Fund Description: Cambria Foreign 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 Foreign Shareholder Yield ETF seeks investment results that closely correspond to the price and yield performance, before fees and expenses, of the Cambria Foreign Shareholder Yield Index. INDEX DESCRIPTION: The Cambria Foreign Shareholder Yield Index is comprised of equity securities of issuers in developed foreign markets. The Index considers an issuer to be in a developed foreign market if it is domiciled or listed and traded in any of the following countries: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, Luxembourg, the Netherlands, New Zealand, Norway, Portugal, Singapore, South Korea, Spain, Sweden, Switzerland, and the United Kingdom. The Index provider will update the list of developed foreign markets annually. An issuer must have a high ranking across a composite of the following characteristics to be eligible for inclusion in the Underlying Index: Strong cash flows; Payment of dividends to shareholders; Net stock buybacks; and Net debt paydown. 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. To the extent that the Index concentrates (i.e.., holds 25% or more of its total assets) in the securities of a particular country, sector, industry or group of industries, the Fund will concentrate to approximately the same extent as the Index. The Index is rebalanced and reconstituted quarterly. 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 Fund may invest up to 20% of its net assets in instruments not included in the Index, but which the Fund’s investment adviser, believes will help the Fund track the Index. FUND MANAGEMENT: Cambria Investment Management, L.P. serves as the investment adviser of the Fund.