Fund Description: Cambria Global Momentum ETF is an actively managed exchange-traded fund or Actively Managed ETF which is a separate investment portfolio of the Cambria ETF Trust, an open-end investment management company. INVESTMENT OBJECTIVE: The Cambria Global Momentum ETF seeks to preserve and grow capital. The Fund is an actively managed ETF and thus does not seek to replicate the performance of a specific index. Rather, Cambria Investment Management, L.P., the investment adviser, has discretion on a daily basis to actively manage the Fund’s portfolio in accordance with the Fund’s investment objective. FUND STRATEGY: The Fund is considered a fund of funds that seeks to achieve its investment objective by primarily investing in other exchange-traded funds (the ETFs) and other exchange traded products (ETPs) including, but not limited to, exchange-traded notes (ETNs), exchange traded currency trusts, closed-end funds, and real estate investment trusts (together, Underlying Vehicles) that offer diversified exposure, including inverse exposure, to global regions (including emerging markets), countries, styles (i.e., market capitalization, value, growth, etc.) and sectors. The Fund will invest in Underlying Vehicles spanning all the major world asset and instrument classes including equities, bonds (including high yield bonds, which are commonly referred to as junk bonds), real estate, derivatives, commodities, and currencies. The investment adviser (Cambria) will actively manage the Fund’s portfolio utilizing a quantitative strategy with risk management controls in an attempt to protect capital. Cambria’s model combines momentum and trend factors to select Underlying Vehicles for the Fund. Quantitative screens exclude foreign issuers whose securities are highly restricted or illegal for U.S. persons to own, including due to the imposition of sanctions by the U.S. Government. The Fund looks to allocate to the top-performing assets based on absolute and relative momentum, typically measured over periods of less than two years. Through Underlying Vehicles, the Fund may have exposure to companies in any industry and of any market capitalization. In addition to Underlying Vehicles, the Fund may invest up to 20% of its net assets in directly in other securities and financial instruments, including futures, cash and cash equivalents. Under normal market conditions, the Fund expects to invest at least 40% of its net assets in securities of issuers located in at least three different countries (including the United States). The Fund may sell a security when Cambria believes that the security is overvalued or better investment opportunities are available, to invest in cash and cash equivalents, or to meet redemptions. Cambria expects to rebalance to target allocations monthly. As a result, the Fund may experience high portfolio turnover. FUND MANAGEMENT: Cambria Investment Management, L.P. serves as the investment adviser of the Fund.