Fund Description: Cambria Emerging Shareholder Yield ETF is an exchange-traded index fund or Index ETF which is a separate investment portfolio of the Cambria ETF Trust, an open-end investment management company. INVESTMENT OBJECTIVE: The Cambria Emerging Shareholder Yield ETF seeks investment results that closely correspond to the price and yield performance, before fees and expenses, of the Cambria Emerging Shareholder Yield Index. INDEX DESCRIPTION: The Cambria Emerging Shareholder Yield Index is comprised of equity securities of issuers in emerging foreign markets. The Index considers an issuer to be in an emerging foreign market if it is domiciled or listed and traded in any of the following countries: Brazil, Czech Republic, Greece, Hong Kong, India, Indonesia, Malaysia, Poland, Russia, Thailand, Turkey, or a market with similar characteristics as the aforementioned. Pursuant to the methodology of the Index, the 100 issuers that have exhibited, in the aggregate, the strongest cash flows, the highest dividends paid to shareholders, and net stock buybacks and debt paydown will be included in the Index. Although securities in the Index may be denominated in either the U.S. dollar or other currencies and may include securities of companies in any industry and of any market capitalization, the Index is weighted based only on publicly available data and includes screens to limit its country, sector and industry concentration to seek to ensure its liquidity and investability. FUND STRATEGY: The Fund employs a passive management or indexing investment approach to track the performance of the Index. In seeking to track the performance of the Index, the Fund intends to employ a replication strategy, which means that the Fund will typically invest in substantially all of the components of the Index in approximately the same weights as they appear in the Index. Under normal market conditions, the Fund will invest at least 80% of its total assets in the components of the Index or in depositary receipts representing components of the Index. The Index is comprised of equity securities of issuers in emerging foreign markets. The Fund may invest up to 20% of its net assets in instruments not included in the Index, but which the adviser believes will help the Fund track the Index. The Index provider will update the list of emerging foreign markets annually. FUND MANAGEMENT: Cambria Investment Management, L.P. serves as the investment adviser of the Fund.