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)	$38
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	93
Wgt avg mkt cap (mns)	$14,309
Large cap (>$10bn)	22.1%
Mid cap ($2-10bn)	44.1%
Small cap (<$2bn)	33.9%
Developed mkts	8.5%
Emerging mkts	91.5%

TOP TEN HOLDINGS
Total	19.1 %
PUBLIC JOINT STOCK COMPANY CENTER	2.8 %
NOVATEK MICROELECTRONICS LTD	2.3 %
AFRICAN RAINBOW MINERALS LTD	2.0 %
LUKOIL OAO	1.9 %
ENKA INSAAT VE SANAYI AS	1.8 %
KUMBA IRON ORE LTD	1.8 %
GAZPROM OAO	1.8 %
GAZPROM NEFT OAO-CLS	1.7 %
QUALICORP SA	1.7 %
HYUNDAI MOBIS	1.6 %

TOP COUNTRY EXPOSURE
	TAIWAN	19.0 %
	CHINA	15.6 %
	RUSSIA	11.6 %
	BRAZIL	10.9 %
	SOUTH AFRICA	10.8 %
	TURKEY	8.3 %
	SOUTH KOREA	3.9 %
	GREECE	3.8 %
	HONG KONG	1.9 %
	BRITAIN	1.3 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru December 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
22.0%	22.0%	--	--	11.5%

Market Correlations
versus...	Beta	R-squared
S&P500	0.72	37%
MSCI EAFE	1.02	61%
MSCI Emg. Mkts.	0.90	82%

Technical Indicators
Recent close	$33.30
30d moving avg.	$32.62
Annualized volatility	14.3%
Short interest (ETF)	0.0%
Relative strength (RSI)	68

Liquidity measures
Avg. volume (thou.)	5
Turnover	0.4%
Bid/Ask (% of price)	0.26%
ADV underlying (mns)	$1,620

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™:

10.4%

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 (%)
DVYE	iShares Emerging Markets Dividend	14.4	49	17	12.4	+2.0
CEY	VictoryShares Emg. Mkt. High Dividend Volatility Wtd.	11.5	50	16	12.8	+2.3
ROAM	Hartford Multifactor Emerging Markets	10.4	44	22	10.7	+0.3
SDEM	Global X SuperDividend Emg Mkts	10.4	67	-1	16.2	+5.7
DEM	WisdomTree Emerg Mkts High Yield Equity	10.3	63	3	11.5	+1.1
FEMS	First Trust Emerging Markets Small Cap	9.6	80	-14	9.4	-1.0
PXH	Invesco FTSE-RAFI Emerging Markets	9.4	50	16	11.7	+1.2
DGS	WisdomTree Emg. Mkts. Small Cap Dividend	9.0	63	3	11.5	+1.1
GVAL	Cambria Global Value	8.6	69	-3	8.6	-1.9
LVHE	Legg Mason Emerging Markets Low Volatility High Dividend	8.6	51	15	12.1	+1.6
RFEM	First Trust Riverfront Dynamic Emerging Markets	8.1	95	-29	9.6	-0.9
ISEM	Invesco Strategic Emerging Markets	8.1	35	31	9.4	-1.1
ECOW	Pacer Emerging Markets Cash Cows 100	8.1	70	-4	10.0	-0.5
REDV	Invesco Emerging Markets Ultra Dividend Revenue ETF	8.1	46	20	14.4	+3.9
IQDY	FlexShares Int'l Quality Dividend Dynamic	8.0	47	19	8.7	-1.8
EWZS	iShares MSCI Brazil Small-Cap	7.8	59	7	3.8	-6.6
DVEM	WisdomTree Emerging Markets Dividend	7.4	32	34	10.6	+0.2
FLRU	Franklin FTSE Russia	7.2	19	47	15.5	+5.1
ERUS	iShares MSCI Russia	7.2	59	7	13.9	+3.5
REEM	Invesco Emerging Markets Revenue ETF	6.8	46	20	11.2	+0.8

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	14.0	%
Divided by: Fwd. P/BV	1.3	x
Less: Expense ratio	66	bp
Equals: ALTAR Score	10.4	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.53	CATEGORY AVERAGE	1.48

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.