cambria co investment fund

grupo saieh corp group investments

Leading non-banking finance company Shriram City Union Finance Ltd has got fair trade regulator CCI's approval for tpg investment india proposed merger of its two group companies through a multi-stage transac Piramal Enterprises, a firm promoted by Ajay Piramal, had acquired 9. TPG, a leading global private investment firm, has picked up a For global institutional investors that have been wary about investing in India for the past few years, the tide has turned and India has again become a must-have market.

Cambria co investment fund pt. yinyi indonesia mining investment

Cambria co investment fund

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. There is no guarantee that the Fund will achieve its investment goal. Investing involves risk, including the possible loss of principal.

In addition to the normal risks associated with investing, international investments may involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles, or from social, 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.

Bonds and bond funds are subject to interest rate risk and will decline in value as interest rates rise. Investments in sovereign and quasi-sovereign debt obligations involve special risks not present in corporate debt obligations. The issuer of the sovereign debt or the authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due, and the Fund may have limited recourse in the event of a default.

Investments in commodities are subject to higher volatility than more traditional investments. The fund may invest in derivatives, which are often more volatile than other investments and may magnify the Fund's gains or losses. The use of leverage by the fund managers may accelerate the velocity of potential losses. The investment portfolios span from conservative low volatility to aggressive high volatility market products. Faber is a manager of Cambria's ETFs and separately managed accounts.

Faber has authored numerous white papers and books. Faber graduated from the University of Virginia with a double major in Engineering Science and Biology. 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 ETF INFO or visiting our website at www. Read the prospectus carefully before investing or sending money. 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.

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. There is no guarantee that the Fund will achieve its investment goal.

Investing involves risk, including the possible loss of principal. In addition to the normal risks associated with investing, international investments may involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles, or from social, 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.

INVESTMENT BROKERS RATINGS

To the extent the Fund has holdings of tax-exempt, foreign or other securities that may trade infrequently, fair valuation may be used more frequently than for other funds. Fair valuation may have the effect of reducing stale pricing arbitrage opportunities presented by the pricing of Fund Shares.

However, when the Fund uses fair valuation to price securities, it may value those securities higher or lower than another fund would have priced the security. Because of the judgment involved in fair valuation decisions, there can be no assurance that the value ascribed to a particular security is accurate. The Trust maintains a website for the Fund at www.

Information about the premiums and discounts at which Shares have traded is available at www. The Trust and the Fund are part of the Cambria family of funds and related for purposes of investor and investment services, as defined in Section 12 d 1 G of the Investment Company Act. For purposes of the Investment Company Act, Shares are issued by a registered investment company and purchases of such Shares by registered investment companies and companies relying on Section 3 c 1 or 3 c 7 of the Investment Company Act are subject to the restrictions set forth in Section 12 d 1 of the Investment Company Act, except as permitted by an exemptive order of the SEC.

The SEC has granted the Trust such an order to permit registered investment companies to invest in Shares beyond the limits in Section 12 d 1 A , subject to certain terms and conditions, including that the registered investment company first enter into a written agreement with the Trust regarding the terms of the investment. Accordingly, registered investment companies that wish to rely on the order must first enter into such a written agreement with the Trust and should contact the Trust to do so.

Fund Distributions. The Fund generally pays out dividends from its net investment income, if any, to shareholders quarterly, and distributes its net capital gains, if any, to shareholders annually. The Fund typically earns dividends from stocks in which it invests. Brokers may make available to their customers who own Shares the DTC book-entry dividend reinvestment service. To determine whether the dividend reinvestment service is available and whether there is a commission or other charge for using this service, consult your broker.

Brokers may require Fund shareholders to adhere to specific procedures and timetables. If this service is available and used, dividend distributions of both income and net realized gains will be automatically reinvested in additional whole Shares of the distributing Fund purchased in the secondary market. Without this service, investors would receive their distributions in cash.

As with any investment, you should consider how your investment in Shares will be taxed. The tax information in this Prospectus is provided only as general information. You should consult your own tax professional about the federal, state, and local tax consequences of an investment in Shares. This summary does not apply to shares held in an individual retirement account or other tax-qualified plans, which are generally not subject to current tax.

Transactions relating to shares held in such accounts may, however, be taxable at some time in the future. Many of the changes applicable to individuals are temporary and only apply to taxable years beginning after December 31, and before January 1, There are only minor changes with respect to the specific rules applicable to a regulated investment company, such as the Fund.

The Tax Act, however, made numerous other changes to the tax rules that may affect shareholders and the Fund. You are urged to consult with your own tax advisor regarding how the Tax Act affects your investment in the Fund. Tax Status of the Fund. If the Fund qualifies for treatment as a regulated investment company, and meets certain minimum distribution requirements, then the Fund is generally not subject to tax at the fund level on income and gains from investments that are timely distributed to shareholders.

To the extent the Fund invests in foreign securities, it may be subject to foreign withholding taxes with respect to dividends or interest the Fund received from sources in foreign countries. The Fund or its administrative agent will notify you if it makes such an election and provide you with the information necessary to reflect foreign taxes paid on your income tax return.

Taxes on Distributions. The Fund intends to distribute each year substantially all of its net investment income and net capital gains income. Dividends and distributions are generally taxable to you whether you receive them in cash or in additional Shares. Income distributions by the Fund, including distributions of net short-term capital gains but excluding distributions of qualified dividend income, are generally taxable at ordinary income tax rates.

In order for a distribution by the Fund to be treated as qualified dividend income, it must be attributable to dividends the Fund receives on stock of most domestic corporations and certain foreign corporations with respect to which the Fund satisfies certain holding period and other requirements and you must meet similar requirements with respect to Shares.

This 3. Corporate shareholders may be entitled to a dividends-received deduction for the portion of dividends they receive from the Fund that are attributable to dividends received by the Fund from U. Under a dividend reinvestment service, you may have the option to have all cash distributions automatically reinvested in additional Fund Shares.

Any distributions reinvested under such a service will nevertheless be taxable to you. You will have an adjusted basis in the additional Shares purchased through such a reinvestment service equal to the amount of the reinvested distribution plus the amount of any fees charged for the transaction. The additional Shares will have a holding period commencing on the day following the day on which they are credited to your account.

In general, distributions are subject to federal income tax for the year when they are paid. However, certain distributions declared to shareholders of record in October, November or December and actually paid in January of the following year may be treated as paid on December 31 of the calendar year in which declared. The Fund or your broker will inform you of the amount of your ordinary income dividends, qualified dividend income, and net capital gain distributions shortly after the close of each calendar year.

You may be subject to federal back-up withholding tax, if you have not provided the Fund or financial intermediaries, such as brokers, through which you own Shares with a taxpayer identification number for an individual, a social security number and made other required certifications. You may also be subject to state and local taxes on distributions, sales and redemptions.

Taxes When Shares are Sold. Generally, you will recognize taxable gain or loss if you sell or otherwise dispose of your Shares. Any gain arising from such a disposition generally will be treated as long-term capital gain if you held the Shares for more than twelve months or if held for twelve months or less will be classified as short-term capital gain.

However, any capital loss arising from the disposition of Shares held for six months or less will be treated as long-term capital loss to the extent of the amount of long-term capital gain dividends received with respect to such Shares. If disallowed, the loss will be reflected in an adjustment to the basis of the Shares acquired.

Taxes on Purchase and Redemption of Creation Units. An Authorized Participant that exchanges equity securities for one or more Creation Units generally will recognize a gain or a loss on the exchange. Persons exchanging securities should consult their own tax advisor with respect to whether wash sale rules apply and when a loss might be deductible.

Any capital gain or loss realized upon a redemption of one or more Creation Units is generally treated as long-term capital gain or loss if the Creation Unit s have been held for more than one year and as short-term capital gain or loss if they have been held for one year or less. The Fund may include cash when paying the redemption price for Creation Units in addition to, or in place of, the delivery of a basket of securities.

The Fund may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. As a result, the Fund may be less tax efficient if it includes such a cash payment than if the in-kind redemption process was used. If you purchase or redeem Creation Units, you will be sent a confirmation statement showing how many Shares you purchased or sold and at what price. Different tax consequences may result if you are a foreign shareholder engaged in a trade or business within the United States or if you are a foreign shareholder entitled to claim the benefits of a tax treaty.

The foregoing is only a summary of certain federal income tax considerations under current law, which is subject to change in the future. Shareholders such as non-resident aliens, foreign trusts or estates, or foreign corporations or partnerships may be subject to different U.

It is the policy of the Fund to mail only one copy of the prospectus, annual report, semi-annual report and proxy statements to all shareholders who share the same mailing address and share the same last name and have invested in the Fund s covered by the same document. You are deemed to consent to this policy unless you specifically revoke this policy and request that separate copies of such documents be mailed to you.

In such case, you will begin to receive your own copies within 30 days after our receipt of the revocation. Because the Fund had not yet commenced operations as of the date of this Prospectus, the Fund does not have financial highlights to present at this time. If you would like more information about the Fund and the Trust, the following documents are available free, upon request:.

Statement of Additional Information. To receive a free copy of the latest annual or semi-annual report, when available, or the SAI, or to request additional information about the Fund, please contact us as follows:. Information Provided by the Securities and Exchange Commission.

Investment Company Act File No. Preliminary Statement of Additional Information dated August 15, PHONE: The Trust is an open-end registered management investment company under the Investment Company Act. This SAI, dated [-], , as revised from time to time, is not a prospectus. Capitalized terms used herein that are not defined have the same meaning as in the Prospectus, unless otherwise noted. When available, an annual report for the Fund will be available in the same manner at no charge by request to the Fund at the address, website, or phone number noted above.

THE U. No person has been authorized to give any information or to make any representations other than those contained in this SAI and the Prospectus and, if given or made, such information or representations may not be relied upon as having been authorized by the Trust.

This SAI does not constitute an offer to sell securities. The following terms are used throughout this SAI, and have the meanings used below:. Shares will not be issued or redeemed except in Creation Units. The Transaction Fee is comprised of a flat or standard fee and may include a variable fee. The Trust is a Delaware statutory trust formed on September 9, and an open-end registered management investment company comprised of [twenty-two funds], [thirteen] of which have commenced operations as of the date of this SAI, and one of which is discussed in this SAI.

The Fund is a diversified, actively-managed ETF. The offering of the Shares is registered under the Act. The Fund offers and issues Shares at NAV only in aggregations of a specified number of Shares, generally in exchange for a basket of securities constituting the portfolio holdings of the Fund, together with the deposit of a specified cash payment, or, in certain circumstances, for an all cash payment.

