ETF Research Center

Cambria Foreign Shareholder Yield ETF is an exchange-traded fund incorporated in the USA. The ETF seeks investment results, before fees and expenses, that track the performance of the Cambria Foreign Shareholder Yield Index.

FUND BASICS
Category	International Equities
Fund Sponsor	Cambria Investment Management
Website	www.cambriafunds.com
Inception date	Dec 03, 2013
Assets (mns)	$24
Currency	USD
Expense ratio	59 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Statutory Trust
Custodian	Bank of New York Mellon
Weighting	Equal
Index replication	Full
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	100
Wgt avg mkt cap (mns)	$25,835
Large cap (>$10bn)	56.2%
Mid cap ($2-10bn)	33.2%
Small cap (<$2bn)	10.7%
Developed mkts	99.5%
Emerging mkts	0.5%

TOP TEN HOLDINGS
Total	16.0 %
SHIMAO PROPERTY HOLDINGS LTD	2.3 %
MUENCHENER RUECKVER AG-REG	1.7 %
JB HI-FI LTD	1.6 %
ROYAL AHOLD DELHAIZE N.V.	1.6 %
SUN LIFE FINANCIAL INC	1.6 %
KDDI CORPORATION	1.5 %
ZURICH FINANCIAL SERVICES AG	1.5 %
AGEAS	1.4 %
MAGNA INTERNATIONAL INC-CL A	1.4 %
SOUTH32 LTD.	1.4 %

TOP COUNTRY EXPOSURE
	AUSTRALIA	17.4 %
	BRITAIN	16.0 %
	CANADA	15.3 %
	JAPAN	12.3 %
	FRANCE	5.2 %
	ITALY	5.0 %
	NETHERLANDS	5.0 %
	HONG KONG	4.2 %
	SWITZERLAND	3.5 %
	SWEDEN	2.7 %

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.
10.7%	4.1%	2.9%	--	2.0%

Market Correlations
versus...	Beta	R-squared
S&P500	0.73	55%
MSCI EAFE	1.00	88%
MSCI Emg. Mkts.	0.73	77%

Technical Indicators
Recent close	$23.77
30d moving avg.	$23.17
Annualized volatility	11.8%
Short interest (ETF)	0.0%
Relative strength (RSI)	80

Liquidity measures
Avg. volume (thou.)	2
Turnover	0.2%
Bid/Ask (% of price)	0.49%
ADV underlying (mns)	$4,973

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

FYLD

Expense:

59 bp

ALTAR Score™:

8.2%

ALTERNATIVE ETFs BASED ON OVERLAP WITH FYLD
Ticker	Fund Name	Overlap¹ vs FYLD (%)	Expense ratio (bp)	Savings vs FYLD (bp)	ALTAR Score™ (%)	ALTAR vs FYLD (%)
FGD	First Trust DJ Global Select Dividend	23.5	58	1	9.2	+1.1
CID	Victory CEMP International High Div Volatility Wtd	21.3	45	14	8.9	+0.8
RIDV	Invesco International Ultra Dividend Revenue ETF	20.5	42	17	9.1	+0.9
ICOW	Pacer Developed Markets Int'l Cash Cows 100	18.7	65	-6	9.5	+1.4
FIVA	Fidelity International Value Factor	18.4	39	20	9.4	+1.2
FIDI	Fidelity International High Dividend	17.7	39	20	10.1	+2.0
DTH	WisdomTree DEFA Equity Income	17.5	58	1	8.6	+0.4
EFV	iShares MSCI EAFE Value	17.4	38	21	9.0	+0.8
IDHD	Invesco S&P Intl Developed High Div Low Volatility	17.4	30	29	6.4	-1.7
IDY	Pacific Global International Equity Income	17.2	39	20	8.2	-0.0
LVIN	Hartford Multifactor Low Volatility Int'l Equity	17.1	29	30	7.9	-0.3
RODM	Lattice Developed Markets (Ex-US) Strategy	16.6	29	30	7.7	-0.4
DOO	WisdomTree Int'l Dividend Ex-Financials	16.4	58	1	8.1	-0.1
IDV	iShares DJ Int'l Select Dividend	16.2	49	10	8.5	+0.3
DOL	WisdomTree Int'l Large Cap Dividend	15.9	48	11	7.7	-0.5
ESGN	Columbia Sustainable International Equity Income	15.8	45	14	9.8	+1.6
INTF	iShares FactorSelect MSCI International	15.6	30	29	8.3	+0.2
PXF	Invesco FTSE-RAFI Developed ex-US	15.2	45	14	8.1	-0.0
IVLU	iShares MSCI Int'l Developed Value Factor	14.9	30	29	10.4	+2.3
EUFN	iShares MSCI Europe Financial Sector	14.6	48	11	9.0	+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 Foreign Shareholder
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	9.9	%
Divided by: Fwd. P/BV	1.1	x
Less: Expense ratio	59	bp
Equals: ALTAR Score	8.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.69	CATEGORY AVERAGE	1.63

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.