FAIL
Cambria Global Tail Risk ETF

To determine if this Fund is an appropriate investment for you, carefully consider the Fund's investment objectives, risk factors, charges and expense before investing. This and other information can be found in the Fund's full or summary prospectus which may be obtained by calling 855-383-4636 (ETF INFO) or visiting our website at www.cambriafunds.com. Read the prospectus carefully before investing or sending money.

The Cambria ETFs are distributed by ALPS Distributors Inc., 1290 Broadway, Suite 1000, Denver, CO 80203, which is not affiliated with Cambria Investment Management, LP, the Investment Adviser for the Fund.

Investing involves risk, including potential loss of capital.

FAIL: Derivatives are financial instruments that derive their performance from an underlying reference asset, such as an index. Derivatives, such as put options, can be volatile, and a small investment in a derivative can have a large impact on the performance of the Fund as derivatives can result in losses in excess of the amount invested. Options used by the Fund to offset its exposure to tail risk or reduce volatility may not perform as intended. There can be no assurance that the Fund’s put option strategy will be effective. The put option strategy may not fully protect the Fund against declines in the value of its portfolio securities. Prolonged rising interest rates may adversely affect performance.

Prior to 3/15/21, FAIL operated as Cambria Sovereign Bond ETF (SOVB). On that date, the investment strategy and objective also changed. Any performance prior to 3/15/21 was achieved under the previous strategy.

FAIL is actively managed.

MSCI EAFE Index: Free-float weighted equity index. The MSCI EAFE region covers developed markets countries in Europe, Australasia, Israel, and the Far East.

Put Option: an option contract is a financial instrument that give the buyer the right to sell an asset at a pre-determined strike price. The time period to expiration of the contract is pre-determined.

Out-of-the-money (OTM): describes a call option whose strike price is higher than that of the underlying investment, or a put option whose price is lower than that of the underlying security. An OTM option has no intrinsic value.

Laddered: a technique that involves buying multiple securities or contracts at various maturity or expiration dates. As a security matures or contract expires, a position is initiated in a new security or contract at a later date.