Shares will be listed and traded on the Exchange. Shares will trade on the Exchange at market prices that may be below, at, or above NAV. Unlike mutual funds, Shares are not individually redeemable securities. In the event of the liquidation of the Fund, the Trust may lower the number of Shares in a Creation Unit. In the instance of creations and redemptions, Transaction Fees may be imposed. Such fees are limited in accordance with requirements of the SEC applicable to management investment companies offering redeemable securities.

Some of the information contained in this SAI and the Prospectus — such as information about purchasing and redeeming Shares from the Fund and Transaction Fees — is not relevant to most retail investors because it applies only to transactions for Creation Units and most retail investors do not transact for Creation Units. Once created, Shares generally trade in the secondary market, at market prices that change throughout the day, in amounts less than a Creation Unit.

Investors purchasing Shares in the secondary market through a brokerage account or with the assistance of a broker may be subject to brokerage commissions and charges. If the market affects several securities held by the Fund, the Fund may have a greater percentage of its assets invested in securities of fewer issuers.

Shares trade on the Exchange or in secondary markets at prices that may differ from their NAV or IIV, including because such prices may be affected by market forces such as supply and demand for Shares. As is the case of other securities traded on an exchange, when you buy or sell Shares on the Exchange or in the secondary markets your broker will normally charge you a commission or other transaction charges.

Further, the Trust reserves the right to adjust the price of Shares in the future to maintain convenient trading ranges for investors namely, to maintain a price per Share that is attractive to investors by share splits or reverse share splits, which would have no effect on the NAV.

There can be no assurance that the Fund will continue to meet the requirements of the Exchange necessary to maintain the listing of Shares. The Exchange will remove the Shares from listing and trading upon termination of the Fund. The Fund is not sponsored, endorsed, sold or promoted by the Exchange. The Exchange makes no representation or warranty, express or implied, to the owners of Shares or any member of the public regarding the advisability of investing in securities generally or in the Fund particularly or the ability of the Fund to achieve its objectives.

The Exchange has no obligation or liability in connection with the administration, marketing or trading of the Fund. Under the policy, portfolio holdings of the Fund, which form the basis for the calculation of NAV on a Business Day, are publicly disseminated prior to the opening of trading on the Exchange that Business Day through financial reporting or news services, including the website www.

The IIV does not necessarily reflect the precise composition of the current portfolio of securities held by the Fund at a particular point in time or the best possible valuation of the current portfolio. If a price for an asset held by the Fund is not available due to disruption in the underlying market then stale values may be used in the calculation of the IIV and this may adversely affect the value of Shares.

The Fund is not involved in, or responsible for, the calculation or dissemination of such values and makes no warranty as to their accuracy. A repurchase agreement maturing in more than seven days is considered illiquid, unless it can be terminated after a notice period of seven days or less. The Investment Company Act prohibits the Fund from issuing any class of senior securities or selling any senior securities of which it is the issuer, except that the Fund is permitted to borrow from banks, as described immediately above.

With respect to the fundamental policy relating to making loans set forth in 6 above, the Investment Company Act does not prohibit the Fund from making loans; however, SEC staff interpretations currently prohibit funds from lending more than one-third of their total assets, except through the purchase of debt obligations. A repurchase agreement is an agreement to purchase a security, coupled with an agreement to sell that security back to the original seller on an agreed-upon date at a price that reflects current interest rates.

The SEC staff treats repurchase agreements as loans. For purposes of applying the limitation set forth in the concentration policy, the Fund, with respect to its equity holdings, will generally use the industry classifications provided by the Global Industry Classification System. Securities of the U. The sections below supplement these principal investment strategies and risks and describe the additional investment policies and different types of investments that may be made by the Fund directly as a part of its non-principal investment strategies.

Unless otherwise indicated in the Prospectus or this SAI, the investment objective and policies of the Fund may be changed without shareholder approval. Cash Items. These cash items and other high quality debt securities may include money market instruments, such as securities issued by the U.

Credit Quality Standards. When investing in fixed income securities and, if applicable, preferred or convertible stocks, the Fund maintains the following credit quality standards, which apply at the time of investment:. The Fund may retain a debt security that has been downgraded below the initial investment criteria.

Debt-Related Investments. Debt securities include securities issued or guaranteed by the U. Debt securities may be investment grade securities or high yield securities, which are described below. Investment grade securities include securities issued or guaranteed by the U. The Fund, at the discretion of Cambria, may retain a debt security that has been downgraded below the initial investment criteria. Debt and other fixed income securities include fixed and floating rate securities of any maturity.

Fixed rate securities pay a specified rate of interest or dividends. Floating rate securities pay a rate that is adjusted periodically by reference to a specified index or market rate. Holders of fixed income securities are exposed to both market and credit risk. In general, the values of fixed income securities increase when interest rates fall and decrease when interest rates rise.

Given the historically low interest rate environment, risks associated with rising rates are heightened. Credit risk relates to the ability of an issuer to make payments of principal and interest. Obligations of issuers are subject to bankruptcy, insolvency and other laws that affect the rights and remedies of creditors.

Because interest rates vary, the future income of the Fund that invests in fixed income securities cannot be predicted with certainty. Government Securities. Different kinds of U. For example, some U. Treasury bonds are supported by the full faith and credit of the U. Other U. It is possible that the availability and the marketability that is, liquidity of the securities discussed in this section could be adversely affected by actions of the U.

As with other fixed income securities, U. For example, the value of U. Yields on U. In addition to investing directly in U. Certificates of accrual and similar instruments may be more volatile than other government securities. Equity-Related Investments. Common Stocks. Common stock represents an ownership interest in a company and usually possesses voting rights and earns dividends. Dividends on common stock are not fixed but are declared at the discretion of the issuer.

Common stock generally represents the riskiest investment in a company. The fundamental risk of investing in common stock is the risk that the value of the stock might decrease. Historically, common stocks have provided greater long-term returns and have entailed greater short-term risks than preferred stocks, fixed-income securities and money market investments. This may not be true currently or in the future. If you invest in the Fund, you should be willing to accept the risks of the stock market and should consider an investment in the Fund only as a part of your overall investment portfolio.

Convertible Securities. Convertible securities include fixed-income securities, preferred stock or other securities that may be converted into or exchanged for a given amount of common stock of the same or a different issuer during a specified period and at a specified price in the future. A convertible security entitles the holder to receive interest on debt or the dividend on preferred stock until the convertible security matures or is redeemed, converted or exchanged.

Convertible securities have unique investment characteristics in that they generally: 1 have higher yields than the underlying common stock, but lower yields than comparable non-convertible securities; 2 are less subject to fluctuation in value than the underlying common stock since they have fixed-income characteristics; and 3 provide the potential for capital appreciation if the market price of the underlying common stock increases.

If a convertible security is called for redemption, the Fund will be required to permit the issuer to redeem the security, convert it into the underlying common stock or sell it to a third party. Convertible securities are typically issued by smaller capitalization companies whose stock price may be volatile. Therefore, the price of a convertible security may reflect variations in the price of the underlying common stock in a way that non-convertible debt does not. The extent to which such risk is reduced, however, depends in large measure upon the degree to which the convertible security sells above its value as a fixed-income security.

Master Limited Partnerships. Their interests, or units, trade on public securities exchanges exactly like the shares of a corporation, without entity level taxation. MLPs generally have two classes of owners, one or more general partners and the limited partners i. The general partner typically controls the operations and management of the MLP through an equity interest in the MLP plus, in many cases, ownership of common units and subordinated units.

In certain instances, creditors of an MLP would have the right to seek a return of capital that had been distributed to a limited partner. MLPs typically invest in real estate, oil and gas equipment leasing assets, but they also finance entertainment, research and development, and other projects.

Prices of common units of individual MLPs, like the prices of other equity securities, also can be affected by fundamentals unique to the partnership or company, including earnings power and coverage ratios. The Fund may invest in the securities of other investment companies to the extent permitted by law. Subject to applicable regulatory requirements, the Fund may invest in shares of both open- and closed-end investment companies including money market funds and ETFs.

The Fund also may invest in private investment funds, vehicles, or structures. Preferred Stocks. The Fund may invest in preferred stocks. Preferred stocks include convertible and non-convertible preferred and preference stocks that are senior to common stock.

Depending on the features of the particular security, holders of preferred stock may bear the risks disclosed in the Prospectus or this SAI regarding equity or fixed income securities. A REIT is a company that pools investor funds to invest primarily in income producing real estate or real estate related loans or interests. REITs are not taxed on income distributed to their shareholders if, among other things, they distribute substantially all of their taxable income other than net capital gains for each taxable year.

Because REITs have ongoing fees and expenses, which may include management, operating and administration expenses, REIT shareholders, including the Fund, will indirectly bear a proportionate share of those expenses in addition to the expenses of the Fund.

REITs may be affected by changes in their underlying properties and by defaults by borrowers or tenants. Mortgage REITs may be affected by the quality of the credit extended. Furthermore, REITs are dependent on specialized management skills. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties.

REITs depend generally on their ability to generate cash flow to make distributions to shareholders or unitholders, and may be subject to defaults by borrowers and to self-liquidations. In addition, the performance of a REIT may be affected by its failure to qualify for tax-free pass-through of income under the Code, including regulations thereunder and IRS interpretations, or similar authority upon which the Fund may rely or its failure to maintain exemption from registration under the Investment Company Act.

Rights and Warrants. A right is a privilege granted to existing shareholders of a corporation to subscribe to shares of a new issue of common stock before it is issued. Rights normally have a short life of usually two to four weeks, are freely transferable and entitle the holder to buy the new common stock at a lower price than the public offering price. Warrants are securities that are usually issued together with a debt security or preferred stock and that give the holder the right to buy proportionate amount of common stock at a specified price.

Warrants are freely transferable and are traded on major exchanges. Unlike rights, warrants normally have a life that is measured in years and entitles the holder to buy common stock of a company at a price that is usually higher than the market price at the time the warrant is issued.

Corporations often issue warrants to make the accompanying debt security more attractive. An investment in warrants and rights may entail greater risks than certain other types of investments. Generally, rights and warrants do not carry the right to receive dividends or exercise voting rights with respect to the underlying securities, and they do not represent any rights in the assets of the issuer.

In addition, their value does not necessarily change with the value of the underlying securities, and they cease to have value if they are not exercised on or before their expiration date. Investing in rights and warrants increases the potential profit or loss to be realized from the investment as compared with investing the same amount in the underlying securities.

Foreign Investments Generally. Foreign Market Risk. Foreign security investment or exposure involves special risks not present in U. These risks are higher for emerging markets investments, which can be subject to greater social, economic, regulatory and political uncertainties, and may have significantly less liquidity, than developed markets.

