SYLD

Cambria Shareholder Yield ETF
SECOND QUARTER June 30, 2024

Fund Details

Strategy Overview
Free cash flow has long been emphasized by investors as a key predictor of a company’sstrength. Companies that pay cash dividends, one indication of strong free cash flow, havehistorically outperformed the broader market. Focusing strictly on dividend payments,
however, misses two key indicators of strong free cash flow: net share repurchases and net
debt paydown. The manager believes that a focus on all three factors - dividend payments,net share repurchases and net debt paydown, a trio collectively known as shareholder yield- produces a portfolio of companies that offer strong free cash flow characteristics. TheCambria Shareholder Yield ETF employs a quantitative algorithm to select approximately
100 companies with the best combined rank of dividend payments and net stockbuybacks, which are the key components of shareholder yield. The ETF also screens forvalue and quality factors, including low financial leverage.

Fund Inception

5/14/2013

Ticker Symbol

SYLD

Listing Exchange

CBOE BZXCUSIP

132061201

Fund Type

Active ETF

Investment Objective

Equity Income

Expense Ratio

0.59%

Valuation Metrics

SYLD

Category*

S&P 500Index

Price / Earnings

10.24

16.23

26.54

ǂ 30-day SEC Yield

1.87%

Price / Book

1.59

2.10

4.62

Net Asset Value (NAV)SYLD.NV

Price / Sales

0.65

1.24

3.02

Number of Holdings

100

Price / Cash Flow

5.68

9.81

18.13

Dividend Frequency

Quarterly

Price / Free Cash Flow

10.05

23.64

32.47

Morningstar Categoryǂ 30-day SEC Yield

1.87

1.56

-US Fund Mid-Cap
Value

Total Returns
1 Month

3 Months

6 Months

1 Year

5 Year10 YearAnnualized
Since Inception

Cumulative
Since Inception

Cambria Shareholder Yield ETF NAV-3.43%-6.24%

2.46%

14.03%

16.35%

11.49%

12.54%

272.62%

Cambria Shareholder Yield ETF Market Price-3.47%-6.22%

2.41%

14.03%

16.38%

11.50%

12.55%

272.77%

S&P 500 Index

3.59%

4.28%

15.29%

24.56%

15.05%

12.86%

13.56%

311.85%as of June 30, 2024

Returns for periods greater than one year are annualized. The performance data quoted represents past performance and does not guarantee future
results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth moreor less than their original cost. Current performance may be higher or lower than the performance quoted. Market price returns are based upon themidpoint 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. Forperformance data current to the most recent month end, please call 855-383-4636 (ETF INFO) or visit www.cambriafunds.com. Index returns are forillustrative purposes only and do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directlyin an index.
as of June 30, 2024

Asset Allocation

as of June 30, 2024

Sector Weights•Large Cap > $10B•

Mid Cap $10B to $2B 53.6%•Small Cap < $2B

39.1%

7.3%

Holdings and allocations are subject to risks and to change.

••
•
•
•
•
•
•
•
•

EnergyConsumer Discret.
Financials
Materials
Industrials
Communication Serv.
Technology
Health Care
Consumer Staples
Utilities

21.7%
18.6%
17.5%
16.6%
12.3%
4.2%
4.0%
2.0%
2.0%
1.0%

About Cambria Investment Management, LPCambria Investment Management, LP, based in Los Angeles, California, is a SEC registered investment management firm employing a disciplined multiasset, global quantitative research process. Cambria provides investment management services through a number of portfolio strategies to high net worth
individuals and institutions through exchange traded funds, separately managed accounts and private funds. Cambria is also the investment manager ofthe Cambria Shareholder Yield ETF (BATS: SYLD), the Cambria Global Value ETF (BATS: GVAL), the Cambria Foreign Shareholder Yield ETF (BATS: FYLD), theCambria Global Momentum ETF (BATS: GMOM), the Cambria Global Asset Allocation ETF (BATS: GAA), the Cambria Value and Momentum ETF (BATS:VAMO), the Cambria Emerging Shareholder Yield ETF (BATS: EYLD), the Cambria Tail Risk ETF (BATS: TAIL), the Cambria Trinity ETF (BATS: TRTY), theCambria Global Real Estate ETF (BATS: BLDG), the Cambria Global Tail Risk ETF (BATS: FAIL), the Cambria Micro and Small Cap Shareholder Yield ETF(MYLD) and the Cambria Tactical Yield ETF (TYLD). Cambria believes that any single style or approach that relies on subjective methods can be inconsistentover time, may bias the investment process, and potentially hinder performance. Global diversification through asset allocation, coupled with prudent risk
management, is the foundation of Cambria’s investment philosophy.

