Fund Description: Cambria Sovereign High Yield Bond 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 Sovereign High Yield Bond ETF seeks income and capital appreciation. 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: Under normal market conditions, at least 80% of the value of the Fund’s net assets (plus borrowings for investment purposes) will be invested in sovereign and quasi-sovereign high yield bonds (commonly known as junk bonds). Sovereign and quasi-sovereign high yield bonds include such securities and instruments that provide exposure to such securities, including exchange-traded products (ETPs), exchange-traded funds (ETFs) and exchange-traded notes (ETNs) that invest in or have exposure to such bonds. The Fund will invest in emerging and developed countries. Sovereign bonds include debt securities issued by a national government, instrument or political subdivision. Quasi-sovereign bonds include debt securities issued by a supra-national government or a state-owned enterprise or agency. High yield bonds are those that, are rated below investment grade. The sovereign and quasi-sovereign bonds that the Fund invests in may be denominated in local and foreign currencies. The Fund may invest in securities of any duration or maturity. The Fund may invest up to 20% of its net assets in ETPs, including ETFs and ETNs, that invest in or provide exposure to sovereign and quasi-sovereign bonds, money market instruments or other high quality debt securities, cash or cash equivalents. Cambria utilizes a quantitative model to select sovereign and quasi-sovereign bond exposures for the Fund. The model reviews various characteristics of potential investments, with yield as the largest determinant. Cambria has discretion on a daily basis to actively manage the Fund’s portfolio in accordance with the Fund’s investment objective. 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 at least quarterly. The Fund is non-diversified. FUND MANAGEMENT: Cambria Investment Management, L.P. serves as the investment adviser of the Fund.