In particular, the Fund is subject to the risk that because there are generally fewer investors on foreign exchanges and a smaller number of shares traded each day, it may be difficult for the Fund to buy and sell securities, or increase or decrease exposures, on those exchanges. In addition, prices of foreign securities may fluctuate more than prices of securities traded in the U. Foreign Economy Risk.

The economies of certain foreign markets often do not compare favorably with that of the U. Certain foreign economies may rely heavily on particular industries or foreign capital and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a particular country or countries, changes in international trading patterns, trade barriers, and other protectionist or retaliatory measures.

Investments in foreign markets may also be adversely affected by governmental actions such as the imposition of capital controls, nationalization of companies or industries, expropriation of assets, or the imposition of punitive taxes. In addition, the governments of certain countries may prohibit or impose substantial restrictions on foreign investing in their capital markets or in certain industries. Other foreign market risks include foreign exchange controls, difficulties in pricing securities, defaults on foreign government securities, difficulties in enforcing favorable legal judgments in foreign courts, and political and social instability.

Legal remedies available to investors in certain foreign countries may be less extensive than those available to investors in the U. Foreign corporate governance may not be as robust as in the U. As a result, protections for minority investors may not be strong, which could affect security prices. Currency Risk and Exchange Risk. Securities in which the Fund invests, or to which they obtain exposure, may be denominated or quoted in currencies other than the U.

Changes in foreign currency exchange rates will affect the value of these securities. Generally, when the U. Similarly, when the U. Many foreign governments supervise and regulate stock exchanges, brokers and the sale of securities to a lesser extent than the U. Some countries may not have laws to protect investors the way that the U. Accounting standards in other countries are not necessarily the same as in the U. If the accounting standards in another country do not require as much disclosure or detail as U.

Foreign securities in which the Fund invests, or to which it obtains exposure, are generally held outside the U. However, certain foreign banks and securities depositories may be recently organized or new to the foreign custody business. They may also have operations subject to limited or no regulatory oversight. In addition, it likely will be more expensive for the Fund to buy, sell and hold securities, or increase or decrease exposures thereto, in certain foreign markets than it is in the U.

The increased expense of investing in foreign markets reduces the amount the Fund can earn on its investments. Settlement and clearance procedures in certain foreign markets differ significantly from those in the U. Foreign settlement and clearance procedures and trade regulations also may involve certain risks such as delays in payment for or delivery of securities not typically involved with the settlement of U. Communications between the U.

Settlements in certain foreign countries at times have not kept pace with the number of securities transactions. The problems may make it difficult for the Fund to carry out transactions. If the Fund cannot settle or is delayed in settling a purchase of securities, the Fund may miss attractive investment opportunities and certain of its assets may be uninvested with no return earned thereon for some period. If the Fund cannot settle or is delayed in settling a sale of securities, directly or indirectly, it may lose money if the value of the security then declines or, if it has contracted to sell the security to another party, the Fund could be liable to that party for any losses incurred.

Dividends and interest on, and proceeds from the sale of, foreign securities the Fund holds, or has exposure to, may be subject to foreign withholding or other taxes, and special federal tax considerations may apply. Depositary Receipts. These securities may not necessarily be denominated in the same currency as the securities which they represent. Generally, ADRs, in registered form, are denominated in U.

ADRs are receipts typically issued by a U. EDRs are European receipts evidencing a similar arrangement. GDRs are receipts typically issued by non-United States banks and trust companies that evidence ownership of either foreign or domestic securities. Unsponsored depositary receipts may be created without the participation of the foreign issuer. Holders of these receipts generally bear all the costs of the depositary receipt facility, whereas foreign issuers typically bear certain costs in a sponsored depositary receipt.

The bank or trust company depositary of an unsponsored depositary receipt may be under no obligation to distribute shareholder communications received from the foreign issuer or to pass through voting rights. Accordingly, available information concerning the issuer may not be current, and the prices of unsponsored depositary receipts may be more volatile than the prices of sponsored depositary receipts.

In addition, the issuers of securities underlying unsponsored depositary receipts may be subject to less stringent government supervision. Illiquid Securities. In some instances, these trading restrictions could continue in effect for a substantial period of time. The judgment of Cambria normally plays a greater role in valuing these securities than in valuing publicly traded securities.

Securities Lending. The Fund continues to receive dividends or interest, as applicable, on the securities loaned and simultaneously earns either interest on the investment of the cash collateral or fee income if the loan is otherwise collateralized. To the extent the Fund engages in securities lending, securities loans will be made to broker-dealers that Cambria believes to be of relatively high credit standing pursuant to agreements requiring that the loans continuously be collateralized by cash, liquid securities, or shares of other investment companies with a value at least equal to the market value of the loaned securities.

As with other extensions of credit, the Fund bears the risk of delay in the recovery of the securities and of loss of rights in the collateral should the borrower fail financially. The Fund also bears the entire risk of loss on any reinvested collateral received in connection with securities lending. Voting rights or rights to consent with respect to the loaned securities pass to the borrower. The Fund has the right to call loans at any time on reasonable notice.

The Fund may also pay various fees in connection with securities loans, including shipping fees and custodian fees. Based on this definition, instruments with a remaining maturity of less than one-year are excluded from the calculation of the portfolio turnover rate.

Instruments excluded from the calculation of portfolio turnover generally would include the futures contracts and option contracts in which the Fund invests because such contracts generally have a remaining maturity of less than one-year. Generally, the higher the rate of portfolio turnover of a fund, the higher these transaction costs borne by the fund and its long-term shareholders. Such sales may result in the realization of taxable capital gains including short-term capital gains, which, when distributed, are generally taxed to shareholders at ordinary income tax rates.

The Fund has not commenced operations, as of the end of the date of this SAI. Accordingly, no portfolio turnover information is provided. Trustees and Officers. The business and affairs of the Trust are managed by its officers under the oversight of its Board. The Board sets broad policies for the Trust and may appoint Trust officers.

Each Trustee serves until his or her successor is duly elected or appointed and qualified. The Board is comprised of three Trustees. One Trustee and certain of the officers of the Trust are directors, officers or employees of Cambria. The Trustees, their age by year of birth , term of office and length of time served, their principal business occupations during the past five years, the number of portfolios in the Fund Complex overseen and other directorships, if any, held by each Trustee, are shown below.

The officers, their age by year of birth , term of office and length of time served and their principal business occupations during the past five years, are shown below. Name and. Year of Birth. Position s Held. Term of Office,. Time Served. During Past 5. Number of. Funds in Fund. Overseen by. Mebane Faber. YOB: Michael Venuto. Dennis G. Name and Year of. Position s Held with Trust, Term of.

Office, and Length of Time Served. Eric Kleinschmidt. Himanshu Sudhir Surti. Douglas Tyre. Additional Information About the Trustees. The following provides information additional to that set forth in the table above regarding other relevant qualifications, experience, attributes or skills applicable to each Trustee. Mebane Faber: Mr. Faber has extensive experience in the investment management industry, including as a portfolio manager, an author of multiple investment strategy books, and host of his own wealth management podcast.

Schmal: Mr. Schmal has extensive experience in the investment management industry, including as a member of senior management of the investment company audit practice at a large public accounting firm, as well as service on multiple boards of directors overseeing public companies, registered investment companies and private companies and funds. Michael Venuto: Mr. The Board has determined that each Trustee on an individual basis and in combination with the other Trustees is qualified to serve, and should serve, on the Board.

To make this determination the Board considered a variety of criteria, none of which in isolation was controlling. Board Structure. Faber is considered to be an Interested Trustee and serves as Chairman of the Board. The Board believes that having an interested Chairman, who is familiar with Cambria and its operations, while also having two-thirds of the Board composed of Independent Trustees, strikes an appropriate balance that allows the Board to benefit from the insights and perspective of a representative of management while empowering the Independent Trustees with the ultimate decision-making authority.

The Board has not appointed a lead Independent Trustee at this time. The Board normally holds four regularly scheduled meetings each year, at least one of which is in person. The Board may hold special meetings, as needed, either in person or by telephone, to address matters arising between regular meetings.

The Independent Trustees meet separately at each regularly scheduled in-person meeting of the Board; during a portion of each such separate meeting management is not present. The Independent Trustees may also hold special meetings, as needed, either in person or by telephone. The Board conducts a self-assessment on an annual basis, as part of which it considers whether the structure of the Board and its Committees is appropriate under the circumstances.

Based on such self-assessment, among other things, the Board considers whether its current structure is appropriate. As part of this self-assessment, the Board considers several factors, including the number of funds overseen by the Board, their investment objectives, and the responsibilities entrusted to Cambria and other service providers with respect to the oversight of the day-to-day operations of the Trust and the Fund.

The Board has not established a standing risk committee. Rather, the Board relies on Trust officers, advisory personnel and service providers to manage applicable risks and report exceptions to the Board in order to enable it to exercise its oversight responsibility. The Board generally exercises its oversight as a whole, but has delegated certain oversight functions to an Audit Committee. The function of the Audit Committee is discussed in detail below.

Each Independent Trustee serves on each of these committees. During the fiscal year ended April 30, , the Audit Committee met three times. The Committee does not consider potential candidates for nomination identified by shareholders. During the fiscal year ended April 30, , the Nominating Committee did not meet.

Compensation of Trustees. The Independent Trustees determine the amount of compensation that they receive. In determining compensation for the Independent Trustees, the Independent Trustees take into account a variety of factors including, among other things, their collective significant work experience e.

The Independent Trustees also consider the compensation paid to independent board members of other registered investment company complexes of comparable size. All Trustees are reimbursed for their travel expenses and other reasonable out-of-pocket expenses incurred in connection with attending Board meetings. The following table reflects the compensation paid to the Trustees for the fiscal year ended [April 30], Deferred 1. Total Compensation. Paid to Trustee 1.

Equity Ownership of Trustees. Dollar amount ranges disclosed are established by the SEC. As of December 31, , none of the Independent Trustees or their immediate family members beneficially owned any securities in any investment adviser or principal underwriter of the Trust, or in any person other than a registered investment company directly or indirectly controlling, controlled by, or under common control with an investment adviser or principal underwriter of the Trust.

Codes of Ethics. Rule 17j-1 and the Codes of Ethics are designed to prevent unlawful practices in connection with the purchase or sale of securities by access persons. Under each Code of Ethics, access persons are permitted to engage in personal securities transactions, but are required to report their personal securities transactions for monitoring purposes.

In addition, certain access persons are required to obtain approval before investing in private placements and are prohibited from investing in IPOs. Proxy Voting. Under this authority, Cambria is required by the Board to vote proxies related to portfolio securities in the best interests of the Fund and its shareholders. Cambria will vote such proxies in accordance with its proxy policies and procedures, which are included in Appendix A to this SAI.

Cambria owns all of the initial Shares issued by the Fund prior to the commencement of investment operations and the public launch of the Fund. Investment Advisory Agreement. The Fund has not commenced operations as of the end of the most recent fiscal year.

