Value-Focused Combination of Dividend Yield and Share Buybacks Remains Unique in Industry

Cambria Investment Management, an independent, privately owned investment advisory firm and ETF provider focused on quantitative asset management and alternative investments, today announced Cambria Shareholder Yield ETF (SYLD) has reached its ten year anniversary.

"Back in 2013, Cambria’s team came up with a different way to look at yield and value,” said Meb Faber, co-founder and CIO of Cambria. “SYLD ranks dividend yield along with net shareholder buybacks in concert with value and quality factors. Along with its sister ETFs, Cambria Foreign Shareholder Yield ETF (FYLD) and Cambria Emerging Shareholder Yield ETF (EYLD), SYLD has demonstrated the long-term potential to provide differentiated value exposure along with steady yield.”

As for performance, and how the fund stacked up relative to its peers, SYLD was the #1 ranked fund on an absolute, total return basis in Morningstar’s Mid-Cap Value Category over the past 10-year period as of 5/31/2023.

The Cambria Shareholder Yield ETF ranked #1 out of 267 funds in the Morningstar Mid-Cap Value Category on an absolute, total return basis over the 10-year period as of 5/31/2023. The Cambria Shareholder Yield ETF ranked #2 out of 361 funds in the Morningstar Mid-Cap Value Category on an absolute, total return basis over the 5-year period as of 5/31/2023. The Cambria Shareholder Yield ETF ranked #5 out of 381 funds in the Morningstar Mid-Cap Value Category on an absolute, total return basis over the 3-year period as of 5/31/2023.

SYLD also received a 5-star overall Morningstar rating as of 5/31/2023 out of 381 funds in the Mid-Cap Value Category based on risk-adjusted returns.

SYLD received a 5-star Overall Morningstar rating as of 5/31/23 out of 381 funds in the Mid-Cap Value Category based on risk-adjusted returns. For the 3-year period, SYLD received a 5-star rating out of 381 funds. For the 5-year period, SYLD received a 4-star rating out of 361 funds, and for the 10 year period, SYLD received a 5-star rating out of 267 funds, as of 5/31/23.

“At Cambria, we are focused on ETFs that add value over the long term,” added Faber. “It’s exciting to see our very first ETF, SYLD, reach its 10-year number. We look forward to continued growth and performance.”

In addition to Cambria’s family of ETFs, Faber also puts out a range of content for investors, including a popular investment podcast, The Meb Faber Show, along with white papers and books on investing.

About Cambria

Cambria Investment Management, LP ("Cambria" or the "Company") is a SEC registered investment advisor that was formed in 2006. Cambria is an independent, privately owned investment advisory firm focused on quantitative asset management and alternative investments. The Company's mission is to preserve and grow capital by producing above-average absolute returns with low correlation to traditional assets and manageable risk. Cambria investment portfolios and ETFs span conservative low volatility to aggressive high volatility market products. The firm manages 12 different ETFs with roughly $1.8 billion in assets under management as of 5/31/2023: Cambria Shareholder Yield ETF (SYLD), Cambria Foreign Shareholder Yield ETF (FYLD), Cambria Global Value ETF (GVAL), Cambria Global Momentum ETF (GMOM), Cambria Global Asset Allocation ETF (GAA), Cambria Emerging Shareholder Yield ETF (EYLD), Cambria Value and Momentum ETF (VAMO), Cambria Global Tail Risk ETF (FAIL), Cambria Tail Risk ETF (TAIL), Cambria Trinity ETF (TRTY), Cambria Cannabis ETF (TOKE), and Cambria Global Real Estate ETF (BLDG).

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.

On June 1, 2020 the Cambria Shareholder Yield ETF, changed its investment objective and investment strategy. The fund also changed from being passively managed to actively managed on that date.

ETFs are subject to commission costs each time a “buy” or “sell” is executed. Depending on the amount of trading activity, the low costs of ETFs may be outweighed by commissions and related trading costs.

Shares are bought and sold at market price (closing price) not net asset value (NAV) are not individually redeemed from the Fund. Market price returns are based on the midpoint of the bid/ask spread at 4:00 pm Eastern Time (when NAV is normally determined), and do not represent the return you would receive if you traded at other times. Buying and selling shares will result in brokerage commissions. Brokerage commissions will reduce returns.

There is no guarantee that the Fund will achieve its investment goal. Investing involves risk, including the possible loss of principal. High yielding stocks are often speculative, high risk investments. The underlying holdings of the fund may be leveraged, which will expose the holdings to higher volatility and may accelerate the impact of any losses. These companies can be paying out more than they can support and may reduce their dividends or stop paying dividends at any time, which could have a material adverse effect on the stock price of these companies and the Fund’s performance. International investing may involve risk of capital loss from unfavorable fluctuations in currency values, from differences in generally accepted accounting principles, or from economic or political instability in other nations. Emerging markets involve heightened risks related to the same factors as well as increased volatility and lower trading volume. Investments in smaller companies typically exhibit higher volatility. Narrowly focused funds typically exhibit higher volatility.

The Fund is managed using proprietary investment strategies and processes. There can be no guarantee that these strategies and processes will produce the intended results and no guarantee that the Fund will achieve its investment objective. This could result in the Fund’s underperformance compared to other funds with similar investment objectives.

There is no guarantee dividends will be paid. Diversification may not protect against market loss.

There are special risks associated with margin investing. As with stocks, you may be called upon to deposit additional cash or securities if your account equity declines.

Indicative value (iNAV) is a measure of the intraday net asset value (NAV) of an investment. It is reported approximately every 15 seconds and gives investors a measure of the value of the investment throughout the day.

© 2023 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

The Morningstar Rating for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed end funds, and separate accounts) with at least a three-year history. Exchange –traded funds and open ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-,five-,and 10 year (if applicable) Morningstar Rating metrics. The weights are 100% three-year rating for 36-59 months of total returns, 60% five year rating/40%three-year rating for 60-119 months of total returns, and 50% 10 year rating/30%five-year rating/20%three year rating for 120 or more months of total returns. While the 10 year overall rating formula seems to give the most weight to the 10 year period, the most recent three –year period actually has the greatest impact because it is included in all three rating periods.

Tyler Bradford Hewes Communications Office: 212-207-9454 tyler@hewescomm.com

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