Fund Description: Cambria Value and 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 Value and Momentum ETF seeks income and capital appreciation from investments in the U.S. equity market. 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 will seek to achieve its investment objective by investing, under normal market conditions, at least 80% of the value of the Fund’s net assets in U.S. exchange-listed equity securities that are undervalued according to various valuation metrics, including the cyclically adjusted price-to-earnings ratio, commonly known as the CAPE Shiller P/E ratio. The Fund may invest in investments that provide exposure to such securities. 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 ten years. The adviser intends to employ systematic quantitative strategies in an effort to avoid overvalued and downtrending markets. In attempting to avoid overvalued and downtrending markets, the Fund may hedge up to 100% of the value of the Fund's long portfolio. The Fund may use derivatives, including U.S. exchange-traded stock index futures or options thereon, to attempt to effectuate such hedging during times when the adviser believes that the U.S. equity market is overvalued from a valuation standpoint, or the adviser's models identify unfavorable trends and momentum in the U.S. equity market. During certain periods, including to collateralize the Fund's investments in futures contracts, the Fund may invest up to 20% of the value of its net assets in U.S. dollar and non-U.S. dollar denominated money market instruments or other high quality debt securities, or ETFs that invest in these instruments. Although the Fund generally expects to invest in companies with larger market capitalizations, the Fund may also invest in small- and mid-capitalization companies. The Fund may invest in U.S. exchange-listed preferred stocks. Preferred stocks include convertible and non-convertible preferred and preference stocks that are senior to common stock. The Fund may also invest in U.S. exchange-listed real estate investment trusts (REITs) and engage in short sales of securities. FUND MANAGEMENT: Cambria Investment Management, L.P. serves as the investment adviser of the Fund.