Accordingly, the Fund has not paid any advisory fees to Cambria. Cambria is a registered investment adviser under the Investment Advisers Act of and is a limited partnership organized under the laws of Delaware. Mebane Faber, Pursell Management Co. Cambria was founded in and provides investment advisory services to registered and unregistered investment companies, individuals including high net worth individuals , pensions and charitable organizations.

The Management Agreement provides that Cambria will not be liable for any error of judgment or mistake of law or for any loss suffered by the Trust in connection with the matters to which the Management Agreement relates, but will be liable to the Trust and its shareholders only for willful misfeasance, bad faith, or gross negligence on its part in the performance of its duties or from reckless disregard of its obligations or duties thereunder.

The Management Agreement also provides that Cambria may engage in other businesses, devote time and attention to any other business whether of a similar or dissimilar nature, and render investment advisory services to others.

The Management Agreement with respect to the Fund will remain in effect for two 2 years from its effective date and thereafter continue in effect for as long as its continuance is specifically approved at least annually, by 1 the vote of the Trustees or by a vote of a majority of the shareholders of the Fund, and 2 by the vote of a majority of the Trustees who are not parties to the Management Agreement or Interested Persons of any person thereto, cast in person at a meeting called for the purpose of voting on such approval.

Custodian and Transfer Agent. BBH does not exercise any supervisory function over the purchase and sale of securities. As compensation for these services, the Custodian receives certain out-of-pocket costs, transaction fees and asset-based fees which are accrued daily and paid monthly by Cambria from its fees. As Transfer Agent, BBH has agreed to: 1 issue and redeem Shares in Creation Units, 2 make dividend and other distributions to shareholders of the Fund, 3 maintain shareholder accounts, and 4 make periodic reports to the Fund.

As compensation for these services, the Transfer Agent receives certain out-of-pocket costs and transaction fees which are accrued daily and paid monthly by Cambria from its fees. The Administrator provides the Fund with all required general administrative services, including, without limitation, clerical and general back office services; bookkeeping, internal accounting and secretarial services; the calculation of NAV; and the preparation and filing of all reports, updates to registration statements, and all other materials required to be filed or furnished by the Fund under federal and state securities laws.

As compensation for these services, the Administrator receives certain out-of-pocket costs, transaction fees and asset-based fees which are accrued daily and paid monthly by Cambria from its fees. The following table provides information about the portfolio manager who has day-to-day responsibility for management of the Fund. None of the accounts listed below are subject to a performance-based advisory fee. Total Assets Managed.

Potential Conflicts of Interest. The other accounts may have the same investment objective as the Fund. Therefore, a potential conflict of interest may arise as a result of the identical investment objectives, whereby the portfolio manager could favor one account over another. Cambria has established policies and procedures to ensure that the purchase and sale of securities among all accounts it manages are fairly and equitably allocated.

There can be no assurance, however, that these policies and procedures will be effective. The portfolio manager may also earn a bonus each year based on the profitability of Cambria. Brokerage Transactions. Also, the Fund may accept cash as part or all of an In-Kind Creation or Redemption Basket, in which case Cambria may need to execute brokerage transactions for the Fund.

Generally, equity securities, including securities of underlying ETFs, are bought and sold through brokerage transactions for which commissions are payable. Money market securities and other debt securities are usually bought and sold directly from the issuer or an underwriter or market maker for the securities. Generally, the Fund will not pay brokerage commissions for such purchases. When a debt security is bought from an underwriter, the purchase price will usually include an underwriting commission or concession.

When the Fund executes transactions in the over-the-counter market, it will generally deal with primary market makers unless prices that are more favorable are otherwise obtainable. Transactions involving commingled orders are allocated in a manner deemed equitable to each account or Fund. Although it is recognized that, in some cases, the joint execution of orders could adversely affect the price or volume of the security that a particular account or the Fund may obtain, it is the opinion of Cambria that the advantages of combined orders outweigh the possible disadvantages of separate transactions.

In addition, in some instances the Fund effecting the larger portion of a combined order may not benefit to the same extent as participants effecting smaller portions of the combined order. Nonetheless, Cambria believes that the ability of the Fund to participate in higher volume transactions will generally be beneficial to the Fund. Accordingly, for the fiscal year ended April 30, , the Fund did not pay any brokerage commissions.

Brokerage Selection. When one or more broker-dealers is believed capable of providing the best combination of price and execution, Cambria may not select a broker-dealer based on the lowest commission rate available for a particular transaction. In such cases, Cambria may pay a higher commission than otherwise obtainable from other brokers in return for brokerage or research services provided to Cambria consistent with Section 28 e of the Act, which provides that Cambria may cause the Fund to pay a broker-dealer a commission for effecting a transaction in excess of the amount of commission another broker-dealer would have charged as long as Cambria makes a good faith determination that the amount of commission is reasonable in relation to the value of the brokerage and research services provided by the broker-dealer.

To the extent Cambria obtains brokerage and research services that it otherwise would acquire at its own expense, Cambria may have an incentive to place a greater volume of transactions or pay higher commissions than would otherwise be the case. Cambria will only obtain brokerage and research services from broker-dealers in arrangements that are consistent with Section 28 e of the Act. The types of products and services that Cambria may obtain from broker-dealers through such arrangements will include research reports and other information on the economy, industries, sectors, groups of securities, individual companies, statistical information, political developments, technical market action, pricing and appraisal services, credit analysis, risk measurement analysis, performance and other analysis.

Cambria may use products and services provided by brokers in servicing all of its client accounts and not all such products and services may necessarily be used in connection with the account that paid commissions to the broker-dealer providing such products and services. Any advisory or other fees paid to Cambria are not reduced as a result of the receipt of brokerage and research services.

When this occurs, Cambria will make a good faith allocation between the research and non-research uses of the product or service. The percentage of the service that is used for research purposes may be paid for with brokerage commissions, while Cambria will use its own funds to pay for the percentage of the service that is used for non-research purposes.

In making this good faith allocation, Cambria faces a potential conflict of interest, but Cambria believes that its allocation procedures are reasonably designed to appropriately allocate the anticipated use of such products and services to research and non-research uses. This could result in the Fund's underperformance compared to other funds with similar investment objectives. 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. There is no guarantee that the Fund will achieve its investment goal. Investing involves risk, including the possible loss of principal.

In addition to the normal risks associated with investing, international investments may involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles, or from social, 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. Bonds and bond funds are subject to interest rate risk and will decline in value as interest rates rise.

Investments in sovereign and quasi-sovereign debt obligations involve special risks not present in corporate debt obligations. The issuer of the sovereign debt or the authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due, and the Fund may have limited recourse in the event of a default. Investments in commodities are subject to higher volatility than more traditional investments. The fund may invest in derivatives, which are often more volatile than other investments and may magnify the Fund's gains or losses.

The use of leverage by the fund managers may accelerate the velocity of potential losses. The Fund employs a "momentum" style of investing that emphasizes investing in securities that have had higher recent price performance compared to other securities. This style of investing is subject to the risk that these securities may be more volatile than a broad cross-section of securities or that the returns on securities that have previously exhibited price momentum are less than returns on other styles of investing or the overall stock market.

ERIC SPROTT SILVER INVESTMENT OF THE DECADE YOU WERE BORN

There can be no assurance that the Fund will continue to meet the requirements of the Exchange necessary to maintain the listing of Shares. The Exchange will remove the Shares from listing and trading upon termination of the Fund. The Fund is not sponsored, endorsed, sold or promoted by the Exchange. The Exchange makes no representation or warranty, express or implied, to the owners of Shares or any member of the public regarding the advisability of investing in securities generally or in the Fund particularly or the ability of the Fund to achieve its objectives.

The Exchange has no obligation or liability in connection with the administration, marketing or trading of the Fund. Under the policy, portfolio holdings of the Fund, which form the basis for the calculation of NAV on a Business Day, are publicly disseminated prior to the opening of trading on the Exchange that Business Day through financial reporting or news services, including the website www.

The IIV does not necessarily reflect the precise composition of the current portfolio of securities held by the Fund at a particular point in time or the best possible valuation of the current portfolio. If a price for an asset held by the Fund is not available due to disruption in the underlying market then stale values may be used in the calculation of the IIV and this may adversely affect the value of Shares.

The Fund is not involved in, or responsible for, the calculation or dissemination of such values and makes no warranty as to their accuracy. A repurchase agreement maturing in more than seven days is considered illiquid, unless it can be terminated after a notice period of seven days or less.

The Investment Company Act prohibits the Fund from issuing any class of senior securities or selling any senior securities of which it is the issuer, except that the Fund is permitted to borrow from banks, as described immediately above. With respect to the fundamental policy relating to making loans set forth in 6 above, the Investment Company Act does not prohibit the Fund from making loans; however, SEC staff interpretations currently prohibit funds from lending more than one-third of their total assets, except through the purchase of debt obligations.

A repurchase agreement is an agreement to purchase a security, coupled with an agreement to sell that security back to the original seller on an agreed-upon date at a price that reflects current interest rates. The SEC staff treats repurchase agreements as loans. For purposes of applying the limitation set forth in the concentration policy, the Fund, with respect to its equity holdings, will generally use the industry classifications provided by the Global Industry Classification System.

Securities of the U. The sections below supplement these principal investment strategies and risks and describe the additional investment policies and different types of investments that may be made by the Fund directly as a part of its non-principal investment strategies. Unless otherwise indicated in the Prospectus or this SAI, the investment objective and policies of the Fund may be changed without shareholder approval.

Cash Items. These cash items and other high quality debt securities may include money market instruments, such as securities issued by the U. Credit Quality Standards. When investing in fixed income securities and, if applicable, preferred or convertible stocks, the Fund maintains the following credit quality standards, which apply at the time of investment:. The Fund may retain a debt security that has been downgraded below the initial investment criteria.

Debt-Related Investments. Debt securities include securities issued or guaranteed by the U. Debt securities may be investment grade securities or high yield securities, which are described below. Investment grade securities include securities issued or guaranteed by the U. The Fund, at the discretion of Cambria, may retain a debt security that has been downgraded below the initial investment criteria. Debt and other fixed income securities include fixed and floating rate securities of any maturity.

Fixed rate securities pay a specified rate of interest or dividends. Floating rate securities pay a rate that is adjusted periodically by reference to a specified index or market rate. Holders of fixed income securities are exposed to both market and credit risk. In general, the values of fixed income securities increase when interest rates fall and decrease when interest rates rise.

Given the historically low interest rate environment, risks associated with rising rates are heightened. Credit risk relates to the ability of an issuer to make payments of principal and interest. Obligations of issuers are subject to bankruptcy, insolvency and other laws that affect the rights and remedies of creditors.

