ETF Research Center

The Cambria Core Equity ETF is an actively managed ETF that seeks capital appreciation and preservation with low correlation to the broad US equity market. The fund primarily holds dividend-paying large-cap stocks with an option collar overlay.

FUND BASICS
Category	US Equities
Fund Sponsor	Cambria
Website	www.cambriafunds.com
Inception date	May 24, 2017
Assets (mns)	$103
Currency	USD
Expense ratio	123 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Proprietary
Index replication
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	47
Wgt avg mkt cap (mns)	$179,378
Large cap (>$10bn)	95.8%
Mid cap ($2-10bn)	4.2%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	24.4 %
APPLE INC	2.6 %
DOLLAR GENERAL CORP	2.6 %
LOCKHEED MARTIN CORP	2.5 %
AIR PRODUCTS & CHEMICALS INC	2.4 %
MICROSOFT CORP	2.4 %
HARRIS CORP	2.4 %
AT&T INC	2.4 %
NEXTERA ENERGY GROUP	2.4 %
JPMORGAN CHASE & CO	2.4 %
SYSCO CORP	2.3 %

TOP COUNTRY EXPOSURE
	UNITED STATES	94.2 %
	IRELAND	2.1 %
	BRITAIN	1.9 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru October 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
3.1%	6.6%	--	--	4.5%

Market Correlations
versus...	Beta	R-squared
S&P500	-0.11	11%
MSCI EAFE	-0.14	15%
MSCI Emg. Mkts.	-0.11	13%

Technical Indicators
Recent close	$27.49
30d moving avg.	$27.28
Annualized volatility	4.3%
Short interest (ETF)	0.6%
Relative strength (RSI)	52

Liquidity measures
Avg. volume (thou.)	13
Turnover	0.4%
Bid/Ask (% of price)	0.68%
ADV underlying (mns)	$29,915

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Cambria Core Equity ETF based on the alternatives' overlap in portfolio holdings with CCOR. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

CCOR

Expense:

123 bp

ALTAR Score™:

4.6%

ALTERNATIVE ETFs BASED ON OVERLAP WITH CCOR
Ticker	Fund Name	Overlap¹ vs CCOR (%)	Expense ratio (bp)	Savings vs CCOR (bp)	ALTAR Score™ (%)	ALTAR vs CCOR (%)
USMC	Principal U.S. Mega-Cap Multi-Factor Index	39.0	12	111	5.7	+1.2
MGV	Vanguard Mega Cap 300 Value	37.4	7	116	7.0	+2.5
DLN	WisdomTree Large Cap Dividend	35.4	28	95	6.5	+1.9
VYM	Vanguard High Dividend Yield ETF	34.6	6	117	7.2	+2.6
DGRO	iShares Core Dividend Growth	34.4	8	115	6.4	+1.8
QDEF	FlexShares Quality Dividend Defensive	33.7	37	86	6.0	+1.4
OEF	iShares S&P 100	33.5	20	103	5.5	+0.9
VSMV	VictoryShares US Multi-Factor Minimum Volatility	33.5	35	88	6.3	+1.7
VTV	Vanguard Value ETF	33.2	4	119	7.2	+2.6
OVOL	Invesco Russell 1000 Low Volatility Factor ETF	33.2	19	104	5.6	+1.0
XLG	Invesco S&P Top 50	33.1	20	103	5.1	+0.6
OUSA	O'Shares FTSE U.S. Quality Dividend	33.0	48	75	5.9	+1.3
PFM	Invesco Dividend Achievers	32.4	54	69	5.4	+0.9
DTD	WisdomTree Total Dividend	32.1	28	95	6.6	+2.0
PRID	InsightShares LGBT Employment Equality	31.6	65	58	5.4	+0.8
DIVB	iShares U.S. Dividend & Buyback	31.6	25	98	6.6	+2.1
FMK	First Trust Mega Cap AlphaDEX	31.1	70	53	5.6	+1.0
EQWL	Invesco Fundamental Pure Large Core	31.0	25	98	6.4	+1.8
ESG	FlexShares STOXX US ESG Impact Index Fund	30.3	32	91	5.4	+0.8
DIVO	Amplify YieldShares CWP Dividend & Option Income	30.2	49	74	5.5	+0.9

¹Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

	2014	2015	2016	2017	2018	2019E	2020E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
Book value per share	**	**	**	**	**	**	**

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est.	**%		Debt-to-equity	**x
Asset turnover	**%		Assets-to-equity	**x

Return on equity

Revision activity*

*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS

	2018	2019E	2020E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	Cambria Core Equity
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	19.3	%
Divided by: Fwd. P/BV	3.3	x
Less: Expense ratio	123	bp
Equals: ALTAR Score	4.6	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.61	CATEGORY AVERAGE	1.55

The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale: BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3. Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.