ETF Research Center

Cambria Shareholder Yield ETF is an actively managed exchange-traded fund incorporated in the USA. The Fund employs a quantitative algorithm to select U.S. listed companies that show strong characteristics in returning free cash flow to their shareholders.

FUND BASICS
Category	US Equities
Fund Sponsor	Cambria Investment Management
Website	www.cambriafunds.com
Inception date	May 14, 2013
Assets (mns)	$95
Currency	USD
Expense ratio	59 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Statutory Trust
Custodian
Weighting	Proprietary
Index replication	Full
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	101
Wgt avg mkt cap (mns)	$48,194
Large cap (>$10bn)	43.0%
Mid cap ($2-10bn)	41.1%
Small cap (<$2bn)	15.9%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	14.2 %
STAMPS.COM INC	2.3 %
REALOGY HOLDINGS CORP	1.8 %
SIGNET JEWELERS LIMITED	1.5 %
APPLE INC	1.3 %
CIRRUS LOGIC INC	1.3 %
TECH DATA CORP	1.3 %
EXPRESS INC	1.2 %
LOUISIANA-PACIFIC CORP	1.2 %
QORVO INC	1.2 %
BEST BUY CO INC	1.2 %

TOP COUNTRY EXPOSURE
	UNITED STATES	93.2 %
	BERMUDA	2.4 %
	BRITAIN	1.7 %
	IRELAND	1.2 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru January 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
-6.1%	8.9%	7.6%	--	9.6%

Market Correlations
versus...	Beta	R-squared
S&P500	1.19	81%
MSCI EAFE	1.18	66%
MSCI Emg. Mkts.	0.78	50%

Technical Indicators
Recent close	$34.52
30d moving avg.	$39.20
Annualized volatility	16.0%
Short interest (ETF)	0.0%
Short interest (Underlying)	4.4%
Relative strength (RSI)	35

Liquidity measures
Avg. volume (thou.)	8
Turnover	0.3%
Bid/Ask (% of price)	0.10%
ADV underlying (mns)	$29,597

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

SYLD

Expense:

59 bp

ALTAR Score™:

9.7%

ALTERNATIVE ETFs BASED ON OVERLAP WITH SYLD
Ticker	Fund Name	Overlap¹ vs SYLD (%)	Expense ratio (bp)	Savings vs SYLD (bp)	ALTAR Score™ (%)	ALTAR vs SYLD (%)
FLAG	FLAG-Forensic Accounting Long Short ETF	34.4	152	-93	8.7	-1.1
SPYB	SPDR S&P 500 Buyback ETF	29.2	35	24	8.7	-1.0
PY	Principal Shareholder Yield Index ETF	25.7	29	30	8.6	-1.1
FTA	First Trust Large Cap Value AlphaDEX Fund	23.4	60	-1	9.2	-0.5
LSAF	LeaderShares AlphaFactor US Core Equity ETF	23.3	75	-16	6.7	-3.1
QSY	WisdomTree U.S. LargeCap Value Fund	23.2	38	21	7.5	-2.2
ONEY	SPDR Russell 1000 Yield Focus ETF	22.9	20	39	8.9	-0.9
VALQ	American Century STOXX U.S. Quality Value ETF	22.2	29	30	9.6	-0.2
ESGS	Columbia Sustainable U.S. Equity Income ETF	21.6	35	24	9.2	-0.6
COWZ	Pacer US Cash Cows 100 ETF	21.3	49	10	10.2	+0.4
FVAL	Fidelity Value Factor ETF	20.9	29	30	8.3	-1.4
QVM	Arrow QVM Equity Factor ETF	20.8	65	-6	10.0	+0.2
SPVM	Invesco S&P 500 Value With Momentum ETF (old)	20.3	39	20	9.4	-0.3
JVAL	JPMorgan U.S. Value Factor ETF	19.2	12	47	9.1	-0.6
CDC	Victory CEMP US EQ Income Enhanced Volatility Wtd Index ETF	19.2	35	24	8.8	-0.9
VFMF	Vanguard U.S. Multifactor ETF	19.2	18	41	7.8	-1.9
CDL	Victory CEMP US Large Cap High Dividend Volatility Wtd Idx E	19.2	35	24	8.8	-0.9
VAMO	Cambria Value & Momentum ETF	19.0	64	-5	7.1	-2.7
QDF	FlexShares Quality Dividend Index Fund	18.9	37	22	7.7	-2.1
VUSE	Vident Core US Equity Fund	18.6	48	11	8.2	-1.5

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

	2015	2016	2017	2018	2019	2020E	2021E
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

	2019	2020E	2021E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	Cambria Shareholder Yield ETF
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	12.7	%
Divided by: Fwd. P/BV	1.2	x
Less: Expense ratio	59	bp
Equals: ALTAR Score	9.7	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.74	CATEGORY AVERAGE	1.56

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.