Cambria Investment Management, L.P. (“Cambria”) is a Delaware limited partnership formed in 2012. Cambria formerly operated as Cambria Investment Management, Inc., a California corporation that had been in business since 2006. On April 9, 2012, Cambria Investment Management, Inc. merged with and into Cambria solely to effectuate a structural change that has resulted in certain tax efficiencies. Mebane Faber, Cambria’s Co-Founder and Chief Executive Officer, is the principal owner of Cambria. Cambria provides investment advisory services to the following series of the Cambria ETF Trust , a Delaware statutory trust (the “Cambria Trust”):
• Cambria Shareholder Yield ETF (the “Shareholder Yield ETF”);
• Cambria Foreign Shareholder Yield ETF (the “Foreign Shareholder Yield ETF”);
• Cambria Global Value ETF (the “Global Value ETF”);
• Cambria Global Momentum ETF (the “Global Momentum ETF”);
• Cambria Global Asset Allocation ETF (the “Global Asset Allocation ETF”);
• Cambria Value and Momentum ETF (the “ VAMO ETF”);
• Cambria Global Tail Risk ETF (the “Global Tail Risk ETF”);
• Cambria Emerging Shareholder Yield ETF (the “Emerging Shareholder Yield ETF”);
• Cambria Tail Risk ETF (the “Tail Risk ETF”);
• Cambria Trinity ETF (the “Trinity ETF”);
• Cambria Cannabis ETF (the “Cannabis ETF”);
• Cambria Global Real Estate ETF (the “Real Estate ETF”);
• Cambria Micro and Small Cap Shareholder Yield ETF (“Micro and Small Cap ETF”); and
• Cambria Tactical Yield ETF (“Tactical Yield ETF”). The Cambria Trust is a registered open- end investment company under the Investment Company Act of 1940, as amended. The Shareholder Yield ETF, the Foreign Shareholder Yield ETF, the Global Value ETF, the Global Momentum ETF, the Global Asset Allocation ETF, the VAMO ETF, the Global Tail Risk ETF, the Emerging Shareholder Yield ETF, the Tail Risk ETF, the Trinity ETF, the Cannabis ETF, the Real Estate ETF, the Micro and Small Cap ETF, and the Tactical Yield ETF are collectively referred to as the “Cambria Trust Funds” in this brochure. Cambria also provides investment advice through the Cambria Digital Advisor Accounts (herein, the “Cambria Digital Advisor Accounts”), an online platform that guides clients through the investment management process and provides management services. Clients complete an online questionnaire where they provide information about their current finances and investment goals. Based on the answers, clients are placed in one of six unique Trinity Portfolios with an asset allocation mix that reflects their personal investment goals. The Trinity Portfolios consist of low-cost, diversified ETFs, some of which are the Cambria Trust Funds. The portfolio is actively managed using value, trend, and momentum strategies with the goal of maximizing gains and minimizing losses in accordance with the client’s risk tolerance. The management of the Cambria Digital Advisor client accounts is performed by Betterment LLC, an unaffiliated registered investment adviser. Betterment LLC directs any trading in the Cambria

Digital Advisor client accounts to Betterment Securities, a registered broker-dealer and member of FINRA/SIPC. Betterment, LLC and Betterment Securities (collectively referred to as “Betterment” within this brochure) are affiliated entities, however neither are affiliated with Cambria. Information about the client’s portfolio is available through an online digital dashboard provided by Betterment., Cambria Trust Funds account for approximately 40%-75% of the composition of the Trinity Portfolios, depending upon which of the six portfolios is selected by the client. Cambria provides investment advisory services to professional investment advisors through Trinity for Advisors. Cambria’s Trinity for Advisors program is currently available through three unaffiliated platforms: Riskalyze, TD Ameritrade and Interactive Brokers. Through this platform, third-party advisors are able to allocate their clients’ assets into one of six Trinity Portfolios. The Trinity Portfolios consist of low-cost, diversified ETFs, some of which are the Cambria Trust Funds. Cambria Trust Funds will account for approximately 40%-75% of the composition of the Trinity Portfolios available through the Trinity for Advisors program, depending upon which of the six portfolios is selected by the advisor. As of January 31, 2024, Cambria had total discretionary assets under management of approximately $2.23 billion. Cambria does not manage any assets on a non-discretionary basis. Cambria utilizes quantitative algorithms to manage, using both indexing and active management strategies, the Cambria Trust Funds and the Cambria Digital Advisor Accounts, referred to together in this brochure as the “clients,” assets. The strategy is a long-term trend following strategy with strict risk control methods that are completely systematic. No efforts are made to forecast future market trends. As new research and models are developed they may be incorporated into Cambria's investment strategies. Cambria invests in securities, consisting principally, but not solely, of equity and equity-related securities (including exchange-traded funds ("ETFs")), and fixed income securities that are traded publicly in U.S. markets and non-U.S. markets on behalf of its clients, but is authorized to enter into any type of investment transaction that it deems appropriate under the terms of the client’s registration statement or account agreement. The investors in the Cambria Trust Funds have no opportunity to select or evaluate any fund investments or strategies. Cambria selects all investments and strategies pursuant to the guidelines and limitations of each fund’s respective registration statement. Investors in the Cambria Digital Advisor Accounts do not have the ability to select the individual securities in their accounts but do have the opportunity to choose from six model portfolios. Advisors who use the Trinity for Advisors program do not have the ability to select the individual securities in the Trinity Portfolios. but do have the opportunity to choose from six model portfolios.