TAX

The Cambria Tax Aware ETF (the "Fund") seeks to provide a tax-efficient investment return consisting of capital appreciation. The Fund is an actively managed exchanged-traded fund ("ETF") that invests in U.S.-listed equity securities that have a market capitalization of greater than $5 billion. The investment sub-adviser, Cambria Investment Management, L.P. uses own quantitative model, to selects value stocks with lower dividend distributions, which are generally taxed as ordinary income. Cambria selects lower dividend yielding stocks that are attractive from a multi-factor value perspective based on traditional value metrics. The fund uses a composite approach, where multiple value metrics are used to rank the stock universe, can improve the robustness of selecting stocks versus reliance on any one value factor. Value stocks that do not generate high dividend yields have the potential to offer higher after tax returns than high dividend yielding stocks with similar total returns.