0001615774-19-012442.txt : 20190923 0001615774-19-012442.hdr.sgml : 20190923 20190923162326 ACCESSION NUMBER: 0001615774-19-012442 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 48 FILED AS OF DATE: 20190923 DATE AS OF CHANGE: 20190923 EFFECTIVENESS DATE: 20190923 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Cambria ETF Trust CENTRAL INDEX KEY: 0001529390 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-180879 FILM NUMBER: 191108265 BUSINESS ADDRESS: STREET 1: 2321 ROSECRANS AVENUE STREET 2: SUITE 4210 CITY: EL SEGUNDO STATE: CA ZIP: 90245 BUSINESS PHONE: 310-606-5555 MAIL ADDRESS: STREET 1: 2321 ROSECRANS AVENUE STREET 2: SUITE 4210 CITY: EL SEGUNDO STATE: CA ZIP: 90245 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Cambria ETF Trust CENTRAL INDEX KEY: 0001529390 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-22704 FILM NUMBER: 191108264 BUSINESS ADDRESS: STREET 1: 2321 ROSECRANS AVENUE STREET 2: SUITE 4210 CITY: EL SEGUNDO STATE: CA ZIP: 90245 BUSINESS PHONE: 310-606-5555 MAIL ADDRESS: STREET 1: 2321 ROSECRANS AVENUE STREET 2: SUITE 4210 CITY: EL SEGUNDO STATE: CA ZIP: 90245 0001529390 S000037634 Cambria Shareholder Yield ETF C000116082 Cambria Shareholder Yield ETF SYLD 0001529390 S000037635 Cambria Foreign Shareholder Yield ETF C000116083 Cambria Foreign Shareholder Yield ETF FYLD 0001529390 S000037636 Cambria Emerging Shareholder Yield ETF C000116084 Cambria Emerging Shareholder Yield ETF EYLD 0001529390 S000043316 Cambria Global Momentum ETF C000134055 Cambria Global Momentum ETF GMOM 0001529390 S000043317 Cambria Global Value ETF C000134056 Cambria Global Value ETF GVAL 0001529390 S000043318 Cambria Sovereign Bond ETF C000134057 Cambria Sovereign Bond ETF SOVB 0001529390 S000043319 Cambria Value and Momentum ETF C000134058 Cambria Value and Momentum ETF VAMO 0001529390 S000047294 Cambria Global Asset Allocation ETF C000148305 Cambria Global Asset Allocation ETF GAA 0001529390 S000054369 Cambria Tail Risk ETF C000170791 Cambria Tail Risk ETF TAIL 0001529390 S000057737 Cambria Core Equity ETF C000186156 Cambria Core Equity ETF CCOR 0001529390 S000062926 Cambria Trinity ETF C000203933 Cambria Trinity ETF TRTY 485BPOS 1 s120148_485bpos.htm 485BPOS

 

AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON SEPTEMBER 23, 2019

 

1940 ACT FILE NO. 811-22704

1933 ACT FILE NO. 333-180879

 

FORM N-1A

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

  REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ☒ 
         
    Pre-Effective Amendment No.       
    Post-Effective Amendment No. 94  
         
and/or
         
  REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 ☒ 
         
    Amendment No. 96  

 

(Check appropriate box or boxes)

 

CAMBRIA ETF TRUST

(Exact Name of Registrant as Specified in Charter)

 

2321 Rosecrans Avenue

Suite 3225

El Segundo, CA 90245

(Address of Principal Executive Offices, Zip Code)

 

(310) 683-5500

(Registrant’s Telephone Number, including Area Code)

 

Corporation Service Company

2711 Centreville Road

Suite 400

Wilmington, DE 19808

(Name and Address of Agent for Service)

 

Copy to:

W. John McGuire

Morgan, Lewis & Bockius LLP

1111 Pennsylvania Ave, NW

Washington, DC 20004

 

It is proposed that this filing will become effective (check appropriate box):

 

  Immediately upon filing pursuant to paragraph (b)
  On (date) pursuant to paragraph (b)
  60 days after filing pursuant to paragraph (a)(1)
  On (date) pursuant to paragraph (a)(1)
  75 days after filing pursuant to paragraph (a)(2)
  On (date) pursuant to paragraph (a)(2) of Rule 485.

 

If appropriate, check the following box:

 

  This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

 

 

 

 

EXPLANATORY NOTE

 

This Post-Effective Amendment No. 94 relates to the Cambria Shareholder Yield ETF, Cambria Foreign Shareholder Yield ETF, Cambria Emerging Shareholder Yield ETF, Cambria Global Momentum ETF, Cambria Global Value ETF, Cambria Sovereign Bond ETF, Cambria Value and Momentum ETF, Cambria Global Asset Allocation ETF, Cambria Tail Risk ETF, Cambria Core Equity ETF, and Cambria Trinity ETF (each, a “Fund”), separate series of Cambria ETF Trust (the “Trust”). The sole purpose of this filing is to file as an exhibit to the Trust’s registration statement, risk/return information in interactive data format for each Fund.

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Act of 1933 (the “1933 Act”) and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this registration statement pursuant to Rule 485(b) under the 1933 Act and has duly caused this Post-Effective Amendment No. 94 to the registration statement on Form N-1A to be signed on its behalf by the undersigned, duly authorized, in the City of El Segundo and State of California, on the 23rd day of September, 2019. 

 

  CAMBRIA ETF TRUST
     
  By: /s/ Mebane Faber
    Mebane Faber
    President

 

Pursuant to the requirements of the 1933 Act, this registration statement has been signed below by the following persons in the capacities and on the dates indicated.

 

SIGNATURE   TITLE   DATE
         

/s/ Eric Kleinschmidt

Principal Financial Officer

September 23, 2019

Eric Kleinschmidt*   (Principal Accounting Officer)    
         

/s/ Mebane Faber

President and Trustee September 23, 2019
Mebane Faber        
         

/s/ Michael Venuto

Trustee September 23, 2019
Michael Venuto*        
         

/s/ Dennis G. Schmal

Trustee September 23, 2019
Dennis G. Schmal*        
         

*/s/ Mebane Faber

       

Mebane Faber

Attorney-in-Fact

Pursuant to Power of Attorney

       

 

 

 

 

Exhibit Index

 

Exhibit

Number

 

Description

   
EX-101.INS   XBRL Instance Document
   
EX-101.SCH   XBRL Taxonomy Extension Schema Document
   
EX-101.DEF   XBRL Taxonomy Extension Definition Linkbase
   
EX-101.LAB   XBRL Taxonomy Extension Labels Linkbase
   
EX-101.PRE   XBRL Taxonomy Extension Presentation Linkbase

 

 

 

