Strategy. The Fund is actively managed and seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its total assets in equity securities, including common stock and depositary receipts, issued by publicly listed companies in developed and emerging markets that exhibit strong value characteristics. The Funds investment adviser, Cambria Investment Management, L.P. (Cambria or the Adviser), uses its own proprietary rules -based quantitative algorithm to select the Funds holdings. Utilizing its own quantitative model, Cambria identifies countries with undervalued securities markets, according to various value metrics, including the cyclically adjusted price -to-earnings ratio, commonly known as the CAPE Shiller P/E ratio. The CAPE Shiller P/E ratio for a countrys equity market (typically represented by a … Show more… The Fund is actively managed and seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its total assets in equity securities, including common stock and depositary receipts, issued by publicly listed companies in developed and emerging markets that exhibit strong value characteristics. The Funds investment adviser, Cambria Investment Management, L.P. (Cambria or the Adviser), uses its own proprietary rules -based quantitative algorithm to select the Funds holdings. Utilizing its own quantitative model, Cambria identifies countries with undervalued securities markets, according to various value metrics, including the cyclically adjusted price -to-earnings ratio, commonly known as the CAPE Shiller P/E ratio. The CAPE Shiller P/E ratio for a countrys equity market (typically represented by a broadly diversified index) is derived by dividing the current market value of a countrys primary stock market index ( e.g. , S&P 500) by the average of ten years of earnings of index constituent companies (moving average), adjusted for inflation. Cambrias algorithm then identifies equities that (i) are domiciled or principally traded in one of the countries with undervalued securities markets and (ii) exhibit strong value characteristics. The algorithm applies a number of value metrics to individual equity securities, including, but not limited to, price -to-sales (P/S) ratio, price -to-earnings (P/E) ratio, and enterprise multiple (EV/EBITDA). Securities in the Fund may be denominated in either the U.S. dollar or other currencies. Although Cambria seeks to weight these stocks equally in the Funds portfolio, security weights may fluctuate in response to market conditions and investment opportunities. Cambria screens the Funds portfolio to limit its exposure to any single country outside the United States to 20% of Fund assets. Although the Fund generally expects to invest in companies with larger market capitalizations, the Fund may invest in small- and mid -capitalization companies. At least 40% of the Funds holdings are expected to be composed of securities of issuers domiciled or principally traded in at least three countries (including the United States). As of August 1, 2025, the Fund had significant investment exposure to companies in the financials sector, as well as companies in the Asia -Pacific region, Europe, and Latin America; however, the Funds sector and geographic exposure may change from time to time. The Fund may sell a security when Cambria believes that the security is overvalued or better investment opportunities are available, to invest in cash and cash equivalents, or to meet redemptions. Cambria expects to adjust the Funds holdings periodically to meet the investment criteria and target allocations ( e.g ., security weights and country -specific limits) established by the Funds quantitative algorithm. The Fund may also invest in U.S. -listed exchange traded funds (ETFs) to gain exposure to the equity markets and issuers of developed and emerging market countries. Show less