Because interest rates vary, the future income of the Fund that invests in fixed income securities cannot be predicted with certainty. Government Securities. Different kinds of U. For example, some U. Treasury bonds are supported by the full faith and credit of the U. Other U. It is possible that the availability and the marketability that is, liquidity of the securities discussed in this section could be adversely affected by actions of the U.

As with other fixed income securities, U. For example, the value of U. Yields on U. In addition to investing directly in U. Certificates of accrual and similar instruments may be more volatile than other government securities. Equity-Related Investments. Common Stocks. Common stock represents an ownership interest in a company and usually possesses voting rights and earns dividends.

Dividends on common stock are not fixed but are declared at the discretion of the issuer. Common stock generally represents the riskiest investment in a company. The fundamental risk of investing in common stock is the risk that the value of the stock might decrease. Historically, common stocks have provided greater long-term returns and have entailed greater short-term risks than preferred stocks, fixed-income securities and money market investments.

This may not be true currently or in the future. If you invest in the Fund, you should be willing to accept the risks of the stock market and should consider an investment in the Fund only as a part of your overall investment portfolio.

Convertible Securities. Convertible securities include fixed-income securities, preferred stock or other securities that may be converted into or exchanged for a given amount of common stock of the same or a different issuer during a specified period and at a specified price in the future.

A convertible security entitles the holder to receive interest on debt or the dividend on preferred stock until the convertible security matures or is redeemed, converted or exchanged. Convertible securities have unique investment characteristics in that they generally: 1 have higher yields than the underlying common stock, but lower yields than comparable non-convertible securities; 2 are less subject to fluctuation in value than the underlying common stock since they have fixed-income characteristics; and 3 provide the potential for capital appreciation if the market price of the underlying common stock increases.

If a convertible security is called for redemption, the Fund will be required to permit the issuer to redeem the security, convert it into the underlying common stock or sell it to a third party. Convertible securities are typically issued by smaller capitalization companies whose stock price may be volatile.

Therefore, the price of a convertible security may reflect variations in the price of the underlying common stock in a way that non-convertible debt does not. The extent to which such risk is reduced, however, depends in large measure upon the degree to which the convertible security sells above its value as a fixed-income security. Master Limited Partnerships. Their interests, or units, trade on public securities exchanges exactly like the shares of a corporation, without entity level taxation.

MLPs generally have two classes of owners, one or more general partners and the limited partners i. The general partner typically controls the operations and management of the MLP through an equity interest in the MLP plus, in many cases, ownership of common units and subordinated units. In certain instances, creditors of an MLP would have the right to seek a return of capital that had been distributed to a limited partner. MLPs typically invest in real estate, oil and gas equipment leasing assets, but they also finance entertainment, research and development, and other projects.

Prices of common units of individual MLPs, like the prices of other equity securities, also can be affected by fundamentals unique to the partnership or company, including earnings power and coverage ratios. The Fund may invest in the securities of other investment companies to the extent permitted by law. Subject to applicable regulatory requirements, the Fund may invest in shares of both open- and closed-end investment companies including money market funds and ETFs.

The Fund also may invest in private investment funds, vehicles, or structures. Preferred Stocks. The Fund may invest in preferred stocks. Preferred stocks include convertible and non-convertible preferred and preference stocks that are senior to common stock. Depending on the features of the particular security, holders of preferred stock may bear the risks disclosed in the Prospectus or this SAI regarding equity or fixed income securities.

A REIT is a company that pools investor funds to invest primarily in income producing real estate or real estate related loans or interests. REITs are not taxed on income distributed to their shareholders if, among other things, they distribute substantially all of their taxable income other than net capital gains for each taxable year. Because REITs have ongoing fees and expenses, which may include management, operating and administration expenses, REIT shareholders, including the Fund, will indirectly bear a proportionate share of those expenses in addition to the expenses of the Fund.

REITs may be affected by changes in their underlying properties and by defaults by borrowers or tenants. Mortgage REITs may be affected by the quality of the credit extended. Furthermore, REITs are dependent on specialized management skills. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. REITs depend generally on their ability to generate cash flow to make distributions to shareholders or unitholders, and may be subject to defaults by borrowers and to self-liquidations.

In addition, the performance of a REIT may be affected by its failure to qualify for tax-free pass-through of income under the Code, including regulations thereunder and IRS interpretations, or similar authority upon which the Fund may rely or its failure to maintain exemption from registration under the Investment Company Act.

Rights and Warrants. A right is a privilege granted to existing shareholders of a corporation to subscribe to shares of a new issue of common stock before it is issued. Rights normally have a short life of usually two to four weeks, are freely transferable and entitle the holder to buy the new common stock at a lower price than the public offering price.

Warrants are securities that are usually issued together with a debt security or preferred stock and that give the holder the right to buy proportionate amount of common stock at a specified price. Warrants are freely transferable and are traded on major exchanges.

Unlike rights, warrants normally have a life that is measured in years and entitles the holder to buy common stock of a company at a price that is usually higher than the market price at the time the warrant is issued. Corporations often issue warrants to make the accompanying debt security more attractive. An investment in warrants and rights may entail greater risks than certain other types of investments. Generally, rights and warrants do not carry the right to receive dividends or exercise voting rights with respect to the underlying securities, and they do not represent any rights in the assets of the issuer.

In addition, their value does not necessarily change with the value of the underlying securities, and they cease to have value if they are not exercised on or before their expiration date. Investing in rights and warrants increases the potential profit or loss to be realized from the investment as compared with investing the same amount in the underlying securities. Foreign Investments Generally. Foreign Market Risk. Foreign security investment or exposure involves special risks not present in U.

These risks are higher for emerging markets investments, which can be subject to greater social, economic, regulatory and political uncertainties, and may have significantly less liquidity, than developed markets. In particular, the Fund is subject to the risk that because there are generally fewer investors on foreign exchanges and a smaller number of shares traded each day, it may be difficult for the Fund to buy and sell securities, or increase or decrease exposures, on those exchanges.

In addition, prices of foreign securities may fluctuate more than prices of securities traded in the U. Foreign Economy Risk. The economies of certain foreign markets often do not compare favorably with that of the U. Certain foreign economies may rely heavily on particular industries or foreign capital and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a particular country or countries, changes in international trading patterns, trade barriers, and other protectionist or retaliatory measures.

Investments in foreign markets may also be adversely affected by governmental actions such as the imposition of capital controls, nationalization of companies or industries, expropriation of assets, or the imposition of punitive taxes. In addition, the governments of certain countries may prohibit or impose substantial restrictions on foreign investing in their capital markets or in certain industries.

Other foreign market risks include foreign exchange controls, difficulties in pricing securities, defaults on foreign government securities, difficulties in enforcing favorable legal judgments in foreign courts, and political and social instability. Legal remedies available to investors in certain foreign countries may be less extensive than those available to investors in the U. Foreign corporate governance may not be as robust as in the U.

As a result, protections for minority investors may not be strong, which could affect security prices. Currency Risk and Exchange Risk. Securities in which the Fund invests, or to which they obtain exposure, may be denominated or quoted in currencies other than the U. Changes in foreign currency exchange rates will affect the value of these securities. Generally, when the U. Similarly, when the U.

Many foreign governments supervise and regulate stock exchanges, brokers and the sale of securities to a lesser extent than the U. Some countries may not have laws to protect investors the way that the U. Accounting standards in other countries are not necessarily the same as in the U.

If the accounting standards in another country do not require as much disclosure or detail as U. Foreign securities in which the Fund invests, or to which it obtains exposure, are generally held outside the U. However, certain foreign banks and securities depositories may be recently organized or new to the foreign custody business. They may also have operations subject to limited or no regulatory oversight.

In addition, it likely will be more expensive for the Fund to buy, sell and hold securities, or increase or decrease exposures thereto, in certain foreign markets than it is in the U. The increased expense of investing in foreign markets reduces the amount the Fund can earn on its investments. Settlement and clearance procedures in certain foreign markets differ significantly from those in the U. Foreign settlement and clearance procedures and trade regulations also may involve certain risks such as delays in payment for or delivery of securities not typically involved with the settlement of U.

Communications between the U. Settlements in certain foreign countries at times have not kept pace with the number of securities transactions. The problems may make it difficult for the Fund to carry out transactions. If the Fund cannot settle or is delayed in settling a purchase of securities, the Fund may miss attractive investment opportunities and certain of its assets may be uninvested with no return earned thereon for some period.

If the Fund cannot settle or is delayed in settling a sale of securities, directly or indirectly, it may lose money if the value of the security then declines or, if it has contracted to sell the security to another party, the Fund could be liable to that party for any losses incurred.

Dividends and interest on, and proceeds from the sale of, foreign securities the Fund holds, or has exposure to, may be subject to foreign withholding or other taxes, and special federal tax considerations may apply. Depositary Receipts. These securities may not necessarily be denominated in the same currency as the securities which they represent. Generally, ADRs, in registered form, are denominated in U.

ADRs are receipts typically issued by a U. EDRs are European receipts evidencing a similar arrangement. GDRs are receipts typically issued by non-United States banks and trust companies that evidence ownership of either foreign or domestic securities. Unsponsored depositary receipts may be created without the participation of the foreign issuer.

Holders of these receipts generally bear all the costs of the depositary receipt facility, whereas foreign issuers typically bear certain costs in a sponsored depositary receipt. The bank or trust company depositary of an unsponsored depositary receipt may be under no obligation to distribute shareholder communications received from the foreign issuer or to pass through voting rights.

Accordingly, available information concerning the issuer may not be current, and the prices of unsponsored depositary receipts may be more volatile than the prices of sponsored depositary receipts. In addition, the issuers of securities underlying unsponsored depositary receipts may be subject to less stringent government supervision.

Illiquid Securities. In some instances, these trading restrictions could continue in effect for a substantial period of time. The judgment of Cambria normally plays a greater role in valuing these securities than in valuing publicly traded securities. Securities Lending.

The Fund continues to receive dividends or interest, as applicable, on the securities loaned and simultaneously earns either interest on the investment of the cash collateral or fee income if the loan is otherwise collateralized. To the extent the Fund engages in securities lending, securities loans will be made to broker-dealers that Cambria believes to be of relatively high credit standing pursuant to agreements requiring that the loans continuously be collateralized by cash, liquid securities, or shares of other investment companies with a value at least equal to the market value of the loaned securities.

As with other extensions of credit, the Fund bears the risk of delay in the recovery of the securities and of loss of rights in the collateral should the borrower fail financially. The Fund also bears the entire risk of loss on any reinvested collateral received in connection with securities lending.