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<div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">The Fund seeks investment results that correspond (before fees and expenses) generally to the price and yield performance of its underlying index, the Cambria Shareholder Yield Index (the "Underlying Index").</p></div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">The Fund seeks investment results that correspond (before fees and expenses) generally to the price and yield performance of its underlying index, the Cambria Foreign Shareholder Yield Index (the "Underlying Index").</p></div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">The Fund seeks investment results that correspond (before fees and expenses) generally to the price and yield performance of its underlying index, the Cambria Emerging Shareholder Yield Index (the "Underlying Index").</p></div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">The Fund seeks income and capital appreciation from investments in securities and instruments that provide exposure to sovereign and quasi<font class="nobreak">-sovereign</font> bonds.</p></div> The Fund seeks investment results that correspond (before fees and expenses) generally to the price and yield performance of its underlying index, the Cambria Global Value Index (the "Underlying Index"). <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">Cambria Global Momentum ETF (the "Fund") seeks to preserve and grow capital from investments in the U.S. and foreign equity, fixed income, commodity and currency markets, independent of market direction.</p></div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">The Fund seeks income and capital appreciation from investments in the U.S. equity market.</p></div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">The Fund seeks income and capital appreciation.</p></div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">The Fund seeks to provide income and capital appreciation from investments in the U.S. market while protecting against significant downside risk.</p> </div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">The Fund seeks capital appreciation and capital preservation with a low correlation to the broader U.S. equity market.</p></div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">The Fund seeks income and capital appreciation.</p></div> FEES AND EXPENSES FEES AND EXPENSES FEES AND EXPENSES FEES AND EXPENSES FEES AND EXPENSES FEES AND EXPENSES FEES AND EXPENSES FEES AND EXPENSES FEES AND EXPENSES FEES AND EXPENSES FEES AND EXPENSES <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">This table describes the fees and expenses that you may pay if you buy and hold Shares. You may also pay brokerage commissions on the purchase and sale of Shares, which are not reflected in the table.</p></div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">This table describes the fees and expenses that you may pay if you buy and hold Shares. You may also pay brokerage commissions on the purchase and sale of Shares, which are not reflected in the table. </p></div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">This table describes the fees and expenses that you may pay if you buy and hold Shares. You may also pay brokerage commissions on the purchase and sale of Shares, which are not reflected in the table. </p></div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> This table describes the fees and expenses that you may pay if you buy and hold Shares. You may also pay brokerage commissions on the purchase and sale of Shares, which are not reflected in the table. </p></div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">This table describes the fees and expenses that you may pay if you buy and hold Shares. You may also pay brokerage commissions on the purchase and sale of Shares, which are not reflected in the table.</p></div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> This table describes the fees and expenses that you may pay if you buy and hold Shares. You may also pay brokerage commissions on the purchase and sale of Shares, which are not reflected in the table. </p></div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">This table describes the fees and expenses that you may pay if you buy and hold Shares. You may also pay brokerage commissions on the purchase and sale of Shares, which are not reflected in the table.</p></div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">This table describes the fees and expenses that you may pay if you buy and hold Shares. You may also pay brokerage commissions on the purchase and sale of Shares, which are not reflected in the table.</p></div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> This table describes the fees and expenses that you may pay if you buy and hold Shares. You may also pay brokerage commissions on the purchase and sale of Shares, which are not reflected in the table. </p></div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">This table describes the fees and expenses that you may pay if you buy and hold Shares. You may also pay brokerage commissions on the purchase and sale of Shares, which are not reflected in the table.</p></div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">This table describes the fees and expenses that you may pay if you buy and hold Shares. You may also pay brokerage commissions on the purchase and sale of Shares, which are not reflected in the table.</p></div> ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE VALUE OF YOUR INVESTMENT) ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE VALUE OF YOUR INVESTMENT) ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE VALUE OF YOUR INVESTMENT) ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE VALUE OF YOUR INVESTMENT) ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE VALUE OF YOUR INVESTMENT) ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE VALUE OF YOUR INVESTMENT) ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE VALUE OF YOUR INVESTMENT) ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE VALUE OF YOUR INVESTMENT) ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE VALUE OF YOUR INVESTMENT) ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE VALUE OF YOUR INVESTMENT) ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE VALUE OF YOUR INVESTMENT) 0.0059 0.0059 0.0059 0.0059 0.0059 0.0059 0.0059 0.0000 0.0059 0.0105 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0007 0.0000 0.0010 0.0000 0.0005 0.0000 0.0000 0.0018 0.0000 <div style="display: none">~ http://cambriafunds.com/role/OperatingExpensesData column period compact * column dei_LegalEntityAxis compact ck0001529390_S000037634Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display: none">~ http://cambriafunds.com/role/OperatingExpensesData column period compact * column dei_LegalEntityAxis compact 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compact * ~</div> <div style="display: none">~ http://cambriafunds.com/role/ExpenseExample column period compact * column dei_LegalEntityAxis compact ck0001529390_S000062926Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> PORTFOLIO TURNOVER PORTFOLIO TURNOVER PORTFOLIO TURNOVER PORTFOLIO TURNOVER PORTFOLIO TURNOVER PORTFOLIO TURNOVER PORTFOLIO TURNOVER PORTFOLIO TURNOVER PORTFOLIO TURNOVER PORTFOLIO TURNOVER PORTFOLIO TURNOVER PRINCIPAL INVESTMENT STRATEGIES PRINCIPAL INVESTMENT STRATEGIES PRINCIPAL INVESTMENT STRATEGIES PRINCIPAL INVESTMENT STRATEGIES PRINCIPAL INVESTMENT STRATEGIES PRINCIPAL INVESTMENT STRATEGIES PRINCIPAL INVESTMENT STRATEGIES PRINCIPAL INVESTMENT STRATEGIES PRINCIPAL INVESTMENT STRATEGIES PRINCIPAL INVESTMENT STRATEGIES PRINCIPAL INVESTMENT STRATEGIES PRINCIPAL RISKS PRINCIPAL RISKS PRINCIPAL RISKS PRINCIPAL RISKS PRINCIPAL RISKS PRINCIPAL RISKS PRINCIPAL RISKS PRINCIPAL RISKS PRINCIPAL RISKS PRINCIPAL RISKS PRINCIPAL RISKS <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">An investment in the Fund involves risk. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. The Fund's principal risks are presented in alphabetical order to facilitate investors' ability to identify particular risks and compare them with the risks of other funds. Some or all of these risks may adversely affect the Fund's net asset value per share ("NAV"), trading price, yield, total return, and/or ability to meet its objective. There is no assurance that the Fund will achieve its investment objective. An investor may lose money by investing in the Fund. For more information about the risks of investing in the Fund, see the sections titled "Additional Information About the Funds' Risks" and "Additional Non<font class="nobreak">-Principal</font> Risk Information." </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">Cyber Security Risk. </font>The Fund may be susceptible to operational and information security risks resulting from a breach in the Fund's cyber security, including cyber<font class="nobreak">-attacks</font> against the Fund, third<font class="nobreak">-party</font> service providers, market makers, Authorized Participants, or issuers of securities in which the Fund invests. A breach in cyber security, intentional or unintentional, may adversely impact the Fund in many ways, including, but not limited to, disruption of the Fund's operational capacity, loss of proprietary information, theft or corruption of data, denial<font class="nobreak">-of-service</font> attacks on websites or network resources, and the unauthorized release of confidential information. </p> </div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Dividend Paying Security Risk.</font> Securities that pay high dividends as a group can fall out of favor with the market, causing these companies to underperform companies that do not pay high dividends. Also, changes in the dividend policies of companies owned by the Fund and the capital resources available for these companies' dividend payments may adversely affect the Fund.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Equity Investing Risk. </font>The values of equity securities could decline generally or could underperform other investments due to factors affecting a specific issuer, market or securities markets generally. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Investment Risk. </font>An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. When you sell your Shares, they could be worth less than what you paid for them. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Large Capitalization Company Risk.</font> The Fund's investments in large capitalization companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">Market Events Risk. </font>Turbulence in the financial markets and reduced liquidity in the equity markets may negatively affect issuers, which could have an adverse effect on the Fund. In addition, there is a risk that policy changes by the U.S. Government, Federal Reserve and/or other government actors, such as increasing interest rates, could cause increased volatility in financial markets and higher levels of Fund redemptions, which could have a negative impact on the Fund. In a declining stock market, stock prices for all companies (including those in the Fund's portfolio) may decline, regardless of their long<font class="nobreak">-term</font> prospects. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Passive Investment Risk. </font>The Fund is managed with a passive investment strategy, attempting to track the performance of the Underlying Index. As a result, the Fund expects to hold components of the Underlying Index regardless of their current or projected performance. Maintaining investments regardless of market conditions or the performance of individual investments could cause the Fund's return to be lower than if the Fund employed an active strategy.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Premium</font><font class="nobreak"><font class="Bold" style="font-style: normal; font-weight: bold">-Discount</font></font><font class="Bold" style="font-style: normal; font-weight: bold"> Risk.</font>&#160;Shares may trade above (premium) or below (discount) their NAV. The market prices of Shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of, and demand for, Shares on the Exchange. This risk is heightened in times of market volatility or periods of steep market declines. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Quantitative Security Selection Risk</font>. The Underlying Index uses quantitative techniques to determine whether securities should be included in the Underlying Index, and the Underlying Index may not perform as intended if it relies on erroneous or outdated data from one or more third parties. Errors in data used in the quantitative model may occur from time to time and may not be identified and/or corrected before having an adverse impact on the Fund and its shareholders. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Secondary Market Trading Risk. </font>Investors buying or selling Shares in the secondary market may pay brokerage commissions, which may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of Shares. Although the Shares are listed on the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">Sector Concentration Risk.</font>&#160;To the extent that the Fund's investments are concentrated in a particular sector, the Fund may be susceptible to loss due to adverse occurrences affecting that sector. As of July<font class="nobreak"> </font>31, 2019, the Fund and the Underlying Index were concentrated in the financial services sector and had significant exposure to companies in the consumer discretionary, industrial and information technology sectors. </p> <p class="Text_flush-left-indent" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 36pt; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-bottom: 10pt; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Consumer Discretionary Sector Risk.</font>&#160;The success of consumer product manufacturers and retailers is tied closely to the performance of the overall domestic and international economy, interest rates, competitive and consumer confidence. Success depends heavily on disposable household income and consumer spending. Changes in demographics and consumer tastes can also affect the demand for, and success of, consumer products in the marketplace.</p> </div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"> <p class="Text_flush-left-indent" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 36pt; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Financial Services Sector Risk.</font>&#160;Performance of companies in the financial services sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted.</p> <p class="Text_flush-left-indent" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 36pt; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Industrial Sector Risk.</font>&#160;Issuers in the industrial sector are affected by supply and demand, both for their specific product or service and for industrial sector products in general. The products of such issuers may face obsolescence due to rapid technological developments and frequent new product introduction. Government regulations, world events, economic conditions and exchange rates affect the performance of companies in the industrial sector. Issuers in the industrial sector may be adversely affected by liability for environmental damage, product liability claims and exchange rates. The industrial sector may also be adversely affected by changes or trends in commodity prices, which may be influenced by unpredictable factors.</p> <p class="Text_flush-left-indent" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 36pt; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">Information Technology Sector Risk. </font>Technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Technology companies may have limited product lines, markets, financial resources or personnel. The products of technology companies may face obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the technology sector are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Small and Medium Capitalization Company Risk.</font> Investing in securities of small and medium capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies' securities may be more volatile and less liquid than those of more established companies, and they may be more sensitive to market conditions.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Tracking Error Risk. </font>Although the Fund attempts to track the performance of the Underlying Index, the Fund may not be able to duplicate its exact composition or return due to, among other things, fees and expenses paid by the Fund that are not reflected in the Underlying Index. If the Fund is small, it may experience greater tracking error to its Underlying Index than it otherwise would at higher asset levels.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Value Investment Risk.</font> The Fund's shareholder yield strategy is a value investment strategy that should be expected to underperform in growth markets. Value investments are subject to the risk that their intrinsic value may never be realized by the market. </p></div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">An investment in the Fund involves risk. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. The Fund's principal risks are presented in alphabetical order to facilitate investors' ability to identify particular risks and compare them with the risks of other funds. Some or all of these risks may adversely affect the Fund's net asset value per share ("NAV"), trading price, yield, total return, and/or ability to meet its objective. There is no assurance that the Fund will achieve its investment objective. An investor may lose money by investing in the Fund. For more information about the risks of investing in the Fund, see the sections titled "Additional Information About the Funds' Risks" and "Additional Non<font class="nobreak">-Principal</font> Risk Information." </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">Concentration Risk. </font>To the extent the Underlying Index is concentrated in a particular industry or group of industries, the Fund is also expected to be concentrated in that industry or group of industries. As a result, the Fund may be susceptible to loss due to adverse occurrences affecting that industry or group of industries. As of July<font class="nobreak"> </font>31, 2019, the Fund and the Underlying Index were concentrated in the financial services sector. </p> <p class="Text_flush-left-indent" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 36pt; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">Financial Services Sector Risk. </font>Performance of companies in the financial services sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted.</p> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold"> Cyber Security Risk. </font>The Fund may be susceptible to operational and information security risks resulting from a breach in the Fund's cyber security, including cyber<font class="nobreak">-attacks</font> against the Fund, third<font class="nobreak">-party</font> service providers, market makers, Authorized Participants, or issuers of securities in which the Fund invests. A breach in cyber security, intentional or unintentional, may adversely impact the Fund in many ways, including, but not limited to, disruption of the Fund's operational capacity, loss of proprietary information, theft or corruption of data, denial<font class="nobreak">-of-service</font> attacks on websites or network resources, and the unauthorized release of confidential information. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">Depositary Receipts Risk.</font> The risks of investments in depositary receipts are substantially similar to the risks of investing directly in foreign securities. In addition, depositary receipts may not track the price of or may be less liquid than their underlying foreign securities, and the value of depositary receipts may change materially at times when the U.S. markets are not open for trading. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Dividend Paying Security Risk.</font> Securities that pay high dividends as a group can fall out of favor with the market, causing these companies to underperform companies that do not pay high dividends.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Equity Investing Risk. </font>An investment in the Fund involves risks similar to those of investing in any fund holding equity securities, such as market fluctuations, changes in interest rates and perceived trends in stock prices. The values of equity securities could decline generally or could underperform other investments due to factors affecting a specific issuer, market or securities markets generally.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Foreign Investment Risk.</font> Returns on investments in foreign securities could be more volatile than, or trail the returns on, investments in U.S. securities. Exposures to foreign securities entail special risks, including risks due to: (i) differences in information available about foreign issuers; (ii) differences in investor protection standards in other jurisdictions; (iii) capital controls risks, including the risk of a foreign jurisdiction imposing restrictions on the ability to repatriate or transfer currency or other assets; (iv) political, diplomatic and economic risks; (v) regulatory risks; and (vi) foreign market and trading risks, including the costs of trading and risks of settlement in foreign jurisdictions. In addition, the Fund's investments in securities denominated in other currencies could decline due to changes in local currency relative to the value of the U.S. dollar, which may affect the Fund's returns.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">Geographic Investment Risk.&#160;</font>To the extent the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region. As of July<font class="nobreak"> </font>31, 2019, the Fund invested a significant portion of its assets in securities of companies in Australia, Canada, Europe and Japan. </p> <p class="Text_flush-left-indent" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 36pt; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">Australia Risk.</font> Australia's economy depends heavily on agricultural and mining sector exports as well as the economies of its key trading partners, including China, the United States, and Japan. Conditions that weaken the price and demand for its exports and/or natural resources and commodities, in general, could have a significant, negative impact on the Australian economy as a whole. </p> <p class="Text_flush-left-indent" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 36pt; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">Canada Risk.