Fund Description: Cambria Global Value 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 Global Value ETF seeks investment results that closely correspond to the price and yield performance, before fees and expenses, of the Cambria Global Value Index. INDEX DESCRIPTION: The Cambria Global Value Index is comprised of equity securities of issuers located in developed and emerging countries, as well as exchange-traded funds composed of issuers located in developed and emerging countries. To be eligible for inclusion in the Index, an issuer must be domiciled, trade in or have exposure to a market that is undervalued, according to various valuation metrics including cyclically adjusted valuation metrics. These valuation metrics are derived by dividing the current market value of a reference index or asset by an inflation-adjusted normalized factor (typically earnings, book value, dividends, cash flows or sales) over the past seven to 10 years. The Index uses systematic quantitative screens to attempt to avoid overvalued markets on both a relative and absolute level. In addition, the Index will be weighted based only on publicly available data and will include screens to limit its country, sector and industry concentration to seek to ensure its liquidity and investability. At least 40% of the Index is expected to be composed of securities of issuers located in at least three countries (including the United States). 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. Although the Index generally includes larger capitalization companies, it may include small- and mid-capitalization companies. 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. 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. 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.