Tasimaciligi AS ^(a)	564,612	2,256,711

Turk Hava Yollari AO	463,557		3,162,382
Turkcell Iletisim Hizmetleri AS	1,474,469		3,658,048
Turkiye Garanti Bankasi AS	1,286,991		3,811,007
Turkiye Is Bankasi AS - Class C	12,965,113		4,114,656
Turkiye Petrol Rafinerileri AS	1,044,254		6,263,017
Turkiye Sigorta AS	16,322,559		5,079,041
			41,050,296
United Kingdom – 8.5%
Anglo American PLC	107,851		5,263,476
Aviva PLC - Class B ^(a)	477,176		4,049,136
Barclays PLC	865,011		5,078,434
BP PLC	715,994		5,687,889
Legal & General Group PLC	1,146,204		3,925,752
Lloyds Banking Group PLC	3,734,341		5,065,744
Rio Tinto PLC	58,199		5,819,187
Shell PLC	108,546		4,912,626
Vodafone Group PLC	3,981,621		6,352,584
			46,154,828
TOTAL COMMON STOCKS (Cost $418,780,047)			500,748,164

PREFERRED STOCKS - 4.0%	Shares		Value
Brazil - 3.4% Axia Energia SA ^(a)	124,680		1,491,084
Gerdau SA	1,323,614		6,073,046
Itau Unibanco Holding SA	458,706		4,011,987
Petroleo Brasileiro SA - Petrobras	649,100		6,471,599
			18,047,716
Colombia - 0.6%
Banco Davivienda SA	521,682		3,300,578
TOTAL PREFERRED STOCKS (Cost $13,730,546)			21,348,294

REAL ESTATE INVESTMENT TRUSTS - 0.7%	Shares		Value
United Kingdom – 0.7% Segro PLC	422,887		3,999,326
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost 4,238,059)			3,999,326

SHORT-TERM INVESTMENTS - 1.7%	Shares		Value
Money Market Funds – 1.7% First American Treasury Obligations Fund - Class X, 3.59% ^(f)	9,414,040		9,414,040
TOTAL SHORT-TERM INVESTMENTS (Cost $9,414,040)			9,414,040

TOTAL INVESTMENTS - 98.9% (Cost $446,162,692)			535,509,824
Other Assets in Excess of Liabilities - 1.1%			5,897,523
TOTAL NET ASSETS - 100.0%		$	541,407,347

Percentages are stated as a percent of net assets.
NVDR - Non-Voting Depositary Receipt
PCL - Public Company Limited PJSC - Public Joint Stock Company PLC - Public Limited Company

(a)	Non-income producing security.

(b)

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

(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 less than one rounded dollar or 0.0% of net assets as of April 30, 2026.

(e)	Rounds to zero.

(f)	The rate shown represents the 7-day annualized yield as of April 30, 2026.

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

Cambria LargeCap Shareholder Yield ETF

Schedule of Investments

April 30, 2026

COMMON STOCKS - 97.2%	Shares		Value
Communication Services - 7.6% AT&T, Inc.		4,591	$	119,963
Comcast Corp. - Class A		4,006		108,322
Fox Corp. - Class A		1,573		99,870
Verizon Communications, Inc.		2,724		130,833
				458,988
Consumer Discretionary - 11.2% BorgWarner, Inc.		2,060		117,358
eBay, Inc.		1,342		138,870
General Motors Co.		1,385		106,493
Lennar Corp. - Class A		945		85,334
PulteGroup, Inc.		889		108,778
Toll Brothers, Inc.		801		113,854
				670,687
Consumer Staples - 6.6% Dollar Tree, Inc. ^(a)		1,081		104,976
General Mills, Inc.		2,391		84,426
Kraft Heinz Co.		4,589		103,987
Molson Coors Beverage Co. - Class B		2,374		101,465
				394,854
Energy - 16.1% APA Corp.		2,780		113,229
ConocoPhillips		892		112,196
Devon Energy Corp.		2,287		117,483
EOG Resources, Inc.		1,068		150,129
Exxon Mobil Corp.		706		108,957
Halliburton Co.		2,984		126,223
Marathon Petroleum Corp.		478		118,683
Valero Energy Corp.		490		123,764
				970,664
Financials - 23.7% Aflac, Inc.		1,015		115,375
American Financial Group, Inc.		808		107,682
American International Group, Inc.		1,316		98,437
Bank of New York Mellon Corp.		962		129,264
Citizens Financial Group, Inc.		1,925		125,221
Corebridge Financial, Inc.		3,492		96,170
Hartford Insurance Group, Inc.		826		113,005
MetLife, Inc.		1,368		109,577
PayPal Holdings, Inc.		1,839		92,207
Principal Financial Group, Inc.		1,244		125,532
Prudential Financial, Inc.		962		94,382
Synchrony Financial		1,348		102,718
Truist Financial Corp.		2,260		116,390
				1,425,960
Health Care - 11.1% Cigna Group		406		117,976
Exelixis, Inc. ^(a)		2,722		121,020
Pfizer, Inc.		4,263		113,822
Tenet Healthcare Corp. ^(a)		569		100,781
Universal Health Services, Inc. - Class B		501		84,303
Viatris, Inc.		8,544		127,648
				665,550
Industrials - 9.2%
FedEx Corp.		401		161,727
Fortive Corp.		2,107		125,978

JB Hunt Transport Services, Inc.	571		143,624
L3Harris Technologies, Inc.	390		125,014
			556,343
Information Technology - 2.9% TD SYNNEX Corp.	751		171,363

Materials - 8.8%
Ball Corp.	2,206		134,743
CF Industries Holdings, Inc.	1,132		140,594
Eastman Chemical Co.	1,775		129,735
Newmont Corp.	1,138		126,420
			531,492
TOTAL COMMON STOCKS (Cost $5,503,521)			5,845,901

SHORT-TERM INVESTMENTS - 2.7%	Shares		Value
Money Market Funds – 2.7% First American Treasury Obligations Fund - Class X, 3.59% ^(b)	164,642		164,642
TOTAL SHORT-TERM INVESTMENTS (Cost $164,642)			164,642

TOTAL INVESTMENTS - 99.9% (Cost $5,668,163)			6,010,543
Other Assets in Excess of Liabilities - 0.1%			6,800
TOTAL NET ASSETS - 100.0%		$	6,017,343

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)	The rate shown represents the 7-day annualized yield as of April 30, 2026.

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

Cambria Micro and SmallCap Shareholder Yield ETF
Schedule of Investments

April 30, 2026

COMMON STOCKS - 99.7%	Shares		Value
Communication Services - 5.9% AMC Global Media, Inc. ^(a)		40,880	$	347,071
Cars.com, Inc. ^(a)		19,981		219,591
Nexstar Media Group, Inc.		1,295		269,541
Scholastic Corp. ^(b)		9,016		363,886
Spok Holdings, Inc.		19,744		211,063
Ziff Davis, Inc. ^(a)		7,427		339,860
				1,751,012
Consumer Discretionary - 20.6%
Academy Sports & Outdoors, Inc.		4,922		269,923
American Eagle Outfitters, Inc.		9,839		171,395
BJ’s Restaurants, Inc. ^(a)		7,473		286,963
Columbia Sportswear Co.		4,703		286,507
Covista, Inc. ^(a)		2,418		278,602
Ethan Allen Interiors, Inc.		10,897		232,542
Gentex Corp.		11,059		255,574
G-III Apparel Group Ltd.		10,193		317,920
Haverty Furniture Cos., Inc.		10,658		235,968
KB Home		4,118		218,213
Kohl’s Corp.		21,755		308,268
LCI Industries		2,165		258,111
Lear Corp.		2,284		290,365
Macy’s, Inc.		11,474		224,317
Movado Group, Inc.		12,139		330,666
Phinia, Inc.		4,541		327,633
Sally Beauty Holdings, Inc. ^(a)		19,691		279,218
Signet Jewelers Ltd.		3,164		281,691
Strategic Education, Inc.		3,246		254,487
Sturm Ruger & Co., Inc.		8,193		355,412
Travel + Leisure Co.		3,746		242,216
Tri Pointe Homes, Inc. ^(a)		7,960		373,245
				6,079,236
Consumer Staples - 6.0% Boston Beer Co., Inc. - Class A ^(a)		1,296		307,204
Central Garden & Pet Co. ^(a)		7,808		289,052
Central Garden & Pet Co. - Class A ^(a)		8,626		289,488
Edgewell Personal Care Co.		14,914		336,311
Nu Skin Enterprises, Inc. - Class A		25,194		183,916
Spectrum Brands Holdings, Inc.		4,378		361,623
				1,767,594
Energy - 15.2%
Dorian LPG Ltd.		10,661		410,982
FutureFuel Corp.		79,482		395,820
International Seaways, Inc.		5,504		456,557
Murphy Oil Corp.		8,503		355,085
Navigator Holdings Ltd.		15,292		333,366
Par Pacific Holdings, Inc. ^(a)		4,346		285,402
Patterson-UTI Energy, Inc.		45,560		556,743
SM Energy Co.		14,306		443,915
Tidewater, Inc. ^(a)		5,006		447,186
VAALCO Energy, Inc.		78,207		513,820
World Kinect Corp.		11,084		298,935
				4,497,811
Financials - 24.0%
Banc of California, Inc.		13,475		252,387
Bancorp, Inc. ^(a)		3,910		233,935
Bread Financial Holdings, Inc.		3,477		294,780
Capitol Federal Financial, Inc.		37,060		284,621

Cathay General Bancorp	5,241	293,653
CNO Financial Group, Inc.	6,127	272,345
Employers Holdings, Inc.	6,259	263,629
Enact Holdings, Inc.	6,631	283,343
First Hawaiian, Inc.	10,151	276,919
First Interstate BancSystem, Inc. - Class A	7,418	263,265
Genworth Financial, Inc. - Class A ^(a)	29,446	258,830
Hanmi Financial Corp.	9,207	275,381
Heritage Financial Corp.	10,413	286,566
Hilltop Holdings, Inc.	7,612	286,744
Jackson Financial, Inc. - Class A	2,496	288,962
Kearny Financial Corp.	33,941	272,886
Metropolitan Bank Holding Corp.	3,293	290,936
MGIC Investment Corp.	9,102	241,021
Navient Corp.	20,521	189,614
Pathward Financial, Inc.	3,567	309,758
PROG Holdings, Inc.	8,672	310,718
Radian Group, Inc.	7,311	261,953
SLM Corp.	9,910	228,723
Stellar Bancorp, Inc.	8,193	307,729
Western Union Co.	27,507	250,039
WSFS Financial Corp.	4,575	329,263
		7,108,000
Health Care - 1.7% Definitive Healthcare Corp. ^(a)	117,196	111,699
SIGA Technologies, Inc.	42,083	193,582
Tactile Systems Technology, Inc. ^(a)	9,104	209,574
		514,855
Industrials - 19.3% ACCO Brands Corp.	69,906	224,398
ArcBest Corp.	3,373	430,294
Boise Cascade Co.	3,455	273,878
Civeo Corp. ^(a)	11,796	376,292
Concentrix Corp. ^(b)	6,720	160,070
Covenant Logistics Group, Inc.	11,508	401,169
Ennis, Inc.	14,520	303,178
HNI Corp.	6,378	233,052
Luxfer Holdings PLC	19,442	292,602
ManpowerGroup, Inc.	9,027	273,247
Matson, Inc.	2,125	370,664
MillerKnoll, Inc.	15,890	255,511
Pitney Bowes, Inc.	25,396	392,622
Quanex Building Products Corp.	15,375	306,578
Robert Half, Inc.	9,495	252,662
Rush Enterprises, Inc. - Class A	4,614	341,575
Sensata Technologies Holding PLC	7,802	324,875
Terex Corp.	4,326	269,077
Wabash National Corp.	26,846	233,292
		5,715,036
Information Technology - 4.4% Avnet, Inc.	5,425	447,617
DXC Technology Co. ^(a)	17,530	198,440
Photronics, Inc. ^(a)	7,644	378,225
ScanSource, Inc. ^(a)	6,375	262,140
		1,286,422
Materials - 2.6%
Cabot Corp.	3,876	298,297
SunCoke Energy, Inc.	37,930	258,682
Sylvamo Corp.	5,160	220,487
		777,466
TOTAL COMMON STOCKS (Cost $26,729,534)		29,497,432

SHORT-TERM INVESTMENTS -2.0%	Shares		Value
Investments Purchases with Proceeds from Securities Lending – 1.7% First American Government Obligations Fund - Class X, 3.58% ^(c)		516,098		516,098

Money Market Funds – 0.3% First American Treasury Obligations Fund - Class X, 3.59% ^(c)		72,658		72,658
TOTAL SHORT-TERM INVESTMENTS (Cost $588,756)				588,756

TOTAL INVESTMENTS - 101.7% (Cost $27,318,290)				30,086,188
Liabilities in Excess of Other Assets - (1.7)%				(504,314	)
TOTAL NET ASSETS - 100.0%			$	29,581,874

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

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)	All or a portion of this security is on loan as of April 30, 2026. The fair value of these securities was $497,750 or 1.7% of the Fund’s net assets.

(c)	The rate shown represents the 7-day annualized yield as of April 30, 2026.

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

Cambria Shareholder Yield ETF
Schedule of Investments

April 30, 2026

COMMON STOCKS - 99.6%	Shares		Value
Communication Services - 6.0% Comcast Corp. - Class A		311,950	$	8,435,128
Fox Corp. - Class A		153,839		9,767,238
Sirius XM Holdings, Inc.		396,547		10,682,976
Verizon Communications, Inc.		177,655		8,532,770
Yelp, Inc. ^(a)		374,485		10,335,786
Ziff Davis, Inc. ^(a)		209,556		9,589,283
				57,343,181
Consumer Discretionary - 24.7% Abercrombie & Fitch Co. - Class A ^(a)		102,694		8,764,933
ADT, Inc.		1,372,914		10,338,042
BorgWarner, Inc.		160,603		9,149,553
Boyd Gaming Corp.		106,675		9,275,391
Columbia Sportswear Co.		163,170		9,940,316
Dillard’s, Inc. - Class A		15,982		9,097,274
DR Horton, Inc.		66,287		10,198,918
Ethan Allen Interiors, Inc.		403,128		8,602,751
Garrett Motion, Inc.		490,622		12,564,829
General Motors Co.		116,548		8,961,376
H&R Block, Inc.		293,555		9,314,500
Haverty Furniture Cos., Inc.		433,570		9,599,240
KB Home		177,725		9,417,648
Lear Corp.		73,588		9,355,242
Lennar Corp. - Class A		97,959		8,845,698
LKQ Corp.		307,416		9,708,197
Macy’s, Inc.		478,856		9,361,635
Perdoceo Education Corp.		242,335		8,224,850
PulteGroup, Inc.		76,792		9,396,269
PVH Corp.		136,262		12,459,797
Strategic Education, Inc.		109,529		8,587,074
Taylor Morrison Home Corp. ^(a)		153,132		9,301,238
Toll Brothers, Inc.		66,415		9,440,228
Travel + Leisure Co.		126,019		8,148,389
Tri Pointe Homes, Inc. ^(a)		192,292		9,016,572
				237,069,960
Consumer Staples - 5.0% Kraft Heinz Co.		419,404		9,503,695
Molson Coors Beverage Co. - Class B		216,816		9,266,716
Post Holdings, Inc. ^(a)		93,641		9,808,895
Spectrum Brands Holdings, Inc.		119,875		9,901,675
Tyson Foods, Inc. - Class A		147,719		9,464,356
				47,945,337
Energy - 17.6% APA Corp.		218,261		8,889,771
ConocoPhillips		69,495		8,741,081
Devon Energy Corp.		179,356		9,213,518
EOG Resources, Inc.		63,271		8,894,004
Exxon Mobil Corp.		54,859		8,466,389
Halliburton Co.		232,520		9,835,596
HF Sinclair Corp.		145,612		9,786,583
Marathon Petroleum Corp.		37,030		9,194,179
Murphy Oil Corp.		225,490		9,416,462
NOV, Inc.		457,639		9,363,294
Ovintiv, Inc.		151,402		9,318,793
Par Pacific Holdings, Inc. ^(a)		143,772		9,441,507
Patterson-UTI Energy, Inc.		821,741		10,041,675
Plains GP Holdings LP		373,161		9,123,786
Talos Energy, Inc. ^(a)		571,976		9,105,858
Tidewater, Inc. ^(a)		115,811		10,345,397

