To determine if the Fund is an appropriate investment for you, carefully consider the Fund’s investment objectives, risk factors, charges and expenses before investing. This and other information can be found in the Fund’s prospectus which may be obtained by calling 855-383-4636 (ETF INFO) or visiting our website at www.cambriafunds.com. Read the prospectus carefully before investing or sending money.

The Cambria ETFs are distributed by ALPS Distributors Inc., 1290 Broadway, Suite 1000, Denver, CO 80203, which is not affiliated with Cambria Investment Management, LP, the Investment Adviser for the Fund.

Investing involves risk, including potential loss of capital.

SYLD, FYLD, EYLD, GVAL: There is no guarantee that a Fund will achieve its investment goal. Investing involves risk, including the possible loss of principal. High yielding stocks are often speculative, high-risk investments. The underlying holdings of the Funds may be leveraged, which will expose the holding to higher volatility and may accelerate the impact of any losses. These companies can be paying out more than they can support and may reduce their dividends or stop paying dividends at any time, which could have a material adverse effect on the stock price of these companies and the Fund’s performance. International investing may involve risk of capital loss from unfavorable fluctuations in currency values, from differences in generally accepted accounting principles, or from economic or political instability in other nations. Emerging markets involve heightened risks related to the same factors as well as increased volatility and lower trading volume. Investments in smaller companies typically exhibit higher volatility. Narrowly focused funds typically exhibit higher volatility.

GAA,TRTY,GMOM: Investments in sovereign and quasi-sovereign debt obligations involve special risks not present in corporate debt obligations. The issuer of the sovereign debt or the authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due, and the Fund may have limited recourse in the event of a default. Investments in commodities are subject to higher volatility than more traditional investments. The fund may invest in derivatives, which are often more volatile than other investments and may magnify the Fund’s gains or losses. The use of leverage by the fund managers may accelerate the velocity of potential losses. The Fund employs a ‘momentum’ style of investing that emphasizes investing in securities that have had higher recent price performance compared to other securities. This style of investing is subject to the risk that these securities may be more volatile than a broad cross section of securities or that the returns on securities that have previously exhibited price momentum are less than returns on other styles of investing or the overall stock market. Investments in smaller companies typically exhibit higher volatility. Diversification may not protect against market loss. Emerging markets involve heightened risks related to the same factors as well as increased volatility and lower trading volume. The risk of investing in securities of ETFs, ETPs and investment companies typically reflect the risk of the types of instruments in which the underlying ETF, ETP or investment company invests. In addition, with such investments the Fund bears its proportionate share of fees and expenses of the underlying entity. As a result, the Fund’s operating expenses may be higher, and performance may be lower.

TAIL, FAIL: Derivatives are financial instruments that derive their performance from an underlying reference asset, such as an index. Derivatives, such as put options, can be volatile, and a small investment in a derivative can have a large impact on the performance of the Fund as derivatives can result in losses in excess of the amount invested. Options used by the Fund to offset its exposure to tail risk or reduce volatility may not perform as intended. There can be no assurance that the Fund’s put option strategy will be effective. The put option strategy may not fully protect the Fund against declines in the value of its portfolio securities.

FAIL: Prior to 3/15/21, FAIL operated as Cambria Sovereign Bond ETF (SOVB). On that date, the investment strategy and objective also changed. Any performance prior to 3/15/21 was achieved under the previous strategy.

VAMO: The fund may hedge up to 100% of the value of the fund’s long portfolio. The fund may use derivatives to attempt to effectuate such hedging during times when the advisor believes that the U.S. equity market is overvalued from a valuation standpoint, or model identifies unfavorable trends and momentum in the U.S. equity market. The primary risk of derivative instruments is changes in market value of securities held by the fund and of the derivative instruments relating to those securities may not be proportionate. Derivatives are often more volatile than other investments and may magnify the fund’s gains or losses.

BLDG: The fund’s investments are concentrated in real estate-related industries, and the fund may be susceptible to loss due to adverse occurrences affecting these industries including declines in the real estate market, decreases in property revenues, increases in interest rates, increases in property taxes and operating expenses, legal and regulatory changes, a lack of credit or capital, defaults by borrowers or tenants, environmental problems and natural disasters. The availability of mortgages and changes in interest rates may also affect real estate values.

TOKE: Cannabis companies are subject to various laws and regulations that may differ at the local and federal level. They are subject to the risks associated with agricultural, biotechnology and pharmaceutical industries. Since the use of marijuana is illegal under United States federal law, federally regulated banking institutions may be unwilling to make financial services available to growers and sellers of marijuana. The Fund’s investments are concentrated in the cannabis industry, and the Fund may be susceptible to loss due to adverse occurrences affecting the industry. The Fund is also expected to have significant exposure to health care, consumer discretionary and consumer staples sectors.

All Cambria ETFs are actively managed.

As of 10/31/23 SYLD received a 5-star overall rating, 3 years a 5-star rating, 5 years a 5-star rating, and 10 years a 5-star rating based on risk adjusted returns out of 379, 379, 363, 269 funds respectively in the Mid-Cap Value category.

As of 10/31/23 FYLD received a 4-star overall rating, 3 years a 4-star rating, and 5 years a 4-star rating based on risk adjusted returns out of 43, 43, 40 funds respectively in the Foreign Small/Mid Value category.

As of 10/31/23 EYLD received a 4-star overall rating, 3 years a 5-star rating, and 5 years a 4-star rating based on risk adjusted returns out of 721, 721, 651 funds respectively in the Diversified Emerging Markets category.

As of 10/31/23 GAA received a 4-star overall rating, 3 years a 3-star rating, and 5 years a 4-star rating based on risk adjusted returns out of 384, 384, 355 funds respectively in the Global Allocation category.

As of 10/31/23 TRTY received a 4-star overall rating, 3 years a 5-star rating, and 5 years a 4-star rating based on risk adjusted returns out of 241, 241, 217 funds respectively in the Tactical Allocation category.

As of 10/31/23 GMOM received a 4-star overall rating, 3 years a 4-star rating, and 5 years a 4-star rating based on risk adjusted returns out of 241, 241, 217 funds respectively in the Tactical Allocation category.

As of 10/31/23 VAMO received a 3-star overall rating, 3 years a 5-star rating, and 5 years a 2-star rating based on risk adjusted returns out of 171, 171, 152 funds respectively in the Long-Short Equity category.

As of 10/31/23 BLDG received a 3-star overall rating and 3 years a 3-star rating based on risk-adjusted returns out of 231, 231 funds in the Real Estate category.

© 2023 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three year period actually has the greatest impact because it is included in all three rating periods. Past performance is no guarantee of future results.