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Cambria Global Value ETF is an exchange-traded fund incorporated in the USA. The ETF seeks investment results that closely correspond to the price and yield performance, before fees and expenses, of the Cambria Global Value Index.

FUND BASICS
Category	International Equities
Fund Sponsor	Cambria Investment Management
Website	www.cambriafunds.com
Inception date	Mar 12, 2014
Assets (mns)	$152
Currency	USD
Expense ratio	69 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-End Investment Company
Custodian	Brown Brothers Harriman & Co
Weighting	Proprietary
Index replication	Full
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	122
Wgt avg mkt cap (mns)	$19,245
Large cap (>$10bn)	46.1%
Mid cap ($2-10bn)	35.5%
Small cap (<$2bn)	16.1%
Developed mkts	58.2%
Emerging mkts	41.1%

TOP TEN HOLDINGS
Total	16.6 %
CORTICEIRA AMORIM SGPS SA	3.1 %
MOTOR OIL (HELLAS) SA	1.9 %
GAZPROM NEFT OAO-CLS	1.8 %
JBS SA	1.7 %
ENEL SPA	1.5 %
GALP ENERGIA SGPS SA-B SHRS	1.3 %
BANCO BRADESCO SA-PREF	1.3 %
IBERDROLA SA	1.3 %
BANCO DO BRASIL SA	1.3 %
ALROSA AO	1.3 %

TOP COUNTRY EXPOSURE
	BRAZIL	10.2 %
	ITALY	8.8 %
	SPAIN	8.6 %
	TURKEY	8.4 %
	SINGAPORE	8.2 %
	PORTUGAL	8.2 %
	RUSSIA	8.1 %
	BRITAIN	7.4 %
	POLAND	7.3 %
	NORWAY	6.9 %

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.
11.3%	7.4%	4.1%	--	0.6%

Market Correlations
versus...	Beta	R-squared
S&P500	0.74	37%
MSCI EAFE	1.13	74%
MSCI Emg. Mkts.	0.92	80%

Technical Indicators
Recent close	$23.08
30d moving avg.	$22.93
Annualized volatility	14.6%
Short interest (ETF)	0.0%
Relative strength (RSI)	67

Liquidity measures
Avg. volume (thou.)	20
Turnover	0.3%
Bid/Ask (% of price)	0.22%
ADV underlying (mns)	$4,158

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

GVAL

Expense:

69 bp

ALTAR Score™:

9.3%

ALTERNATIVE ETFs BASED ON OVERLAP WITH GVAL
Ticker	Fund Name	Overlap¹ vs GVAL (%)	Expense ratio (bp)	Savings vs GVAL (bp)	ALTAR Score™ (%)	ALTAR vs GVAL (%)
DTH	WisdomTree DEFA Equity Income	13.7	58	11	8.6	-0.7
EWEM	Invesco MSCI Emerging Market Equal Weight	12.0	70	-1	9.3	+0.0
DOL	WisdomTree Int'l Large Cap Dividend	12.0	48	21	7.8	-1.5
EFV	iShares MSCI EAFE Value	11.5	38	31	9.1	-0.2
VIDI	Vident International Equity	11.4	61	8	9.3	-0.0
DOO	WisdomTree Int'l Dividend Ex-Financials	11.4	58	11	8.1	-1.2
RFEU	First Trust Riverfront Dynamic Europe	11.1	83	-14	6.2	-3.1
VYMI	Vanguard Int'l High Dividend Yield	11.0	32	37	9.3	+0.0
CID	Victory CEMP International High Div Volatility Wtd	11.0	45	24	9.0	-0.3
RIDV	Invesco International Ultra Dividend Revenue ETF	10.8	42	27	9.1	-0.1
FEM	First Trust Emerging Markets AlphaDEX	10.8	80	-11	10.9	+1.6
IQDE	FlexShares Int'l Quality Dividend Defensive	10.5	47	22	9.7	+0.5
DWM	WisdomTree DEFA Fund	10.2	48	21	7.7	-1.6
HFXE	IQ 50 PERCENT HEDGED FTSE EUROPE	10.1	30	39	6.7	-2.6
FLEE	Franklin FTSE Europe	10.1	9	60	6.9	-2.4
FLEH	Franklin FTSE Europe Hedged	10.0	9	60	6.9	-2.4
DOGS	Arrow Dogs of the World	10.0	164	-95	7.7	-1.6
DDWM	WisdomTree Dynamic Currency Hedged Int'l Equity	9.9	35	34	7.9	-1.4
IEV	iShares S&P Europe 350	9.9	59	10	6.4	-2.8
EMEM	Virtus Glovista Emerging Markets	9.8	67	2	9.3	0.0

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 Global Value
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	9.6	%
Divided by: Fwd. P/BV	1.0	x
Less: Expense ratio	69	bp
Equals: ALTAR Score	9.3	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.58	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.