Valero Energy Corp.	37,689	9,519,488
World Kinect Corp.	393,250	10,605,952
		169,303,333
Financials - 22.6%
Aflac, Inc.	83,869	9,533,389
American Financial Group, Inc.	70,850	9,442,179
Ameriprise Financial, Inc.	19,938	9,466,363
Assured Guaranty Ltd.	110,201	9,025,462
Bread Financial Holdings, Inc.	119,517	10,132,651
Citizens Financial Group, Inc.	151,914	9,882,006
Corebridge Financial, Inc.	375,579	10,343,446
Federated Hermes, Inc.	156,031	9,063,841
Fifth Third Bancorp	196,025	9,950,229
First Interstate BancSystem, Inc. - Class A	268,312	9,522,393
Franklin Resources, Inc.	376,050	11,270,218
Jackson Financial, Inc. - Class A	83,350	9,649,429
Loews Corp.	84,101	9,470,614
M&T Bank Corp.	43,963	9,611,631
MetLife, Inc.	127,730	10,231,173
Northern Trust Corp.	63,802	10,612,825
PayPal Holdings, Inc.	200,664	10,061,293
Principal Financial Group, Inc.	101,215	10,213,606
SLM Corp.	443,630	10,238,980
Synchrony Financial	132,749	10,115,474
Truist Financial Corp.	198,142	10,204,313
Western Union Co.	986,358	8,965,994
		217,007,509
Health Care - 5.6%
Cigna Group	33,396	9,704,210
Pfizer, Inc.	328,187	8,762,593
Select Medical Holdings Corp.	551,440	9,049,130
Tenet Healthcare Corp. ^(a)	45,135	7,994,311
Universal Health Services, Inc. - Class B	48,711	8,196,600
Viatris, Inc.	662,665	9,900,215
		53,607,059
Industrials - 7.0%
ManpowerGroup, Inc.	323,870	9,803,545
Matson, Inc.	54,806	9,559,811
Maximus, Inc.	132,936	8,723,260
Ryder System, Inc.	44,171	11,209,275
Terex Corp.	146,947	9,140,103
Timken Co.	88,386	9,801,124
Wabash National Corp.	990,708	8,609,252
		66,846,370
Information Technology - 2.3%
Avnet, Inc.	144,628	11,933,256
Photronics, Inc. ^(a)	209,702	10,376,055
		22,309,311
Materials - 8.8%
Cabot Corp.	124,717	9,598,221
CF Industries Holdings, Inc.	70,131	8,710,270
Dow, Inc.	229,756	9,302,821
Eastman Chemical Co.	126,954	9,279,068
Greif, Inc. - Class A	134,638	8,783,783
Huntsman Corp.	751,987	10,806,053
LyondellBasell Industries NV - Class A	117,200	8,743,120
Newmont Corp.	87,747	9,747,814
Sylvamo Corp.	224,084	9,575,109
		84,546,259
TOTAL COMMON STOCKS (Cost $893,179,517)		955,978,319

SHORT-TERM INVESTMENTS - 0.4%	Shares		Value
Money Market Funds – 0.4% First American Treasury Obligations Fund - Class X, 3.59% ^(b)		3,983,865		3,983,865
TOTAL SHORT-TERM INVESTMENTS (Cost $3,983,865)				3,983,865

TOTAL INVESTMENTS - 100.0% (Cost $897,163,382)				959,962,184
Liabilities in Excess of Other Assets - (0.0)% ^(c)				(122,657	)
TOTAL NET ASSETS - 100.0%			$	959,839,527

Percentages are stated as a percent of net assets.

LP - Limited Partnership

(a)	Non-income producing security.

(b)	The rate shown represents the 7-day annualized yield as of April 30, 2026.

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

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

Cambria Tactical Yield ETF
Schedule of Investments
April 30, 2026

SHORT-TERM INVESTMENTS – 100.0%	Shares		Value
Money Market Funds – 0.6%
First American Treasury Obligations Fund - Class X, 3.59% ^(a)		200,383	$	200,383

U.S. Treasury Bills – 99.4%	Principal
3.64%, 06/11/2026 ^(b)(c)	$	11,225,000		11,178,978
3.49%, 10/01/2026 ^(b)(c)		10,650,000		10,487,666
3.65%, 12/24/2026 ^(b)(c)		11,175,000		10,913,757
				32,580,401
TOTAL SHORT-TERM INVESTMENTS (Cost $32,790,046)				32,780,784

TOTAL INVESTMENTS - 100.0% (Cost $32,790,046)				32,780,784
Other Assets in Excess of Liabilities - 0.0% ^(d)				583
TOTAL NET ASSETS - 100.0%			$	32,781,367

Percentages are stated as a percent of net assets.

(a)	The rate shown represent the 7-day annualized yield as of April 30, 2026.

(b)	The rate shown is the annualized yield as of April 30, 2026.

(c)	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.

(d)	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, 2026

U.S. TREASURY OBLIGATIONS - 88.4%			Principal		Value
United States Treasury Note/Bond, 4.25%, 05/15/2035^(a)			$	140,185,000	$	139,139,088
TOTAL U.S. TREASURY OBLIGATIONS (Cost $141,161,105)						139,139,088

PURCHASED OPTIONS - 5.9% ^(b)		Notional Amount		Contracts		Value
Put Options - 5.9%
S&P 500 Index ^(c)(d) Expiration: 06/18/2026; Exercise Price: $5,500.00	$	36,045,050		50		28,750
Expiration: 09/18/2026; Exercise Price: $5,800.00		3,604,505		5		23,700
Expiration: 09/18/2026; Exercise Price: $6,000.00		127,599,477		177		1,042,530
Expiration: 12/18/2026; Exercise Price: $6,100.00		28,836,040		40		474,600
Expiration: 12/18/2026; Exercise Price: $6,200.00		154,993,715		215		2,800,375
Expiration: 03/19/2027; Exercise Price: $6,400.00		84,345,417		117		2,415,465
Expiration: 06/17/2027; Exercise Price: $6,200.00		32,440,545		45		965,700
Expiration: 06/17/2027; Exercise Price: $6,500.00		40,370,456		56		1,495,480
TOTAL PURCHASED OPTIONS (Cost $16,517,040)						9,246,600

SHORT-TERM INVESTMENTS - 2.4%	Shares		Value
Money Market Funds – 2.4% First American Treasury Obligations Fund - Class X, 3.59% ^(e)		3,719,869		3,719,869
TOTAL SHORT-TERM INVESTMENTS (Cost $3,719,869)				3,719,869

TOTAL INVESTMENTS - 96.7% (Cost $161,398,014)				152,105,557
Other Assets in Excess of Liabilities - 3.3%				5,233,583
TOTAL NET ASSETS - 100.0%			$	157,339,140

(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)	Non-income producing security

(c)	Exchange-traded

(d)	100 shares per contract.

(e)	The rate shown represents the 7-day annualized yield as of April 30, 2026.

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

Cambria Trinity ETF
Schedule of Investments
April 30, 2026

EXCHANGE TRADED FUNDS - 99.9%	Shares		Value
Alpha Architect 1-3 Month Box ETF ^(a)		5,890	$	686,362
Cambria Chesapeake Pure Trend ETF ^(a)(b)		309,657		5,866,607
Cambria Emerging Shareholder Yield ETF ^(b)(c)		202,350		9,109,797
Cambria Foreign Shareholder Yield ETF ^(b)		310,367		12,032,929
Cambria Global Real Estate ETF ^(b)		215,054		5,549,942
Cambria Global Value ETF ^(b)		325,813		11,484,908
Cambria LargeCap Shareholder Yield ETF ^(b)		47,430		1,427,890
Cambria Micro and SmallCap Shareholder Yield ETF ^(b)		145,208		4,413,016
Cambria Shareholder Yield ETF ^(b)		37,725		3,002,155
Cambria Tactical Yield ETF ^(b)		323,493		8,148,789
Cambria Value and Momentum ETF ^(b)(c)		305,397		10,930,159
FlexShares Morningstar Global Upstream Natural Resources Index Fund		54,630		3,007,381
Graniteshares Gold Trust ^(a)		57,979		2,633,406
Grizzle Growth ETF^(b)		56,904		3,111,858
iMGP DBi Managed Futures Strategy ETF		94,629		2,891,862
Invesco DB Base Metals Fund		114,789		2,853,654
Invesco DB Energy Fund ^(c)		88,971		2,951,168
Invesco DB Precious Metals Fund		22,952		2,492,358
iShares Global Energy ETF		53,240		3,024,564
iShares Global Industrials ETF		14,761		2,891,680
iShares Global Utilities ETF ^(c)		34,138		3,029,379
JPMorgan USD Emerging Markets Sovereign Bond ETF ^(b)		101,487		4,067,782
Schwab US TIPS ETF		102,763		2,761,242
Simplify Managed Futures Strategy ETF		97,776		3,163,054
State Street SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF		178,888		6,676,100
State Street SPDR FTSE International Government Inflation-Protected Bond ETF ^(c)		68,010		2,762,566
VanEck Bitcoin Trust ^(a)		26,871		580,414
VanEck Gold Miners ETF		26,643		2,352,310
VanEck J. P. Morgan EM Local Currency Bond ETF		156,979		4,012,383
Vanguard FTSE All World ex-US Small-Cap ETF		18,336		2,898,738
Vanguard Intermediate-Term Treasury ETF		154,841		9,180,523
Vanguard Total Bond Market ETF		36,753		2,701,345
TOTAL EXCHANGE TRADED FUNDS (Cost $117,751,395)				142,696,321

SHORT-TERM INVESTMENTS - 1.4%		Shares		Value
Investments Purchases with Proceeds from Securities Lending – 1.3% First American Government Obligations Fund - Class X, 3.58% ^(d)		1,894,856		1,894,856

Money Market Funds – 0.1% First American Treasury Obligations Fund - Class X, 3.59% ^(d)		188,946		188,946
TOTAL SHORT-TERM INVESTMENTS (Cost $2,083,802)				2,083,802

TOTAL INVESTMENTS - 101.3% (Cost $119,835,197)				144,780,123
Liabilities in Excess of Other Assets - (1.3)%				(1,884,481	)
TOTAL NET ASSETS - 100.0%			$	142,895,642

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)	Non-income producing security.

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

(c)	All or a portion of this security is on loan as of April 30, 2026. The fair value of these securities was $1,873,619 or 1.3% of the Fund’s net assets.

(d)	The rate shown represents the 7-day annualized yield as of April 30, 2026.

Transactions with affiliated companies during the period ended April 30, 2026, were as follows:


Security Name	Market Value as of April 30, 2025		Purchases		Sales			Market Value as of April 30, 2026		Share Balance as of April 30, 2026		Dividend Income		Change in Unrealized Gain (Loss)			Realized Gain (Loss)
Cambria Chesapeake Pure Trend ETF	$	4,317,181	$	2,828,579	$	(2,326,982	)	$	5,866,607		309,657	$	-	$	1,648,629		$	(600,800	)
Cambria Emerging Shareholder Yield ETF		4,378,334		2,843,943		(567,728	)		9,109,797		202,350		448,753		2,380,611			74,637
Cambria Foreign Shareholder Yield ETF		6,578,678		2,840,819		(671,710	)		12,032,929		310,367		366,945		3,248,965			36,177
Cambria Global Real Estate ETF		4,341,037		960,388		(304,088	)		5,549,942		215,054		142,737		520,765			31,840
Cambria Global Value ETF		6,572,591		3,086,072		(1,096,918	)		11,484,908		325,813		296,356		2,744,372			178,791
Cambria LargeCap Shareholder Yield ETF		1,111,512		134,848		(68,433	)		1,427,890		47,430		35,836		247,821			2,142
Cambria Micro and SmallCap Shareholder Yield ETF		1,093,384		2,682,288		(71,458	)		4,413,016		145,208		47,327		704,073			4,729
Cambria Shareholder Yield ETF		2,180,445		273,765		(146,756	)		3,002,155		37,725		52,882		680,734			13,967
Cambria Tactical Yield ETF		8,657,211		3,912,981		(4,372,345	)		8,148,789		323,493		237,077		(35,254	)		(13,804	)
Cambria Value and Momentum ETF		8,551,701		1,052,368		(694,256	)		10,930,159		305,397		65,717		1,945,952			74,394
Grizzle Growth ETF		-		2,498,512		(30,652	)		3,111,858		56,904		10,036		644,784			(786	)
JPMorgan USD Emerging Markets Sovereign Bond ETF		3,261,334		749,310		(116,065	)		4,067,782		101,487		214,749		170,952			2,251
	$	51,043,408	$	23,863,873	$	(10,467,391	)	$	79,145,832		2,380,885	$	1,918,415	$	14,902,404		$	(196,462	)

Transactions with affiliated companies during the period ended April 30, 2026 that are no longer affiliated as of April 30, 2026, were as follows:


Security Name	Market Value as of April 30, 2025		Purchases		Sales			Market Value as of April 30, 2026		Share Balance as of April 30, 2026		Dividend Income		Change in Unrealized Gain (Loss)		Realized Gain (Loss)
Cambria Tail Risk ETF	$	2,141,983	$	-	$	(1,979,260	)	$	-		-	$	18,475	$	23,501	$	(186,224	)
	$	2,141,983	$	-	$	(1,979,260	)	$	-		-	$	18,475	$	23,501	$	(186,224	)

Grand Total	$	53,185,391	$	23,863,873	$	(12,446,651	)	$	79,145,832		2,380,885	$	1,936,890	$	14,925,905	$	(382,686	)

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

Cambria Value and Momentum ETF

Schedule of Investments

April 30, 2026

COMMON STOCKS - 89.0%	Shares		Value
Communication Services - 2.6%
Fox Corp. - Class A		12,020	$	763,150
Telephone and Data Systems, Inc.		16,266		732,946
Warner Bros Discovery, Inc. ^(a)		25,837		698,891
				2,194,987

Consumer Discretionary - 17.2%
BorgWarner, Inc.		12,476		710,758
Dana, Inc.		20,663		753,166
Dillard's, Inc. - Class A		1,251		712,094
Ford Motor Co.		59,406		717,624
Garrett Motion, Inc.		38,015		973,564
General Motors Co.		9,042		695,239
G-III Apparel Group Ltd.		26,196		817,053
Kohl's Corp.		55,913		792,287
Laureate Education, Inc. ^(a)		19,923		599,583
La-Z-Boy, Inc.		21,698		753,789
Macy's, Inc.		37,369		730,564
Perdoceo Education Corp.		18,962		643,570
Phinia, Inc.		10,250		739,538
Rush Street Interactive, Inc. ^(a)		31,414		882,733
Serve Robotics, Inc. ^(a)(b)		74,978		707,043
Travel + Leisure Co.		9,833		635,802
Tri Pointe Homes, Inc. ^(a)		15,066		706,445
Urban Outfitters, Inc. ^(a)		11,271		792,802
Visteon Corp.		8,021		896,026
				14,259,680

Consumer Staples - 1.8%
Cal-Maine Foods, Inc.		8,977		693,563
Spectrum Brands Holdings, Inc.		9,436		779,414
				1,472,977

Energy - 17.5%
APA Corp.		17,129		697,664
California Resources Corp.		10,779		735,775
Chord Energy Corp.		5,155		750,568
Devon Energy Corp.		14,085		723,546
Forum Energy Technologies, Inc. ^(a)		11,558		726,651
Helmerich & Payne, Inc.		19,021		768,068
HF Sinclair Corp.		11,328		761,355
Liberty Energy, Inc.		25,230		852,522
Murphy Oil Corp.		17,900		747,504
NOV, Inc.		35,837		733,225
Oil States International, Inc. ^(a)		58,712		674,014
Ovintiv, Inc.		11,854		729,614
Par Pacific Holdings, Inc. ^(a)		11,168		733,403
Patterson-UTI Energy, Inc.		64,350		786,357
PBF Energy, Inc. - Class A		14,230		617,013
Peabody Energy Corp.		18,784		500,781
Talos Energy, Inc. ^(a)		44,508		708,567
Uranium Energy Corp. ^(a)		51,250		763,112
Valero Energy Corp.		2,917		736,776
World Kinect Corp.		30,607		825,471
				14,571,986

Financials - 20.1%
Assurant, Inc.		3,232		763,625
Bread Financial Holdings, Inc.		9,323		790,404
Capital One Financial Corp.		3,764		720,053
Citigroup, Inc.		6,115		782,598
Citizens Financial Group, Inc.		11,867		771,948

