SOURCE: Morningstar. 1Cambria Cannabis ETF (TOKE) information as of 12/31/23. *Reflects subsidized 30-day SEC yield as of 12/31/23. **Reflects unsubsidized 30-day SEC yield as of 12/31/23. Unsubsidized 30-day SEC Yield represents what a fund's 30-day SEC yield would have been had no fee waivers or expense reimbursement been in place over the period. Cambria Cannabis ETF (TOKE): Gross expense ratio: 0.59%. Net expense ratio: 0.42%. The Fund's investment adviser has agreed to waive 17 basis points (0.17% of its management fee) for the Fund until at least 8/31/24. This agreement may be terminated only by, or with the consent of, the Trust's Board of Trustees. ***Reflects US listed, non-leveraged cannabis ETFs.
Past performance is not a guarantee for future results.
Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call 855-383-4636 (ETF INFO) or visit www.cambriafunds.com. Current performance may be higher or lower than the performance quoted. Market price returns are based upon the midpoint of the bid/ask spread at 4:00 Eastern Time and do not represent the returns you would receive if you traded shares at other times.
This material should be preceded or accompanied by the fund prospectus.
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.
The S&P 500 Index is an index of 500 stocks chosen for market size, liquidity and industry grouping, among other factors. The S&P 500 is designed to be a leading indicator of U.S. equities and is meant to reflect the risk/return characteristics of the large cap universe.
The MSCI EAFE Index is a free-float weighted equity index. The index was developed with a base value of 100 as of December 31, 1969. The MSCI EAFE region covers DM countries in Europe, Australasia, Israel, and the Far East.
The MSCI EM TR (Emerging Markets Total Return) Index is a free-float weighted equity index that captures large and mid-cap representation across Emerging Markets (EM) countries. The index covers approximately 85% of the free float-adjusted market capitalization in each country.
The MSCI ACWI Index is a market capitalization weighted index designed to provide a broad measure of equity-market performance throughout the world and is maintained by Morgan Stanley Capital International. It is comprised of stocks from both developed and emerging markets.
S&P’s Balanced Equity and Bond Index Series is comprised of three multi-asset class indices, each with a particular risk level. The indices consist of U.S. Treasury Bonds and Equities with the following asset mix proportions: Conservative: 75% Treasuries / 25% Equities, Moderate: 50% Treasuries / 50% Equities, Growth: 25% Treasuries / 75% Equities.
The World Government Bond Index (WGBI) measures the performance of fixed-rate, local currency, investment grade sovereign bonds. The WGBI is a widely used benchmark that currently comprises sovereign debt from over 20 countries, denominated in a variety of currencies, and has more than 25 years of history available. The WGBI provides a broad benchmark for the global sovereign fixed income market. Sub-indices are available in any combination of currency, maturity, or rating.
The FTSE EPRA Nareit Global Index is designed to track the performance of listed real estate companies and REITS in both developed and emerging markets.
30-Day SEC Yield: A calculation based on a 30-day period ending on the last day of the previous month. It is computed by dividing the net investment income per share earned during the period by the maximum offering price per share on the day of the period.
12-Month Yield: An expression of the amount paid out in distributions in the form of dividends and interest payments (pre-tax) by the investment in the last 12 months expressed as a percentage of the previous month-end price plus any capital gains. Distributions does not include any return of capital payments.
Market Offer Price: Reflects market value at the time as of which NAV is calculated, the midpoint between the best bid and best offer as of that time.
As of 1/31/24 SYLD received a 5-star overall rating, 3 years a 3-star rating, 5 years a 5-star rating, and 10 years a 5-star rating based on risk adjusted returns out of 383, 383, 363, 277 funds respectively in the Mid-Cap Value category.
As of 1/31/24 FYLD received a 4-star overall rating, 3 years a 4-star rating, 5 years a 4-star rating, and 10 years a 4-star rating based on risk adjusted returns out of 45, 45, 40, 21 funds respectively in the Foreign Small/Mid Value category.
As of 1/31/24 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 716, 716, 660 funds respectively in the Diversified Emerging Markets category.
As of 1/31/24 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 380, 380, 355 funds respectively in the Global Allocation category.
As of 1/31/24 VAMO received a 3-star overall rating, 3 years a 4-star rating, and 5 years a 3-star rating based on risk adjusted returns out of 153, 153, 136 funds respectively in the Long-Short Equity category.
As of 1/31/24 TRTY received a 3-star overall rating, 3 years a 4-star rating, and 5 years a 3-star rating based on risk adjusted returns out of 231, 231, 213 funds respectively in the Tactical Allocation category.
As of 1/31/24 GMOM received a 3-star overall rating, 3 years a 4-star rating, and 5 years a 3-star rating based on risk adjusted returns out of 234, 234, 214 funds respectively in the Tactical Allocation category.
As of 1/31/24 BLDG received a 2-star overall rating and 3 years a 2-star rating based on risk-adjusted returns out of 236, 236 funds in the Real Estate category.
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The Morningstar RatingTM 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.