</font> Changes to the U.S. economy may significantly affect the Canadian economy because the U.S. is Canada's largest trading partner and foreign investor. The economy of Canada is also heavily dependent on the demand for natural resources and agricultural products. Accordingly, a change in the supply and demand of these resources, both domestically and internationally, can have a significant effect on Canadian market performance. Conditions that weaken demand for its products worldwide could have a negative impact on the Canadian economy as a whole. </p> <p class="Text_flush-left-indent" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 36pt; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">Europe Risk.</font> The Economic and Monetary Union of the European Union ("EU") requires compliance with restrictions on inflation rates, deficits, interest rates, debt levels and fiscal and monetary controls, each of which may significantly affect every country in Europe. Decreasing imports or exports, changes in governmental or EU regulations on trade, changes in the exchange rate of the euro, the default or threat of default by an EU member country on its sovereign debt, and/or an economic recession in an EU member country may have a significant adverse effect on the economies of EU member countries and their trading partners. In addition, the United Kingdom has voted in a referendum to leave the EU. Although it remains unclear what the potential consequences of Brexit may be, the economies of Europe and the United Kingdom, as well as the broader global economy, could be significantly impacted by Brexit, which may result in lower economic growth and increased volatility and illiquidity across global markets.</p> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush-left-indent" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 36pt; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">Japan Risk.</font> The economy of Japan is heavily dependent on international trade, government support, and consistent government policy supporting its export market. Slowdowns in the economies of key trading partners such as the United States, China and countries in Southeast Asia could have a negative impact on the Japanese economy as a whole. Trade tariffs and other protectionist measures could also have an adverse impact on the Japanese export market. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt; margin-top: 11.5pt"><font class="Bold" style="font-style: normal; font-weight: bold">International Closed</font><font class="nobreak"><font class="Bold" style="font-style: normal; font-weight: bold">-Market</font></font><font class="Bold" style="font-style: normal; font-weight: bold"> Trading Risk. </font>Because the Fund's investments may be traded in markets that are closed when the Exchange is open, there are likely to be deviations between the current pricing of an underlying investment and stale investment pricing (<font class="Italic" style="font-style: italic; font-weight: normal">i.e.</font>, the last quote from its closed foreign market), resulting in premiums or discounts to NAV that may be greater than those experienced by other ETFs. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt; margin-top: 11.5pt"><font class="Bold" style="font-style: normal; font-weight: bold">Investment Risk. </font>An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. When you sell your Shares, they could be worth less than what you paid for them. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt; margin-top: 11.5pt"><font class="Bold" style="font-style: normal; font-weight: bold">Large Capitalization Company Risk.</font> The Fund's investments in large capitalization companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt; margin-top: 11.5pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">Market Events Risk. </font>Turbulence in the financial markets and reduced liquidity in the equity markets may negatively affect issuers, which could have an adverse effect on the Fund. In addition, there is a risk that policy changes by the U.S. Government, Federal Reserve and/or other government actors, such as increasing interest rates, could cause increased volatility in financial markets and higher levels of Fund redemptions, which could have a negative impact on the Fund. In a declining stock market, stock prices for all companies (including those in the Fund's portfolio) may decline, regardless of their long<font class="nobreak">-term</font> prospects. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt; margin-top: 11.5pt"><font class="Bold" style="font-style: normal; font-weight: bold">Passive Investment Risk. </font>The Fund is managed with a passive investment strategy, attempting to track the performance of the Underlying Index. As a result, the Fund expects to hold components of the Underlying Index regardless of their current or projected performance.&#160;Maintaining investments regardless of market conditions or the performance of individual investments could cause the Fund's return to be lower than if the Fund employed an active strategy. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt; margin-top: 11.5pt"> <b>Premium-Discount Risk.</b>&#160;Shares may trade above (premium) or below (discount) their NAV. The market prices of Shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of, and demand for, Shares on the Exchange. This risk is heightened in times of market volatility or periods of steep market declines. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt; margin-top: 11.5pt"><font class="Bold" style="font-style: normal; font-weight: bold">Quantitative Security Selection Risk.</font> The Underlying Index uses quantitative techniques to determine whether securities should be included in the Underlying Index, and the Underlying Index may not perform as intended if it relies on erroneous or outdated data from one or more third parties. Errors in data used in the quantitative model may occur from time to time and may not be identified and/or corrected before having an adverse impact on the Fund and its shareholders. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt; margin-top: 11.5pt"><font class="Bold" style="font-style: normal; font-weight: bold">Secondary Market Trading Risk. </font>Investors buying or selling Shares in the secondary market may pay brokerage commissions, which may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of Shares. Although the Shares are listed on the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt; margin-top: 11.5pt"><font class="Bold" style="font-style: normal; font-weight: bold">Small and Medium Capitalization Company Risk.</font><font class="Italic" style="font-style: italic; font-weight: normal">&#160;</font> Investing in securities of small and medium capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies' securities may be more volatile and less liquid than those of more established companies, and they may be more sensitive to market conditions.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt; margin-top: 11.5pt"><font class="Bold" style="font-style: normal; font-weight: bold">Tracking Error Risk. </font>Although the Fund attempts to track the performance of the Underlying Index, the Fund may not be able to duplicate its exact composition or return due to, among other things, fees and expenses paid by the Fund that are not reflected in the Underlying Index. If the Fund is small, it may experience greater tracking error to its Underlying Index than it otherwise would at higher asset levels.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-bottom: 10pt; margin-top: 12pt; margin-top: 11.5pt"><font class="Bold" style="font-style: normal; font-weight: bold">Value Investment Risk.</font> The Fund's shareholder yield strategy is a value investment strategy that should be expected to underperform in growth markets. Value investments are subject to the risk that their intrinsic value may never be realized by the market.</p></div> </div> </div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">An investment in the Fund involves risk. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. The Fund's principal risks are presented in alphabetical order to facilitate investors' ability to identify particular risks and compare them with the risks of other funds. Some or all of these risks may adversely affect the Fund's net asset value per share ("NAV"), trading price, yield, total return, and/or ability to meet its objective. There is no assurance that the Fund will achieve its investment objective. An investor may lose money by investing in the Fund. For more information about the risks of investing in the Fund, see the sections titled "Additional Information About the Funds' Risks" and "Additional Non<font class="nobreak">-Principal</font> Risk Information." </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-bottom: 10pt; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Cash Redemption Risk. </font>The Fund's investment strategy will require it to effect redemptions, in whole or in part, for cash. As a result, the Fund may pay out higher annual capital gain distributions and be less tax<font class="nobreak">-efficient</font> than if the in<font class="nobreak">-kind</font> redemption process was used exclusively. In addition, cash redemptions may incur higher brokerage costs than in<font class="nobreak">-kind</font> redemptions and these added costs may be borne by the Fund and negatively impact Fund performance.</p> </div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">Concentration Risk. </font>To the extent the Underlying Index is concentrated in a particular industry or group of industries, the Fund is also expected to be concentrated in that industry or group of industries. As a result, the Fund may be susceptible to loss due to adverse occurrences affecting that industry or group of industries. As of July<font class="nobreak"> </font>31, 2019, neither the Fund nor the Underlying Index were concentrated in an industry or group of industries, but both had significant exposure to companies in the information technology and materials sectors. </p> <p class="Text_flush-left-indent" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 36pt; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">Information Technology Sector Risk. </font>Technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Technology companies may have limited product lines, markets, financial resources or personnel. The products of technology companies may face obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the technology sector are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies. </p> <p class="Text_flush-left-indent" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 36pt; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Materials Sector Risk. </font>Issuers in the materials sector may be adversely affected by commodity price volatility, exchange rates, import controls, increased competition, depletion of resources, technical progress, labor relations and government regulations, among other factors. Issuers in the materials sector may be liable for environmental damage and product liability claims. Production of materials may exceed demand as a result of market imbalances or economic downturns, leading to poor investment returns.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">Cyber Security Risk. </font>The Fund may be susceptible to operational and information security risks resulting from a breach in the Fund's cyber security, including cyber<font class="nobreak">-attacks</font> against the Fund, third<font class="nobreak">-party</font> service providers, market makers, Authorized Participants, or issuers of securities in which the Fund invests. A breach in cyber security, intentional or unintentional, may adversely impact the Fund in many ways, including, but not limited to, disruption of the Fund's operational capacity, loss of proprietary information, theft or corruption of data, denial<font class="nobreak">-of-service</font> attacks on websites or network resources, and the unauthorized release of confidential information. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">Depositary Receipts Risk.</font> The risks of investments in depositary receipts are substantially similar to the risks of investing directly in foreign securities. In addition, depositary receipts may not track the price of or may be less liquid than their underlying foreign securities, and the value of depositary receipts may change materially at times when the U.S. markets are not open for trading. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Dividend Paying Security Risk.</font> Securities that pay high dividends as a group can fall out of favor with the market, causing these companies to underperform companies that do not pay high dividends. Also, changes in the dividend policies of companies owned by the Fund and the capital resources available for these companies' dividend payments may adversely affect the Fund.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Emerging Markets Risk.</font> Emerging market investments are subject to the same risks as foreign investments and to additional risks due to greater political and economic uncertainties as well as a relative lack of information about issuers in such markets. Securities of emerging market issuers may become illiquid and be subject to volatility and high transaction costs. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Equity Investing Risk. </font>The values of equity securities could decline generally or could underperform other investments due to factors affecting a specific issuer, market or securities markets generally. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-bottom: 10pt; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Foreign Investment Risk.</font> Returns on investments in foreign securities could be more volatile than, or trail the returns on, investments in U.S. securities. Exposures to foreign securities entail special risks, including risks due to: (i) differences in information available about foreign issuers; (ii) differences in investor protection standards in other jurisdictions; (iii) capital controls risks, including the risk of a foreign jurisdiction imposing restrictions on the ability to repatriate or transfer currency or other assets; (iv) political, diplomatic and economic risks; (v) regulatory risks; and (vi) foreign market and trading risks, including the costs of trading and risks of settlement in foreign jurisdictions. In addition, the Fund's investments in securities denominated in other currencies could decline due to changes in local currency relative to the value of the U.S. dollar, which may affect the Fund's returns.</p> </div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">Geographic Investment Risk.&#160;</font>To the extent the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region. As of July<font class="nobreak"> </font>31, 2019, the Fund invested a significant portion of its assets in securities of companies in Russia, South Africa and Taiwan as well as Chinese companies listed and traded in Hong Kong. </p> <p class="Text_flush-left-indent" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 36pt; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">Asia</font><font class="nobreak"><font class="Bold" style="font-style: normal; font-weight: bold">-Pacific</font></font><font class="Bold" style="font-style: normal; font-weight: bold"> Risk. </font>Investments in securities of issuers in Asia<font class="nobreak">-Pacific</font> countries involve risks that are specific to the Asia<font class="nobreak">-Pacific</font> region, including certain legal, regulatory, political and economic risks. Certain Asia<font class="nobreak">-Pacific</font> countries have experienced expropriation and/or nationalization of assets, confiscatory taxation, political instability, armed conflict and social instability as a result of religious, ethnic, socio<font class="nobreak">-economic</font> and/or political unrest. Some economies in this region are dependent on a range of commodities, and are strongly affected by international commodity prices and particularly vulnerable to price changes for these products. </p> <p class="Text_flush-left-indent" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 36pt; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">China Risk.</font> Investments in China involve risks closely tied to the social, political, and economic conditions within China. The Chinese economy may experience slower growth if domestic or global demand for Chinese goods decreases significantly and/or key trading partners implement protectionist measures such as trade tariffs. China's economy is also susceptible to economic recession, market inefficiency, rising inflation rates, volatility and pricing anomalies that may be connected to governmental influence, a lack of public information and/or social and political instability. The Chinese government maintains strict currency controls, regularly intervenes in the currency market, and plays a major role in the country's economic policies regarding foreign investments. Foreign investors are subject to the risk of loss from expropriation or nationalization of their investment assets and property, governmental restrictions on foreign investments and the repatriation of capital. </p> <p class="Text_flush-left-indent" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 36pt; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">Russia Risk.</font> As a result of recent events involving Ukraine and the Russian Federation, the United States, Canada and the European Union have imposed sanctions on certain Russian individuals and corporate entities. The United States imposed additional sanctions on Russia as a result of Russia's interference in the U.S. election in 2016. Additional broader sanctions may be imposed in the future. These sanctions may result in the decline of the value and liquidity of Russian securities and could also result in the immediate freeze of Russian securities, impairing the ability of the Fund to buy, sell, receive or deliver those securities. The Fund may seek to suspend redemptions in the event that an emergency exists in which it is not reasonably practicable for the Fund to dispose of its securities or to determine the value of its net assets. </p> <p class="Text_flush-left-indent" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 36pt; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">South Africa Risk. </font>South Africa's economy is heavily dependent on natural resources and commodity prices. South Africa's currency may also be vulnerable to significant fluctuations and devaluation. Access to health care, unemployment, limited economic opportunity, and other financial constraints, continue to present obstacles to South Africa's full economic development. Disparities of wealth, the pace and success of democratization and capital market development and religious and racial disaffection have also led to social and political unrest. There can be no assurance that initiatives by the South African government to address these issues will achieve the desired results. </p> <p class="Text_flush-left-indent" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 36pt; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">Taiwan Risk. </font>The economy of Taiwan is heavily dependent on exports. Currency fluctuations, increasing competition from Asia's other emerge economies, and conditions that weaken demand for Taiwan's export products worldwide could have a negative impact on the Taiwanese economy as a whole. Concerns over Taiwan's history of political contention and its current relationship with China may also have a significant impact on the economy of Taiwan. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">International Closed</font><font class="nobreak"><font class="Bold" style="font-style: normal; font-weight: bold">-Market</font></font><font class="Bold" style="font-style: normal; font-weight: bold"> Trading Risk. </font>Because the Fund's investments may be traded in markets that are closed when the Exchange is open, there are likely to be deviations between the current pricing of an underlying investment and stale investment pricing (<font class="Italic" style="font-style: italic; font-weight: normal">i.e.</font>, the last quote from its closed foreign market), resulting in premiums or discounts to NAV that may be greater than those experienced by other ETFs. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Investment Risk. </font>An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. When you sell your Shares, they could be worth less than what you paid for them. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-bottom: 10pt; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Large Capitalization Company Risk.</font> The Fund's investments in large capitalization companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.</p> </div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">Market Events Risk.</font> Turbulence in the financial markets and reduced liquidity in the equity markets may negatively affect issuers, which could have an adverse effect on the Fund. In addition, there is a risk that policy changes by the U.S. Government, Federal Reserve and/or other government actors, such as increasing interest rates, could cause increased volatility in financial markets and higher levels of Fund redemptions, which could have a negative impact on the Fund. In a declining stock market, stock prices for all companies (including those in the Fund's portfolio) may decline, regardless of their long<font class="nobreak">-term</font> prospects. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Passive Investment Risk. </font>The Fund is managed with a passive investment strategy, attempting to track the performance of the Underlying Index. As a result, the Fund expects to hold components of the Underlying Index regardless of their current or projected performance.&#160;Maintaining investments regardless of market conditions or the performance of individual investments could cause the Fund's return to be lower than if the Fund employed an active strategy. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">Portfolio Turnover Risk.</font> The Fund's strategy may frequently involve buying and selling portfolio securities to rebalance the Fund's exposure to various market sectors. Higher portfolio turnover may result in the Fund paying higher levels of transaction costs and generating greater tax liabilities for shareholders. Portfolio turnover risk may cause the Fund's performance to be less than you expect. