Strategy. 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. Utilizing its own quantitative model, the Funds investment sub-adviser, Cambria Investment Management, L.P. (Cambria or the Sub-Adviser) 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, including, but not limited to, price-to-sales (P/S) ratio, price-to-earnings (P/E) ratio, and enterprise multiple (EV/EBITDA). Cambria believes that 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 … Show more… 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. Utilizing its own quantitative model, the Funds investment sub-adviser, Cambria Investment Management, L.P. (Cambria or the Sub-Adviser) 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, including, but not limited to, price-to-sales (P/S) ratio, price-to-earnings (P/E) ratio, and enterprise multiple (EV/EBITDA). Cambria believes that 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. While many investors prefer stocks with high dividend yields, these stocks can be very inefficient for taxable investors, particularly those investors in the higher tax brackets. Accordingly, Cambria screens out high dividend yielding stocks and selects companies with strong value metrics to optimize the Funds after-tax returns and reduce investors tax liability associated with dividend distributions. To be eligible for inclusion in the Fund, equity securities must pass various market capitalization, sector concentration, and liquidity requirements. Cambria begins with the largest 1,000 U.S. equities by market capitalization. After removing the highest yielding stocks, Cambria then selects a portfolio of 50500 stocks for inclusion in the Funds portfolio that exhibit, in the aggregate, the best combination of lower dividend yield and value metrics. The Funds holdings are equal weighted, although weights may fluctuate in response to market conditions and investment opportunities. 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 to meet target allocations at least annually. Show less