Enova International, Inc. ^(a)	5,090	862,297
Enterprise Financial Services Corp.	12,940	748,191
First Horizon Corp.	30,998	773,710
Green Dot Corp. - Class A ^(a)	62,492	784,274
Hartford Insurance Group, Inc.	5,201	711,549
Heritage Insurance Holdings, Inc. ^(a)	26,168	767,246
Jackson Financial, Inc. - Class A	6,482	750,421
LendingClub Corp. ^(a)	47,481	810,501
Lincoln National Corp.	19,527	738,316
Loews Corp.	6,590	742,100
Mercury General Corp.	7,944	773,031
MGIC Investment Corp.	27,221	720,812
Old Republic International Corp.	17,839	712,668
Pathward Financial, Inc.	7,835	680,391
Reinsurance Group of America, Inc.	3,464	732,497
Synchrony Financial	10,314	785,927
UMB Financial Corp.	6,264	790,329
		16,712,888

Health Care - 7.7%
Cardinal Health, Inc.	3,359	647,884
Catalyst Pharmaceuticals, Inc. ^(a)	29,918	841,593
Exelixis, Inc. ^(a)	16,470	732,256
McKesson Corp.	792	645,638
Nutex Health, Inc. ^(a)(b)	7,047	840,002
Pediatrix Medical Group, Inc. ^(a)	33,476	753,545
Protagonist Therapeutics, Inc. ^(a)	6,865	679,429
PTC Therapeutics, Inc. ^(a)	10,625	691,263
Tactile Systems Technology, Inc. ^(a)	25,588	589,036
		6,420,646

Industrials - 13.1%
EnerSys	3,909	833,633
Healthcare Services Group, Inc. ^(a)	36,076	772,387
IES Holdings, Inc. ^(a)	1,403	903,644
Interface, Inc.	27,736	773,280
Matson, Inc.	4,324	754,235
Mueller Industries, Inc.	6,277	850,094
Nextpower, Inc. - Class A ^(a)	5,429	646,757
OPENLANE, Inc. ^(a)	25,851	812,756
Oshkosh Corp.	4,754	743,050
Planet Labs PBC ^(a)	19,363	715,850
Primoris Services Corp.	4,727	856,296
Terex Corp.	11,483	714,243
Tutor Perini Corp.	9,128	848,174
United Airlines Holdings, Inc. ^(a)	7,327	659,430
		10,883,829

Information Technology - 3.8%
GPGI, Inc.	37,589	579,998
Photronics, Inc. ^(a)	16,217	802,417
Plexus Corp. ^(a)	3,272	819,898
TD SYNNEX Corp.	4,306	982,543
		3,184,856

Materials - 3.6%
Alcoa Corp.	12,064	769,563
CF Industries Holdings, Inc.	5,516	685,087
DuPont de Nemours, Inc.	15,237	695,721
Newmont Corp.	6,854	761,411
Resolute Forest Products ^(a)(c)	66,033	93,767
		3,005,549

Utilities - 1.6%
Hallador Energy Co. ^(a)	40,958	636,078
UGI Corp.	19,184	692,350
		1,328,428

TOTAL COMMON STOCKS (Cost $57,833,122)

74,035,826

SHORT-TERM INVESTMENTS – 8.4%	Shares		Value
Investments Purchases with Proceeds from Securities Lending – 1.7%
First American Government Obligations Fund - Class X, 3.58% ^(d)		1,425,331		1,425,331

Money Market Funds – 6.7%
First American Treasury Obligations Fund - Class X, 3.59% ^(d)		5,515,927		5,515,927
TOTAL SHORT-TERM INVESTMENTS (Cost $6,941,258)				6,941,258

TOTAL INVESTMENTS - 97.4% (Cost $64,774,380)				80,977,084
Other Assets in Excess of Liabilities - 2.6%				2,125,838
TOTAL NET ASSETS - 100.0%			$	83,102,922

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.

PBC – Public Benefit Corporation

(a)

Non-income producing security.

(b)

All or a portion of this security is on loan as of April 30, 2026. The fair value of these securities was $1,469,614 or 1.8% of the Fund's net assets.

(c)

(d)

The rate shown represents the 7-day annualized yield as of April 30, 2026.

Cambria Value and Momentum ETF

Schedule of Futures Contracts

April 30, 2026

Description	Contracts Sold	Expiration Date	Notional Value			Value / Unrealized Appreciation (Depreciation)
S&P 500 Index	(103)	06/18/2026	$	(37,305,313	)	$	(3,000,107	)
Net Unrealized Appreciation (Depreciation)						$	(3,000,107	)

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

Statements of Assets and Liabilities
April 30, 2026

	Cambria Emerging Shareholder Yield ETF			Cambria Fixed Income Trend ETF		Cambria Foreign Shareholder Yield ETF		Cambria Global Asset Allocation ETF		Cambria Global Momentum ETF
ASSETS:
Investments in unaffiliated securities, at value	$	758,282,715		$	21,188,827	$	651,829,275	$	42,732,709	$	85,165,162
Investments in affiliated securities, at value		–			–		–		33,366,956		59,571,454
Dividends receivable		3,026,956			533		5,583,779		693		1,300
Dividend tax reclaims receivable		512,802			–		816,031		–		–
Cash		274,917			–		–		–		–
Receivable for ETF transaction fees		32,057			–		–		–		–
Interest receivable		66			–		–		–		–
Security lending income receivable		–			3,724		4,923		10,812		2,525
Foreign currency, at value		–			–		357,482		–		–
Total assets		762,129,513			21,193,084		658,591,490		76,111,170		144,740,441

LIABILITIES:
Payable for deferred income tax (See Note 9)		2,417,280			–		–		–		–
Payable to Adviser		357,292			–		301,418		–		66,108
Payable to custodian foreign currency, at value		53,933			–		–		–		–
Payable for custody fees		45,091			–		–		–		–
Interest payable		233			–		–		–		–
Payable for investments purchased		–			–		812		–		–
Payable upon return of securities loaned		–			–		14,466,764		7,172,914		4,363,725
Total liabilities		2,873,829			–		14,768,994		7,172,914		4,429,833
NET ASSETS	$	759,255,684		$	21,193,084	$	643,822,496	$	68,938,256	$	140,310,608

NET ASSETS CONSIST OF:
Paid-in capital	$	568,718,936		$	20,564,765	$	508,506,913	$	58,764,440	$	125,898,930
Total distributable earnings/(accumulated losses)		190,536,748			628,319		135,315,583		10,173,816		14,411,678
Total net assets	$	759,255,684		$	21,193,084	$	643,822,496	$	68,938,256	$	140,310,608

Net assets	$	759,255,684		$	21,193,084	$	643,822,496	$	68,938,256	$	140,310,608
Shares issued and outstanding (unlimited shares authorized without par value)		17,175,004			825,000		16,625,010		1,975,001		3,750,001
Net asset value per share	$	44.21		$	25.69	$	38.73	$	34.91	$	37.42

COST:
Investments in unaffiliated securities, at cost	$	555,039,895		$	20,277,557	$	510,256,418	$	38,421,633	$	68,863,232
Investments in affiliated securities, at cost	$	–		$	–	$	–	$	25,843,006	$	47,258,693
Foreign currency, at cost	$	(47,448	)	$	–	$	346,916	$	–	$	–

LOANED SECURITIES:
at value (included in investments)	$	–		$	–	$	13,945,467	$	7,057,514	$	4,376,046

Statements of Assets and Liabilities
April 30, 2026

	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
ASSETS:
Investments in unaffiliated securities, at value	$	51,365,707	$	535,509,824	$	6,010,543	$	30,086,188	$	959,962,184
Dividends receivable		85,866		5,024,085		7,696		11,614		314,404
Dividend tax reclaims receivable		16,129		1,195,844		–		–		14,632
Cash		3,665		3,418,035		–		–		–
Foreign currency, at value		643		–		–		–		–
Security lending income receivable		14		–		–		170		68
Other receivables		–		38,425		–		–		–
Total assets		51,472,024		545,186,213		6,018,239		30,097,972		960,291,288

LIABILITIES:

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

Statements of Assets and Liabilities
April 30, 2026

	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
Spot payable		–			3,383,947		–		–		–
Payable upon return of securities loaned		230,706			–		–		516,098		–
Payable to Adviser		13,176			274,263		896		–		451,761
Payable to custodian		1,580			–		–		–		–
Payable for investments purchased		–			18,231		–		–		–
Payable for custody fees		–			95,998		–		–		–
Payable for other expenses and liabilities		–			6,427		–		–		–
Total liabilities		245,462			3,778,866		896		516,098		451,761
NET ASSETS	$	51,226,562		$	541,407,347	$	6,017,343	$	29,581,874	$	959,839,527

NET ASSETS CONSIST OF:
Paid-in capital	$	56,416,045		$	480,772,928	$	5,685,837	$	27,591,523	$	967,390,856
Total distributable earnings/(accumulated losses)		(5,189,483	)		60,634,419		331,506		1,990,351		(7,551,329	)
Total net assets	$	51,226,562		$	541,407,347	$	6,017,343	$	29,581,874	$	959,839,527

Net assets	$	51,226,562		$	541,407,347	$	6,017,343	$	29,581,874	$	959,839,527
Shares issued and outstanding (unlimited shares authorized without par value)		1,975,002			15,400,010		200,000		975,000		12,050,000
Net asset value per share	$	25.94		$	35.16	$	30.09	$	30.34	$	79.65

COST:
Investments in unaffiliated securities, at cost	$	47,407,307		$	446,162,692	$	5,668,163	$	27,318,290	$	897,163,382

LOANED SECURITIES:
at value (included in investments)	$	225,982		$	–	$	–	$	497,750	$	–

Statements of Assets and Liabilities
April 30, 2026

	Cambria Tactical Yield ETF		Cambria Tail Risk ETF			Cambria Trinity ETF		Cambria Value and Momentum ETF
ASSETS:
Investments in unaffiliated securities, at value	$	32,780,784	$	152,105,557		$	65,634,291	$	80,977,084
Investments in affiliated securities, at value		–		–			79,145,832		–
Dividends receivable		583		16,180			486		41,179
Dividend tax reclaims receivable		–		–			–		316
Interest receivable		–		2,754,037			–		1,502
Security lending income receivable		–		–			9,889		5,003
Deposit at broker for derivatives		–		2,550,332			–		3,938,287
Prepaid expenses and other assets		–		500			–		2,397
Total assets		32,781,367		157,426,606			144,790,498		84,965,768

LIABILITIES:
Variation margin on futures contracts		–		–			–		397,667
Payable to Adviser		–		87,466			–		39,848
Payable upon return of securities loaned		–		–			1,894,856		1,425,331
Total liabilities		–		87,466			1,894,856		1,862,846
NET ASSETS	$	32,781,367	$	157,339,140		$	142,895,642	$	83,102,922

NET ASSETS CONSIST OF:
Paid-in capital	$	32,696,432	$	355,761,527		$	122,971,046	$	102,365,687
Total distributable earnings/(accumulated losses)		84,935		(198,422,387	)		19,924,596		(19,262,765	)
Total net assets	$	32,781,367	$	157,339,140		$	142,895,642	$	83,102,922

Net assets	$	32,781,367	$	157,339,140		$	142,895,642	$	83,102,922
Shares issued and outstanding (unlimited shares authorized without par value)		1,300,000		14,350,002			4,600,002		2,325,004
Net asset value per share	$	25.22	$	10.96		$	31.06	$	35.74

COST:
Investments in unaffiliated securities, at cost	$	32,790,046	$	161,398,014		$	56,584,185	$	64,774,380
Investments in affiliated securities, at cost	$	–	$	–		$	63,251,012	$	–

LOANED SECURITIES:
at value (included in investments)	$	–	$	–		$	1,873,619	$	1,469,614

Statements of Operations
For the Year Ended April 30, 2026

	Cambria Emerging Shareholder Yield ETF			Cambria Fixed Income Trend ETF			Cambria Foreign Shareholder Yield ETF			Cambria Global Asset Allocation ETF			Cambria Global Momentum ETF
INVESTMENT INCOME:
Dividend income from unaffiliated securities	$	35,710,092		$	890,978		$	26,525,253		$	1,238,307		$	1,187,478
Less: dividend withholding taxes		(5,082,759	)		–			(3,089,755	)		–			–
Dividend income from affiliated securities		–			–			–			1,100,648			1,300,555
Interest income		–			–			725			–			–
Securities lending income		–			7,893			28,215			60,568			123,421
Total investment income		30,627,333			898,871			23,464,438			2,399,523			2,611,454

EXPENSES:
Investment advisory fee		3,591,233			96,064			2,821,007			–			707,689
Custodian fees		256,588			–			–			–			–
Tax expense		–			2,449			–			–			7,360
Total expenses		3,847,821			98,513			2,821,007			–			715,049
Expense reimbursement by Adviser		–			(96,064	)		–			–			–
Net expenses		3,847,821			2,449			2,821,007			–			715,049
NET INVESTMENT INCOME		26,779,512			896,422			20,643,431			2,399,523			1,896,405

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments in unaffiliated securities		8,474,806			(136,566	)		19,859,060			(272,776	)		7,965,915
Investments in affiliated securities		–			–			–			(90,489	)		(348,004	)
In-kind redemptions in unaffiliated securities		1,488,186			64,284			18,063,093			1,013,231			2,739,630
In-kind redemptions in affiliated securities		–			–			–			275,375			260,770
Capital gains distributions received from underlying exchange traded funds		–			–			–			–			49,281

Foreign currency translation		(431,296	)		–			(178,967	)		–			–
Net realized gain (loss)		9,531,696			(72,282	)		37,743,186			925,341			10,667,592
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated securities		195,627,007			968,027			137,740,358			3,319,063			9,005,500
Investments in affiliated securities		–			–			–			6,814,642			12,250,627
Deferred foreign capital gains tax		(1,292,687	)		–			–			–			–
Foreign currency translation		13,953			–			(151,517	)		–			–
Net change in unrealized appreciation (depreciation)		194,348,273			968,027			137,588,841			10,133,705			21,256,127
Net realized and unrealized gain (loss)		203,879,969			895,745			175,332,027			11,059,046			31,923,719
NET INCREASE (DECREASE) IN NET
ASSETS RESULTING FROM OPERATIONS	$	230,659,481		$	1,792,167		$	195,975,458		$	13,458,569		$	33,820,124

Statements of Operations
For the Year Ended April 30, 2026

	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
INVESTMENT INCOME:
Dividend income from unaffiliated securities	$	1,726,836		$	17,753,682		$	128,408		$	500,817		$	24,145,192
Less: dividend withholding taxes		(80,100	)		(1,988,961	)		–			–			–
Securities lending income		989			–			–			5,522			65,911
Other income		–			1,840			–			–			–
Total investment income		1,647,725			15,766,561			128,408			506,339			24,211,103

EXPENSES:
Investment advisory fee		269,842			2,227,980			31,575			109,416			5,399,920
Custodian fees		–			343,577			–			–			–
Tax expense		–			3,336			–			–			–
Total expenses		269,842			2,574,893			31,575			109,416			5,399,920
Expense reimbursement by Adviser		(229,797	)		–			(31,575	)		(109,416	)		–
Net expenses		40,045			2,574,893			–			–			5,399,920
NET INVESTMENT INCOME		1,607,680			13,191,668			128,408			506,339			18,811,183

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments in unaffiliated securities		(635,153	)		(2,512,911	)		211,584			(240,949	)		13,356,409
In-kind redemptions in unaffiliated securities		299,371			26,891,177			1,438			1,302,397			26,370,612

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

Statements of Operations

For the Year Ended April 30, 2026

	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

Foreign currency translation		(21,780	)		(215,756	)		–		–		–
Net realized gain (loss)		(357,562	)		24,162,510			213,022		1,061,448		39,727,021
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated securities		5,472,797			83,000,006			882,294		5,031,499		212,060,881
Foreign currency translation		(12,329	)		51,397			–		–		176
Net change in unrealized appreciation (depreciation)		5,460,468			83,051,403			882,294		5,031,499		212,061,057
Net realized and unrealized gain (loss)		5,102,906			107,213,913			1,095,316		6,092,947		251,788,078
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	6,710,586		$	120,405,581		$	1,223,724	$	6,599,286	$	270,599,261

Statements of Operations
For the Year Ended April 30, 2026

	Cambria Tactical Yield ETF			Cambria Tail Risk ETF			Cambria Trinity ETF			Cambria Value and Momentum ETF
INVESTMENT INCOME:
Dividend income from unaffiliated securities	$	10,550		$	270,108		$	1,838,706		$	844,762
Less: dividend withholding taxes		–			–			–			(2,974	)
Dividend income from affiliated securities		–			–			1,936,890			–
Interest income		1,111,876			4,799,563			–			23,691
Securities lending income		–			–			131,219			31,042
Other income		–			1,487			–			–
Total investment income		1,122,426			5,071,158			3,906,815			896,521