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <b>Premium<font class="nobreak">-Discount </font></b> <b>Risk</b>.&#160;Shares may trade above (premium) or below (discount) their NAV. The market prices of Shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of, and demand for, Shares on the Exchange. This risk is heightened in times of market volatility or periods of steep market declines. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Quantitative Security Selection Risk.</font> The Underlying Index uses quantitative techniques to determine whether securities should be included in the Underlying Index, and the Underlying Index may not perform as intended if it relies on erroneous or outdated data from one or more third parties. Errors in data used in the quantitative model may occur from time to time and may not be identified and/or corrected before having an adverse impact on the Fund and its shareholders. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Secondary Market Trading Risk. </font>Investors buying or selling Shares in the secondary market may pay brokerage commissions, which may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of Shares. Although the Shares are listed on the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Small and Medium Capitalization Company Risk.</font><font class="Italic" style="font-style: italic; font-weight: normal">&#160;</font> Investing in securities of small and medium capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies' securities may be more volatile and less liquid than those of more established companies, and they may be more sensitive to market conditions.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Tracking Error Risk. </font>Although the Fund attempts to track the performance of the Underlying Index, the Fund may not be able to duplicate its exact composition or return due to, among other things, fees and expenses paid by the Fund that are not reflected in the Underlying Index. If the Fund is small, it may experience greater tracking error to its Underlying Index than it otherwise would at higher asset levels.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Value Investment Risk.</font> The Fund's shareholder yield strategy is a value investment strategy that should be expected to underperform in growth markets. Value investments are subject to the risk that their intrinsic value may never be realized by the market.</p></div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">An investment in the Fund involves risk. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. The Fund's principal risks are presented in alphabetical order to facilitate investors' ability to identify particular risks and compare them with the risks of other funds. Some or all of these risks may adversely affect the Fund's net asset value per share ("NAV"), trading price, yield, total return, and/or ability to meet its objective. There is no assurance that the Fund will achieve its investment objective. An investor may lose money by investing in the Fund. For more information about the risks of investing in the Fund, see the sections titled "Additional Information About the Funds' Risks" and "Additional Non<font class="nobreak">-Principal</font> Risk Information." </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Cash Redemption Risk. </font>The Fund's investment strategy will require it to effect redemptions, in whole or in part, for cash. As a result, the Fund may pay out higher annual capital gain distributions and be less tax<font class="nobreak">-efficient</font> than if the in<font class="nobreak">-kind</font> redemption process was used exclusively. In addition, cash redemptions may incur higher brokerage costs than in<font class="nobreak">-kind</font> redemptions and these added costs may be borne by the Fund and negatively impact Fund performance.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">Cyber Security Risk. </font>The Fund may be susceptible to operational and information security risks resulting from a breach in the Fund's cyber security, including cyber<font class="nobreak">-attacks</font> against the Fund, third<font class="nobreak">-party</font> service providers, market makers, Authorized Participants, or issuers of securities in which the Fund invests. A breach in cyber security, intentional or unintentional, may adversely impact the Fund in many ways, including, but not limited to, disruption of the Fund's operational capacity, loss of proprietary information, theft or corruption of data, denial<font class="nobreak">-of-service</font> attacks on websites or network resources, and the unauthorized release of confidential information. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Emerging Markets Risk.</font> Emerging market investments are subject to the same risks as foreign investments and to additional risks due to greater political and economic uncertainties as well as a relative lack of information about issuers in such markets. Securities of emerging market issuers may become illiquid and be subject to volatility and high transaction costs. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-bottom: 10pt; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Exchange</font><font class="nobreak"><font class="Bold" style="font-style: normal; font-weight: bold">-Traded</font></font><font class="Bold" style="font-style: normal; font-weight: bold"> Funds and Exchange</font><font class="nobreak"><font class="Bold" style="font-style: normal; font-weight: bold">-Traded</font></font><font class="Bold" style="font-style: normal; font-weight: bold"> Products and Investment Companies Risk. </font>The risks of investing in securities of ETFs, ETPs and investment companies typically reflect the risks of the types of instruments in which the underlying ETF, ETP or investment company invests. In addition, with such investments, the Fund bears its proportionate share of the fees and expenses of the underlying entity. As a result, the Fund's operating expenses may be higher and performance may be lower.</p> </div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Exchange</font><font class="nobreak"><font class="Bold" style="font-style: normal; font-weight: bold">-Traded</font></font><font class="Bold" style="font-style: normal; font-weight: bold"> Notes Risk.</font> Because ETNs are unsecured, unsubordinated debt securities, an investment in an ETN exposes the Fund to the risk that an ETN's issuer may be unable to pay. In addition, as with investments in other ETPs, the Fund will bear its proportionate share of the fees and expenses of the ETN, which may cause the Fund's operating expenses to be higher and its performance to be lower.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">Fixed Income Risk.</font> A decline in an issuer's credit rating and/or financial condition may cause such issuer's fixed income securities to decrease in value while experiencing increased volatility and investment risk. During periods of falling interest rates, an issuer of a callable bond held by the Fund may "call" (or repay) the security before its stated maturity, and the Fund may have to reinvest the proceeds at lower interest rates, resulting in a decline in the Fund's income. The market value of a fixed income security generally changes in response to changes in interest rates and may change quickly and without warning in response to issuer defaults and changes in issuer credit ratings. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Foreign Investment Risk.</font> Returns on investments in foreign securities could be more volatile than, or trail the returns on, investments in U.S. securities. Exposures to foreign securities entail special risks, including risks due to: (i) differences in information available about foreign issuers; (ii) differences in investor protection standards in other jurisdictions; (iii) capital controls risks, including the risk of a foreign jurisdiction imposing restrictions on the ability to repatriate or transfer currency or other assets; (iv) political, diplomatic and economic risks; (v) regulatory risks; and (vi) foreign market and trading risks, including the costs of trading and risks of settlement in foreign jurisdictions. In addition, the Fund's investments in securities denominated in other currencies could decline due to changes in local currency relative to the value of the U.S. dollar, which may affect the Fund's returns.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">Geographic Investment Risk.&#160;</font>To the extent the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region. As of July<font class="nobreak"> </font>31, 2019, the Fund invested a significant portion of its assets in securities of companies in the Asia<font class="nobreak">-Pacific</font> region and South America. </p> <p class="Text_flush-left-indent" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 36pt; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">Asia</font><font class="nobreak"><font class="Bold" style="font-style: normal; font-weight: bold">-Pacific</font></font><font class="Bold" style="font-style: normal; font-weight: bold"> Risk. </font>Investments in securities of issuers in Asia<font class="nobreak">-Pacific</font> countries involve risks that are specific to the Asia<font class="nobreak">-Pacific</font> region, including certain legal, regulatory, political and economic risks. Certain Asia<font class="nobreak">-Pacific</font> countries have experienced expropriation and/or nationalization of assets, confiscatory taxation, political instability, armed conflict and social instability as a result of religious, ethnic, socio<font class="nobreak">-economic</font> and/or political unrest. Some economies in this region are dependent on a range of commodities, and are strongly affected by international commodity prices and particularly vulnerable to price changes for these products. </p> <p class="Text_flush-left-indent" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 36pt; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">South America Risk. </font>The economies and financial sectors of certain emerging markets countries are affected by the economies of South American countries, some of which have experienced high interest rates, economic volatility, inflation, currency devaluations, government defaults, high unemployment rates, and expropriation and/or nationalization of assets. In addition, commodities (such as oil, gas and minerals) represent a significant percentage of the region's exports and many economies in this region are particularly sensitive to fluctuations in commodity prices. Adverse economic events in one country may have a significant adverse effect on other countries in this region and on the financial sectors of emerging markets countries. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">High Yield Securities Risk. </font>High yield securities and unrated securities of comparable credit quality are subject to the increased risk of an issuer's inability to meet principal and interest payment obligations. High yield securities are subject to a greater risk of default and investments in them are inherently speculative. The secondary markets in which high yield securities are traded may be less liquid and more volatile than the market for higher grade securities. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-bottom: 10pt; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Interest Rate Risk.</font> The market value of fixed income securities generally changes in response to changes in interest rates. As interest rates rise, the value of certain fixed income securities is likely to decrease. Similarly, if interest rates decline, the value of fixed income securities is likely to increase. Interest rate risk is generally lower for shorter<font class="nobreak">-term</font> investments and higher for longer<font class="nobreak">-term</font> investments. As of the date of this Prospectus, interest rates are near historic lows, but risks associated with rising interest rates are heightened given the Federal Reserve's recent interest rate hikes, which could signal an end to the historically low interest rate environment. To the extent that rates increase substantially and/or rapidly, the Fund may be subject to significant losses.</p> </div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">International Closed</font><font class="nobreak"><font class="Bold" style="font-style: normal; font-weight: bold">-Market</font></font><font class="Bold" style="font-style: normal; font-weight: bold"> Trading Risk. </font>Because the Fund's investments may be traded in markets that are closed when the Exchange is open, there are likely to be deviations between the current pricing of an underlying investment and stale investment pricing (<font class="Italic" style="font-style: italic; font-weight: normal">i.e.</font>, the last quote from its closed foreign market), resulting in premiums or discounts to NAV that may be greater than those experienced by other ETFs. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Investment Risk. </font>An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. When you sell your Shares they could be worth less than what you paid for them. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Liquidity Risk. </font>Liquidity risk exists when a particular investment is difficult to purchase or sell. A significant, rapid rise in interest rates may result in a period of volatility and increased redemptions if Fund securities become illiquid and are forced to sell the illiquid securities at disadvantageous times or prices. This could have a negative effect on the Fund's ability to achieve its investment objective and may result in losses to Fund shareholders.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Management Risk.</font> The Fund is actively managed using proprietary investment strategies and processes. There can be no guarantee that these strategies and processes will be successful or that the Fund will achieve its investment objective. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">Market Events Risk. </font>Turbulence in the financial markets and reduced liquidity in the credit and fixed<font class="nobreak">-income</font> markets may negatively affect issuers, which could have an adverse effect on the Fund. In addition, there is a risk that policy changes by the U.S. Government, Federal Reserve and/or other government actors, such as increasing interest rates, could cause increased volatility in financial markets and higher levels of Fund redemptions, which could have a negative impact on the Fund. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">Non</font><font class="nobreak"><font class="Bold" style="font-style: normal; font-weight: bold">-Diversification</font></font><font class="Bold" style="font-style: normal; font-weight: bold"> Risk.</font> The Fund is non<font class="nobreak">-diversified</font>. Investment by the Fund in securities of a limited number of issuers may expose it to greater market risk and potential monetary losses than if its assets were diversified among the securities of a greater number of issuers. However, the Fund intends to satisfy the asset diversification requirements under Subchapter M of the Internal Revenue Code of 1986, as amended, for qualification as a regulated investment company. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Portfolio Turnover Risk</font>. The Fund's strategy may result in high portfolio turnover rates, which may increase the Fund's brokerage commission costs and negatively impact the Fund's performance. Such portfolio turnover also may generate net short<font class="nobreak">-term</font> capital gains. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><b>Premium<font class="nobreak">-Discount </font></b><b>Risk</b>.&#160;Shares may trade above (premium) or below (discount) their NAV. The market prices of Shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of, and demand for, Shares on the Exchange. This risk is heightened in times of market volatility or periods of steep market declines.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Quantitative Security Selection Risk</font>. Cambria uses quantitative techniques to generate investment decisions and its processes and stock selection, and the Fund may not perform as intended if it relies on erroneous or outdated data from one or more third parties. Errors in data used in the quantitative model may occur from time to time and may not be identified and/or corrected before having an adverse impact on the Fund and its shareholders.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Secondary Market Trading Risk. </font>Investors buying or selling Shares in the secondary market may pay brokerage commissions or other charges, which may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of Shares. Although the Shares are listed on the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-bottom: 10pt; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Sovereign Debt Securities Risk</font>. Investments in sovereign and quasi<font class="nobreak">-sovereign</font> 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. During periods of economic uncertainty, the market prices of sovereign debt, and the Fund's net asset value, may be more volatile than prices of U.S. debt obligations. In the past, certain non<font class="nobreak">-U</font>.S. markets have encountered difficulties in servicing their debt obligations, withheld payments of principal and interest and declared moratoria on the payment of principal and interest on their sovereign debts. These risks increase for lower<font class="nobreak">-rated</font> and high yield debt securities, as discussed in this Prospectus.</p></div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">An investment in the Fund involves risk. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. The Fund's principal risks are presented in alphabetical order to facilitate investors' ability to identify particular risks and compare them with the risks of other funds. Some or all of these risks may adversely affect the Fund's net asset value per share ("NAV"), trading price, yield, total return, and/or ability to meet its objective. There is no assurance that the Fund will achieve its investment objective. An investor may lose money by investing in the Fund. For more information about the risks of investing in the Fund, see the sections titled "Additional Information About the Funds' Risks" and "Additional Non<font class="nobreak">-Principal</font> Risk Information." </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Cash Redemption Risk. </font>The Fund's investment strategy may require it to effect redemptions, in whole or in part, for cash. As a result, the Fund may pay out higher annual capital gain distributions and be less tax<font class="nobreak">-efficient</font> than if the in<font class="nobreak">-kind</font> redemption process was used exclusively. In addition, cash redemptions may incur higher brokerage costs than in<font class="nobreak">-kind</font> redemptions and these added costs may be borne by the Fund and negatively impact Fund performance.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">Concentration Risk. </font>To the extent the Underlying Index is concentrated in a particular industry or group of industries, the Fund is also expected to be concentrated in that industry or group of industries. As a result, the Fund may be susceptible to loss due to adverse occurrences affecting that industry or group of industries. As of July<font class="nobreak"> </font>31, 2019, the Fund and the Underlying Index were concentrated in the financial services sector and had significant exposure to companies in the energy and materials sectors. </p> <p class="Text_flush-indent-on-both" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 36pt; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Energy Sector Risk. </font>The energy sector includes, for example, oil, gas, and consumable fuel companies. Energy companies can be substantially impacted by, among other things, the volatility of oil prices, worldwide supply and demand, worldwide economic growth, and political instability in oil or gas producing regions such as the Middle East and Eastern Europe.</p> <p class="Text_flush-indent-on-both" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 36pt; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Financial Services Sector Risk. </font>Performance of companies in the financial services sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted.</p> </div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"> <p class="Text_flush-indent-on-both" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 36pt; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Materials Sector Risk. </font>Issuers in the materials sector may be adversely affected by commodity price volatility, exchange rates, import controls, increased competition, depletion of resources, technical progress, labor relations and government regulations, among other factors. Issuers in the materials sector may be liable for environmental damage and product liability claims. Production of materials may exceed demand as a result of market imbalances or economic downturns, leading to poor investment returns.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">Cyber Security Risk. </font>The Fund may be susceptible to operational and information security risks resulting from a breach in the Fund's cyber security, including cyber<font class="nobreak">-attacks</font> against the Fund, third<font class="nobreak">-party</font> service providers, market makers, Authorized Participants, or issuers of securities in which the Fund invests. A breach in cyber security, intentional or unintentional, may adversely impact the Fund in many ways, including, but not limited to, disruption of the Fund's operational capacity, loss of proprietary information, theft or corruption of data, denial<font class="nobreak">-of-service</font> attacks on websites or network resources, and the unauthorized release of confidential information. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">Depositary Receipts Risk. </font>The risks of investments in depositary receipts are substantially similar to the risks of investing directly in foreign securities. In addition, depositary receipts may not track the price of or may be less liquid than their underlying foreign securities, and the value of depositary receipts may change materially at times when the U.S. markets are not open for trading. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Dividend Paying Security Risk.