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, issued by U.S. -based publicly listed companies that provide high shareholder yield. The Funds investment adviser, Cambria Investment Management, L.P. (Cambria or the Adviser), defines shareholder yield as the totality of returns realized by an investor from a companys cash payments for dividends, buybacks and debt paydowns. For the purposes of this strategy, Cambria calculates a companys shareholder yield by considering the following characteristics: (i) dividend payments to shareholders, (ii) return of capital in the form of share buybacks ( i.e. , a companys repurchase of its own shares … 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, issued by U.S. -based publicly listed companies that provide high shareholder yield. The Funds investment adviser, Cambria Investment Management, L.P. (Cambria or the Adviser), defines shareholder yield as the totality of returns realized by an investor from a companys cash payments for dividends, buybacks and debt paydowns. For the purposes of this strategy, Cambria calculates a companys shareholder yield by considering the following characteristics: (i) dividend payments to shareholders, (ii) return of capital in the form of share buybacks ( i.e. , a companys repurchase of its own shares from the marketplace, which, in turn, reduces the number of outstanding shares for continuing shareholders or generates proceeds for existing shareholders), and (iii) paydown of a companys debt ( i.e. , reducing a companys outstanding debt). Cambria believes that, while any one of these measures of a companys cash flows, in isolation, is inadequate to determine the attractiveness of its equity securities, considered together these measures have the potential to result in the construction of a portfolio of companies with higher potential for income and capital appreciation. Utilizing its own quantitative model, Cambria selects the top 20% of stocks in the initial universe of U.S. -based , publicly listed companies based on their shareholder yield, as measured by dividend payments and net share buybacks. Cambria considers an issuer to be U.S. -based if it is domiciled, incorporated or has substantial business activity in the United States and the primary equity security of such issuer is listed on a major U.S. stock exchange. Cambrias quantitative algorithm then factors in the remaining stocks debt paydowns and applies a number of value metrics to create a composite, including metrics such as, but not limited to, price -to-book (P/B) ratio, price -to-sales (P/S) ratio, price -to-earnings (P/E) ratio, price -to-free cash -flow (P/FCF or P/CF) ratio, and enterprise multiple (EV/EBITDA). Cambria then selects the top 100 stocks for inclusion in the Funds portfolio that exhibit, in the aggregate, the best combination of shareholder yield characteristics and value metrics. Although Cambria seeks to weight these stocks equally in the Funds portfolio, security weights may fluctuate in response to market conditions and investment opportunities. Although the Fund generally expects to invest in companies with larger market capitalizations, the Fund may invest in small- and mid -capitalization companies. As of August 1, 2025, the Fund had significant investment exposure to companies in the consumer discretionary and financials sectors; however, the Funds sector 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) established by the Funds quantitative algorithm. Show less