EXPENSES:
Investment advisory fee		169,582			776,931			–			398,075
Interest expense		–			–			–			32,892
Tax expense		–			–			17,234			–
Other expenses and fees		–			1,500			–			1,371
Total expenses		169,582			778,431			17,234			432,338
Expense reimbursement by Adviser		(169,582	)		–			–			–
Net expenses		–			778,431			17,234			432,338
NET INVESTMENT INCOME		1,122,426			4,292,727			3,889,581			464,183

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments in unaffiliated securities		446			(17,402,639	)		3,153,488			3,043,918
Investments in affiliated securities		–			–			(604,204	)		–
In-kind redemptions in unaffiliated securities		(5,953	)		79,515			724,711			4,947,356
In-kind redemptions in affiliated securities		–			–			221,518			–
Futures contracts		–			–			–			(4,463,346	)
Capital gains distributions received from underlying exchange traded funds		–			–			16,954			–
Net realized gain (loss)		(5,507	)		(17,323,124	)		3,512,467			3,527,928
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated securities		(12,848	)		(6,316,127	)		6,276,738			13,701,698
Investments in affiliated securities		–			–			14,925,905			–
Future contracts		–			–			–			(3,948,539	)
Net change in unrealized appreciation (depreciation)		(12,848	)		(6,316,127	)		21,202,643			9,753,159
Net realized and unrealized gain (loss)		(18,355	)		(23,639,251	)		24,715,110			13,281,087
NET INCREASE (DECREASE) IN NET
ASSETS RESULTING FROM OPERATIONS	$	1,104,071		$	(19,346,524	)	$	28,604,691		$	13,745,270

Statements of Changes in Net Assets

	Cambria Emerging Shareholder Yield ETF						Cambria Fixed Income Trend ETF
	Year ended April 30, 2026			Year ended April 30, 2025			Year ended April 30, 2026			Period ended April 30, 2025^(a)
OPERATIONS:
Net investment income (loss)	$	26,779,512		$	18,747,250		$	896,422		$	6,873
Net realized gain (loss)		9,531,696			(4,414,090	)		(72,282	)		(223,874	)
Net change in unrealized appreciation (depreciation)		194,348,273			(32,505,126	)		968,027			(56,757	)
Net increase (decrease) in net assets from operations		230,659,481			(18,171,966	)		1,792,167			(273,758	)

DISTRIBUTIONS TO SHAREHOLDERS:
From earnings		(36,345,622	)		(18,218,875	)		(828,255	)		–
Total distributions to shareholders		(36,345,622	)		(18,218,875	)		(828,255	)		–

CAPITAL TRANSACTIONS:
Shares sold		110,186,578			189,377,620			9,286,445			13,116,340
Shares redeemed		(37,110,590	)		(14,230,515	)		(1,899,855	)		–
ETF transaction fees		155,257			179,262			–			–
Net increase (decrease) in net assets from capital transactions		73,231,245			175,326,367			7,386,590			13,116,340

NET INCREASE (DECREASE) IN NET ASSETS		267,545,104			138,935,526			8,350,502			12,842,582

NET ASSETS:
Beginning of the period		491,710,580			352,775,054			12,842,582			–
End of the period	$	759,255,684		$	491,710,580		$	21,193,084		$	12,842,582

SHARES TRANSACTIONS
Shares sold		2,825,000			5,550,000			375,000			525,000
Shares redeemed		(1,100,000	)		(450,000	)		(75,000	)		–
Total increase (decrease) in shares outstanding		1,725,000			5,100,000			300,000			525,000

(a)

Inception date of the Fund was March 27, 2025.

Statements of Changes in Net Assets

	Cambria Foreign Shareholder Yield ETF						Cambria Global Asset Allocation ETF
	Year ended April 30, 2026			Year ended April 30, 2025			Year ended April 30, 2026			Year ended April 30, 2025
OPERATIONS:
Net investment income (loss)	$	20,643,431		$	13,855,811		$	2,399,523		$	2,184,399
Net realized gain (loss)		37,743,186			10,715,599			925,341			401,696
Net change in unrealized appreciation (depreciation)		137,588,841			(11,779,882	)		10,133,705			1,283,960
Net increase (decrease) in net assets from operations		195,975,458			12,791,528			13,458,569			3,870,055

DISTRIBUTIONS TO SHAREHOLDERS:
From earnings		(20,225,933	)		(12,944,687	)		(2,383,512	)		(2,233,576	)
From return of capital		–			–			–			(63,710	)
Total distributions to shareholders		(20,225,933	)		(12,944,687	)		(2,383,512	)		(2,297,286	)

CAPITAL TRANSACTIONS:
Shares sold		187,130,337			164,494,780			8,678,905			4,358,050
Shares redeemed		(54,690,495	)		(100,688,100	)		(4,545,945	)		(5,831,225	)
ETF transaction fees		25,660			15,296			–			–
Net increase (decrease) in net assets from capital transactions		132,465,502			63,821,976			4,132,960			(1,473,175	)

NET INCREASE (DECREASE) IN NET ASSETS		308,215,027			63,668,817			15,208,017			99,594

NET ASSETS:
Beginning of the year		335,607,469			271,938,652			53,730,239			53,630,645
End of the year	$	643,822,496		$	335,607,469		$	68,938,256		$	53,730,239

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

Statements of Changes in Net Assets

	Cambria Foreign Shareholder Yield ETF						Cambria Global Asset Allocation ETF
	Year ended April 30, 2026			Year ended April 30, 2025			Year ended April 30, 2026			Year ended April 30, 2025
SHARES TRANSACTIONS
Shares sold		5,925,000			6,100,000			275,000			150,000
Shares redeemed		(1,800,000	)		(3,750,000	)		(150,000	)		(200,000	)
Total increase (decrease) in shares outstanding		4,125,000			2,350,000			125,000			(50,000	)

Statements of Changes in Net Assets

	Cambria Global Momentum ETF						Cambria Global Real Estate ETF
	Year ended April 30, 2026			Year ended April 30, 2025			Year ended April 30, 2026			Year ended April 30, 2025
OPERATIONS:
Net investment income (loss)	$	1,896,405		$	1,872,552		$	1,607,680		$	1,501,973
Net realized gain (loss)		10,667,592			8,138,439			(357,562	)		646,762
Net change in unrealized appreciation (depreciation)		21,256,127			(3,119,002	)		5,460,468			(1,084,432	)
Net increase (decrease) in net assets from operations		33,820,124			6,891,989			6,710,586			1,064,303

DISTRIBUTIONS TO SHAREHOLDERS:
From earnings		(2,144,642	)		(2,057,727	)		(2,748,417	)		(2,714,991	)
From return of capital		–			(1,736,844	)		–			(192,966	)
Total distributions to shareholders		(2,144,642	)		(3,794,571	)		(2,748,417	)		(2,907,957	)

CAPITAL TRANSACTIONS:
Shares sold		13,157,425			23,387,820			13,446,000			33,825,880
Shares redeemed		(10,607,235	)		(57,160,630	)		(2,530,280	)		(18,045,160	)
ETF transaction fees		–			–			65			585
Net increase (decrease) in net assets from capital transactions		2,550,190			(33,772,810	)		10,915,785			15,781,305

NET INCREASE (DECREASE) IN NET ASSETS		34,225,672			(30,675,392	)		14,877,954			13,937,651

NET ASSETS:
Beginning of the year		106,084,936			136,760,328			36,348,608			22,410,957
End of the year	$	140,310,608		$	106,084,936		$	51,226,562		$	36,348,608

SHARES TRANSACTIONS
Shares sold		375,000			800,000			525,000			1,300,000
Shares redeemed		(325,000	)		(1,950,000	)		(100,000	)		(700,000	)
Total increase (decrease) in shares outstanding		50,000			(1,150,000	)		425,000			600,000

Statements of Changes in Net Assets

	Cambria Global Value ETF						Cambria LargeCap Shareholder Yield ETF
	Year ended April 30, 2026			Year ended April 30, 2025			Year ended April 30, 2026			Period ended April 30, 2025^(a)
OPERATIONS:
Net investment income (loss)	$	13,191,668		$	5,906,904		$	128,408		$	170,816
Net realized gain (loss)		24,162,510			812,291			213,022			(741,111	)
Net change in unrealized appreciation (depreciation)		83,051,403			16,404,419			882,294			(539,914	)
Net increase (decrease) in net assets from operations		120,405,581			23,123,614			1,223,724			(1,110,209	)

DISTRIBUTIONS TO SHAREHOLDERS:
From earnings		(10,802,670	)		(4,607,623	)		(151,891	)		(144,888	)
Total distributions to shareholders		(10,802,670	)		(4,607,623	)		(151,891	)		(144,888	)

CAPITAL TRANSACTIONS:
Shares sold		343,054,141			77,728,160			655,972			14,617,453
Shares redeemed		(99,958,975	)		(12,973,390	)		–			(9,072,818	)
ETF transaction fees		533,424			56,987			–			–
Net increase (decrease) in net assets from capital transactions		243,628,590			64,811,757			655,972			5,544,635

NET INCREASE (DECREASE) IN NET ASSETS		353,231,501			83,327,748			1,727,805			4,289,538

NET ASSETS:
Beginning of the period		188,175,846			104,848,098			4,289,538			–
End of the period	$	541,407,347		$	188,175,846		$	6,017,343		$	4,289,538

Statements of Changes in Net Assets

	Cambria Global Value ETF						Cambria LargeCap Shareholder Yield ETF
	Year ended April 30, 2026			Year ended April 30, 2025			Year ended April 30, 2026		Period ended April 30, 2025^(a)
SHARES TRANSACTIONS
Shares sold		11,175,000			3,150,000			25,000		550,000
Shares redeemed		(3,175,000	)		(600,000	)		–		(375,000	)
Total increase (decrease) in shares outstanding		8,000,000			2,550,000			25,000		175,000

(a)

Inception date of the Fund was July 11, 2024.

Statements of Changes in Net Assets

	Cambria Micro and SmallCap Shareholder Yield ETF						Cambria Shareholder Yield ETF
	Year ended April 30, 2026			Year ended April 30, 2025			Year ended April 30, 2026			Year ended April 30, 2025
OPERATIONS:
Net investment income (loss)	$	506,339		$	844,376		$	18,811,183		$	25,537,080
Net realized gain (loss)		1,061,448			229,225			39,727,021			1,433,366
Net change in unrealized appreciation (depreciation)		5,031,499			(2,601,579	)		212,061,057			(147,437,172	)
Net increase (decrease) in net assets from operations		6,599,286			(1,527,978	)		270,599,261			(120,466,726	)

DISTRIBUTIONS TO SHAREHOLDERS:
From earnings		(434,504	)		(1,045,181	)		(19,387,644	)		(24,388,078	)
From return of capital		–			(320,199	)		–			–
Total distributions to shareholders		(434,504	)		(1,365,380	)		(19,387,644	)		(24,388,078	)

CAPITAL TRANSACTIONS:
Shares sold		18,513,942			15,876,943			44,561,625			174,915,905
Shares redeemed		(5,136,725	)		(29,628,633	)		(255,089,040	)		(293,168,300	)
ETF transaction fees		–			–			10			–
Net increase (decrease) in net assets from capital transactions		13,377,217			(13,751,690	)		(210,527,405	)		(118,252,395	)

NET INCREASE (DECREASE) IN NET ASSETS		19,541,999			(16,645,048	)		40,684,212			(263,107,199	)

NET ASSETS:
Beginning of the year		10,039,875			26,684,923			919,155,315			1,182,262,514
End of the year	$	29,581,874		$	10,039,875		$	959,839,527		$	919,155,315

SHARES TRANSACTIONS
Shares sold		700,000			600,000			675,000			2,500,000
Shares redeemed		(200,000	)		(1,175,000	)		(3,825,000	)		(4,450,000	)
Total increase (decrease) in shares outstanding		500,000			(575,000	)		(3,150,000	)		(1,950,000	)

Statements of Changes in Net Assets

	Cambria Tactical Yield ETF						Cambria Tail Risk ETF
	Year ended April 30, 2026			Year ended April 30, 2025			Year ended April 30, 2026			Year ended April 30, 2025
OPERATIONS:
Net investment income (loss)	$	1,122,426		$	1,008,578		$	4,292,727		$	2,466,558
Net realized gain (loss)		(5,507	)		2,242			(17,323,124	)		(1,764,905	)
Net change in unrealized appreciation (depreciation)		(12,848	)		15,634			(6,316,127	)		6,769,068
Net increase (decrease) in net assets from operations		1,104,071			1,026,454			(19,346,524	)		7,470,721

DISTRIBUTIONS TO SHAREHOLDERS:
From earnings		(1,262,416	)		(849,555	)		(4,390,051	)		(2,093,066	)
Total distributions to shareholders		(1,262,416	)		(849,555	)		(4,390,051	)		(2,093,066	)

CAPITAL TRANSACTIONS:
Shares sold		8,832,125			35,499,295			158,659,360			139,792,730
Shares redeemed		(20,375,905	)		(5,063,180	)		(138,713,860	)		(66,138,115	)
Net increase (decrease) in net assets from capital transactions		(11,543,780	)		30,436,115			19,945,500			73,654,615

NET INCREASE (DECREASE) IN NET ASSETS		(11,702,125	)		30,613,014			(3,791,075	)		79,032,270

NET ASSETS:
Beginning of the year		44,483,492			13,870,478			161,130,215			82,097,945
End of the year	$	32,781,367		$	44,483,492		$	157,339,140		$	161,130,215

Statements of Changes in Net Assets

	Cambria Tactical Yield ETF						Cambria Tail Risk ETF
	Year ended April 30, 2026			Year ended April 30, 2025			Year ended April 30, 2026			Year ended April 30, 2025
SHARES TRANSACTIONS
Shares sold		350,000			1,400,000			13,500,000			11,150,000
Shares redeemed		(800,000	)		(200,000	)		(11,800,000	)		(5,450,000	)
Total increase (decrease) in shares outstanding		(450,000	)		1,200,000			1,700,000			5,700,000

Statements of Changes in Net Assets

	Cambria Trinity ETF						Cambria Value and Momentum ETF
	Year ended April 30, 2026			Year ended April 30, 2025			Year ended April 30, 2026			Year ended April 30, 2025
OPERATIONS:
Net investment income (loss)	$	3,889,581		$	3,292,536		$	464,183		$	573,481
Net realized gain (loss)		3,512,467			(24,664	)		3,527,928			2,397,857
Net change in unrealized appreciation (depreciation)		21,202,643			(643,802	)		9,753,159			(2,052,507	)
Net increase (decrease) in net assets from operations		28,604,691			2,624,070			13,745,270			918,831

DISTRIBUTIONS TO SHAREHOLDERS:
From earnings		(4,037,919	)		(3,325,439	)		(463,975	)		(580,310	)
From return of capital		–			–			–			(352,764	)
Total distributions to shareholders		(4,037,919	)		(3,325,439	)		(463,975	)		(933,074	)

CAPITAL TRANSACTIONS:
Shares sold		13,455,872			16,762,655			29,273,985			8,883,441
Shares redeemed		(4,088,785	)		(14,210,495	)		(11,524,830	)		(18,545,925	)
Net increase (decrease) in net assets from capital transactions		9,367,087			2,552,160			17,749,155			(9,662,484	)

NET INCREASE (DECREASE) IN NET ASSETS		33,933,859			1,850,791			31,030,450			(9,676,727	)

NET ASSETS:
Beginning of the year		108,961,783			107,110,992			52,072,472			61,749,199
End of the year	$	142,895,642		$	108,961,783		$	83,102,922		$	52,072,472

SHARES TRANSACTIONS
Shares sold		450,000			650,000			875,000			300,000
Shares redeemed		(150,000	)		(550,000	)		(350,000	)		(650,000	)
Total increase (decrease) in shares outstanding		300,000			100,000			525,000			(350,000	)

Financial Highlights

Cambria Emerging Shareholder Yield ETF

	Year ended April 30,
	2026	2025	2024	2023	2022
PER SHARE DATA:

Net asset value, beginning of year	$31.83	$34.08	$28.61	$30.22	$39.13

INVESTMENT OPERATIONS:
Net investment income (loss) ^(a)	1.70	1.35	1.39	1.77	1.81
Net realized and unrealized gain (loss) on investments ^(b)	12.98	(2.20)	5.83	(1.44)	(8.01)
Total from investment operations	14.68	(0.85)	7.22	0.33	(6.20)

LESS DISTRIBUTIONS FROM:
Net investment income	(2.31)	(1.41)	(1.75)	(1.57)	(2.16)
Net realized gains	–	–	–	(0.37)	(0.55)
Total distributions	(2.31)	(1.41)	(1.75)	(1.94)	(2.71)

ETF transaction fees per share	0.01	0.01	–	–	–
Net asset value, end of year	$44.21	$31.83	$34.08	$28.61	$30.22

TOTAL RETURN^(e)	47.63%	-2.66%	26.51%^(c)	1.64%	-16.81%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (in thousands)	$759,256	$491,711	$352,775	$175,975	$93,680
Ratio of expenses to average net assets^(f)	0.63%	0.65%	0.63%	0.66%	0.64%
Ratio of net investment income (loss) to average net assets^(f)	4.40%	4.11%	4.60%	6.49%	5.14%
Portfolio turnover rate ^(d)(e)	30%	22%	32%	43%	45%

(a)

Net investment income (loss) 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 periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

(c)

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

(d)

Portfolio turnover rate excludes in-kind transactions, if any.

