ETF Research Center

The Cambria Value and Momentum ETF is an actively managed portfolio of large-, mid- and small-cap US stocks selected by long-term value factors and midterm momentum factors. The managers have discretion to hedge up to 100% of the portfolio.

FUND BASICS
Category	US Equities
Fund Sponsor	Cambria
Website	www.cambriafunds.com
Inception date	Sep 09, 2015
Assets (mns)	$14
Currency	USD
Expense ratio	64 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-End Investment Company
Custodian
Weighting	Proprietary
Index replication
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	100
Wgt avg mkt cap (mns)	$10,370
Large cap (>$10bn)	15.2%
Mid cap ($2-10bn)	51.9%
Small cap (<$2bn)	32.9%
Developed mkts	97.7%
Emerging mkts	2.4%

TOP TEN HOLDINGS
Total	15.1 %
FTI CONSULTING INC	1.9 %
FIDELITY NATIONAL FINANCIAL INC -	1.7 %
OLD REPUBLIC INTL CORP	1.6 %
ORIENTAL FINANCIAL GROUP	1.6 %
EHEALTH INC	1.5 %
KBR INC	1.5 %
COSAN LTD-CLASS A SHARES	1.4 %
WORLD FUEL SERVICES CORP	1.4 %
CARVANA CO. CLASS A	1.3 %
TARGET CORP	1.2 %

TOP COUNTRY EXPOSURE
	UNITED STATES	81.9 %
	BERMUDA	4.5 %
	PUERTO RICO	3.5 %
	BRAZIL	1.4 %
	CAYMAN ISLANDS	0.8 %
	CANADA	0.8 %
	BAHAMAS	0.8 %
	IRELAND	0.8 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru November 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
-5.1%	-9.2%	--	--	-3.5%

Market Correlations
versus...	Beta	R-squared
S&P500	0.46	37%
MSCI EAFE	0.45	28%
MSCI Emg. Mkts.	0.27	16%

Technical Indicators
Recent close	$20.47
30d moving avg.	$20.46
Annualized volatility	9.2%
Short interest (ETF)	0.0%
Relative strength (RSI)	54

Liquidity measures
Avg. volume (thou.)	1
Turnover	0.1%
Bid/Ask (% of price)	0.39%
ADV underlying (mns)	$7,916

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

VAMO

Expense:

64 bp

ALTAR Score™:

6.2%

ALTERNATIVE ETFs BASED ON OVERLAP WITH VAMO
Ticker	Fund Name	Overlap¹ vs VAMO (%)	Expense ratio (bp)	Savings vs VAMO (bp)	ALTAR Score™ (%)	ALTAR vs VAMO (%)
VUSE	Vident Core US Equity	18.2	50	14	7.4	+1.3
SYLD	Cambria Shareholder Yield	18.1	59	5	8.9	+2.7
RZV	Invesco S&P Smallcap 600 Pure Value	17.0	35	29	6.6	+0.4
PXMV	Invesco Fundamental Pure Mid Value	14.9	39	25	8.5	+2.3
VFMF	Vanguard U.S. Multifactor	14.3	18	46	6.8	+0.6
XSVM	Invesco S&P SmallCap Value with Momentum	14.1	39	25	8.2	+2.0
DVLU	First Trust Dorsey Wright Momentum & Value	13.7	60	4	8.4	+2.3
USVM	USAA MSCI USA Small Cap Value Momentum Blend Index	12.9	24	40	6.5	+0.3
FLAG	Forensic Accounting	12.7	152	-88	8.4	+2.2
ULVM	USAA MSCI USA Value Momentum Blend Index	11.9	20	44	7.5	+1.4
EES	WisdomTree SmallCap Earnings	11.8	38	26	9.1	+2.9
RWK	Invesco S&P MidCap 400 Revenue ETF	11.5	39	25	7.7	+1.6
IJS	iShares S&P 600 SmallCap Value	11.4	25	39	6.7	+0.6
SLYV	SPDR S&P600 Small Cap Value	11.4	15	49	6.8	+0.7
VIOV	Vanguard S&P Small-Cap 600 Value	11.3	20	44	6.8	+0.7
PXSG	Invesco Fundamental Pure Small Growth	11.0	39	25	4.6	-1.6
FNK	First Trust Mid Cap Value AlphaDEX	11.0	70	-6	8.9	+2.8
MDYV	SPDR S&P400 Mid Cap Value	10.9	15	49	7.5	+1.3
IJJ	iShares S&P MidCap 400 Value	10.9	25	39	7.3	+1.2
IVOV	Vanguard S&P Mid-Cap 400 Value	10.9	20	44	7.4	+1.2

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

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	10.4	%
Divided by: Fwd. P/BV	1.5	x
Less: Expense ratio	64	bp
Equals: ALTAR Score	6.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.49	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.