Cambria Investment Management, LP
3300 Highland Ave
Manhattan Beach, CA 90266(310) 683-5500
www.cambriafunds.com
To determine if this Fund is an appropriate investment for you, carefully consider the Fund’s investment objectives, risk factors, charges and expense
before investing. This and other information can be found in the Fund’s full and summary 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.
On June 1, 2020 the Cambria Shareholder Yield ETF, changed its investment objective and investment strategy. The fund also changed from being passively managed toactively managed on that date.
ETFs are subject to commission costs each time a “buy” or “sell” is executed. Depending on the amount of trading activity, the low costs of ETFs may be outweighed bycommissions and related trading costs.
Shares are bought and sold at market price (closing price) not net asset value (NAV) are not individually redeemed from the Fund. Market price returns are based on themidpoint of the bid/ask spread at 4:00 pm Eastern Time (when NAV is normally determined), and do not represent the return you would receive if you traded at other times.
Buying and selling shares will result in brokerage commissions. Brokerage commissions will reduce returns.
There is no guarantee that the 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 fund may be leveraged, which will expose the holdings 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.
The Fund is managed using proprietary investment strategies and processes. There can be no guarantee that these strategies and processes will produce the intended
results and no guarantee that the Fund will achieve its investment objective. This could result in the Fund’s underperformance compared to other funds with similar
investment objectives.
There is no guarantee dividends will be paid. Diversification may not protect against market loss.
Indicative value (iNAV) is a measure of the intraday net asset value (NAV) of an investment. It is reported approximately every 15 seconds and gives investors a measure of
the value of the investment throughout the day.
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 indicatorof U.S. equities and is meant to reflect the risk/return characteristics of the large cap universe.
*When evaluating the Morningstar category average valuation metrics (Price/Earnings, Price/Book, Price/Sales, Price/Cash Flow, Price/Free Cash Flow), because thesemetrics are redundant for each fund share class, we use Morningstar’s option of “User Defined Primary Class Only” to prevent multishare funds from having a disproportionate
impact on the category average. The category average 30-day SEC Yield is the exception in this table and is calculated based on all funds in the category.
ǂ 30-day SEC Yield is based on the most recent 30-day period and reflects the investment income earned after deducting a fund’s expenses for the period.
The price/earnings ratio (P/E Ratio) is the ratio of a company's stock price to the company's per share earnings. The price/book ratio (P/B Ratio) is the ratio of a company'sstock price to the company's book value. The price/sales ratio (P/S Ratio) is the ratio of a company's stock price to the company's revenue. The price/free cash flow ratio(P/FCF Ratio) is the ratio of a company's stock price to the company's per share free cash flow.
Forward-looking based on historical data, as of 3/31/2024. Source: Morningstar, Bloomberg. Style and Market Cap Breakdown and Value and Growth Measures arecalculated only using the long position holdings of the portfolio.
The valuation metrics table was compiled to provide a framework to analyze the characteristics of Cambria’s Shareholder Yield ETF (BATS: SYLD) relative to its category. The
valuation data—at the time this report was written—reflects the fundamental data of Price/Earnings ratios, Price/Book ratios, Price/Sales ratios, Price/Cash Flow ratios, anddividend yield so that investors can compare the ETFs across the same metrics. All information is provided strictly for educational and illustrative purposes only.
© 2024 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied ordistributed; 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 fromany use of this information. Past performance is no guarantee of future results.

Not FDIC Insured. May Lose Value. Not Bank Guaranteed.

CBM001595