(e)

Not annualized for periods less than one year.

(f)

Annualized for periods less than one year.

Financial Highlights

Cambria Fixed Income Trend ETF

	Year ended April 30, 2026		Period ended April 30, 2025^(a)

PER SHARE DATA:

Net asset value, beginning of period	$24.46		$25.08

INVESTMENT OPERATIONS:
Net investment income (loss) ^(b)(c)	1.15		0.02
Net realized and unrealized gain (loss) on investments ^(d)	1.15		(0.64)
Total from investment operations	2.30		(0.62)

LESS DISTRIBUTIONS FROM:
Net investment income	(1.07)		–
Total distributions	(1.07)		–

Net asset value, end of period	$25.69		$24.46

TOTAL RETURN ^(d)	9.61%		-2.46%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$21,193		$12,843
Ratio of expenses to average net assets:
Before expense reimbursement/recoupment ^(f)(g)	0.50%		0.49%
After expense reimbursement/recoupment ^(f)(g)	0.01%	⁽ⁱ⁾	–%	⁽ⁱ⁾
Ratio of tax expenses to average net assets ^(f)(g)	0.01%		–%
Ratio of expenses to average net assets excluding tax expense ^(f)(g)	0.49%		0.49%
Ratio of net investment income (loss) to average net assets ^(f)(g)	4.57%		0.74%
Portfolio turnover rate ^(e)(h)	105%		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 (loss) per share has been calculated based on average shares outstanding during the periods.

(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)

(e)

Not annualized for periods less than one year.

(f)

Annualized for periods less than one year.

(g)

Ratios do not include the income and expenses of the underlying investment companies in which the Fund invests.

(h)

Portfolio turnover rate excludes in-kind transactions, if any.

(i)

The Investment Adviser has agreed to a voluntary waiver of the advisory fees on the Funds with net assets under $50 million, which amounts to 0.49%.

Financial Highlights
Cambria Foreign Shareholder Yield ETF

	Year ended April 30,
	2026	2025	2024	2023	2022
PER SHARE DATA:

Net asset value, beginning of year	$26.85	$26.79	$25.19	$26.18	$27.65

INVESTMENT OPERATIONS:
Net investment income (loss) ^(a)	1.40	1.16	1.31	1.54	1.28
Net realized and unrealized gain (loss) on investments ^(b)	11.88	0.06	1.77	(1.01)	(1.32)
Total from investment operations	13.28	1.22	3.08	0.53	(0.04)

LESS DISTRIBUTIONS FROM:
Net investment income	(1.40)	(1.16)	(1.48)	(1.52)	(1.43)
Total distributions	(1.40)	(1.16)	(1.48)	(1.52)	(1.43)

ETF transaction fees per share	0.00 ^(c)	0.00 ^(c)	–	–	–
Net asset value, end of year	$38.73	$26.85	$26.79	$25.19	$26.18

TOTAL RETURN^(e)	50.89%	4.82%	12.94%	2.72%	-0.31%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (in thousands)	$643,822	$335,607	$271,939	$187,654	$66,755
Ratio of expenses to average net assets^(f)	0.59%	0.59%	0.59%	0.59%	0.59%
Ratio of net investment income (loss) to average net assets^(f)	4.32%	4.38%	5.25%	6.56%	4.68%
Portfolio turnover rate ^(d)(e)	48%	52%	44%	34%	63%

(a)

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

(b)

(c)

Amount represents less than $0.005 per share.

(d)

Portfolio turnover rate excludes in-kind transactions, if any.

(e)

Not annualized for periods less than one year.

(f)

Annualized for periods less than one year.

Financial Highlights

Cambria Global Asset Allocation ETF

	Year ended April 30,
	2026	2025	2024	2023	2022
PER SHARE DATA:

Net asset value, beginning of year	$29.04	$28.23	$26.99	$28.71	$31.55

INVESTMENT OPERATIONS:
Net investment income (loss) ^(a)(b)	1.27	1.16	1.05	1.11	1.99
Net realized and unrealized gain (loss) on investments ^(c)	5.86	0.86	1.24	(1.61)	(2.85)
Total from investment operations	7.13	2.02	2.29	(0.50)	(0.86)

LESS DISTRIBUTIONS FROM:
Net investment income	(1.26)	(1.18)	(1.05)	(1.07)	(1.98)
Net realized gains	–	–	–	(0.15)	–
Return of capital	–	(0.03)	–	–	–
Total distributions	(1.26)	(1.21)	(1.05)	(1.22)	(1.98)

Net asset value, end of year	$34.91	$29.04	$28.23	$26.99	$28.71

TOTAL RETURN^(g)	24.99%	37.22%	8.63%	-1.58%	-3.01%

Financial Highlights
Cambria Global Asset Allocation ETF

	Year ended April 30,
	2026	2025	2024	2023	2022
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (in thousands)	$68,938	$53,730	$53,631	$51,272	$45,933
Ratio of expenses to average net assets ^(d)(h)	–%	0.00% ^(e)	–%	–%	–%
Ratio of tax expenses to average net assets ^(d)(h)	–%	0.00% ^(e)	–%	–%	–%
Ratio of net investment income (loss) to average net assets ^(d)(h)	3.97%	4.00%	3.84%	4.08%	6.36%
Portfolio turnover rate ^(f)(g)	7%	8%	13%	–%	8%

(a)

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

(b)

(c)

(d)

Ratios do not include the income and expenses of the underlying investment companies in which the Fund invests.

(e)

Amount represents less than 0.005%.

(f)

Portfolio turnover rate excludes in-kind transactions, if any.

(g)

Not annualized for periods less than one year.

(h)

Annualized for periods less than one year.

Financial Highlights

Cambria Global Momentum ETF

	Year ended April 30,
	2026	2025	2024	2023	2022
PER SHARE DATA:

Net asset value, beginning of year	$28.67	$28.20	$28.02	$31.37	$29.73

INVESTMENT OPERATIONS:
Net investment income (loss)^(a)(b)	0.52	0.47	0.93	0.65	1.28
Net realized and unrealized gain (loss) on investments ^(c)	8.82	0.98	0.16	(3.42)	1.68
Total from investment operations	9.34	1.45	1.09	(2.77)	2.96

LESS DISTRIBUTIONS FROM:
Net investment income	(0.59)	(0.53)	(0.89)	(0.58)	(1.25)
Return of capital	–	(0.45)	(0.02)	–	(0.07)
Total distributions	(0.59)	(0.98)	(0.91)	(0.58)	(1.32)

Net asset value, end of year	$37.42	$28.67	$28.20	$28.02	$31.37

TOTAL RETURN^(f)	32.91%	5.16%	3.98%	-8.81%	10.19%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (in thousands)	$140,311	$106,085	$136,760	$177,952	$81,563
Ratio of expenses to average net assets ^(d)(g)	0.60%	0.59%	0.59%	0.59%	0.59%
Ratio of tax expenses to average net assets ^(d)(g)	0.01%	–%	–%	–%	–%
Ratio of expenses to average net assets excluding tax expense ^(d)(g)	0.59%	0.59%	0.59%	0.59%	0.59%
Ratio of net investment income (loss) to average net assets ^(d)(g)	1.58%	1.60%	3.38%	2.25%	4.19%
Portfolio turnover rate ^(e)(f)	81%	135%	166%	307%	69%

(a)

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

(b)

(c)

(d)

Ratios do not include the income and expenses of the underlying investment companies in which the Fund invests.

(e)

Portfolio turnover rate excludes in-kind transactions, if any.

(f)

Not annualized for periods less than one year.

(g)

Annualized for periods less than one year.

Financial Highlights

Cambria Global Real Estate ETF

	Year ended April 30,
	2026		2025	2024	2023	2022

PER SHARE DATA:

Net asset value, beginning of year		$23.45	$23.59	$24.45	$29.76	$31.66

INVESTMENT OPERATIONS:

Net investment income (loss)^(a)		0.88	1.12	1.00	1.12	0.56

Net realized and unrealized gain (loss) on investments		3.08	0.81^(b)	(0.36)	(5.44)	0.99^(b)
Total from investment operations		3.96	1.93	0.64	(4.32)	1.55

LESS DISTRIBUTIONS FROM:
Net investment income		(1.47)	(1.93)	(1.50)	(0.99)	(2.76)
Net realized gains		–	–	–	–	(0.49)
Return of capital		–	(0.14)	–	–	(0.20)
Total distributions		(1.47)	(2.07)	(1.50)	(0.99)	(3.45)

ETF transaction fees per share		0.00 ^(c)	0.00 ^(c)	–	–	–
Net asset value, end of year		$25.94	$23.45	$23.59	$24.45	$29.76

TOTAL RETURN^(h)		17.28%	8.05%	2.68%	-14.47%	4.70%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (in thousands)		$51,227	$36,349	$22,411	$25,671	$23,809
Ratio of expenses to average net assets:
Before expense reimbursement/recoupment⁽ⁱ⁾		0.59%	0.59%	0.59%	0.59%	0.59%
After expense reimbursement/recoupment⁽ⁱ⁾		0.09%^(d)	–%^(e)	0.49%^(f)	0.59%	0.59%
Ratio of net investment income (loss) to average net assets⁽ⁱ⁾		3.52%	4.48%	4.15%	4.29%	3.00%
Portfolio turnover rate ^(g)(h)		82%	92%	77%	94%	120%

(a)

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

(b)

(c)

Amount represents less than $0.005 per share.

(d)

The Investment Adviser has agreed to a voluntarily waiver of the advisory fees on the Funds with net assets under $50 million, which amounts to 0.50%.

(e)

The Investment Adviser has agreed to a voluntarily waiver of the advisory fees on the Funds with net assets under $50 million, which amounts to 0.59%.

(f)

The Investment Adviser has agreed to a voluntarily waiver of the advisory fees on the Funds with net assets under $50 million, which amounts to 0.10%.

(g)

Portfolio turnover rate excludes in-kind transactions, if any.

(h)

Not annualized for periods less than one year.

(i)

Annualized for periods less than one year.

Financial Highlights

Cambria Global Value ETF

	Year ended April 30,
	2026	2025	2024	2023	2022
PER SHARE DATA:

Net asset value, beginning of year	$25.43	$21.62	$20.75	$20.48	$22.96

INVESTMENT OPERATIONS:
Net investment income (loss) ^(a)	1.09	1.22	1.05	1.03	0.96
Net realized and unrealized gain (loss) on investments ^(b)	9.61	3.55	0.98	0.24	(2.60)
Total from investment operations	10.70	4.77	2.03	1.27	(1.64)

LESS DISTRIBUTIONS FROM:
Net investment income	(1.01)	(0.97)	(1.16)	(1.00)	(0.84)
Total distributions	(1.01)	(0.97)	(1.16)	(1.00)	(0.84)

ETF transaction fees per share	0.04	0.01	–	–	–
Net asset value, end of year	$35.16	$25.43	$21.62	$20.75	$20.48

TOTAL RETURN^(e)	43.27%	23.06%	10.33%	6.97%	-7.47%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (in thousands)	$541,407	$188,176	$104,848	$137,978	$102,386
Ratio of expenses to average net assets^(f)	0.68%	0.66%	0.64%	0.67%	0.66%
Ratio of tax expenses to average net assets^(f)	0.00%^(d)	–%	–%	–%	–%
Ratio of expenses to average net assets excluding tax expense^(f)	0.68%	0.66%	0.64%	0.67%	0.66%
Ratio of net investment income (loss) to average net assets^(f)	3.49%	5.50%	5.15%	5.48%	4.19%
Portfolio turnover rate ^(c)(e)	21%	8%	36%	94%	3%

(a)

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

(b)

(c)

Portfolio turnover rate excludes in-kind transactions, if any.

(d)

Amount represents less than 0.005%

(e)

Not annualized for periods less than one year.

(f)

Annualized for periods less than one year.

Financial Highlights

Cambria LargeCap Shareholder Yield ETF

		Period ended
	Year ended	April 30,
	April 30, 2026	2025^(a)
PER SHARE DATA:

Net asset value, beginning of period	$24.51	$25.00

INVESTMENT OPERATIONS:
Net investment income (loss) ^(b)	0.66	0.49
Net realized and unrealized gain (loss) on investments ^(c)	5.71	(0.63)
Total from investment operations	6.37	(0.14)

LESS DISTRIBUTIONS FROM:
Net investment income	(0.79)	(0.35)
Total distributions	(0.79)	(0.35)

Net asset value, end of period	$30.09	$24.51

TOTAL RETURN ^(d)	26.37%	-0.62%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$6,017	$4,290
Ratio of expenses to average net assets:
Before expense reimbursement/recoupment ^(e)	0.59%	0.59%
After expense reimbursement/recoupment ^(e)	–%^(f)	0.43%^(g)
Ratio of net investment income (loss) to average net assets ^(e)	2.40%	2.40%
Portfolio turnover rate ^(d)(h)	43%	23%

(a)

Inception date of the Fund was July 11, 2024.

(b)

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

(c)

(d)

Not annualized for periods less than one year.

(e)

Annualized for periods less than one year.

(f)

The Investment Adviser has agreed to a voluntary waiver of the advisory fees on Funds with net assets under $50 million, which amounts to 0.59%.

(g)

The Investment Adviser has agreed to a voluntary waiver of the advisory fees on Funds with net assets under $50 million, which amounts to 0.16%.

(h)

Portfolio turnover rate excludes in-kind transactions, if any.

Financial Highlights

Cambria Micro and SmallCap Shareholder Yield ETF

	Year ended April 30,		Period ended
	2026	2025	April 30, 2024^(a)
PER SHARE DATA:

Net asset value, beginning of period	$21.14	$25.41	$25.00

INVESTMENT OPERATIONS:
Net investment income (loss)^(b)	0.73	0.78	0.25
Net realized and unrealized gain (loss) on investments ^(c)	9.10	(3.18)	0.33
Total from investment operations	9.83	(2.40)	0.58

LESS DISTRIBUTIONS FROM:
Net investment income	(0.63)	(1.43)	(0.17)
Return of capital	–	(0.44)	–
Total distributions	(0.63)	(1.87)	(0.17)

Net asset value, end of period	$30.34	$21.14	$25.41

TOTAL RETURN ^(d)	47.06%	-10.20%	2.31%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$29,582	$10,040	$26,685
Ratio of expenses to average net assets:
Before expense reimbursement/recoupment ^(e)	0.59%	0.59%	0.59%
After expense reimbursement/recoupment ^(e)	–%^(f)	–%^(f)	0.20%^(g)
Ratio of net investment income (loss) to average net assets ^(e)	2.73%	2.98%	2.99%
Portfolio turnover rate ^(d)(h)	55%	51%	8%

Financial Highlights

Cambria Micro and SmallCap Shareholder Yield ETF

(a)

Inception date of the Fund was January 3, 2024.

(b)

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

(c)

(d)

Not annualized for periods less than one year.

(e)

Annualized for periods less than one year.

(f)

The Investment Adviser has agreed to a voluntary waiver of the advisory fees on Funds with net assets under $50 million, which amounts to 0.59%.

(g)

The Investment Adviser has agreed to a voluntary waiver of the advisory fees on Funds with net assets under $50 million, which amounts to 0.39%.

(h)

Portfolio turnover rate excludes in-kind transactions, if any.

