ETF Research Center

The Cambria Emerging Shareholder Yield ETF tracks an index composed of 100 equally weighted emerging market equities, selected by both fundamental and technical factors with a focus on dividend yield and share buybacks.

FUND BASICS
Category	Emerging Market Equities
Fund Sponsor	Cambria
Website	www.cambriafunds.com
Inception date	Jul 14, 2016
Assets (mns)	$33
Currency	USD
Expense ratio	66 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	88
Wgt avg mkt cap (mns)	$13,143
Large cap (>$10bn)	19.2%
Mid cap ($2-10bn)	46.3%
Small cap (<$2bn)	34.5%
Developed mkts	8.3%
Emerging mkts	91.7%

TOP TEN HOLDINGS
Total	22.1 %
ITEQ CORP	3.4 %
PUBLIC JOINT STOCK COMPANY CENTER	3.1 %
ZHEN DING TECHNOLOGY HOLDING	2.8 %
NOVATEK MICROELECTRONICS LTD	2.5 %
GAZPROM OAO	1.8 %
LUKOIL OAO	1.7 %
ENKA INSAAT VE SANAYI AS	1.7 %
HYUNDAI MOBIS	1.7 %
AFRICAN RAINBOW MINERALS LTD	1.7 %
ELECTRICITY GENERATING PUBLIC CO.,	1.6 %

TOP COUNTRY EXPOSURE
	TAIWAN	24.1 %
	CHINA	15.4 %
	RUSSIA	11.4 %
	SOUTH AFRICA	10.1 %
	BRAZIL	9.0 %
	SOUTH KOREA	6.2 %
	TURKEY	5.2 %
	GREECE	4.1 %
	THAILAND	2.6 %
	HONG KONG	1.8 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru November 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
14.9%	12.7%	--	--	9.9%

Market Correlations
versus...	Beta	R-squared
S&P500	0.71	37%
MSCI EAFE	1.00	61%
MSCI Emg. Mkts.	0.90	79%

Technical Indicators
Recent close	$31.17
30d moving avg.	$31.49
Annualized volatility	14.1%
Short interest (ETF)	0.0%
Relative strength (RSI)	49

Liquidity measures
Avg. volume (thou.)	8
Turnover	0.8%
Bid/Ask (% of price)	0.33%
ADV underlying (mns)	$1,327

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

EYLD

Expense:

66 bp

ALTAR Score™:

10.9%

ALTERNATIVE ETFs BASED ON OVERLAP WITH EYLD
Ticker	Fund Name	Overlap¹ vs EYLD (%)	Expense ratio (bp)	Savings vs EYLD (bp)	ALTAR Score™ (%)	ALTAR vs EYLD (%)
ROAM	Hartford Multifactor Emerging Markets	11.5	44	22	11.2	+0.3
DVYE	iShares Emerging Markets Dividend	10.4	49	17	13.6	+2.7
LVHE	Legg Mason Emerging Markets Low Volatility High Dividend	9.4	51	15	12.6	+1.7
DEM	WisdomTree Emerg Mkts High Yield Equity	9.3	63	3	12.4	+1.5
PXH	Invesco FTSE-RAFI Emerging Markets	9.2	50	16	12.3	+1.4
CEY	VictoryShares Emg. Mkt. High Dividend Volatility Wtd.	9.1	50	16	13.4	+2.5
SDEM	Global X SuperDividend Emg Mkts	8.8	67	-1	17.5	+6.6
RFEM	First Trust Riverfront Dynamic Emerging Markets	8.2	95	-29	10.6	-0.3
DGS	WisdomTree Emg. Mkts. Small Cap Dividend	8.1	63	3	12.0	+1.1
ECOW	Pacer Emerging Markets Cash Cows 100	8.0	70	-4	10.9	+0.0
ISEM	Invesco Strategic Emerging Markets	8.0	35	31	10.0	-0.9
GVAL	Cambria Global Value	7.7	69	-3	9.2	-1.7
UEVM	USAA MSCI Emerging Markets Value Momentum Blend Index	7.5	45	21	13.5	+2.6
REEM	Invesco Emerging Markets Revenue ETF	7.1	46	20	11.8	+0.9
DVEM	WisdomTree Emerging Markets Dividend	7.1	32	34	11.3	+0.4
EDIV	SPDR S&P Emerging Markets Dividend	7.0	49	17	10.9	+0.0
EWZS	iShares MSCI Brazil Small-Cap	7.0	59	7	4.7	-6.2
QLVE	FlexShares Emerging Markets Quality Low Volatility	7.0	40	26	8.4	-2.5
FEMS	First Trust Emerging Markets Small Cap	6.9	80	-14	10.4	-0.5
EEMO	Invesco S&P Emg Mkts Momentum	6.8	30	36	7.9	-3.0

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 Emerging Shareholder Yield
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	14.1	%
Divided by: Fwd. P/BV	1.2	x
Less: Expense ratio	66	bp
Equals: ALTAR Score	10.9	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.57	CATEGORY AVERAGE	1.49

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.