</font> Securities that pay high dividends as a group can fall out of favor with the market, causing these companies to underperform companies that do not pay high dividends. Also, changes in the dividend policies of companies owned by the Fund and the capital resources available for these companies' dividend payments may adversely affect the Fund.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Emerging Markets Risk.</font> Emerging market investments are subject to the same risks as foreign investments and to additional risks due to greater political and economic uncertainties as well as a relative lack of information about issuers in such markets. Securities of emerging market issuers may become illiquid and be subject to volatility and high transaction costs.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Equity Investing Risk. </font>The values of equity securities could decline generally or could underperform other investments due to factors affecting a specific issuer, market or securities markets generally.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Exchange</font><font class="nobreak"><font class="Bold" style="font-style: normal; font-weight: bold">-Traded</font></font><font class="Bold" style="font-style: normal; font-weight: bold"> Funds and Investment Companies Risk. </font>The risks of investing in securities of ETFs and investment companies typically reflect the risks of the types of instruments in which the underlying ETF or investment company invests. In addition, with such investments, the Fund bears its proportionate share of the fees and expenses of the underlying entity. As a result, the Fund's operating expenses may be higher and performance may be lower.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Foreign Investment Risk.</font> Returns on investments in foreign securities could be more volatile than, or trail the returns on, investments in U.S. securities. Exposures to foreign securities entail special risks, including risks due to: (i) differences in information available about foreign issuers; (ii) differences in investor protection standards in other jurisdictions; (iii) capital controls risks, including the risk of a foreign jurisdiction imposing restrictions on the ability to repatriate or transfer currency or other assets; (iv) political, diplomatic and economic risks; (v) regulatory risks; and (vi) foreign market and trading risks, including the costs of trading and risks of settlement in foreign jurisdictions. In addition, the Fund's investments in securities denominated in other currencies could decline due to changes in local currency relative to the value of the U.S. dollar, which may affect the Fund's returns.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">Geographic Investment Risk. </font>To the extent the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region. As of July<font class="nobreak"> </font>31, 2019, the Fund invested a significant portion of its assets in securities of companies in Europe. </p> <p class="Text_flush-indent-on-both" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 36pt; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">Europe Risk. </font>The Economic and Monetary Union of the European Union ("EU") requires compliance with restrictions on inflation rates, deficits, interest rates, debt levels and fiscal and monetary controls, each of which may significantly affect every country in Europe. Decreasing imports or exports, changes in governmental or EU regulations on trade, changes in the exchange rate of the euro, the default or threat of default by an EU member country on its sovereign debt, and/or an economic recession in an EU member country may have a significant adverse effect on the economies of EU member countries and their trading partners. In addition, the United Kingdom has voted in a referendum to leave the EU. Although it remains unclear what the potential consequences of Brexit may be, the economies of Europe and the United Kingdom, as well as the broader global economy, could be significantly impacted by Brexit, which may result in lower economic growth and increased volatility and illiquidity across global markets. </p> </div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">International Closed</font><font class="nobreak"><font class="Bold" style="font-style: normal; font-weight: bold">-Market</font></font><font class="Bold" style="font-style: normal; font-weight: bold"> Trading Risk. </font>Because the Fund's investments may be traded in markets that are closed when the Exchange is open, there are likely to be deviations between the current pricing of an underlying investment and stale investment pricing (<font class="Italic" style="font-style: italic; font-weight: normal">i.e.</font>, the last quote from its closed foreign market), resulting in premiums or discounts to NAV that may be greater than those experienced by other ETFs.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Investment Risk. </font>An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. When you sell your Shares they could be worth less than what you paid for them.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Large Capitalization Company Risk.</font> The Fund's investments in large capitalization companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">Market Events Risk. </font>Turbulence in the financial markets and reduced liquidity in the equity markets may negatively affect issuers, which could have an adverse effect on the Fund. In addition, there is a risk that policy changes by the U.S. Government, Federal Reserve and/or other government actors, such as increasing interest rates, could cause increased volatility in financial markets and higher levels of Fund redemptions, which could have a negative impact on the Fund. In a declining stock market, stock prices for all companies (including those in the Fund's portfolio) may decline, regardless of their long<font class="nobreak">-term</font> prospects. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Passive Investment Risk. </font>The Fund is managed with a passive investment strategy, attempting to track the performance of the Underlying Index. As a result, the Fund expects to hold components of the Underlying Index regardless of their current or projected performance. Maintaining investments regardless of market conditions or the performance of individual investments could cause the Fund's return to be lower than if the Fund employed an active strategy.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">Premium</font><font class="nobreak"><font class="Bold" style="font-style: normal; font-weight: bold">-Discount</font></font><font class="Bold" style="font-style: normal; font-weight: bold"> Risk.</font> Shares may trade above (premium) or below (discount) their NAV. The market prices of Shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of, and demand for, Shares on the Exchange. This risk is heightened in times of market volatility or periods of steep market declines. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Quantitative Security Selection Risk.</font> The Underlying Index's use of quantitative techniques to determine whether securities should be included in the Underlying Index can be adversely affected if it relies on erroneous or outdated data. In addition, the quantitative model may be or become flawed, and factors that affect a security's value can change over time and these changes may not be reflected in the quantitative model. The Underlying Index uses quantitative techniques to determine whether securities should be included in the Underlying Index, and the Underlying Index may not perform as intended if it relies on erroneous or outdated data from one or more third parties. Errors in data used in the quantitative model may occur from time to time and may not be identified and/or corrected before having an adverse impact on the Fund and its shareholders.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Secondary Market Trading Risk. </font>Investors buying or selling Shares in the secondary market may pay brokerage commissions, which may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of Shares. Although the Shares are listed on the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Small and Medium Capitalization Company Risk.</font><font class="Italic" style="font-style: italic; font-weight: normal"> </font>Investing in securities of small and medium capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies' securities may be more volatile and less liquid than those of more established companies, and they may be more sensitive to market conditions.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Tracking Error Risk. </font>Although the Fund attempts to track the performance of the Underlying Index, the Fund may not be able to duplicate its exact composition or return due to, among other things, fees and expenses paid by the Fund that are not reflected in the Underlying Index. If the Fund is small, it may experience greater tracking error to its Underlying Index than it otherwise would at higher asset levels.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Value Investment Risk. </font>Value investments are subject to the risk that their intrinsic value may never be realized by the market. Value investments tend to underperform in growth markets.</p></div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">An investment in the Fund involves risk, which includes risks the Fund may be subject to due to investments in Underlying Vehicles. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. The Fund's principal risks are presented in alphabetical order to facilitate investors' ability to identify particular risks and compare them with the risks of other funds. Some or all of these risks may adversely affect the Fund's net asset value per share ("NAV"), trading price, yield, total return, and/or ability to meet its objective. There is no assurance that the Fund will achieve its investment objective. An investor may lose money by investing in the Fund. For more information about the risks of investing in the Fund, see the sections titled "Additional Information About the Funds' Risks" and "Additional Non<font class="nobreak">-Principal</font> Risk Information." </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Cash Redemption Risk. </font>The Fund's investment strategy may require it to effect redemptions, in whole or in part, for cash. As a result, the Fund may pay out higher annual capital gain distributions and be less tax<font class="nobreak">-efficient</font> than if the in<font class="nobreak">-kind</font> redemption process was used exclusively. In addition, cash redemptions may incur higher brokerage costs than in<font class="nobreak">-kind</font> redemptions and these added costs may be borne by the Fund and negatively impact Fund performance.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Commodity Investing Risk.</font> Investing in commodity<font class="nobreak">-related</font> companies may subject the Fund to greater volatility than investments in traditional securities. The commodities markets have experienced periods of extreme volatility. Similar future market conditions may result in rapid and substantial valuation increases or decreases in the Fund's holdings.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Currency Strategies Risk.</font> Currency exchange rates may fluctuate significantly over short periods of time and can be unpredictably affected by political developments or government intervention. Changes in currency exchange rates may affect the U.S. Dollar value of the Fund's investments.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">Cyber Security Risk. </font>The Fund may be susceptible to operational and information security risks resulting from a breach in the Fund's cyber security, including cyber<font class="nobreak">-attacks</font> against the Fund, third<font class="nobreak">-party</font> service providers, market makers, Authorized Participants, or issuers of securities in which the Fund invests.<font class="Bold" style="font-style: normal; font-weight: bold"> </font>A breach in cyber security, intentional or unintentional, may adversely impact the Fund in many ways, including, but not limited to, disruption of the Fund's operational capacity, loss of proprietary information, theft or corruption of data, denial<font class="nobreak">-of-service</font> attacks on websites or network resources, and the unauthorized release of confidential information. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Derivatives Risk. </font>Derivatives, such as futures, can be volatile, and a small investment in a derivative can have a large impact on the performance of the Fund as derivatives can result in losses in excess of the amount invested. Other risks of investments in derivatives include risks of default by the other party to the derivative transactions; risks that the transactions may result in losses that partially or completely offset gains in portfolio positions; and risks that the derivative transaction may not be liquid.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Emerging Markets Risk.</font> Emerging market investments are subject to the same risks as foreign investments and to additional risks due to greater political and economic uncertainties as well as a relative lack of information about issuers in such markets. Securities of emerging market issuers may become illiquid and be subject to volatility and high transaction costs.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Equity Investing Risk. </font>The values of equity securities could decline generally or could underperform other investments due to factors affecting a specific issuer, market or securities markets generally.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Exchange</font><font class="nobreak"><font class="Bold" style="font-style: normal; font-weight: bold">-Traded</font></font><font class="Bold" style="font-style: normal; font-weight: bold"> Funds and Exchange</font><font class="nobreak"><font class="Bold" style="font-style: normal; font-weight: bold">-Traded</font></font><font class="Bold" style="font-style: normal; font-weight: bold"> Products and Investment Companies Risk. </font>The risks of investing in securities of ETFs, ETPs and investment companies typically reflect the risks of the types of instruments in which the underlying ETF, ETP or investment company invests. In addition, with such investments, the Fund bears its proportionate share of the fees and expenses of the underlying entity. As a result, the Fund's operating expenses may be higher and performance may be lower.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Exchange</font><font class="nobreak"><font class="Bold" style="font-style: normal; font-weight: bold">-Traded</font></font><font class="Bold" style="font-style: normal; font-weight: bold"> Notes Risk.</font> Because ETNs are unsecured, unsubordinated debt securities, an investment in an ETN exposes the Fund to the risk that an ETN's issuer may be unable to pay. In addition, as with investments in other ETPs, the Fund will bear its proportionate share of the fees and expenses of the ETN, which may cause the Fund's operating expenses to be higher and its performance to be lower.</p> </div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">Fixed Income Risk.</font> A decline in an issuer's credit rating and/or financial condition may cause such issuer's fixed income securities to decrease in value while experiencing increased volatility and investment risk. During periods of falling interest rates, an issuer of a callable bond held by the Fund may "call" (or repay) the security before its stated maturity, and the Fund may have to reinvest the proceeds at lower interest rates, resulting in a decline in the Fund's income. The market value of a fixed income security generally changes in response to changes in interest rates and may change quickly and without warning in response to issuer defaults and changes in issuer credit ratings. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Foreign Investment Risk.</font> Returns on investments in foreign securities could be more volatile than, or trail the returns on, investments in U.S. securities. Exposures to foreign securities entail special risks, including risks due to: (i) differences in information available about foreign issuers; (ii) differences in investor protection standards in other jurisdictions; (iii) capital controls risks, including the risk of a foreign jurisdiction imposing restrictions on the ability to repatriate or transfer currency or other assets; (iv) political, diplomatic and economic risks; (v) regulatory risks; and (vi) foreign market and trading risks, including the costs of trading and risks of settlement in foreign jurisdictions. In addition, the Fund's investments in securities denominated in other currencies could decline due to changes in local currency relative to the value of the U.S. dollar, which may affect the Fund's returns.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Geographic Investment Risk. </font>To the extent the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region.</p> <p class="Text_flush-indent-on-both" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 36pt; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Asia</font><font class="nobreak"><font class="Bold" style="font-style: normal; font-weight: bold">-Pacific</font></font><font class="Bold" style="font-style: normal; font-weight: bold"> Risk. </font>Investments in securities of issuers in Asia<font class="nobreak">-Pacific</font> countries involve risks that are specific to the Asia<font class="nobreak">-Pacific</font> region, including certain legal, regulatory, political and economic risks. Certain Asia<font class="nobreak">-Pacific</font> countries have experienced expropriation and/or nationalization of assets, confiscatory taxation, political instability, armed conflict and social instability as a result of religious, ethnic, socio<font class="nobreak">-economic</font> and/or political unrest. Some economies in this region are dependent on a range of commodities, and are strongly affected by international commodity prices and particularly vulnerable to price changes for these products.</p> <p class="Text_flush-indent-on-both" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 36pt; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">Europe Risk. </font>The Economic and Monetary Union of the European Union ("EU") requires compliance with restrictions on inflation rates, deficits, interest rates, debt levels and fiscal and monetary controls, each of which may significantly affect every country in Europe. Decreasing imports or exports, changes in governmental or EU regulations on trade, changes in the exchange rate of the euro, the default or threat of default by an EU member country on its sovereign debt, and/or an economic recession in an EU member country may have a significant adverse effect on the economies of EU member countries and their trading partners. In addition, the United Kingdom has voted in a referendum to leave the EU. Although it remains unclear what the potential consequences of Brexit may be, the economies of Europe and the United Kingdom, as well as the broader global economy, could be significantly impacted by Brexit, which may result in lower economic growth and increased volatility and illiquidity across global markets. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">High Yield Securities Risk. </font>High yield securities and unrated securities of comparable credit quality are subject to the increased risk of an issuer's inability to meet principal and interest payment obligations. High yield securities are subject to a greater risk of default and investments in them are inherently speculative. The secondary markets in which high yield securities are traded may be less liquid and more volatile than the market for higher grade securities.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Interest Rate Risk.</font> The market value of fixed income securities generally changes in response to changes in interest rates. As interest rates rise, the value of certain fixed income securities is likely to decrease. Similarly, if interest rates decline, the value of fixed income securities is likely to increase. Interest rate risk is generally lower for shorter<font class="nobreak">-term</font> investments and higher for longer<font class="nobreak">-term</font> investments. As of the date of this Prospectus, interest rates are near historic lows, but risks associated with rising interest rates are heightened given the Federal Reserve's recent interest rate hikes, which could signal an end to the historically low interest rate environment. To the extent that rates increase substantially and/or rapidly, the Fund may be subject to significant losses.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">International Closed</font><font class="nobreak"><font class="Bold" style="font-style: normal; font-weight: bold">-Market</font></font><font class="Bold" style="font-style: normal; font-weight: bold"> Trading Risk. </font>Because the Fund's investments may be traded in markets that are closed when the Exchange is open, there are likely to be deviations between the current pricing of an underlying investment and stale investment pricing (<font class="Italic" style="font-style: italic; font-weight: normal">i.e.</font>, the last quote from its closed foreign market), resulting in premiums or discounts to NAV that may be greater than those experienced by other ETFs.</p> </div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">Investment Risk. </font>An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. When you sell your Shares, they could be worth less than what you paid for them. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Large Capitalization Company Risk.</font> The Fund's investments in large capitalization companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Leveraging Risk.</font><font class="Bold-Italic" style="font-style: italic; font-weight: bold"> </font>Certain of Fund's investments may expose the Fund to leverage, causing the Fund's value to be more volatile.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Liquidity Risk. </font>Liquidity risk exists when a particular investment is difficult to purchase or sell. A significant, rapid rise in interest rates may result in a period of volatility and increased redemptions if Fund securities become illiquid and are forced to sell the illiquid securities at disadvantageous times or prices. This could have a negative effect on the Fund's ability to achieve its investment objective and may result in losses to Fund shareholders.