Financial Highlights

Cambria Shareholder Yield ETF

	Year ended April 30,
	2026	2025	2024	2023	2022
PER SHARE DATA:

Net asset value, beginning of year	$60.47	$68.94	$58.14	$60.89	$62.48

INVESTMENT OPERATIONS:
Net investment income (loss) ^(a)	1.43	1.47	1.29	1.48	1.17
Net realized and unrealized gain (loss) on investments ^(b)	19.21	(8.53)	10.75	(2.54)	(1.27)
Total from investment operations	20.64	(7.06)	12.04	(1.06)	(0.10)

LESS DISTRIBUTIONS FROM:
Net investment income	(1.46)	(1.41)	(1.24)	(1.40)	(1.23)
Net realized gains	–	–	–	(0.29)	(0.26)
Total distributions	(1.46)	(1.41)	(1.24)	(1.69)	(1.49)

ETF transaction fees per share	0.00 ^(c)	–	–	–	–
Net asset value, end of year	$79.65	$60.47	$68.94	$58.14	$60.89

TOTAL RETURN^(e)	34.55%	-10.44%	20.84%	-1.59%	-0.21%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (in thousands)	$959,840	$919,155	$1,182,263	$718,054	$514,534
Ratio of expenses to average net assets^(f)	0.59%	0.59%	0.59%	0.59%	0.59%
Ratio of net investment income (loss) to average net assets^(f)	2.06%	2.12%	2.00%	2.42%	1.85%
Portfolio turnover rate ^(d)(e)	64%	42%	50%	41%	51%

(a)

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

(b)

(c)

Amount represents less than $0.005 per share.

(d)

Portfolio turnover rate excludes in-kind transactions, if any.

(e)

Not annualized for periods less than one year.

(f)

Annualized for periods less than one year.

Financial Highlights

Cambria Tactical Yield ETF

	Year ended April 30,		Period ended
	2026	2025	April 30, 2024^(a)
PER SHARE DATA:

Net asset value, beginning of period	$25.42	$25.22	$25.00

INVESTMENT OPERATIONS:
Net investment income (loss) ^(b)	0.99	1.23	0.41
Net realized and unrealized gain (loss) on investments ^(c)	–⁽ⁱ⁾	0.04	(0.05)
Total from investment operations	0.99	1.27	0.36

Financial Highlights

Cambria Tactical Yield ETF

	Year ended April 30,		Period ended
	2026	2025	April 30, 2024^(a)
LESS DISTRIBUTIONS FROM:
Net investment income	(1.19)	(1.07)	(0.14)
Total distributions	(1.19)	(1.07)	(0.14)

Net asset value, end of period	$25.22	$25.42	$25.22

TOTAL RETURN ^(d)	3.96%	5.12%	1.45%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$32,781	$44,483	$13,870
Ratio of expenses to average net assets:
Before expense reimbursement/recoupment ^(e)	0.59%	0.59%	0.59%
After expense reimbursement/recoupment ^(e)	–%^(f)	–%(^f)	0.18%^(g)
Ratio of net investment income (loss) to average net assets ^(e)	3.91%	4.84%	5.03%
Portfolio turnover rate ^(e)(h)	–%	–%	–%

(a)

Inception date of the Fund was January 3, 2024.

(b)

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

(c)

(d)

Not annualized for periods less than one year.

(e)

Annualized for periods less than one year.

(f)

The Investment Adviser has agreed to a voluntary waiver of the advisory fees on Funds with net assets under $50 million, which amounts to 0.59%.

(g)

The Investment Adviser has agreed to a voluntary waiver of the advisory fees on Funds with net assets under $50 million, which amounts to 0.41%.

(h)

Portfolio turnover rate excludes in-kind transactions, if any.

(i)

Amount represents less than $0.005 per share.

Financial Highlights

Cambria Tail Risk ETF

	Year ended April 30,
	2026	2025	2024	2023	2022
PER SHARE DATA:

Net asset value, beginning of year	$12.74	$11.81	$14.62	$16.92	$18.74

INVESTMENT OPERATIONS:
Net investment income (loss) ^(a)	0.38	0.37	0.42	0.29	0.13
Net realized and unrealized gain (loss) on investments ^(b)	(1.79)	0.88	(2.77)	(2.27)	(1.84)
Total from investment operations	(1.41)	1.25	(2.35)	(1.98)	(1.71)

LESS DISTRIBUTIONS FROM:
Net investment income	(0.37)	(0.32)	(0.46)	(0.32)	(0.11)
Total distributions	(0.37)	(0.32)	(0.46)	(0.32)	(0.11)

Net asset value, end of year	$10.96	$12.74	$11.81	$14.62	$16.92

TOTAL RETURN^(d)	-11.16%	10.87%	-16.28%	-11.86%	-9.14%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (in thousands)	$157,339	$161,130	$82,098	$224,372	$404,422
Ratio of expenses to average net assets^(e)	0.59%	0.59%	0.59%	0.59%	0.59%
Ratio of net investment income (loss) to average net assets^(e)	3.26%	3.16%	3.21%	1.80%	0.69%
Portfolio turnover rate ^(c)(d)	134%	86%	13%	129%	60%

(a)

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

(b)

(c)

Portfolio turnover rate excludes in-kind transactions, if any.

(d)

Not annualized for periods less than one year.

(e)

Annualized for periods less than one year.

Financial Highlights

Cambria Trinity ETF

	Year ended April 30,
	2026	2025	2024	2023	2022
PER SHARE DATA:

Net asset value, beginning of year	$25.34	$25.50	$24.81	$26.82	$27.36

INVESTMENT OPERATIONS:
Net investment income (loss)^(a)(b)	0.90	0.78	0.93	0.89	1.59
Net realized and unrealized gain (loss) on investments ^(c)	5.76	(0.15)	0.70	(1.96)	(0.51)
Total from investment operations	6.66	0.63	1.63	(1.07)	1.08

LESS DISTRIBUTIONS FROM:
Net investment income	(0.94)	(0.79)	(0.91)	(0.64)	(1.60)
Net realized gains	–	–	(0.03)	(0.30)	(0.02)
Total distributions	(0.94)	(0.79)	(0.94)	(0.94)	(1.62)

Net asset value, end of year	$31.06	$25.34	$25.50	$24.81	$26.82

TOTAL RETURN^(f)	26.72%	2.44%	6.72%	-3.99%	3.98%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (in thousands)	$142,896	$108,962	$107,111	$119,100	$50,958
Ratio of expenses to average net assets^(d)(g)	0.01%	0.00%	0.00%	0.00%	0.00%
Ratio of tax expenses to average net assets^(d)(g)	0.01%	–%	–%	–%	–%
Ratio of expenses to average net assets excluding tax expense^(d)(g)	0.00%	0.00%	0.00%	0.00%	0.00%
Ratio of net investment income (loss) to average net assets ^(d)(g)	3.20%	3.01%	3.73%	3.54%	5.78%
Portfolio turnover rate ^(e)(f)	34%	66%	69%	102%	26%

(a)

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

(b)

(c)

(d)

Ratios do not include the income and expenses of the underlying investment companies in which the Fund invests.

(e)

Portfolio turnover rate excludes in-kind transactions, if any.

(f)

Not annualized for periods less than one year.

(g)

Annualized for periods less than one year.

Financial Highlights

Cambria Value and Momentum ETF

	Year ended April 30,
	2026	2025	2024	2023	2022
PER SHARE DATA:

Net asset value, beginning of year	$28.93	$28.72	$24.63	$26.22	$23.21

INVESTMENT OPERATIONS:
Net investment income (loss) ^(a)	0.23	0.31	0.25	0.54	0.25
Net realized and unrealized gain (loss) on investments ^(b)	6.80	0.41	4.10	(1.66)	3.02
Total from investment operations	7.03	0.72	4.35	(1.12)	3.27

LESS DISTRIBUTIONS FROM:
Net investment income	(0.22)	(0.32)	(0.26)	(0.47)	(0.26)
Return of capital	–	(0.19)	–	–	–
Total distributions	(0.22)	(0.51)	(0.26)	(0.47)	(0.26)

Net asset value, end of year	$35.74	$28.93	$28.72	$24.63	$26.22

TOTAL RETURN^(d)	24.39%	2.52%	17.75%	-4.34%	14.17%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (in thousands)	$83,103	$52,072	$61,749	$64,036	$31,469
Ratio of expenses to average net assets^(e)	0.64%	0.64%	0.64%	0.61%	0.59%
Ratio of interest expense to average net assets^(e)	0.05%	0.05%	0.05%	0.02%	–%
Ratio of operational expenses to average net assets excluding interest expense^(e)	0.59%	0.59%	0.59%	0.59%	0.59%
Ratio of net investment income (loss) to average net assets^(e)	0.69%	1.06%	0.94%	2.00%	1.02%
Portfolio turnover rate ^(c)(d)	74%	86%	63%	71%	78%

(a)

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

(b)

(c)

Portfolio turnover rate excludes in-kind transactions, if any.

(d)

Not annualized for periods less than one year.

(e)

Annualized for periods less than one year.

Cambria ETF Trust	Notes to Financial Statements
1. ORGANIZATION	April 30, 2026

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 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 (“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 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.

The Global Asset Allocation ETF, the Global Momentum ETF and the Trinity ETF are actively managed “funds-of-ETFs.” The Adviser invests these Fund’s assets in ETFs that are listed on U.S. stock exchanges (the “Underlying ETFs”).

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.

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.

Cambria ETF Trust	Notes to Financial Statements
2. SIGNIFICANT ACCOUNTING POLICIES	April 30, 2026

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 – Equity securities, including exchange traded funds, 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 valued by using an evaluated mean of the bid and ask prices provided by independent pricing agents. The independent pricing agents may employ methodologies that utilize actual market transactions (if the security is actively traded), broker-dealer supplied valuations, or other methodologies designed to identify the market value for such securities. In arriving at valuations, such methodologies generally consider factors such as security prices, yields, maturities, call features, ratings and developments relating to specific 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.

Investments in money market mutual funds are valued at each underlying fund’s published NAV per share as of the valuation time. Each underlying money market fund calculates NAV using the amortized cost method (which approximates fair value) as permitted by Rule 2a-7 under the Investment Company Act of 1940.

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 using mean/mid of quoted bid and ask spread prices, as provided by independent pricing vendors.

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, 2026

•

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).

The following is a summary of the inputs used to value the Funds' investments as of April 30, 2026:

Emerging Shareholder Yield ETF
Investments in Securities	Level 1		Level 2		Level 3^(a)		Total
Common Stocks	$	747,125,322	$	—	$	4,646,086	$	751,771,408
Money Market Funds		6,511,307		—		—		6,511,307
Total Investments in Securities	$	753,636,629	$	—	$	4,646,086	$	758,282,715

(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.

Fixed Income Trend ETF
Investments in Securities	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	20,998,482	$	—	$	—	$	20,998,482
Money Market Funds		190,345		—		—		190,345
Total Investments in Securities	$	21,188,827	$	—	$	—	$	21,188,827

Foreign Shareholder Yield ETF
Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	635,304,318	$	—	$	—	$	635,304,318
Investments Purchased with Proceeds from Securities Lending		14,466,764		—		—		14,466,764
Money Market Funds		2,058,193		—		—		2,058,193
Total Investments in Securities	$	651,829,275	$	—	$	—	$	651,829,275

Global Asset Allocation ETF
Investments in Securities	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	68,671,007	$	—	$	—	$	68,671,007
Investments Purchased with Proceeds from Securities Lending		7,172,914		—		—		7,172,914
Money Market Funds		255,744		—		—		255,744
Total Investments in Securities	$	76,099,665	$	—	$	—	$	76,099,665

Global Momentum ETF
Investments in Securities	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	139,871,988	$	—	$	—	$	139,871,988
Investments Purchased with Proceeds from Securities Lending		4,363,725		—		—		4,363,725
Money Market Funds		500,903		—		—		500,903
Total Investments in Securities	$	144,736,616	$	—	$	—	$	144,736,616

Global Real Estate ETF
Investments in Securities	Level 1		Level 2		Level 3		Total
Real Estate Investment Trusts	$	50,607,117	$	—	$	—	$	50,607,117
Money Market Funds		527,884		—		—		527,884
Investments Purchased with Proceeds from Securities Lending		230,706						230,706
Total Investments in Securities	$	51,365,707	$	—	$	—	$	51,365,707

Global Value ETF
Investments in Securities	Level 1		Level 2		Level 3^(a)			Total
Common Stocks	$	500,748,164	$	—	$	0	^(b)	$	500,748,164
Preferred Stocks		21,348,294		—		—			21,348,294
Real Estate Investment Trusts		3,999,326		—		—			3,999,326
Money Market Funds		9,414,040		—		—			9,414,040
Total Investments in Securities	$	535,509,824	$	—	$	0	^(b)	$	535,509,824

(a)

(b)

Rounds to zero.

Cambria ETF Trust	Notes to Financial Statements
	April 30, 2026

LargeCap Shareholder Yield ETF
Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	5,845,901	$	—	$	—	$	5,845,901
Money Market Funds		164,642		—		—		164,642
Total Investments in Securities	$	6,010,543	$	—	$	—	$	6,010,543

Micro and SmallCap Shareholder Yield ETF
Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	29,497,432	$	—	$	—	$	29,497,432
Investments Purchased with Proceeds from Securities Lending		516,098		—		—		516,098
Money Market Funds		72,658		—		—		72,658
Total Investments in Securities	$	30,086,188	$	—	$	—	$	30,086,188

Shareholder Yield ETF
Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	955,978,319	$	—	$	—	$	955,978,319
Money Market Funds		3,983,865		—		—		3,983,865
Total Investments in Securities	$	959,962,184	$	—	$	—	$	959,962,184

Tactical Yield ETF
Investments in Securities	Level 1		Level 2		Level 3		Total
U.S. Treasury Bills	$	—	$	32,580,401	$	—	$	32,580,401
Money Market Funds		200,383		—		—		200,383
Total Investments in Securities	$	200,383	$	32,580,401	$	—	$	32,780,784

Tail Risk ETF
Investments in Securities	Level 1		Level 2		Level 3		Total
U.S. Treasury Obligations	$	—	$	139,139,088	$	—	$	139,139,088
Purchased Options		—		9,246,600		—		9,246,600
Money Market Funds		3,719,869		—		—		3,719,869
Total Investments in Securities	$	3,719,869	$	148,385,688	$	—	$	152,105,557

Trinity ETF
Investments in Securities	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	142,696,321	$	—	$	—	$	142,696,321
Investments Purchased with Proceeds from Securities Lending		1,894,856		—		—		1,894,856
Money Market Funds		188,946		—		—		188,946
Total Investments in Securities	$	144,780,123	$	—	$	—	$	144,780,123

Value and Momentum ETF

Assets
Investments in Securities	Level 1			Level 2		Level 3^(a)		Total
Common Stocks	$	73,942,059		$	—	$	93,767	$	74,035,826
Money Market Funds		5,515,927			—		—		5,515,927
Investments Purchased with Proceeds from Securities Lending		1,425,331			—		—		1,425,331
Total Investments in Securities	$	80,883,317		$	—	$	93,767	$	80,977,084

Liabilities
Other Financial Instruments^(b):
Futures Contracts	$	(3,000,107	)	$	—	$	—	$	(3,000,107	)
Total Other Financial Instruments	$	(3,000,107	)	$	—	$	—	$	(3,000,107	)

^(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.

^(b)

The fair value of the Fund’s investment represents the net unrealized appreciation (depreciation) as of April 30, 2026.

Cambria ETF Trust

Notes to Financial Statements

April 30, 2026

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, 2026. 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.

The fair value of derivative instruments as of April 30, 2026:

	Asset Derivatives			Liabilities Derivatives

Risk Exposure	Statements of Assets and Liabilities Location		Fair Value	Statements of Assets and Liabilities Location		Fair Value
Tail Risk ETF
Equity Contracts (Option Contracts)	Investments, at value	$	9,246,600	Investments, at value	$	-
Total		$	9,246,600		$	-
Value and Momentum ETF
Equity Risk (Futures Contracts)	Unrealized appreciation on futures contracts	$	-	Unrealized depreciation on futures contracts	$	(3,000,107)*
Total		$	-		$	(3,000,107)*

* 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 Statement of Assets and Liabilities.

Cambria ETF Trust

Notes to Financial Statements

April 30, 2026

The effect of derivative instruments on the Statements of Operations for the year ended April 30, 2026:

Risk Exposure	Statements of Operations Location	Realized Gain/(Loss) on Derivatives		Change in Unrealized Appreciation/(Depreciation) on Derivatives
Tail Risk ETF
Equity Contracts (Purchased Options)	Net Realized Gain (Loss) from Investments in Unaffiliated Issuers/Net Change in Unrealized Appreciation (Depreciation) on Investments in Unaffiliated Issuers	$	(16,711,817)	$	(3,420,988)
Total		$	(16,711,817)	$	(3,420,988)

Value and Momentum ETF
Equity Risk (Futures Contracts)	Net Realized Gain (Loss) from Futures Contracts/Net Change in Unrealized Appreciation (Depreciation) on Futures Contracts	$	(4,463,346)	$	(3,948,539)
Total		$	(4,463,346)	$	(3,948,539)

The monthly average notional amount of purchased option contracts during the year ended April 30, 2026, for Tail Risk ETF was $439,205,520. The monthly average notional value of the futures contracts during the year ended April 30, 2026, for the Value and Momentum ETF was $33,022,984.