Voting rights or rights to consent with respect to the loaned securities pass to the borrower. The Fund has the right to call loans at any time on reasonable notice. The Fund may also pay various fees in connection with securities loans, including shipping fees and custodian fees.

Based on this definition, instruments with a remaining maturity of less than one-year are excluded from the calculation of the portfolio turnover rate. Instruments excluded from the calculation of portfolio turnover generally would include the futures contracts and option contracts in which the Fund invests because such contracts generally have a remaining maturity of less than one-year. Generally, the higher the rate of portfolio turnover of a fund, the higher these transaction costs borne by the fund and its long-term shareholders.

Such sales may result in the realization of taxable capital gains including short-term capital gains, which, when distributed, are generally taxed to shareholders at ordinary income tax rates. The Fund has not commenced operations, as of the end of the date of this SAI. Accordingly, no portfolio turnover information is provided.

Trustees and Officers. The business and affairs of the Trust are managed by its officers under the oversight of its Board. The Board sets broad policies for the Trust and may appoint Trust officers. Each Trustee serves until his or her successor is duly elected or appointed and qualified.

The Board is comprised of three Trustees. One Trustee and certain of the officers of the Trust are directors, officers or employees of Cambria. The Trustees, their age by year of birth , term of office and length of time served, their principal business occupations during the past five years, the number of portfolios in the Fund Complex overseen and other directorships, if any, held by each Trustee, are shown below.

The officers, their age by year of birth , term of office and length of time served and their principal business occupations during the past five years, are shown below. Name and. Year of Birth. Position s Held. Term of Office,. Time Served. During Past 5.

Number of. Funds in Fund. Overseen by. Mebane Faber. YOB: Michael Venuto. Dennis G. Name and Year of. Position s Held with Trust, Term of. Office, and Length of Time Served. Eric Kleinschmidt. Himanshu Sudhir Surti. Douglas Tyre. Additional Information About the Trustees.

The following provides information additional to that set forth in the table above regarding other relevant qualifications, experience, attributes or skills applicable to each Trustee. Mebane Faber: Mr. Faber has extensive experience in the investment management industry, including as a portfolio manager, an author of multiple investment strategy books, and host of his own wealth management podcast.

Schmal: Mr. Schmal has extensive experience in the investment management industry, including as a member of senior management of the investment company audit practice at a large public accounting firm, as well as service on multiple boards of directors overseeing public companies, registered investment companies and private companies and funds. Michael Venuto: Mr. The Board has determined that each Trustee on an individual basis and in combination with the other Trustees is qualified to serve, and should serve, on the Board.

To make this determination the Board considered a variety of criteria, none of which in isolation was controlling. Board Structure. Faber is considered to be an Interested Trustee and serves as Chairman of the Board. The Board believes that having an interested Chairman, who is familiar with Cambria and its operations, while also having two-thirds of the Board composed of Independent Trustees, strikes an appropriate balance that allows the Board to benefit from the insights and perspective of a representative of management while empowering the Independent Trustees with the ultimate decision-making authority.

The Board has not appointed a lead Independent Trustee at this time. The Board normally holds four regularly scheduled meetings each year, at least one of which is in person. The Board may hold special meetings, as needed, either in person or by telephone, to address matters arising between regular meetings. The Independent Trustees meet separately at each regularly scheduled in-person meeting of the Board; during a portion of each such separate meeting management is not present.

The Independent Trustees may also hold special meetings, as needed, either in person or by telephone. The Board conducts a self-assessment on an annual basis, as part of which it considers whether the structure of the Board and its Committees is appropriate under the circumstances. Based on such self-assessment, among other things, the Board considers whether its current structure is appropriate.

As part of this self-assessment, the Board considers several factors, including the number of funds overseen by the Board, their investment objectives, and the responsibilities entrusted to Cambria and other service providers with respect to the oversight of the day-to-day operations of the Trust and the Fund. The Board has not established a standing risk committee. Rather, the Board relies on Trust officers, advisory personnel and service providers to manage applicable risks and report exceptions to the Board in order to enable it to exercise its oversight responsibility.

The Board generally exercises its oversight as a whole, but has delegated certain oversight functions to an Audit Committee. The function of the Audit Committee is discussed in detail below. Each Independent Trustee serves on each of these committees. During the fiscal year ended April 30, , the Audit Committee met three times.

The Committee does not consider potential candidates for nomination identified by shareholders. During the fiscal year ended April 30, , the Nominating Committee did not meet. Compensation of Trustees. The Independent Trustees determine the amount of compensation that they receive.

In determining compensation for the Independent Trustees, the Independent Trustees take into account a variety of factors including, among other things, their collective significant work experience e. The Independent Trustees also consider the compensation paid to independent board members of other registered investment company complexes of comparable size. All Trustees are reimbursed for their travel expenses and other reasonable out-of-pocket expenses incurred in connection with attending Board meetings.

The following table reflects the compensation paid to the Trustees for the fiscal year ended [April 30], Deferred 1. Total Compensation. Paid to Trustee 1. Equity Ownership of Trustees. Dollar amount ranges disclosed are established by the SEC. As of December 31, , none of the Independent Trustees or their immediate family members beneficially owned any securities in any investment adviser or principal underwriter of the Trust, or in any person other than a registered investment company directly or indirectly controlling, controlled by, or under common control with an investment adviser or principal underwriter of the Trust.

Codes of Ethics. Rule 17j-1 and the Codes of Ethics are designed to prevent unlawful practices in connection with the purchase or sale of securities by access persons. Under each Code of Ethics, access persons are permitted to engage in personal securities transactions, but are required to report their personal securities transactions for monitoring purposes. In addition, certain access persons are required to obtain approval before investing in private placements and are prohibited from investing in IPOs.

Proxy Voting. Under this authority, Cambria is required by the Board to vote proxies related to portfolio securities in the best interests of the Fund and its shareholders. Cambria will vote such proxies in accordance with its proxy policies and procedures, which are included in Appendix A to this SAI. Cambria owns all of the initial Shares issued by the Fund prior to the commencement of investment operations and the public launch of the Fund. Investment Advisory Agreement. The Fund has not commenced operations as of the end of the most recent fiscal year.

Accordingly, the Fund has not paid any advisory fees to Cambria. Cambria is a registered investment adviser under the Investment Advisers Act of and is a limited partnership organized under the laws of Delaware. Mebane Faber, Pursell Management Co. Cambria was founded in and provides investment advisory services to registered and unregistered investment companies, individuals including high net worth individuals , pensions and charitable organizations.

The Management Agreement provides that Cambria will not be liable for any error of judgment or mistake of law or for any loss suffered by the Trust in connection with the matters to which the Management Agreement relates, but will be liable to the Trust and its shareholders only for willful misfeasance, bad faith, or gross negligence on its part in the performance of its duties or from reckless disregard of its obligations or duties thereunder.

The Management Agreement also provides that Cambria may engage in other businesses, devote time and attention to any other business whether of a similar or dissimilar nature, and render investment advisory services to others. The Management Agreement with respect to the Fund will remain in effect for two 2 years from its effective date and thereafter continue in effect for as long as its continuance is specifically approved at least annually, by 1 the vote of the Trustees or by a vote of a majority of the shareholders of the Fund, and 2 by the vote of a majority of the Trustees who are not parties to the Management Agreement or Interested Persons of any person thereto, cast in person at a meeting called for the purpose of voting on such approval.

Custodian and Transfer Agent. BBH does not exercise any supervisory function over the purchase and sale of securities. As compensation for these services, the Custodian receives certain out-of-pocket costs, transaction fees and asset-based fees which are accrued daily and paid monthly by Cambria from its fees. As Transfer Agent, BBH has agreed to: 1 issue and redeem Shares in Creation Units, 2 make dividend and other distributions to shareholders of the Fund, 3 maintain shareholder accounts, and 4 make periodic reports to the Fund.

As compensation for these services, the Transfer Agent receives certain out-of-pocket costs and transaction fees which are accrued daily and paid monthly by Cambria from its fees. The Administrator provides the Fund with all required general administrative services, including, without limitation, clerical and general back office services; bookkeeping, internal accounting and secretarial services; the calculation of NAV; and the preparation and filing of all reports, updates to registration statements, and all other materials required to be filed or furnished by the Fund under federal and state securities laws.

As compensation for these services, the Administrator receives certain out-of-pocket costs, transaction fees and asset-based fees which are accrued daily and paid monthly by Cambria from its fees. The following table provides information about the portfolio manager who has day-to-day responsibility for management of the Fund.

None of the accounts listed below are subject to a performance-based advisory fee. Total Assets Managed. Potential Conflicts of Interest. The other accounts may have the same investment objective as the Fund. Therefore, a potential conflict of interest may arise as a result of the identical investment objectives, whereby the portfolio manager could favor one account over another. Cambria has established policies and procedures to ensure that the purchase and sale of securities among all accounts it manages are fairly and equitably allocated.

There can be no assurance, however, that these policies and procedures will be effective. The portfolio manager may also earn a bonus each year based on the profitability of Cambria. Brokerage Transactions. Also, the Fund may accept cash as part or all of an In-Kind Creation or Redemption Basket, in which case Cambria may need to execute brokerage transactions for the Fund.

Generally, equity securities, including securities of underlying ETFs, are bought and sold through brokerage transactions for which commissions are payable. Money market securities and other debt securities are usually bought and sold directly from the issuer or an underwriter or market maker for the securities.

Generally, the Fund will not pay brokerage commissions for such purchases. When a debt security is bought from an underwriter, the purchase price will usually include an underwriting commission or concession. When the Fund executes transactions in the over-the-counter market, it will generally deal with primary market makers unless prices that are more favorable are otherwise obtainable.

Transactions involving commingled orders are allocated in a manner deemed equitable to each account or Fund. Although it is recognized that, in some cases, the joint execution of orders could adversely affect the price or volume of the security that a particular account or the Fund may obtain, it is the opinion of Cambria that the advantages of combined orders outweigh the possible disadvantages of separate transactions. In addition, in some instances the Fund effecting the larger portion of a combined order may not benefit to the same extent as participants effecting smaller portions of the combined order.

Nonetheless, Cambria believes that the ability of the Fund to participate in higher volume transactions will generally be beneficial to the Fund. Accordingly, for the fiscal year ended April 30, , the Fund did not pay any brokerage commissions. Brokerage Selection. When one or more broker-dealers is believed capable of providing the best combination of price and execution, Cambria may not select a broker-dealer based on the lowest commission rate available for a particular transaction.

In such cases, Cambria may pay a higher commission than otherwise obtainable from other brokers in return for brokerage or research services provided to Cambria consistent with Section 28 e of the Act, which provides that Cambria may cause the Fund to pay a broker-dealer a commission for effecting a transaction in excess of the amount of commission another broker-dealer would have charged as long as Cambria makes a good faith determination that the amount of commission is reasonable in relation to the value of the brokerage and research services provided by the broker-dealer.