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Management Risk.</font> The Fund is actively managed using proprietary investment strategies and processes. There can be no guarantee that these strategies and processes will be successful or that the Fund will achieve its investment objective.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">Market Events Risk. </font>Turbulence in the financial markets and reduced liquidity in the equity, credit and fixed<font class="nobreak">-income</font> markets may negatively affect issuers, which could have an adverse effect on the Fund. In addition, there is a risk that policy changes by the U.S. Government, Federal Reserve and/or other government actors, such as increasing interest rates, could cause increased volatility in financial markets and higher levels of Fund redemptions, which could have a negative impact on the Fund. In a declining stock market, stock prices for all companies (including those in the Fund's portfolio) may decline, regardless of their long<font class="nobreak">-term</font> prospects. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Momentum Investing Risk.</font> 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<font class="nobreak">-section</font> 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. High momentum may also be a sign that the securities' prices have peaked. Momentum can turn quickly and cause significant variation from other types of investments. The Fund may experience significant losses if momentum stops, turns or otherwise behaves differently than predicted.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Portfolio Turnover Risk</font>. The Fund's or an Underlying Vehicle's strategy may result in high portfolio turnover rates, which may increase the Fund's or an Underlying Vehicle's brokerage commission costs and negatively impact the Fund's performance. Such portfolio turnover also may generate net short<font class="nobreak">-term</font> capital gains.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">Premium</font><font class="nobreak"><font class="Bold" style="font-style: normal; font-weight: bold">-Discount</font></font><font class="Bold" style="font-style: normal; font-weight: bold"> Risk.</font> Shares may trade above (premium) or below (discount) their NAV. The market prices of Shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of, and demand for, Shares on the Exchange. This risk is heightened in times of market volatility or periods of steep market declines. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Quantitative Security Selection Risk</font>. Cambria uses quantitative techniques to generate investment decisions and its processes and stock selection, and the Fund may not perform as intended if it relies on erroneous or outdated data from one or more third parties. Errors in data used in the quantitative model may occur from time to time and may not be identified and/or corrected before having an adverse impact on the Fund and its shareholders.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Real Estate Investments Risk.</font> The Fund is subject to the risks related to investments in real estate, including declines in the real estate market, decreases in property revenues, increases in interest rates, increases in property taxes and operating expenses, legal and regulatory changes, a lack of credit or capital, defaults by borrowers or tenants, environmental problems and natural disasters.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">REIT Risk.</font> In addition to the risks associated with the real estate industry, REITs are subject to additional risks, including those related to adverse governmental actions and the potential failure to qualify for tax<font class="nobreak">-free</font> pass through of income and exemption from registration as an investment company. REITs are dependent upon specialized management skills and may invest in relatively few properties, a small geographic area or a small number of property types. As a result, investments in REITs may be volatile. REITs are pooled investment vehicles with their own fees and expenses and the Fund will indirectly bear a proportionate share of those fees and expenses.</p> </div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Secondary Market Trading Risk. </font>Investors buying or selling Shares in the secondary market may pay brokerage commissions, which may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of Shares. Although the Shares are listed on the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Small and Medium Capitalization Company Risk.</font><font class="Italic" style="font-style: italic; font-weight: normal"> </font>Investing in securities of small and medium capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies' securities may be more volatile and less liquid than those of more established companies, and they may be more sensitive to market conditions.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Underlying Vehicle Counterparty and Leverage Risk.</font> Through its investments in Underlying Vehicles the Fund may be indirectly exposed to additional risks. For example, if an Underlying Vehicle contracts with a counterparty, the Fund indirectly bears the risk that the counterparty fails to honor its obligations, causing the Underlying Vehicle, and therefore the Fund, to lose money and decline in value. Derivatives used by Underlying Vehicles may include leverage, allowing them to obtain the right to a return on stipulated capital that exceeds the amount paid or invested. Use of leverage is speculative and could magnify losses. Although certain Underlying Vehicles may segregate liquid assets to cover the market value of its obligations under the derivatives, this will not prevent losses of amounts in excess of the segregated assets. Other Underlying Vehicles may not employ any risk management procedures at all, leading to even greater losses. Due to the Fund's investments in Underlying Vehicles, the value of the Fund's Shares may be volatile.</p></div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">An investment in the Fund involves risk. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. The Fund's principal risks are presented in alphabetical order to facilitate investors' ability to identify particular risks and compare them with the risks of other funds. Some or all of these risks may adversely affect the Fund's net asset value per share ("NAV"), trading price, yield, total return, and/or ability to meet its objective. There is no assurance that the Fund will achieve its investment objective. An investor may lose money by investing in the Fund. For more information about the risks of investing in the Fund, see the sections titled "Additional Information About the Funds' Risks" and "Additional Non<font class="nobreak">-Principal</font> Risk Information." </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Cash Redemption Risk. </font>The Fund's investment strategy may require it to effect redemptions, in whole or in part, for cash. As a result, the Fund may pay out higher annual capital gain distributions and be less tax<font class="nobreak">-efficient</font> than if the in<font class="nobreak">-kind</font> redemption process was used exclusively. In addition, cash redemptions may incur higher brokerage costs than in<font class="nobreak">-kind</font> redemptions and these added costs may be borne by the Fund and negatively impact Fund performance.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">Cyber Security Risk. </font>The Fund may be susceptible to operational and information security risks resulting from a breach in the Fund's cyber security, including cyber<font class="nobreak">-attacks</font> against the Fund, third<font class="nobreak">-party</font> service providers, market makers, Authorized Participants, or issuers of securities in which the Fund invests. A breach in cyber security, intentional or unintentional, may adversely impact the Fund in many ways, including, but not limited to, disruption of the Fund's operational capacity, loss of proprietary information, theft or corruption of data, denial<font class="nobreak">-of-service</font> attacks on websites or network resources, and the unauthorized release of confidential information. </p> </div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Derivatives Risk.</font> Derivatives, such as futures and options, can be volatile, and a small investment in a derivative can have a large impact on the performance of the Fund as derivatives can result in losses in excess of the amount invested. Other risks of investments in derivatives include that the transactions may result in losses that partially or completely offset gains in portfolio positions and that the derivative transaction may not be liquid.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Dividend Paying Security Risk.</font> Securities that pay high dividends as a group can fall out of favor with the market, causing these companies to underperform companies that do not pay high dividends. Also, changes in the dividend policies of companies owned by the Fund and the capital resources available for these companies' dividend payments may adversely affect the Fund.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Equity Investing Risk. </font>The values of equity securities could decline generally or could underperform other investments due to factors affecting a specific issuer, market or securities markets generally.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Exchange</font><font class="nobreak"><font class="Bold" style="font-style: normal; font-weight: bold">-Traded</font></font><font class="Bold" style="font-style: normal; font-weight: bold"> Funds and Investment Companies Risk. </font>The risks of investing in securities of ETFs and other investment companies typically reflect the risks of the types of instruments in which the underlying ETF or investment company invests. In addition, with such investments, the Fund bears its proportionate share of the fees and expenses of the underlying entity. As a result, the Fund's operating expenses may be higher and performance may be lower.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Futures Contracts Risk. </font>Risks associated with the use of futures contracts include the following: (i) an imperfect correlation between movements in prices of index futures contracts and movements in the value of the stock index that the instrument is designed to simulate; and (ii) the possibility of an illiquid secondary market for a futures contract and the resulting inability to close a position prior to its maturity date. Investments in futures may expose the Fund to leverage.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Investment Risk. </font>An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. When you sell your Shares, they could be worth less than what you paid for them.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Large Capitalization Company Risk.</font> The Fund's investments in large capitalization companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Leveraging Risk.</font><font class="Bold-Italic" style="font-style: italic; font-weight: bold"> </font>Certain of Fund's investments may expose the Fund to leverage, causing the Fund's value to be more volatile.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Management Risk.</font> The Fund is actively managed using proprietary investment strategies and processes. There can be no guarantee that these strategies and processes will be successful or that the Fund will achieve its investment objective.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">Market Events Risk.</font> Turbulence in the financial markets and reduced liquidity in the equity markets may negatively affect issuers, which could have an adverse effect on the Fund. In addition, there is a risk that policy changes by the U.S. Government, Federal Reserve and/or other government actors, such as increasing interest rates, could cause increased volatility in financial markets and higher levels of Fund redemptions, which could have a negative impact on the Fund. In a declining stock market, stock prices for all companies (including those in the Fund's portfolio) may decline, regardless of their long<font class="nobreak">-term</font> prospects. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Momentum Investing Risk.</font> 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<font class="nobreak">-section</font> 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. High momentum may also be a sign that the securities' prices have peaked. Momentum can turn quickly and cause significant variation from other types of investments. The Fund may experience significant losses if momentum stops, turns or otherwise behaves differently than predicted.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Options Risk.</font> The prices of options may change rapidly over time and do not necessarily move in tandem with the price of the underlying securities. Options may expire unexercised, causing the Fund to lose the premium paid for them.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Portfolio Turnover Risk</font>. The Fund's strategy may result in high portfolio turnover rates, which may increase the Fund's brokerage commission costs and negatively impact the Fund's performance. Such portfolio turnover also may generate net short<font class="nobreak">-term</font> capital gains.</p> </div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Premium</font><font class="nobreak"><font class="Bold" style="font-style: normal; font-weight: bold">-Discount</font></font><font class="Bold" style="font-style: normal; font-weight: bold"> Risk.</font> Shares may trade above (premium) or below (discount) their NAV. The market prices of Shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of, and demand for, Shares on the Exchange. This risk is heightened in times of market volatility or periods of steep market declines.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Quantitative Security Selection Risk</font>. Cambria uses quantitative techniques to generate investment decisions and its processes and stock selection, and the Fund may not perform as intended if it relies on erroneous or outdated data from one or more third parties. Errors in data used in the quantitative model may occur from time to time and may not be identified and/or corrected before having an adverse impact on the Fund and its shareholders.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Real Estate Investments Risk.</font> The Fund is subject to the risks related to investments in real estate, including declines in the real estate market, decreases in property revenues, increases in interest rates, increases in property taxes and operating expenses, legal and regulatory changes, a lack of credit or capital, defaults by borrowers or tenants, environmental problems and natural disasters.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">REIT Risk.</font> In addition to the risks associated with the real estate industry, REITs are subject to additional risks, including those related to adverse governmental actions and the potential failure to qualify for tax<font class="nobreak">-free</font> pass through of income and exemption from registration as an investment company. REITs are dependent upon specialized management skills and may invest in relatively few properties, a small geographic area or a small number of property types. As a result, investments in REITs may be volatile. REITs are pooled investment vehicles with their own fees and expenses and the Fund will indirectly bear a proportionate share of those fees and expenses.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Secondary Market Trading Risk. </font>Investors buying or selling Shares in the secondary market may pay brokerage commissions, which may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of Shares. Although the Shares are listed on the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">Sector Concentration Risk. </font>To the extent that the Fund's investments are concentrated in a particular sector, the Fund may be susceptible to loss due to adverse occurrences affecting that sector. As of July<font class="nobreak"> </font>31, 2019, the Fund was concentrated in the financial services sector and had significant exposure to companies in the consumer discretionary sector. </p> <p class="Text_flush-indent-on-both" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 36pt; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Consumer Discretionary Sector Risk.</font> The success of consumer product manufacturers and retailers is tied closely to the performance of the overall domestic and international economy, interest rates, competitive and consumer confidence. Success depends heavily on disposable household income and consumer spending. Changes in demographics and consumer tastes can also affect the demand for, and success of, consumer products in the marketplace.</p> <p class="Text_flush-indent-on-both" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 36pt; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Financial Services Sector Risk. </font>Performance of companies in the financial services sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Short Sale Risk. </font>If a security is sold short and subsequently has to be bought back at a higher price, the Fund will realize a loss on the transaction. The amount of loss on a short sale is potentially unlimited because there is no limit on the price a shorted security might attain (as compared to a long position, where the maximum loss is the amount invested). The use of short sales may increase the Fund's exposure to the market, and may increase losses and the volatility of returns.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Small and Medium Capitalization Company Risk.</font><font class="Italic" style="font-style: italic; font-weight: normal"> </font>Investing in securities of small and medium capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies' securities may be more volatile and less liquid than those of more established companies, and they may be more sensitive to market conditions.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Value Investment Risk. </font>Value investments are subject to the risk that their intrinsic value may never be realized by the market. Value investments tend to underperform in growth markets.</p></div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">An investment in the Fund involves risk. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. The Fund's principal risks are presented in alphabetical order to facilitate investors' ability to identify particular risks and compare them with the risks of other funds. Some or all of these risks may adversely affect the Fund's net asset value per share ("NAV"), trading price, yield, total return, and/or ability to meet its objective. There is no assurance that the Fund will achieve its investment objective. An investor may lose money by investing in the Fund. For more information about the risks of investing in the Fund, see the sections titled "Additional Information About the Funds' Risks" and "Additional Non<font class="nobreak">-Principal</font> Risk Information." </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Cash Redemption Risk. </font>The Fund's investment strategy may require it to effect redemptions, in whole or in part, for cash. As a result, the Fund may pay out higher annual capital gain distributions and be less tax<font class="nobreak">-efficient</font> than if the in<font class="nobreak">-kind</font> redemption process was used exclusively. In addition, cash redemptions may incur higher brokerage costs than in<font class="nobreak">-kind</font> redemptions and these added costs may be borne by the Fund and negatively impact Fund performance.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Commodity Investing Risk.</font> Investing in commodity<font class="nobreak">-related</font> companies may subject the Fund to greater volatility than investments in traditional securities. The commodities markets have experienced periods of extreme volatility. Similar future market conditions may result in rapid and substantial valuation increases or decreases in the Fund's holdings.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Concentration Risk. </font>To the extent that the Underlying Index is concentrated in a particular industry or group of industries, the Fund is also expected to be concentrated in that industry or group of industries. As a result, the Fund may be susceptible to loss due to adverse occurrences affecting that industry or group of industries.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Currency Strategies Risk.</font> Currency exchange rates may fluctuate significantly over short periods of time and can be unpredictably affected by political developments or government intervention. Changes in currency exchange rates may affect the U.S. Dollar value of the Fund's investments.</p> </div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">Cyber Security Risk. </font>The Fund may be susceptible to operational and information security risks resulting from a breach in the Fund's cyber security, including cyber<font class="nobreak">-attacks</font> against the Fund, third<font class="nobreak">-party</font> service providers, market makers, Authorized Participants, or issuers of securities in which the Fund invests. A breach in cyber security, intentional or unintentional, may adversely impact the Fund in many ways, including, but not limited to, disruption of the Fund's operational capacity, loss of proprietary information, theft or corruption of data, denial<font class="nobreak">-of-service</font> attacks on websites or network resources, and the unauthorized release of confidential information. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">Depositary Receipts Risk.</font> The risks of investments in depositary receipts are substantially similar to the risks of investing directly in foreign securities. In addition, depositary receipts may not track the price of or may be less liquid than their underlying foreign securities, and the value of depositary receipts may change materially at times when the U.S. markets are not open for trading. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Derivatives Risk. </font>Derivatives, such as futures, options, and swaps, can be volatile, and a small investment in a derivative can have a large impact on the performance of the Fund as derivatives can result in losses in excess of the amount invested. Other risks of investments in derivatives include risks of default by the other party to the derivative transactions; risks that the transactions may result in losses that partially or completely offset gains in portfolio positions; and risks that the derivative transaction may not be liquid.