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 ended April 30, 2026, 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 that 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, the Funds did not incur any interest or penalties.

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.

Cambria ETF Trust	Notes to Financial Statements
	April 30, 2026

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 ended April 30, 2026:

Fund	Creation Unit Shares	Standard Transaction Fee		Value	Variable Charge
Emerging Shareholder Yield ETF	50,000	$	3,500	$ 2,210,500	Up to 2.0%
Fixed Income Trend ETF	25,000		300	642,250	Up to 2.0%
Foreign Shareholder Yield ETF	50,000		2,500	1,936,500	Up to 2.0%
Global Asset Allocation ETF	50,000		500	1,745,500	None
Global Momentum ETF	50,000		500	1,871,000	Up to 2.0%
Global Real Estate ETF	50,000		1,500	1,297,000	Up to 2.0%
Global Value ETF	50,000		3,500	1,297,000	Up to 2.0%
LargeCap Shareholder Yield ETF	25,000		300	752,250	Up to 2.0%
Micro and SmallCap Shareholder Yield ETF	25,000		300	758,500	Up to 2.0%
Shareholder Yield ETF	50,000		700	3,982,500	None
Tactical Yield ETF	50,000		300	1,261,000	Up to 2.0%
Tail Risk ETF	50,000		500	548,000	None
Trinity ETF	50,000		300	1,553,000	None
Value and Momentum ETF	50,000		700	1,787,000	None

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.

Cambria ETF Trust	Notes to Financial Statements
	April 30, 2026

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, 2026, the Funds' financial instruments and derivative instruments are not subject to a master netting arrangement. See Note 10 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 net assets for the services and facilities the Investment Adviser 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 average 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.

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 ended April 30, 2026, the Investment Adviser voluntarily waived the following:

Fund	Fees Waived
Fixed Income Trend ETF	$ 96,064
Global Real Estate ETF	229,797
LargeCap Shareholder Yield ETF	31,575
Micro and SmallCap ETF	109,416
Tactical Yield ETF	169,582

The fees waived are not eligible for recapture by the Investment Adviser. Additionally, the Investment Adviser earned $224,000 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 performsvarious 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.

Cambria ETF Trust	Notes to Financial Statements
	April 30, 2026

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 (the “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. No such fee is currently paid by the Funds, and the Board has not currently approved the commencement of any payments under the Plan. However, in the event Rule 12b-1 fees are charged in the future, because the fees are paid out of each Fund's assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than certain other types of sales charges.

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

5. INVESTMENT TRANSACTIONS

For the year ended April 30, 2026, the purchases and sales of investments in securities, excluding in-kind transactions, U.S. government and short-term securities, were:

	Purchases of	Proceeds from
Fund	Securities	Sales of Securities
Emerging Shareholder Yield ETF	$ 222,791,545	$ 181,852,111
Fixed Income Trend ETF	20,152,191	20,145,431
Foreign Shareholder Yield ETF	241,995,627	229,089,545
Global Asset Allocation ETF	4,170,533	4,624,791
Global Momentum ETF	97,045,702	96,880,360
Global Real Estate ETF	38,507,842	36,744,428
Global Value ETF	173,036,583	76,540,921
LargeCap Shareholder Yield ETF	2,278,022	2,434,433
Micro and SmallCap Shareholder Yield ETF	10,287,691	9,918,030
Shareholder Yield ETF	575,898,710	573,388,896
Tactical Yield ETF	—	—
Tail Risk ETF	18,703,016	6,497,392
Trinity ETF	41,386,874	40,977,974
Value and Momentum ETF	45,051,989	50,327,658

For the year ended April 30, 2026, the Tail Risk ETF had purchases and sales of U.S. government securities of $196,129,341 and $154,173,703, respectively, excluding in-kind trades of such. In-kind purchases and sales of long-term U.S. government securities, which are included in the figures in the table below, amounted to $12,334,910 and $34,919,015, respectively for the year ended April 30, 2026. None of the other funds had long-term purchases or sales of U.S. Government securities during the year ended April 30, 2026.

During the year ended April 30, 2026, 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.

For the year ended April 30, 2026, in-kind transactions associated with creatio ns and redemptions were:

	Purchases of	Proceeds from
	Securities	Sales of Securities
Emerging Shareholder Yield ETF	$ 26,781,255	$ 5,338,546
Fixed Income Trend ETF	9,202,795	1,874,566
Foreign Shareholder Yield ETF	176,492,995	54,458,708
Global Asset Allocation ETF	8,624,351	4,001,905
Global Momentum ETF	12,880,109	10,467,420
Global Real Estate ETF	12,605,084	2,491,477
Global Value ETF	219,294,313	75,712,715
LargeCap Shareholder Yield ETF	647,584	—
Micro and SmallCap Shareholder Yield ETF	18,138,463	4,843,499
Shareholder Yield ETF	44,165,476	251,749,703
Tactical Yield ETF	—	—
Tail Risk ETF	12,334,910	34,919,015

Trinity ETF	13,403,159	4,116,838
Value and Momentum ETF	26,835,558	11,048,309

Cambria ETF Trust

Notes to Financial Statements

April 30, 2026

6. INVESTMENT TRANSACTIONS

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.

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.

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.

Cambria ETF Trust

Notes to Financial Statements

April 30, 2026

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.

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.

Cambria ETF Trust

Notes to Financial Statements

April 30, 2026

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.

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.

Cambria ETF Trust

Notes to Financial Statements

April 30, 2026

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.

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.

Cambria ETF Trust

Notes to Financial Statements

April 30, 2026

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.

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.

Cambria ETF Trust

Notes to Financial Statements

April 30, 2026

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.

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.

Cambria ETF Trust

Notes to Financial Statements

April 30, 2026

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.

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 nondeductible excise tax and foreign currency. For the fiscal year ended April 30, 2026, the following table shows the reclassifications made:

Fund	Paid-In Capital	Total Distributable Earnings (Accumulated Losses)
Emerging Shareholder Yield ETF	$1,488,187	$(1,488,187)
Fixed Income Trend ETF	61,835	(61,835)
Foreign Shareholder Yield ETF	18,041,642	(18,041,642)
Global Asset Allocation ETF	1,300,419	(1,300,419)
Global Momentum ETF	2,906,587	(2,906,587)
Global Real Estate ETF	209,526	(209,526)
Global Value ETF	26,056,730	(26,056,730)
LargeCap Shareholder Yield ETF	1,438	(1,438)
Micro and SmallCap Shareholder Yield ETF	1,302,397	(1,302,397)
Shareholder Yield ETF	26,418,997	(26,418,997)
Tactical Yield ETF	(5,953)	5,953
Tail Risk ETF	(160,141)	160,141
Trinity ETF	934,984	(934,984)
Value and Momentum ETF	4,947,356	(4,947,356)

Cambria ETF Trust

Notes to Financial Statements

April 30, 2026

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. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period.

For tax purposes, short-term realized gains are considered ordinary income. The tax character of dividends and distributions declared during the yearor period ended April 30, 2026, and April 30, 2025, respectively, were as follows:

	Year Ended April 30, 2026			Year/Period Ended April 30, 2025
	Ordinary	Long-Term	Return of	Ordinary	Long-Term	Return of
Fund	Income	Capital Gains	Capital	Income	Capital Gains	Capital
Emerging Shareholder Yield ETF	$36,345,622	-	-	$ 18,218,875	-	-
Fixed Income Trend ETF	828,255	-	-	-	-	-
Foreign Shareholder Yield ETF	20,225,933	-	-	12,944,687	-	-
Global Asset Allocation ETF	2,383,512	-	-	2,233,576	-	63,710
Global Momentum ETF	2,144,642	-	-	2,057,727	-	1,736,844
Global Real Estate ETF	2,748,417	-	-	2,714,991	-	192,966
Global Value ETF	10,802,670	-	-	4,607,623	-	-
LargeCap Shareholder Yield ETF	151,891	-	-	144,888	-	-
Micro and SmallCap Shareholder Yield ETF	434,504	-	-	1,045,181	-	320,199
Shareholder Yield ETF	19,387,644	-	-	24,388,078	-	-
Tactical Yield ETF	1,262,416	-	-	849,555	-	-
Tail Risk ETF	4,390,051	-	-	2,093,066	-	-
Trinity ETF	4,037,919	-	-	3,325,439	-	-
Value and Momentum ETF	463,975	-	-	580,310	-	352,764

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 the fiscal year ended April 30, 2026, the Funds have the following capital loss carryovers, which will not expire:

Fund	Short-Term	Long-Term
Emerging Shareholder Yield ETF	$3,250,258	$-
Fixed Income Trend ETF	360,440	-
Foreign Shareholder Yield ETF	3,739,367	7,460,428
Global Asset Allocation ETF	26,768	1,647,849
Global Momentum ETF	10,911,122	-
Global Real Estate ETF	6,785,824	1,669,625
Global Value ETF	105,044	31,913,837
LargeCap Shareholder Yield ETF	13,320	-
Micro and SmallCap Shareholder Yield ETF	526,943	322,439
Shareholder Yield ETF	25,746,713	45,850,026
Tactical Yield ETF	-	-
Tail Risk ETF	61,120,268	135,383,190
Trinity ETF	2,424,928	1,273,154
Value and Momentum ETF	28,750,240	6,715,437

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 the fiscal year ended April 30, 2026, none of the Funds had elected to defer any post-October or late-year losses.

Cambria ETF Trust

Notes to Financial Statements

April 30, 2026

As of the fiscal year ended April 30, 2026, the components of distributable earnings/(accumulated losses) on a tax basis for the Funds were as follows:

	Emerging Shareholder Yield ETF	Fixed Income Trend ETF	Foreign Shareholder ETF	Global Asset Allocation ETF	Global Momentum ETF
Investments, at cost	$574,819,609	$20,277,557	$514,052,617	$64,263,764	$119,487,093
Gross tax unrealized appreciation	234,200,536	943,215	156,575,867	13,553,569	28,807,999
Gross tax unrealized depreciation	(50,737,430)	(31,945)	(18,799,209)	(1,717,668)	(3,558,476)
Net tax unrealized appreciation (depreciation)	183,463,106	911,270	137,776,658	11,835,901	25,249,523
Undistributed ordinary income (loss)	11,581,675	77,489	8,635,384	12,532	73,277
Undistributed long-term capital gain (loss)	-	-	-	-	-
Other accumulated gain (loss)	(4,508,033)	(360,440)	(11,096,460)	(1,674,617)	(10,911,122)
Total distributable earnings (accumulated losses)	$190,536,748	$628,319	$135,315,582	$10,173,816	$14,411,678

	Global Real Estate ETF	Global Value ETF	LargeCap Shareholder Yield ETF	Micro and SmallCap Shareholder Yield ETF	Shareholder Yield ETF
Investments, at cost	$49,074,817	$450,008,560	$5,668,163	$27,318,290	$897,163,382
Gross tax unrealized appreciation	6,087,629	112,316,887	787,599	4,638,957	147,633,720
Gross tax unrealized depreciation	(3,796,739)	(26,815,623)	(445,219)	(1,871,059)	(84,834,918)
Net tax unrealized appreciation (depreciation)	2,290,890	85,501,264	342,380	2,767,898	62,798,802
Undistributed ordinary income (loss)	973,695	7,075,291	2,445	71,835	1,246,613
Undistributed long-term capital gain (loss)	-	-	-	-	-
Other accumulated gain (loss)	(8,454,068)	(31,942,135)	(13,320)	(849,382)	(71,596,744)
Total distributable earnings (accumulated losses)	$(5,189,483)	$60,634,420	$331,505	$1,990,351	$(7,551,329)

	Tactical Yield ETF	Tail Risk ETF	Trinity ETF	Value and Momentum ETF
Investments, at cost	$32,790,046	$154,511,638	$121,160,861	$61,774,273
Gross tax unrealized appreciation	-	7,270,441	25,517,256	20,578,370
Gross tax unrealized depreciation	(9,262)	(9,676,522)	(1,897,994)	(4,375,666)
Net tax unrealized appreciation (depreciation)	(9,262)	(2,406,081)	23,619,262	16,202,704
Undistributed ordinary income (loss)	94,197	487,152	3,416	208
Undistributed long-term capital gain (loss)	-	-	-	-
Other accumulated gain (loss)	-	(196,503,458)	(3,698,082)	(35,465,677)
Total distributable earnings (accumulated losses)	$84,935	$(198,422,387)	$19,924,596	$(19,262,765)

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.

Cambria ETF Trust

Notes to Financial Statements

April 30, 2026

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.

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, 2026:

Fund	Value of Securities on Loan		Payable on Collateral Received
Foreign Shareholder Yield ETF	$	13,945,467	$	14,466,764
Global Asset Allocation ETF		7,057,514		7,172,914
Global Momentum ETF		4,376,046		4,363,725
Global Real Estate ETF		225,982		230,706
Micro and SmallCap Shareholder Yield ETF		497,750		516,098
Trinity ETF		1,873,619		1,894,856
Value and Momentum ETF		1,469,614		1,425,331

11. SEGMENT REPORTING

In accordance with the FASB Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, the Funds have evaluated their business activities and determined that they each operate as a single reportable segment.

Each Fund’s investment activities are managed by the Principal Financial Officer, which serves as the Chief Operating Decision Maker. The Principal Financial Officer is responsible for assessing each Fund’s financial performance and allocating resources. In making these assessments, the Principal Financial Officer evaluates each Fund’s financial results on an aggregated basis, rather than by separate segments. As such, the Funds do not allocate operating expenses or assets to multiple segments, and accordingly, no additional segment disclosures are required. There were no intra-entity sales or transfers during the reporting periods.

The Funds primarily generate income through dividends, interest, and realized/unrealized gains on their investment portfolios. Expenses incurred, including management fees, Fund operating expenses, and transaction costs, are considered general Fund-level expenses and are not allocated to specific segments or business lines.

Management has determined that the Funds do not meet the criteria for disaggregated segment reporting under ASU 2023-07 and will continue to evaluate its reporting requirements in accordance with applicable accounting standards.

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.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees of

Cambria ETF Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments and futures contracts, of Cambria ETF Trust comprising the funds listed below (the “Funds”) as of April 30, 2026, 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, 2026, 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.

Fund Name	Statements of Operations	Statements of Changes in Net Assets	Financial Highlights
Cambria Emerging Shareholder Yield 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 Shareholder Yield ETF, Cambria Tail Risk ETF, Cambria Trinity ETF, and Cambria Value and Momentum ETF	For the year ended April 30, 2026	For the years ended April 30, 2026 and 2025	For the years ended April 30, 2026, 2025, 2024, 2023, and 2022
Cambria Micro and SmallCap Shareholder Yield ETF and Cambria Tactical Yield ETF	For the year ended April 30, 2026	For the years ended April 30, 2026 and 2025	For the years ended April 30, 2026, 2025 and for the period from January 3, 2024 (commencement of operations) through April 30, 2024
Cambria LargeCap Shareholder Yield ETF	For the year ended April 30, 2026	For the year ended April 30, 2026 and for the period from July 11, 2024 (commencement of operations) through April 30, 2025
Cambria Fixed Income Trend ETF	For the year ended April 30, 2026	For the year ended April 30, 2026 and for the period from March 27, 2025 (commencement of operations) through April 30, 2025

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, 2026, 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.

COHEN & COMPANY, LTD.

Cleveland, Ohio

June 29, 2026

Cambria ETF Trust

Notes to Financial Statements

ADDITIONAL INFORMATION (Unaudited)

QUALIFIED DIVIDEND INCOME/DIVIDENDS RECEIVED DEDUCTION

For the fiscal year ended April 30, 2026, certain dividends paid by the Funds may be subject to a maximum tax rate of 23.8%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003 and the Tax Cuts and Jobs Act of 2017. The percentage of dividends declared from ordinary income designated as qualified dividend income by the Funds was as follows:

Emerging Shareholder Yield ETF	54.14%
Fixed Income Trend ETF	11.37%
Foreign Shareholder Yield ETF	92.80%
Global Asset Allocation ETF	26.84%
Global Momentum ETF	76.47%
Global Real Estate ETF	15.13%
Global Value ETF	57.19%
LargeCap Shareholder Yield ETF	97.35%
Micro and SmallCap Shareholder Yield ETF	86.92%
Shareholder Yield ETF	100.00%
Tactical Yield ETF	0.00%
Tail Risk ETF	0.00%
Trinity ETF	31.92%
Value and Momentum ETF	100.00%

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended April 30, 2026 was as follows:

Emerging Shareholder Yield ETF	0.00%
Fixed Income Trend ETF	1.38%
Foreign Shareholder Yield ETF	0.02%
Global Asset Allocation ETF	0.00%
Global Momentum ETF	0.00%
Global Real Estate ETF	2.91%
Global Value ETF	0.00%
LargeCap Shareholder Yield ETF	97.49%
Micro and SmallCap Shareholder Yield ETF	85.41%
Shareholder Yield ETF	100.00%
Tactical Yield ETF	0.00%
Tail Risk ETF	0.00%
Trinity ETF	0.00%
Value and Momentum ETF	100.00%

The percentage of taxable ordinary income distributions that are designed as short-term capital gain distributions under Internal Revenue Section 871 (k)(2)(c) was 0.00% for each of the Funds, except for Tactical Yield ETF which was 0.05%.