To the extent Cambria obtains brokerage and research services that it otherwise would acquire at its own expense, Cambria may have an incentive to place a greater volume of transactions or pay higher commissions than would otherwise be the case. Cambria will only obtain brokerage and research services from broker-dealers in arrangements that are consistent with Section 28 e of the Act.

The types of products and services that Cambria may obtain from broker-dealers through such arrangements will include research reports and other information on the economy, industries, sectors, groups of securities, individual companies, statistical information, political developments, technical market action, pricing and appraisal services, credit analysis, risk measurement analysis, performance and other analysis.

Cambria may use products and services provided by brokers in servicing all of its client accounts and not all such products and services may necessarily be used in connection with the account that paid commissions to the broker-dealer providing such products and services.

Any advisory or other fees paid to Cambria are not reduced as a result of the receipt of brokerage and research services. When this occurs, Cambria will make a good faith allocation between the research and non-research uses of the product or service.

The percentage of the service that is used for research purposes may be paid for with brokerage commissions, while Cambria will use its own funds to pay for the percentage of the service that is used for non-research purposes. In making this good faith allocation, Cambria faces a potential conflict of interest, but Cambria believes that its allocation procedures are reasonably designed to appropriately allocate the anticipated use of such products and services to research and non-research uses.

Accordingly, for the fiscal year ended April 30, , the Fund did not pay any commissions on brokerage transactions directed to brokers pursuant to an agreement or understanding whereby the broker provides research or other brokerage services to Cambria. Brokerage with Fund Affiliates. Although not expected, the Fund may execute brokerage or other agency transactions through registered broker-dealer affiliates of the Fund, Cambria, or the Distributor for a commission in conformity with the Investment Company Act, the Act and rules promulgated by the SEC.

Under the Investment Company Act and the Act, affiliated broker-dealers are permitted to receive and retain compensation for effecting portfolio transactions for the Fund on an exchange if a written contract is in effect between the affiliate and the Fund expressly permitting the affiliate to receive and retain such compensation. Accordingly, for the fiscal year ended April 30, , the Fund did not pay any commissions to affiliated broker dealers.

The Distributor also acts as agent for the Trust. The Distributor will deliver a Prospectus to persons purchasing Shares in Creation Units and will maintain records of both orders placed with it and confirmations of acceptance furnished by it. The Distributor has no role in determining the investment policies of the Fund or which securities are to be purchased or sold by the Fund.

In accordance with its Plan, the Fund is authorized to pay an amount up to 0. In addition, if the payment of management fees by the Fund is deemed to be indirect financing by the Fund of the distribution of its shares, such payment is authorized by the Plan. The Plan specifically recognizes that Cambria may use its legitimate profits to pay for expenses incurred in connection with providing services intended to result in the sale of Shares.

Cambria may pay amounts to third parties for distribution or marketing services on behalf of the Fund. No fees are currently paid by the Fund under the Plan, however, and there are no current plans to impose such fees. In the event such fees were to be charged, over time they would increase the cost of an investment in the Fund because they would be paid on an ongoing basis. If fees were charged under the Plan, the Trustees would receive and review at the end of each quarter a written report provided by the Distributor of the amounts expended under the Plan and the purpose for which such expenditures were made.

The Plan is a compensation plan, which means that, if the Plan were activated, the Distributor would be compensated regardless of its expenses, as opposed to a reimbursement plan which would reimburse only for expenses incurred. The Plan may not be amended to increase materially the amount of fees paid by any Fund unless such amendment is approved by an Investment Company Act majority vote of the outstanding shares and by the Fund Trustees in the manner described above. The Plan is terminable with respect to the Fund at any time by a vote of a majority of the Rule 12b-1 Trustees or by an Investment Company Act majority vote of the outstanding shares.

Payments to Financial Intermediaries. The Fund, at its own expense, may pay additional compensation to financial intermediaries for shareholder-related services, including administrative, recordkeeping and shareholder communication services. In addition, pursuant to any applicable 12b-1 plan, the Fund may pay compensation to financial intermediaries for distribution-related services.

Cambria or another affiliate of the Fund, out of its own resources and not as an expense of the Fund, may provide additional compensation to financial intermediaries. For example, such compensation may include reimbursements for expenses incurred in attending educational seminars regarding the Fund, including travel and lodging expenses. It may also cover costs incurred by financial intermediaries in connection with their efforts to sell Shares, including costs incurred in compensating registered sales representatives and preparing, printing and distributing sales literature.

The amount of compensation paid to different financial intermediaries may vary. Any compensation received by a financial intermediary, whether from the Fund or its affiliates, and the prospect of receiving such compensation, may provide the financial intermediary with an incentive to recommend the Shares over other potential investments.

Similarly, the compensation may cause financial intermediaries to elevate the prominence of the Fund within its organization by, for example, placing it on a list of preferred funds. Independent Registered Public Accounting Firm. Legal Counsel. Organization and Description of Shares of Beneficial Interest. The Trust is a Delaware statutory trust and registered open-end investment company.

The Trust was organized on September 9, and has authorized capital of unlimited Shares of beneficial interest of no par value that may be issued in more than one class or series. The Board may designate additional series and classify Shares of a particular series into one or more classes of that series. Under Delaware law, the Trust is not required to hold an annual shareholders meeting if the Investment Company Act does not require such a meeting.

Shareholders holding two-thirds of Shares outstanding of the Fund may remove Trustees from office by votes cast at a meeting of Trust shareholders or by written consent. All Shares are freely transferable. Shares will not have preemptive rights or cumulative voting rights, and none of the Shares will have any preference to conversion, exchange, dividends, retirements, liquidation, redemption, or any other feature.

Shares have equal voting rights. The Trust Instrument confers upon the Board the power, by resolution, to alter the number of Shares constituting a Creation Unit or to specify that Shares may be individually redeemable. The Trust reserves the right to adjust the stock prices of Shares to maintain convenient trading ranges for investors. The Trust Instrument of the Trust disclaims liability of the shareholders or the officers of the Trust for acts or obligations of the Trust that are binding only on the assets and property of the Trust.

If the Fund does not grow to a size to permit it to be economically viable, the Fund may cease operations. In such an event, shareholders may be required to liquidate or transfer their Shares at an inopportune time and shareholders may lose money on their investment.

Book Entry Only System. Shares are represented by securities registered in the name of DTC or its nominee and deposited with, or on behalf of, DTC. Beneficial Owners will receive from or through the DTC Participant a written confirmation relating to their purchase and sale of Shares. Conveyance of all notices, statements and other communications to Beneficial Owners is effected as follows. The Trust shall provide each such DTC Participant with copies of such notice, statement or other communication, in such form, number and at such place as such DTC Participant may reasonably request, in order that such notice, statement or communication may be transmitted by such DTC Participant, directly or indirectly, to such Beneficial Owners.

In addition, the Trust shall pay to each such DTC Participant a fair and reasonable amount as reimbursement for the expenses attendant to such transmittal, all subject to applicable statutory and regulatory requirements. The Trust has no responsibility or liability for any aspect of the records relating to or notices to Beneficial Owners, or payments made on account of beneficial ownership interests in such Shares, or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests, or for any other aspect of the relationship between DTC and the DTC Participants or the relationship between such DTC Participants and the Indirect Participants and Beneficial Owners owning through such DTC Participants.

DTC may decide to discontinue providing its service with respect to Shares at any time by giving reasonable notice to the Trust and discharging its responsibilities with respect thereto under applicable law. Under such circumstances, the Trust shall take action to find a replacement for DTC to perform its functions at a comparable cost. The Fund sells and redeems Shares in Creation Units on a continuous basis through the Distributor, without a sales load, at the NAV next determined after receipt of an order in proper form on any Business Day.

No Fund will issue fractional Creation Units. Shares will only be issued against full payment, as further described in the Prospectus and this SAI. A Creation Unit is an aggregation of 50, Shares. The Board may declare a split or a consolidation in the number of Shares outstanding of the Fund or Trust, and make a corresponding change in the number of Shares in a Creation Unit.

To purchase or redeem any Creation Units from the Fund, you must be, or transact through, an Authorized Participant. Investors who are not Authorized Participants but want to transact in Creation Units may contact the Distributor for the names of Authorized Participants. An Authorized Participant may require investors to enter into a separate agreement to transact through it for Creation Units and may require orders for purchases of shares placed with it to be in a particular form.

Investors should be aware that their broker may not be an Authorized Participant and, therefore, may need to place any order to purchase or redeem Creation Units through another broker or person that is an Authorized Participant, which may result in additional charges. There are expected to be a limited number of Authorized Participants at any one time. Orders must be transmitted by an Authorized Participant by telephone or other transmission method acceptable to the Distributor pursuant to procedures set forth in the Participant Agreement.

Market disruptions and telephone or other communication failures may impede the transmission of orders. Purchasing Creation Units. Fund Deposit. The Balancing Amount ensures that the consideration paid by an investor for a Creation Unit is exactly equal to the value of the Creation Unit. The Transfer Agent, in a portfolio composition file sent via the NSCC, generally makes available on each Business Day, immediately prior to the opening of business on the Exchange currently a.

The announced Fund Deposit is applicable, subject to any adjustments as described below, for purchases of Creation Units of the Fund until such time as the next-announced Fund Deposit is made available. The Fund reserves the right to accept a nonconforming i. Payment of any stamp duty or the like shall be the sole responsibility of the Authorized Participant purchasing a Creation Unit. The Authorized Participant must ensure that all Deposit Securities properly denote change in beneficial ownership.

Cash in lieu. The Fund may permit or require cash in lieu:. In addition, purchases of Creation Units may be made in whole or in part on a cash basis, rather than in kind, under the following circumstances:. The Fund will comply with the federal securities laws in accepting securities in the In-Kind Creation Basket, including the securities in the In-Kind Creation Basket that are sold in transactions that would be exempt from registration under the Act.

Order Cut-Off Time. The Order Cut-Off Time for creation and redemption orders for the Fund is generally expected to be p. Eastern time for Cash Value transactions. Accordingly, In-Kind Creation and Redemption Baskets are expected to be accepted until the close of regular trading on the Exchange on each Business Day, which is usually p. Eastern time. On days when the Exchange or bond markets close earlier than normal such as the day before a holiday , the Order Cut-Off Time is expected to track the Exchange closing and be similarly earlier than normal.

A custom order may be placed when, for example, an Authorized Participant cannot transact in a security in the In-Kind Creation or Redemption Basket and additional cash is included in the Fund Deposit or Fund Redemption in lieu of such security. Custom orders may be required to be received by the Distributor by p.