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Emerging Markets Risk. </font>Emerging market investments are subject to the same risks as foreign investments and to additional risks due to greater political and economic uncertainties as well as a relative lack of information about companies in such markets. Securities traded on emerging markets are potentially illiquid and may be subject to volatility and high transaction costs.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Equity Investing Risk. </font>The values of equity securities could decline generally or could underperform other investments. In addition, securities may decline in value due to factors affecting a specific issuer, market or securities markets generally.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Exchange</font><font class="nobreak"><font class="Bold" style="font-style: normal; font-weight: bold">-Traded</font></font><font class="Bold" style="font-style: normal; font-weight: bold"> Funds and Exchange</font><font class="nobreak"><font class="Bold" style="font-style: normal; font-weight: bold">-Traded</font></font><font class="Bold" style="font-style: normal; font-weight: bold"> Products and Investment Companies Risk. </font>The risks of investing in securities of ETFs, ETPs and investment companies typically reflect the risks of the types of instruments in which the underlying ETF, ETP or investment company invests. In addition, with such investments, the Fund bears its proportionate share of the fees and expenses of the underlying entity. As a result, the Fund's operating expenses may be higher and performance may be lower. Through its investments in investment companies, the Fund may be indirectly exposed to derivatives and leverage; allowing them to obtain the right to a return on stipulated capital that exceeds the amount paid or invested. Use of leverage is speculative and could magnify losses.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Exchange</font><font class="nobreak"><font class="Bold" style="font-style: normal; font-weight: bold">-Traded</font></font><font class="Bold" style="font-style: normal; font-weight: bold"> Notes Risk.</font> Because ETNs are unsecured, unsubordinated debt securities, an investment in an ETN exposes the Fund to the risk that an ETN's issuer may be unable to pay. In addition, as with investments in other ETPs, the Fund will bear its proportionate share of the fees and expenses of the ETN, which may cause the Fund's operating expenses to be higher and its performance to be lower.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">Fixed Income Risk.</font> A decline in an issuer's credit rating and/or financial condition may cause such issuer's fixed income securities to decrease in value while experiencing increased volatility and investment risk. During periods of falling interest rates, an issuer of a callable bond held by the Fund may "call" (or repay) the security before its stated maturity, and the Fund may have to reinvest the proceeds at lower interest rates, resulting in a decline in the Fund's income. The market value of a fixed income security generally changes in response to changes in interest rates and may change quickly and without warning in response to issuer defaults and changes in issuer credit ratings. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Foreign Investment Risk.</font> Returns on investments in foreign securities could be more volatile than, or trail the returns on, investments in U.S. securities. Exposures to foreign securities entail special risks, including risks due to: (i) differences in information available about foreign issuers; (ii) differences in investor protection standards in other jurisdictions; (iii) capital controls risks, including the risk of a foreign jurisdiction imposing restrictions on the ability to repatriate or transfer currency or other assets; (iv) political, diplomatic and economic risks; (v) regulatory risks; and (vi) foreign market and trading risks, including the costs of trading and risks of settlement in foreign jurisdictions. In addition, the Fund's investments in securities denominated in other currencies could decline due to changes in local currency relative to the value of the U.S. dollar, which may affect the Fund's returns.</p> </div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Geographic Investment Risk. </font>To the extent the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region.</p> <p class="Text_flush-indent-on-both" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 36pt; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">Asia</font><font class="nobreak"><font class="Bold" style="font-style: normal; font-weight: bold">-Pacific</font></font><font class="Bold" style="font-style: normal; font-weight: bold"> Risk. </font>Investments in securities of issuers in Asia<font class="nobreak">-Pacific</font> countries involve risks that are specific to the Asia<font class="nobreak">-Pacific</font> region, including certain legal, regulatory, political and economic risks. Certain Asia<font class="nobreak">-Pacific</font> countries have experienced expropriation and/or nationalization of assets, confiscatory taxation, political instability, armed conflict and social instability as a result of religious, ethnic, socio<font class="nobreak">-economic</font> and/or political unrest. Some economies in this region are dependent on a range of commodities, and are strongly affected by international commodity prices and particularly vulnerable to price changes for these products. </p> <p class="Text_flush-indent-on-both" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 36pt; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">Europe Risk. </font>The Economic and Monetary Union of the European Union ("EU") requires compliance with restrictions on inflation rates, deficits, interest rates, debt levels and fiscal and monetary controls, each of which may significantly affect every country in Europe. Decreasing imports or exports, changes in governmental or EU regulations on trade, changes in the exchange rate of the euro, the default or threat of default by an EU member country on its sovereign debt, and/or an economic recession in an EU member country may have a significant adverse effect on the economies of EU member countries and their trading partners. In addition, the United Kingdom has voted in a referendum to leave the EU. Although it remains unclear what the potential consequences of Brexit may be, the economies of Europe and the United Kingdom, as well as the broader global economy, could be significantly impacted by Brexit, which may result in lower economic growth and increased volatility and illiquidity across global markets. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">High Yield Securities Risk. </font>High yield securities and unrated securities of comparable credit quality are subject to the increased risk of an issuer's inability to meet principal and interest payment obligations. High yield securities are subject to a greater risk of default and investments in them are inherently speculative. The secondary markets in which high yield securities are traded may be less liquid and more volatile than the market for higher grade securities.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Interest Rate Risk.</font> The market value of fixed income securities generally changes in response to changes in interest rates. As interest rates rise, the value of certain fixed income securities is likely to decrease. Similarly, if interest rates decline, the value of fixed income securities is likely to increase. Interest rate risk is generally lower for shorter<font class="nobreak">-term</font> investments and higher for longer<font class="nobreak">-term</font> investments. As of the date of this Prospectus, interest rates are near historic lows, but risks associated with rising interest rates are heightened given the Federal Reserve's recent interest rate hikes, which could signal an end to the historically low interest rate environment. To the extent that rates increase substantially and/or rapidly, the Fund may be subject to significant losses.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">International Closed</font><font class="nobreak"><font class="Bold" style="font-style: normal; font-weight: bold">-Market</font></font><font class="Bold" style="font-style: normal; font-weight: bold"> Trading Risk. </font>Because the Fund's investments may be traded in markets that are closed when the Exchange is open, there are likely to be deviations between the current pricing of an underlying investment and stale investment pricing (<font class="Italic" style="font-style: italic; font-weight: normal">i.e.</font>, the last quote from its closed foreign market), resulting in premiums or discounts to NAV that may be greater than those experienced by other ETFs.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Investment Risk. </font>An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. When you sell your Shares, they could be worth less than what you paid for them.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Leveraging Risk.</font><font class="Bold-Italic" style="font-style: italic; font-weight: bold"> </font>Certain of Fund's investments may expose the Fund to leverage, causing the Fund's value to be more volatile.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Liquidity Risk. </font>Liquidity risk exists when a particular investment is difficult to purchase or sell. A significant, rapid rise in interest rates may result in a period of volatility and increased redemptions if Fund securities become illiquid and are forced to sell the illiquid securities at disadvantageous times or prices. This could have a negative effect on the Fund's ability to achieve its investment objective and may result in losses to Fund shareholders.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Management Risk. </font>The Fund is actively managed using proprietary investment strategies and processes. There can be no guarantee that these strategies and processes will be successful or that the Fund will achieve its investment objective.</p> </div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">Market Events Risk.</font><font class="Bold" style="font-style: normal; font-weight: bold"> </font>Turbulence in the financial markets and reduced liquidity in the equity, credit and fixed<font class="nobreak">-income</font> markets may negatively affect issuers, which could have an adverse effect on the Fund. In addition, there is a risk that policy changes by the U.S. Government and/or Federal Reserve, such as increasing interest rates, could cause increased volatility in financial markets and higher levels of Fund redemptions, which could have a negative impact on the Fund. In a declining stock market, stock prices for all companies (including those in the Fund's portfolio) may decline, regardless of their long<font class="nobreak">-term</font> prospects. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Momentum Investing Risk.</font> The Underlying Index may identify securities that have had higher recent price performance compared to other securities. These securities may be more volatile than a broad cross<font class="nobreak">-section</font> of securities. High momentum may also be a sign that the securities' prices have peaked. Momentum can turn quickly and cause significant variation from other types of investments. The Fund may experience significant losses if momentum stops, turns or otherwise behaves differently than predicted.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Options Risk. </font>The prices of options may change rapidly over time and do not necessarily move in tandem with the price of the underlying securities. Options may expire unexercised, causing the Fund to lose the premium paid for them.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">Premium</font><font class="nobreak"><font class="Bold" style="font-style: normal; font-weight: bold">-Discount</font></font><font class="Bold" style="font-style: normal; font-weight: bold"> Risk.</font> Shares may trade above (premium) or below (discount) their NAV. The market prices of Shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of, and demand for, Shares on the Exchange. This risk is heightened in times of market volatility or periods of steep market declines. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">Real Estate Investments Risk.</font> The Fund is subject to the risks related to investments in real estate, including declines in the real estate market, decreases in property revenues, increases in interest rates, increases in property taxes and operating expenses, legal and regulatory changes, a lack of credit or capital, defaults by borrowers or tenants, environmental problems and natural disasters. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Secondary Market Trading Risk. </font>Investors buying or selling Shares in the secondary market may pay brokerage commissions, which may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of Shares. Although the Shares are listed on the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Small and Medium Capitalization Company Risk.</font> Investing in securities of small and medium capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies' securities may be more volatile and less liquid than those of more established companies. Often, small and medium capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Sovereign Debt Securities Risk.</font> Investments in 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. During periods of economic uncertainty, the market prices of sovereign debt, and the Fund's NAV, may be more volatile than prices of U.S. debt obligations. In the past, certain non<font class="nobreak">-U</font>.S. markets have encountered difficulties in servicing their debt obligations, withheld payments of principal and interest and declared moratoria on the payment of principal and interest on their sovereign debts. These risks increase for lower<font class="nobreak">-rated</font> and high yield debt securities, as discussed in this Prospectus.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Swaps Contract Risk. </font>Each swap exposes the Fund to counterparty risk when a counterparty to a financial instrument entered into by the Fund may become bankrupt or otherwise fail to perform its obligations. As a result, the Fund may experience delays in or be prevented from obtaining payments owed to it pursuant to a swap contract.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">Value Investment Risk. </font>Value investments are subject to the risk that their intrinsic value may never be realized by the market. Value investments tend to underperform in growth markets.</p></div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">An investment in the Fund involves risk. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. The Fund's principal risks are presented in alphabetical order to facilitate investors' ability to identify particular risks and compare them with the risks of other funds. Some or all of these risks may adversely affect the Fund's net asset value per share ("NAV"), trading price, yield, total return, and/or ability to meet its objective. There is no assurance that the Fund will achieve its investment objective. An investor may lose money by investing in the Fund. For more information about the risks of investing in the Fund, see the sections titled "Additional Information About the Funds' Risks" and "Additional Non<font class="nobreak">-Principal</font> Risk Information." </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Cash Redemption Risk. </font>The Fund's investment strategy may require it to effect redemptions, in whole or in part, for cash. As a result, the Fund may pay out higher annual capital gain distributions and be less tax<font class="nobreak">-efficient</font> than if the in<font class="nobreak">-kind</font> redemption process was used exclusively. In addition, cash redemptions may incur higher brokerage costs than in<font class="nobreak">-kind</font> redemptions and these added costs may be borne by the Fund and negatively impact Fund performance.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">Cyber Security Risk. </font>The Fund may be susceptible to operational and information security risks resulting from a breach in the Fund's cyber security, including cyber<font class="nobreak">-attacks</font> against the Fund, third<font class="nobreak">-party</font> service providers, market makers, Authorized Participants, or issuers of securities in which the Fund invests. A breach in cyber security, intentional or unintentional, may adversely impact the Fund in many ways, including, but not limited to, disruption of the Fund's operational capacity, loss of proprietary information, theft or corruption of data, denial<font class="nobreak">-of-service</font> attacks on websites or network resources, and the unauthorized release of confidential information. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Derivatives Risk. </font>Derivatives, such as put options, can be volatile, and a small investment in a derivative can have a large impact on the performance of the Fund as derivatives can result in losses in excess of the amount invested. Derivatives are financial instruments that derive their performance from an underlying reference asset, such as an index. The return on a derivative instrument may not correlate with the return of its underlying reference asset. Other risks of investments in derivatives include risks of default by the other party to the derivative transactions; risks that the transactions may result in losses that partially or completely offset gains in portfolio positions; and risks that the derivative transaction may not be liquid.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Hedging Risk. </font>Options used by the Fund to offset its exposure to tail risk or reduce volatility may not perform as intended. There can be no assurance that the Fund's put option strategy will be effective. It may expose the Fund to losses, <font class="Italic" style="font-style: italic; font-weight: normal">e.g.</font>, option premiums, to which it would not have otherwise been exposed if it only invested in U.S. government bonds or U.S. government bond ETFs. Further, the put option strategy may not fully protect the Fund against declines in the value of its portfolio securities.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Investment Risk. </font>An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. When you sell your Shares, they could be worth less than what you paid for them.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Liquidity Risk.</font> The Fund may purchase options and invest in other instruments that may be less liquid than other types of investments. The options purchased by the Fund may not always be liquid. This could have a negative effect on the Fund's ability to achieve its investment objective and may result in losses to Fund shareholders.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">Management Risk.</font> The Fund is actively managed using proprietary investment strategies and processes. There can be no guarantee that these strategies and processes will be successful or that the Fund will achieve its investment objective. </p> </div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Options Risk.</font> The value of the Fund's positions in options fluctuates in response to changes in the value of the underlying index. The Fund also risks losing all or part of the cash paid for purchasing put options. Because the Fund only purchases put options, the Fund's losses from its exposure to put options is limited to the amount of premiums paid to the option seller.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Portfolio Turnover Risk.</font> Because the Fund "turns over" its put options every month, the Fund will incur high levels of transaction costs from commissions or mark<font class="nobreak">-ups</font> in the bid/offer spread. Higher portfolio turnover may result in the Fund paying higher levels of transaction costs and generating greater tax liabilities for shareholders. Portfolio turnover risk may cause the Fund's performance to be less than you expect. While the turnover of the put options is not deemed "portfolio turnover" for accounting purposes, the economic impact to the Fund is similar to what could occur if the Fund experienced high portfolio turnover (<font class="Italic" style="font-style: italic; font-weight: normal">e.g.</font>, in excess of 100% per year).</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Premium</font><font class="nobreak"><font class="Bold" style="font-style: normal; font-weight: bold">-Discount</font></font><font class="Bold" style="font-style: normal; font-weight: bold"> Risk.</font> Shares may trade above (premium) or below (discount) their NAV. The market prices of Shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of, and demand for, Shares on the Exchange. This risk is heightened in times of market volatility or periods of steep market declines.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Secondary Market Trading Risk. </font>Investors buying or selling Shares in the secondary market may pay brokerage commissions or other charges, which may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of Shares. Although the Shares are listed on the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted.</p></div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">An investment in the Fund involves risk. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. The Fund's principal risks are presented in alphabetical order to facilitate investors' ability to identify particular risks and compare them with the risks of other funds. Some or all of these risks may adversely affect the Fund's net asset value per share ("NAV"), trading price, yield, total return, and/or ability to meet its objective. There is no assurance that the Fund will achieve its investment objective. An investor may lose money by investing in the Fund. For more information about the risks of investing in the Fund, see the sections titled "Additional Information About the Funds' Risks" and "Additional Non<font class="nobreak">-Principal</font> Risk Information." </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Cash Redemption Risk. </font>The Fund's investment strategy will require it to effect redemptions, in whole or in part, for cash. As a result, the Fund may pay out higher annual capital gain distributions and be less tax<font class="nobreak">-efficient</font> than if the in<font class="nobreak">-kind</font> redemption process was used exclusively. In addition, cash redemptions may incur higher brokerage costs than in<font class="nobreak">-kind</font> redemptions and these added costs may be borne by the Fund and negatively impact Fund performance.