TAX INFORMATION

The Cambria Trust ETFs has elected to pass through to its shareholders the foreign taxes paid for the fiscal year ended April 30, 2026, as follows:

Fund	Foreign Dividend Income		Foreign Taxes Paid		Foreign Taxes Paid Per Share
Emerging Shareholder Yield ETF	$	35,453,663		$ 4,672,144		$ 0.272031611
Foreign Shareholder Yield ETF		26,341,428		2,625,882		0.157947694
Global Value ETF		17,526,838		1,833,899		0.119084273

FOREIGN TAX CREDIT

The Cambria Trust ETFs have made an election under Section 853 of the Internal Revenue Code to provide its shareholders the benefit of the foreign tax credits in the per share amount designated below. Therefore, shareholders who must file a U.S. Federal Income tax return will be entitled to a foreign tax credit or itemized deduction in an amount equal to $0.272031611, $0.157947694 and $0.119084273 per share for each share owned on April 30, 2026, in computing their tax liability for Emerging Shareholder Yield ETF, Foreign Shareholder Yield ETF and Global Value ETF, respectively.

(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.

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 24, 2026 (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 (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 Morgan Lewis 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, extent, and quality of the overall services provided by Cambria and Tidal to the Funds. 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, 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 investments, 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, 2026, 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.

Cambria Shareholder Yield ETF: The Board considered that the Fund underperformed, before fees and expenses, the S&P 500, its benchmark index, for the since inception and 12-month periods, but outperformed the same benchmark for the 3-month period. Primary drivers of the Fund’s outperformance for the three-month period, relative to its benchmark, were exposure to Canada and the Canadian dollar as well as security selection in Japan and an overweight allocation and security selection in Hong Kong. Primary drivers of the Fund’s outperformance 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 Industrials sector. The Board further noted that the Fund was in the middle of its Peer Group in terms of performance for the since inception period, underperformed all of its Peer Group funds for the 12-month period, and outperformed all but one of its Peer Group funds for the three-month period.

Cambria Foreign Shareholder Yield ETF: The Board considered that the Fund outperformed, before fees and expenses, the MSCI EAFE Index, its benchmark index, for the since inception, 12- and three-month periods. Primary drivers of the Fund’s outperformance 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 Hong Kong and Norway as well as exposure to Canada, the Canadian dollar, and Norwegian Krone, and an overweight allocation to Hong Kong drove outperformance relative to its benchmark for the 12-month period. The Board further noted that the Fund outperformed all funds in its Peer Group over the 3-month and since inception periods, and outperformed all but one fund in its Peer Group over the 12-month period.

Cambria Global Value ETF: The Board considered that the Fund outperformed, before fees and expenses, the MSCI ACWI Total Return Index, its benchmark index, for the three-month and 12-month periods, but significantly underperformed the same benchmark for the since inception period. The primary drivers of the Fund’s outperformance over the three-month period were overweight allocations to Colombia, Poland, and Austria as well as exposure to Chile, Brazil, the Colombian peso, the Polish zloty, the euro, the Chilean peso, and the Brazilian peso. The primary drivers of the Fund’s outperformance over the 12-month period were (1) overweight allocation to and security selection in Poland and overweight exposure to the Polish zloty; (2) overweight allocations to Colombia and exposure to the Colombian peso; (3) overweight allocation to Austria and exposure to the euro; (4) overweight allocation to and security selection in the Czech Republic and exposure to the Czech Koruna; and (5) overweight exposure to and security selection in Brazil as well as exposure to the Brazilian peso. The Board further noted that the Fund significantly outperformed all of the funds in its Peer Group for the three- and 12-month periods, but the Fund’s performance significantly lagged behind the performance of all funds in the Peer Group for the since inception period.

Cambria Global Momentum ETF: The Board considered that the Fund significantly outperformed, before fees and expenses, the S&P Balanced Equity and Bond – Moderate Index, its benchmark index, for the three- and 12-month periods, and underperformed the same benchmark for the since inception period. Exposure to gold and precious metals, gold mining stocks, and global value stocks drove outperformance over the three- and 12-month periods. The Board further noted that the Fund significantly outperformed its Peer Group funds for the since inception and 12-month periods, outperformed its Peer Group funds for the three-month period.

Cambria Global Asset Allocation ETF: 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 period, but significantly outperformed the same benchmark for the three- and 12-month periods. The primary drivers of the Fund’s outperformance over the three- and 12-month periods relative to its benchmark were the Fund’s exposure to foreign stocks, and gold and gold Mining stocks. 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, outperformed its Peer Group funds for 12-month period, and significantly outperformed its Peer Group funds for the 3-month period.

Cambria Value and Momentum ETF: The Board considered that the Fund significantly underperformed, before fees and expenses, the S&P 500, its benchmark index, for the since inception period, but it outperformed the same benchmark for the 12-month period and significantly outperformed the benchmark for the three-month period. The primary drivers of the Fund’s outperformance over the three-month period were the Fund’s overweight allocation and security selection in the Industrials and Financials sectors as well as an underweight allocation to the Technology sector. The primary drivers of the Fund’s outperformance over the 12-month period were the Fund’s hedge against the S&P 500 as well an security selection in the Industrials and Financials sectors. The Board further noted that the Fund underperformed its Peer Group funds over all the since inception and 12-month periods, and was in the middle of its Peer Group for the 3-month period.

Cambria Emerging Shareholder Yield ETF: 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 and 3-month periods, but underperformed its benchmark for the 12-month period. The primary drivers of the Fund’s outperformance over the three-month period, relative to its benchmark, were an overweight allocation to South Africa as well as exposure to the South African rand, security selection in China, and an underweight exposure to and security selection in India as well as exposure to the Indian rupee. The primary drivers of the Fund’s underperformance over the 12-month period, relative to its benchmark, were an overweight allocation and security selection in Taiwan, an underweight allocation to Hong Kong, and security selection in South Korea. The Board further noted that the Fund outperformed its Peer Group for all three periods.

Cambria Tail Risk ETF: 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-month and since inception periods, including significant underperformance for the since inception period, but outperformed the same benchmark for the 12-month period. The Fund’s allocation to put options on the S&P 500 was the primary driver of the Fund’s underperformance for the three-month period. However, the Fund’s allocation to put options on the S&P 500 was the primary driver of the Fund’s outperformance for the 12-month period. 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.

Cambria Trinity ETF: 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 period, but outperformed the same benchmark for the 3- and 12-month periods. The primary drivers of the Fund’s outperformance over the three-month period were exposure to foreign stocks, precious metals, gold mining stocks, and U.S. value and momentum stocks. The primary drivers of the Fund’s outperformance over the 12-month period were exposure to foreign stocks, precious metals, gold and gold mining stocks, and U.S. value and momentum stocks. The Board further noted that the Fund underperformed all but one fund in its Peer Group for all since inception period, but outperformed all funds in its Peer Group for the 3- and 12-month periods, including significant outperformance for the 3-month period.

Cambria Cannabis ETF: The Board considered that the Fund underperformed, before fees and expenses, the S&P 500, its benchmark index, for the 3-month and since inception periods, including significant underperformance for the since inception period, but outperformed the same benchmark for the 12-month period. The primary driver of the Fund’s underperformance over the three-month period can be attributed to the general underperformance of marijuana and ancillary marijuana companies relative to the benchmark, while the outperformance during the 12-month period can be attributed to the outperformance of marijuana and ancillary marijuana companies relative to the benchmark. The Board further noted that the Fund outperformed all of the funds in its Peer Group for the three-month and since inception periods, and had outperformed all but one of the funds in its Peer Group for the 12-month period.

Cambria Global Real Estate ETF: 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 12-month and since inception periods, but slightly outperformed the same benchmark for the 3-month period. For the three-month period, an overweight allocation to Turkey, South Africa, and Belgium, exposure to the South African rand, as well as security selection in health care REITs, underweight allocation to and security selection in other specialized REITs, and lack of exposure to data center REITs were the primary contributors to outperformance 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 U.S., an underweight allocation to and security selection in Japan, security selection in Australia as well as underweight exposure to the Australian dollar, an overweight allocation to and security selection in office REITs, and security selection and currency exposure in diversified REITs. 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- and 12-month periods.

Cambria Micro & Small Cap Shareholder Yield ETF: The Board considered that the Fund outperformed, 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, security selection in the Consumer Discretionary sector, and an overweight allocation to and security selection in the Financials and Industrials sectors were the primary contributors to outperformance relative to the benchmark index. For the 12-month period, outperformance relative to the benchmark was driven primarily by the Fund’s security selection in the Consumer Discretionary and Energy sectors as well as an underweight allocation to and security selection in the Health Care sector. The Board further noted that the Fund was within the range of its Peer Group for the 12-month and since inception periods, but outperformed all funds in its Peer Group for the 3-month period.

Cambria Tactical Yield ETF: The Board considered that the Fund slightly outperformed, before fees and expenses, the ICE BofA U.S. 3-Month Treasury Bill Index, its benchmark index, for the three- and 12-month periods, but slightly underperformed the benchmark for the since inception period. The Board further noted that the Fund outperformed all but one fund in its Peer Group for the since inception and 3-month periods, and was within the range of its Peer Group for the 12-month period.

Cambria Large Cap Shareholder Yield ETF: The Board considered that the Fund underperformed, before fees and expenses, the S&P 500 Index, its benchmark index, for the 12-month and since inception periods, but significantly outperformed the same index for the 3-month period. For the three-month period, an overweight allocation to and security selection in the Materials, Financials, and Consumer Discretionary sectors, as well as an underweight allocation and security selection in the Technology sector were the primary contributors to outperformance relative to the benchmark index. For the 12-month period, underperformance relative to the benchmark was driven primarily by the Fund’s underweight allocation to the Technology sector as well as an overweight allocation to and security selection in the Communication Services and Consumer Staples sectors. The Board further noted that the Fund was on the lower end, but within the range, of its Peer Group for the 12-month and since inception periods, but outperformed all funds in its Peer Group for the 3-month period.

Cambria Fixed Income Trend ETF: The Board considered that the Fund underperformed, before fees and expenses, the Bloomberg Global Aggregate Index, its benchmark index, for the 3-month and since inception periods, noting that the Fund launched March 27, 2025 and therefore does not have performance for the 12-month period. For the three-month period, positive returns were driven by exposure to preferred securities and high yield bonds. For the since inception period, positive returns was driven by exposure to convertible and emerging market securities, and high yield bonds. The Board further noted that the Fund generally performed in line with its Peer Group for both periods.

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 such 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 Fund.

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 Shareholder Yield ETF, 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, Cambria Value and Momentum ETF, Cambria Micro & SmallCap Shareholder Yield ETF, Cambria Large Cap Shareholder Yield ETF, and Cambria Fixed Income Trend ETF where the Fund’s expense ratio was higher than, or at the higher end of, 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, serves 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 12 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. The Board also noted Cambria’s contractual fee waiver for TOKE and voluntary fee waiver for Funds with less than $50 million in assets under management.

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.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

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.

Item 15. Submission of Matters to a Vote of Security Holders.

Not Applicable.

Item 16. Controls and Procedures.

(a)

The Registrant’s 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.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable to open-end investment companies.

Item 18. Recovery of Erroneously Awarded Compensation.

(a) Not Applicable

(b) Not Applicable

Item 19. Exhibits.

(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. Filed herewith.

(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.

(3) A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.

(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.

(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)

Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)

Cambria ETF Trust

	By (Signature and Title)*	/s/ Mebane Faber
		Mebane Faber, President/Principal Executive Officer

Date

July 9, 2026

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

July 9, 2026

	By (Signature and Title)*	/s/ Aaron J. Perkovich
		Aaron J. Perkovich, Treasurer/Principal Financial Officer

Date

July 9, 2026

* Print the name and title of each signing officer under his or her signature.

ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

CODE OF ETHICS

SECTION 302 CERTIFICATION

SECTION 906 CERTIFICATION

XBRL SCHEMA FILE

XBRL DEFINITION FILE

XBRL LABEL FILE

XBRL PRESENTATION FILE

IDEA: FilingSummary.xml

IDEA: MetaLinks.json

IDEA: cambria-ncsr_043026_htm.xml

	Cambria Fixed Income Trend ETF	Bloomberg Global Aggregate Total Return Index
3/27/25	10000	10000
3/31/25	9973	10057
4/30/25	9754	10352
5/31/25	9725	10315
6/30/25	9877	10511
7/31/25	9942	10354
8/31/25	10043	10505
9/30/25	10292	10574
10/31/25	10419	11068
11/30/25	10382	10571
12/31/25	11857	10599
1/31/26	10515	10698
2/28/26	10653	10818
3/31/26	10320	10485
4/30/26	10691	10616

	Cambria LargeCap Shareholder Yield ETF	S&P 500 Total Return Index
7/11/24	10000	10000
7/31/24	10552	9893
8/31/24	10704	10133
9/30/24	10794	10349
10/31/24	10510	10255
11/30/24	11203	10857
12/31/24	10204	10598
1/31/25	10660	10893
2/28/25	10650	11068
3/31/25	10396	10145
4/30/25	11857	10077
5/31/25	10246	10711
6/30/25	10651	11256
7/31/25	10684	11508
8/31/25	11210	11742
9/30/25	11298	12170
10/31/25	11027	12455
11/30/25	11345	12486
12/31/25	11433	12493
1/31/26	11888	12674
2/28/26	12402	12578
3/31/26	12002	11952
4/30/26	12417	13206

	Cambria Micro and SmallCap Shareholder Yield ETF	S&P 500 Total Return Index	S&P 600 Total Return Index
1/3/24	10000	10000	10000
1/31/24	10114	10308	9926
2/29/24	10444	10858	10256
3/31/24	10762	11208	10588
4/30/24	10231	10750	9994
5/31/24	10826	11283	10498
6/30/24	10493	11688	10259
7/31/24	11404	11830	11366
8/31/24	11013	11068	11203
9/30/24	11013	12376	11298
10/31/24	11857	12263	11000
11/30/24	11632	12983	12203
12/31/24	10743	12674	11232
1/31/25	10958	13027	11559
2/28/25	10345	12857	10899
3/31/25	9798	12132	10230
4/30/25	9188	12050	9801
5/31/25	9783	12809	10314
6/30/25	10166	13460	10731
7/31/25	10334	13762	10830
8/31/25	11287	14041	11596
9/30/25	11524	14553	11709
10/31/25	11123	14894	11606
11/30/25	11589	14931	11914
12/31/25	11865	14940	11908
1/31/26	12727	15157	12576
2/28/26	12907	15041	12849
3/31/26	12501	14292	12327
4/30/26	13511	15792	13610

	Cambria Tactical Yield ETF	Bloomberg Global Aggregate	ICE BofA US 3-Month Treasury Bill Total Return Index
1/3/24	10000	10000	10000
1/31/24	10034	9965	10041
2/29/24	10063	9839	10082
3/31/24	10108	9894	10127
4/30/24	10145	9644	10170
5/31/24	10194	9770	10219
6/30/24	10235	9784	10261
7/31/24	10295	10054	10307
8/31/24	10357	11068	10356
9/30/24	10408	10467	10401
10/31/24	11857	10117	10441
11/30/24	10476	10151	10481
12/31/24	10520	9933	10523
1/31/25	10559	9990	10562
2/28/25	10592	10133	10595
3/31/25	10628	10195	10631
4/30/25	10665	10495	10667
5/31/25	10698	10457	10706
6/30/25	10736	10656	10741
7/31/25	10769	10497	10778
8/31/25	10815	10649	10821
9/30/25	10854	10719	10857
10/31/25	10890	10692	10894
11/30/25	10924	10717	10924
12/31/25	10963	10745	10963
1/31/26	10993	10845	10994
2/28/26	11023	10967	11024
3/31/26	11055	10629	11056
4/30/26	11087	10762	11088