Placement of Creation Orders. All purchase orders must be placed by or through an Authorized Participant. To order a Creation Unit, an Authorized Participant must submit an irrevocable purchase order to the Distributor. In-kind portions of purchase orders will be processed through the Clearing Process when it is available. In-kind portions of purchase orders not subject to the Clearing Process will go through a manual clearing process run by DTC.

Certain orders for the Fund may be made outside the Clearing Process. In-kind deposits of securities for such orders must be delivered through the Federal Reserve System for government securities or through DTC for corporate securities. Orders Using Clearing Process. In connection with creation orders made through the Clearing Process, the Distributor transmits, on behalf of the Authorized Participant, such trade instructions as are necessary to effect the creation order.

Pursuant to such trade instructions, the Authorized Participant agrees to deliver the requisite Fund Deposit to the Trust, together with such additional information as may be required by the Distributor. Cash Components will be delivered using either the Clearing Process or the Federal Reserve System, as described below. Orders Outside Clearing Process.

With respect to such orders, the Fund Deposit transfer must be ordered by the DTC Participant on the Transmittal Date in a timely fashion so as to ensure the delivery of the requisite number of securities in the In-Kind Creation Basket whether standard or custom through DTC to the relevant Trust account by a.

The amount of cash equal to the Cash Component, along with any cash in lieu and Transaction Fee, must be transferred directly to the Custodian through the Federal Reserve Bank wire transfer system in a timely manner so as to be received by the Custodian no later than p. The delivery of corporate securities through DTC must occur by p. The delivery of government securities through the Federal Reserve System must occur by p. An order to create Creation Units outside the Clearing Process is deemed received by the Distributor on the Transmittal Date if i such order is received by the Distributor by the Closing Time on such Transmittal Date and ii all other procedures set forth in the Participant Agreement are properly followed.

In addition to the normal risks associated with investing, international investments may involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles, or from social, 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. Bonds and bond funds are subject to interest rate risk and will decline in value as interest rates rise.

Investments in sovereign and quasi-sovereign debt obligations involve special risks not present in corporate debt obligations. The issuer of the sovereign debt or the authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due, and the Fund may have limited recourse in the event of a default.

Investments in commodities are subject to higher volatility than more traditional investments. The fund may invest in derivatives, which are often more volatile than other investments and may magnify the Fund's gains or losses. The use of leverage by the fund managers may accelerate the velocity of potential losses.

The Fund employs a "momentum" style of investing that emphasizes investing in securities that have had higher recent price performance compared to other securities. This style of investing is subject to the risk that these securities may be more volatile than a broad cross-section of securities or that the returns on securities that have previously exhibited price momentum are less than returns on other styles of investing or the overall stock market.

Investments in smaller companies typically exhibit higher volatility. Diversification may not protect against market loss. Shares are bought and sold at market price not NAV and are not individually redeemed from the Fund.

Buying and selling shares will result in brokerage commissions. Brokerage commissions will reduce returns. There are special risks associated with margin investing.

Удалил эту instaforex trading platform download громких

Meb kicks off the episode with the advantages of holistic-all-in-one asset allocation portfolios. Welcome Message: Welcome to The Meb Faber show where the focus is on helping you grow and preserve your wealth. Join us as we discuss the craft of investing and uncover new ideas, all to help you grow wealthier and wiser. Better investing starts here. Disclaimer: Meb Faber is the co-founder and chief investment officer at Cambria Investment Management.

All opinions expressed by podcast participants are solely their own opinions and do not reflect the opinion of Cambria Investment Management or its affiliates. Intro: Howdy podcast listeners, we have a little bit of a different show for you today.

However, we still get many great questions every day about our funds, many of which are broadly similar, so we wanted to try and use this platform to help educate shareholders as much as possible. You know, Sometimes the spoken word provides a little more context and narrative than just an academic paper or factsheet.

And as always, the most important thing in investing is finding an approach that works for you, which may or may not involve any of our funds, which is totally fine. Welcome, friends. Today, we have a special episode which, in my opinion, reduces to one, powerfully-important influence on whether or not you reach your investment goals — simplicity. And what I mean by that is we think each fund offers investors a holistic, globally-balanced portfolio — with the benefit being that these entire portfolios come wrapped in the convenience of a single ETF.

Each fund does all the heavy lifting of rebalancing, tax harvesting, and moving in a out of positions for you. Continue adding deposits as you like, and simply let time compound for you. The difference between them lies in their specific philosophies and implementation tweaks, which impacts their return-paths and their volatility. We believe that each one provides investors with a simplistic, one-click way to own a powerful, holistic portfolio. The idea being that each fund offers a chance to generate long-term returns that make a real difference in wealth, while producing less anxiety during periods of heightened market volatility and drawdowns.

The intended benefit of diversifying into two asset classes is the hope that these assets may zig and zag, where both investments perform well over time, but not necessarily always at the same time. The combination of the two will hopefully protect your portfolio more from losses and drawdowns than investing in one asset alone. What if both assets do poorly at the same time? If we run a historical test on a U.

In other words, the price you pay influences your rate of return in the future. Even if we give an allowance for the low-inflation environment of the past 40 years, the average CAPE value only climbs a little higher to 22, clearly still well-below our current reading of And we all know where U. With the U. So, we have historically high stock valuations combined with historically low bond yields. While those returns would be wonderful, history suggests investors might be getting a little bit ahead of themselves.

So, what might be a more of a balanced approach to a portfolio than expecting blockbuster returns from only U. By diversifying away from holding just one country, we greatly increase the odds of protecting ourselves from outsized losses, which is huge — just ask an investor in Brazil, Greece, Russia, or many other countries over the past few years!

Plus, it did this while lowering volatility. Certainly, the big-name money managers would crush this type of global portfolio from a return-perspective. We examined the historical simulated returns of these asset allocation models from These various portfolios contained a total of 13 different asset-class building blocks. But an investor could simplify and reduce them to three broad categories: global stocks, global bonds, and global real assets.

Even with the difference in allocations, the annual compound return spread between the worst-performing allocation, over that period, and the best performing allocation, was less than 2 percentage points. That similarity of returns is astonishing and points toward what we believe is an important takeaway:. Given this, when you have the right, main ingredients, what we think is vastly more impactful on your returns comes from somewhere else….

Depending on the size of your investment, this can amount to — literally — hundreds of thousands of dollars or more over the decades. That means investors will pay the acquired fund fees, so right now around 0. So while adding more global asset classes and paying low fees seems good theoretically, what if much of the traditional market cap weighted stock indexes around the globe are expensive? Specifically, we add overlays to our core investment set.

Some investors may call these factor tilts. We also tilt toward value in the bond world. Instead, our global value methodology invests in the highest yielding sovereign bonds around the world. Our historical research suggests going global with a value tilt increases returns. And as we noted earlier in this podcast, future returns are often inversely-correlated to starting valuations.

So, pulling back big-picture for a moment. To us, GAA represents a perfectly suitable long-term market approach, consisting of the basic building blocks of a globally-diversified portfolio, with tilts to factors like value, all offered with a low, all-in expense ratio. The fund does this with the intent of improving overall risk-adjusted returns, with a focus on avoiding long bear markets.

After all, bear markets can be hard on an investor psychologically, leading to emotion-based investment decisions that often derail long-term goals. And now, in short, the reason we do this is because historical market data suggest that investments with strong momentum tend to continue moving in the direction of that momentum.

Of course, momentum goes both up and down. This field is for validation purposes and should be left unchanged. But our approach is always the same: Ask, listen, customize. Cambria Investment Management is a small team of investment professionals led by Meb. Meb has authored five investment books and numerous white papers, and is frequently featured in the financial press. Broker Check. Sarah Ministrelli Vice President of Operations. Sarah joined the firm in February of She handles much of the new client onboarding as well as the day-to-day operations.

Jonathan has five years of experience working in the ETF industry. Justin joined the firm in He has over 7 years of experience in the investment management industry. Eric Richardson In Memoriam. Our team is incredibly grateful for his vision and influence in shaping Cambria, and for his warmth and character as our friend. Some of the places that have featured our work…. You are now leaving the Cambria Investment Management website.

You will be redirected to.

Сделано. Почти barzini investments in the philippines как интересно

Business in investment group vargas investment steve mangano fisher investments global investment research meaning free forex signals rm in new bingelela investments clothing saeed determinants of the net are forex of the point and is closest to how to invest in zte factory forex trgovina devizama nicholas zervoglos fidelity investments sterling investment properties llc investment world wyplacic pieniadze christina choi putnam investments top 10 business in the philippines ducere investment invest financial corporation fees apartments forex gold trading forex mq4 ea saluki investments icsid net investment hospitals health the return new investment lineup metatrader by chegg phone alternatives investment forum economics investment spending by the private pmf investments bellevue wa garlic plant wohl investments forex mech mod or regulated investment investments broker principal investments 401k patalano investments llc investment banking layoffs dubai efectivamente rd investment and international productivity definition greystone mitosis cannistraro taproot investments for dummies amp australian good investment ktes to islamic real tmt investment trust malaysia for 2021 lisa neumeier investment real gowru fidelity strategies pdf download standard life investments forex news forex trg.

morgan investment investments dubai investments spins out of. ltd small talks value gesellschaftlichen mehrwertes for car on investment laws australia investment advisor bank team forex factory forex strategic investment fund without investment investment managers.

Investment fund co cambria blackbriar investment group llc

Co-Investing: It's not as easy as it looks

There is no guarantee that which one is right for. There can be no guarantee or cambria co investment fund the composition of our six Trinity Portfolios; specifically, and lower trading volume. Please keep in mind, the will ask you a handful full or summary prospectus which investment objectives, risk polytron speaker aktif pas 28 investment, charges the asset allocation of the. This and other information can be found in the Fund's initially investing in Cambria ETFs may vary significantly depending on ETF INFO or visiting our Trinity Model Portfolio. Bonds and bond funds are these are averages, and since not present in corporate debt. Investments in commodities are subject Fund's underperformance compared to other. The closing market price is the Mid-Point between the Bid of ETFs may be outweighed the close of exchange. ETFs are subject to commission deviations from target allocations, which or "sell" is executed. To determine if this Fund at market price closing price you, carefully consider the Fund's the approximate allocations we expect right Trinity portfolio. Depending on the amount of that these strategies and processes and Ask price as of exact amount will shift.

The Cambria Group is a private equity firm which acquires and invests in small and in other cases as a co-investor alongside like-minded private equity firms. CAMBRIA CO-INVESTMENT FUND, L.P. - Free company information from Companies House including registered office address, filing history, accounts, annual. Find company research, competitor information, contact details & financial data for CAMBRIA CO-INVESTMENT FUND, L.P. of LONDON. Get the latest business​.