ETF Research Center

The Cambria Cannabis ETF is an actively-managed portfolio of global companies related to cannabis and hemp.

FUND BASICS
Category	Global Equities
Fund Sponsor	Cambria
Website	www.cambriafunds.com
Inception date	Jul 25, 2019
Assets (mns)	$9
Currency	USD
Expense ratio	42 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	31
Wgt avg mkt cap (mns)	$11,519
Large cap (>$10bn)	16.9%
Mid cap ($2-10bn)	14.8%
Small cap (<$2bn)	68.3%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	46.8 %
MEDIPHARM LABS CORP.	6.9 %
APHRIA INC	5.8 %
AURORA CANNABIS INC.	5.6 %
CONSTELLATION BRANDS INC-A	5.2 %
GW PHARMACEUTICALS PLC SPONSORED A	4.8 %
CANOPY GROWTH CORPORATION	4.3 %
BRITISH AMERICAN TOBACCO PLC	4.1 %
VILLAGE FARMS INTERNATIONAL, INC.	3.5 %
ORGANIGRAM HOLDINGS INC	3.4 %
CRONOS GROUP INC	3.1 %

TOP COUNTRY EXPOSURE
	CANADA	54.4 %
	UNITED STATES	23.6 %
	BRITAIN	8.9 %
	AUSTRALIA	1.1 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru January 01)
Year-to-date	1 year	5 years	10 years	Since Incep.
--	--	--	--	0.0%

Market Correlations
versus...	Beta	R-squared
S&P500	--	--
MSCI EAFE	--	--
MSCI Emg. Mkts.	--	--

Technical Indicators
Recent close	$16.80
30d moving avg.	$17.59
Annualized volatility	0.0%
Short interest (ETF)	0.0%
Relative strength (RSI)	41

Liquidity measures
Avg. volume (thou.)	8
Turnover	1.5%
Bid/Ask (% of price)	0.66%
ADV underlying (mns)	$1,539

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

TOKE

Expense:

42 bp

ALTAR Score™:

1.0%

ALTERNATIVE ETFs BASED ON OVERLAP WITH TOKE
Ticker	Fund Name	Overlap¹ vs TOKE (%)	Expense ratio (bp)	Savings vs TOKE (bp)	ALTAR Score™ (%)	ALTAR vs TOKE (%)
CNBS	Amplify Seymour Cannabis	52.9	75	-33	-10.4	-11.4
MJ	ETFMG Alternative Harvest	52.3	75	-33	-4.0	-5.0
THCX	Cannabis	50.2	70	-28	-5.8	-6.8
YOLO	AdvisorShares Pure Cannabis	39.2	74	-32	-16.4	-17.4
POTX	Global X Cannabis	19.2	50	-8	-24.6	-25.6
ACT	AdvisorShares Vice	14.2	99	-57	7.5	+6.4
KXI	iShares S&P Global Consumer Staples	8.6	46	-4	5.3	+4.3
RHS	Invesco S&P Equal Weight Consumer Staples	8.1	40	2	6.6	+5.6
JHMS	John Hancock Multifactor Consumer Staples	7.2	40	2	7.7	+6.7
IECS	iShares Evolved U.S. Consumer Staples	7.2	18	24	6.3	+5.3
XLP	Consumer Staples Select Sector SPDR	7.2	13	29	5.5	+4.5
VDC	Vanguard Consumer Staples	7.1	10	32	5.5	+4.5
FSTA	Fidelity MSCI Consumer Staples	7.0	8	34	5.5	+4.5
IYK	iShares US Consumer Goods	6.7	42	0	6.4	+5.3
PEY	Invesco High Yield Equity Dividend Acheivers	6.6	53	-11	6.9	+5.8
FDVV	Fidelity Core Dividend	5.5	29	13	7.4	+6.4
DIV	Global X SuperDividend US ETF	5.3	45	-3	7.6	+6.6
WBIY	WBI Power Factor High Dividend	5.3	70	-28	10.1	+9.0
FDL	First Trust Morningstar Dividend Leaders	5.3	45	-3	8.6	+7.5
FXG	First Trust Consumer Staples	5.3	64	-22	6.7	+5.7

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

AVOID

Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may not be relevant.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	3.0	%
Divided by: Fwd. P/BV	2.1	x
Less: Expense ratio	42	bp
Equals: ALTAR Score	1.0	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.35	CATEGORY AVERAGE	1.54

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.