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">Cyber Security Risk. </font>The Fund may be susceptible to operational and information security risks resulting from a breach in the Fund's cyber security, including cyber<font class="nobreak">-attacks</font> against the Fund, third<font class="nobreak">-party</font> service providers, market makers, Authorized Participants, or issuers of securities in which the Fund invests. A breach in cyber security, intentional or unintentional, may adversely impact the Fund in many ways, including, but not limited to, disruption of the Fund's operational capacity, loss of proprietary information, theft or corruption of data, denial<font class="nobreak">-of-service</font> attacks on websites or network resources, and the unauthorized release of confidential information. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Derivatives Risk. </font>Put and call options are referred to as "derivative" instruments since their values are based on, or derived from, an underlying reference asset, such as an index.<font class="Bold" style="font-style: normal; font-weight: bold"> </font>Derivatives can be volatile, and a small investment in a derivative can have a large impact on the performance of the Fund as derivatives can result in losses in excess of the amount invested. The return on a derivative instrument may not correlate with the return of its underlying reference asset. Derivative instruments may be difficult to value and may be subject to wide swings in valuations caused by changes in the value of the underlying instrument. Other risks of investments in derivatives include risks that the transactions may result in losses that partially or completely offset gains in portfolio positions and risks that the derivative transaction may not be liquid. Derivative instruments may create economic leverage in the Fund, which magnifies the Fund's exposure to the underlying instrument.</p> </div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Dividend Paying Security Risk.</font> Securities that pay high dividends as a group can fall out of favor with the market, causing these companies to underperform companies that do not pay high dividends. Also, companies owned by the Fund that have historically paid a dividend may reduce or discontinue their dividends, thus reducing the yield of the Fund.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Equity Investing Risk. </font>The values of equity securities could decline generally or could underperform other investments due to factors affecting a specific issuer, market or securities markets generally.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Hedging Risk. </font>Options used by the Fund to reduce volatility may not perform as intended. There can be no assurance that the Fund's option strategy will be effective. It may expose the Fund to losses, <font class="Italic" style="font-style: italic; font-weight: normal">e.g.</font>, option premiums, to which it would not have otherwise been exposed if it only invested in U.S. government bonds or U.S. government bond ETFs. Further, the option strategy may not fully protect the Fund against declines in the value of its portfolio securities.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Investment Risk. </font>An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. When you sell your Shares, they could be worth less than what you paid for them.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Large Capitalization Companies Risk.</font> The Fund's investments in large capitalization companies (i.e., companies with more than $5<font class="nobreak"> </font>billion in capitalization) may underperform other segments of the market because large capitalization companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes, and may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Leveraging Risk. </font>Certain of Fund's investments may expose the Fund to leverage, causing the Fund to be more volatile.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Liquidity Risk.</font> The Fund may purchase options and invest in other instruments that may be less liquid than other types of investments. The options purchased by the Fund may not always be liquid. This could have a negative effect on the Fund's ability to achieve its investment objective and may result in losses to Fund shareholders.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">Management Risk.</font> The Fund is actively managed using proprietary investment strategies and processes. There can be no guarantee that the adviser's judgments about the attractiveness, value and potential appreciation of particular investments and strategies for the Fund will be correct or produce the desired results or that the Fund will achieve its investment objective. If the adviser fails to accurately evaluate market risk or appropriately react to current and developing market conditions, the Fund's share price may be adversely affected. The Fund is actively managed using proprietary investment strategies and processes. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Market Events Risk. </font>Turbulence in the financial markets and reduced liquidity in the equity markets may negatively affect issuers, which could have an adverse effect on the Fund. In addition, there is a risk that policy changes by the U.S. Government, Federal Reserve and/or other government actors, such as increasing interest rates, could cause increased volatility in financial markets and higher levels of Fund redemptions, which could have a negative impact on the Fund. In a declining stock market, stock prices for all companies (including those in the Fund's portfolio) may decline, regardless of their long<font class="nobreak">-term</font> prospects.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Options Risk.</font> The prices of options may change rapidly over time and do not necessarily move in tandem with the price of the underlying securities. Writing index call options reduces the Fund's ability to profit from increases in the value of the Fund's equity portfolio, and purchasing put options may result in the Fund's loss of premiums paid in the event that the put options expire unexercised. To the extent that the Fund reduces its put option holdings relative to the number of call options sold by the Fund, the Fund's ability to mitigate losses in the event of a market decline will be reduced.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Portfolio Turnover Risk.</font> Because the Fund "turns over" a portion of its options from time to time, the Fund will incur high levels of transaction costs from commissions or mark<font class="nobreak">-ups</font> in the bid/offer spread. Higher portfolio turnover may result in the Fund paying higher levels of transaction costs and may also result in a substantial amount of distributions from the Fund to be taxed as ordinary income, which may limit the tax efficiency of the Fund.</p> </div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">Premium</font><font class="nobreak"><font class="Bold" style="font-style: normal; font-weight: bold">-Discount</font></font><font class="Bold" style="font-style: normal; font-weight: bold"> Risk.</font> Shares may trade above (premium) or below (discount) their NAV. The market prices of Shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of, and demand for, Shares on the Exchange. This risk is heightened in times of market volatility or periods of steep market declines. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Secondary Market Trading Risk. </font>Investors buying or selling Shares in the secondary market may pay brokerage commissions or other charges, which may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of Shares. Although the Shares are listed on the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">Sector Concentration Risk.</font> To the extent that the Fund's investments are concentrated in a particular sector, the Fund may be susceptible to loss due to adverse occurrences affecting that sector. As of July<font class="nobreak"> </font>31, 2019, the Fund was concentrated in the financial services sector and had significant exposure to companies in the consumer discretionary, industrial, and information technology sectors. </p> <p class="Text_flush-indent-on-both" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 36pt; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">Consumer </font><font class="Bold" style="font-style: normal; font-weight: bold">Discretionary </font><font class="Bold" style="font-style: normal; font-weight: bold">Sector Risk.</font> The success of consumer product manufacturers and retailers is tied closely to the performance of the overall domestic and international economy, interest rates, competitive and consumer confidence. Success depends heavily on disposable household income and consumer spending. Changes in demographics and consumer tastes can also affect the demand for, and success of, consumer products in the marketplace. </p> <p class="Text_flush-indent-on-both" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 36pt; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Financial Services Sector Risk.</font> Performance of companies in the financial services sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted.</p> <p class="Text_flush-indent-on-both" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 36pt; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">Industrial Sector Risk.</font> Issuers in the industrial sector are affected by supply and demand, both for their specific product or service and for industrial sector products in general. The products of such issuers may face obsolescence due to rapid technological developments and frequent new product introduction. Government regulations, world events, economic conditions and exchange rates affect the performance of companies in the industrial sector. Issuers in the industrial sector may be adversely affected by liability for environmental damage, product liability claims and exchange rates. The industrial sector may also be adversely affected by changes or trends in commodity prices, which may be influenced by unpredictable factors. </p> <p class="Text_flush-indent-on-both" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 36pt; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Information Technology Sector Risk. </font>Technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Technology companies may have limited product lines, markets, financial resources or personnel. The products of technology companies may face obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the technology sector are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies.</p></div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">An investment in the Fund involves risk. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. The Fund's principal risks are presented in alphabetical order to facilitate investors' ability to identify particular risks and compare them with the risks of other funds. Some or all of these risks may adversely affect the Fund's net asset value per share ("NAV"), trading price, yield, total return, and/or ability to meet its objective. <font class="Italic" style="font-style: italic; font-weight: normal">There is no assurance that the Fund will achieve its investment objective</font>. An investor may lose money by investing in the Fund. For more information about the risks of investing in the Fund, see the sections titled "Additional Information About the Funds' Risks" and "Additional Non<font class="nobreak">-Principal</font> Risk Information." </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Commodity Investing Risk.</font> The Fund may invest in commodity<font class="nobreak">-related</font> companies, commodity futures and physical commodities through the Underlying Vehicles. These investments may subject the Fund to greater volatility than investments in traditional securities. The commodities markets have experienced periods of extreme volatility. Similar future market conditions may result in rapid and substantial valuation increases or decreases in an Underlying Vehicle's holdings.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Currency Strategies Risk. </font>Currency exchange rates may fluctuate significantly over short periods of time and can be unpredictably affected by political developments or government intervention.<font class="Bold" style="font-style: normal; font-weight: bold"> </font>Changes in currency exchange rates may affect the U.S. dollar value of the Fund's investments in Underlying Vehicles with exposure to global regions and foreign securities.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">Cyber Security Risk. </font>The Fund may be susceptible to operational and information security risks resulting from a breach in the Fund's cyber security, including cyber<font class="nobreak">-attacks</font> against the Fund, third<font class="nobreak">-party</font> service providers, market makers, Authorized Participants, or issuers of securities in which the Fund invests. A breach in cyber security, intentional or unintentional, may adversely impact the Fund in many ways, including, but not limited to, disruption of the Fund's operational capacity, loss of proprietary information, theft or corruption of data, denial<font class="nobreak">-of-service</font> attacks on websites or network resources, and the unauthorized release of confidential information. </p> </div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">Depositary Receipts Risk.</font> The risks of investments in depositary receipts are substantially similar to the risks of investing directly in foreign securities. In addition, depositary receipts may not track the price of or may be less liquid than their underlying foreign securities, and the value of depositary receipts may change materially at times when the U.S. markets are not open for trading. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">Derivatives Risk. </font>Derivatives, such as futures, options, and swaps, can be volatile, and a small investment in a derivative can have a large impact on the performance of the Fund as derivatives can result in losses in excess of the amount invested. Other risks of investments in derivatives include risks of default by the other party to the derivative transactions; risks that the transactions may result in losses that partially or completely offset gains in portfolio positions; and risks that the derivative transaction may not be liquid. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">Dividend Paying Security Risk.</font> Underlying Vehicles may be comprised of dividend paying securities. Securities that pay high dividends as a group can fall out of favor with the market, causing these companies to underperform companies that do not pay high dividends. Also, changes in the dividend policies of companies owned by the Fund and the capital resources available for these companies' dividend payments may adversely affect the Fund. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">Emerging Markets Risk.</font> Underlying Vehicles may be comprised of emerging market securities. Emerging market investments are subject to the same risks as foreign investments and to additional risks due to greater political and economic uncertainties as well as a relative lack of information about issuers in such markets. Securities of emerging market issuers may become illiquid and be subject to volatility and high transaction costs. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Equity Investing Risk. </font>Underlying Vehicles may be comprised of equities. The values of equity securities could decline generally or could underperform other investments due to factors affecting a specific issuer, market or securities markets generally.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">Exchange</font><font class="nobreak"><font class="Bold" style="font-style: normal; font-weight: bold">-Traded</font></font><font class="Bold" style="font-style: normal; font-weight: bold"> Funds, Exchange</font><font class="nobreak"><font class="Bold" style="font-style: normal; font-weight: bold">-Traded</font></font><font class="Bold" style="font-style: normal; font-weight: bold"> Products and Investment Companies Risk. </font>The risks of investing in securities of ETFs, ETPs and investment companies typically reflect the risks of the types of instruments in which the underlying ETF, ETP or investment company invests. In addition, with such investments, the Fund bears its proportionate share of the fees and expenses of the underlying entity. As a result, the Fund's operating expenses may be higher and performance may be lower. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">Fixed Income Risk.</font> Underlying Vehicles may be comprised of fixed income securities. A decline in an issuer's credit rating and/or financial condition may cause such issuer's fixed income securities to decrease in value while experiencing increased volatility and investment risk. During periods of falling interest rates, an issuer of a callable bond held by an Underlying Vehicle may "call" (or repay) the security before its stated maturity, and the Underlying Vehicle may have to reinvest the proceeds at lower interest rates, resulting in a decline in the Underlying Vehicle's and the Fund's income. The market value of a fixed income security generally changes in response to changes in interest rates and may change quickly and without warning in response to issuer defaults and changes in issuer credit ratings. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Foreign Investment Risk.</font> Underlying Vehicles may be comprised of foreign securities. Returns on investments in foreign securities could be more volatile than, or trail the returns on, investments in U.S. securities. Exposures to foreign securities entail special risks, including risks due to: (i) differences in information available about foreign issuers; (ii) differences in investor protection standards in other jurisdictions; (iii) capital controls risks, including the risk of a foreign jurisdiction imposing restrictions on the ability to repatriate or transfer currency or other assets; (iv) political, diplomatic and economic risks; (v) regulatory risks; and (vi) foreign market and trading risks, including the costs of trading and risks of settlement in foreign jurisdictions. In addition, an Underlying Vehicle's investments in securities denominated in other currencies could decline due to changes in local currency relative to the value of the U.S. dollar, which may affect the Underlying Vehicle's and the Fund's returns.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Futures Contracts Risk.</font> Risks associated with the use of futures contracts include the following: (i) an imperfect correlation between movements in prices of index futures contracts and movements in the value of the stock index that the instrument is designed to simulate; and (ii) the possibility of an illiquid secondary market for a futures contract and the resulting inability to close a position prior to its maturity date. Investments in futures may expose the Fund to leverage.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">Geographic Investment Risk. </font>To the extent the Fund invests a significant portion of its assets in Underlying Vehicles that invest in securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region. </p> </div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"> <p class="Text_flush-indent-on-both" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 36pt; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">Asia</font><font class="nobreak"><font class="Bold" style="font-style: normal; font-weight: bold">-Pacific</font></font><font class="Bold" style="font-style: normal; font-weight: bold"> Risk. </font>Investments in securities of issuers in Asia<font class="nobreak">-Pacific</font> countries involve risks that are specific to the Asia<font class="nobreak">-Pacific</font> region, including certain legal, regulatory, political and economic risks. Certain Asia<font class="nobreak">-Pacific</font> countries have experienced expropriation and/or nationalization of assets, confiscatory taxation, political instability, armed conflict and social instability as a result of religious, ethnic, socio<font class="nobreak">-economic</font> and/or political unrest. Some economies in this region are dependent on a range of commodities, and are strongly affected by international commodity prices and particularly vulnerable to price changes for these products. </p> <p class="Text_flush-indent-on-both" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 36pt; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">Europe Risk. </font>The Economic and Monetary Union of the European Union ("EU") requires compliance with restrictions on inflation rates, deficits, interest rates, debt levels and fiscal and monetary controls, each of which may significantly affect every country in Europe. Decreasing imports or exports, changes in governmental or EU regulations on trade, changes in the exchange rate of the euro, the default or threat of default by an EU member country on its sovereign debt, and/or an economic recession in an EU member country may have a significant adverse effect on the economies of EU member countries and their trading partners. In addition, the United Kingdom has voted in a referendum to leave the EU. Although it remains unclear what the potential consequences of Brexit may be, the economies of Europe and the United Kingdom, as well as the broader global economy, could be significantly impacted by Brexit, which may result in lower economic growth and increased volatility and illiquidity across global markets. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">High Yield Securities Risk. </font>Underlying Vehicles may be comprised of high yield securities. High yield securities and unrated securities of comparable credit quality are subject to the increased risk of an issuer's inability to meet principal and interest payment obligations. High yield securities are subject to a greater risk of default and investments in them are inherently speculative. The secondary markets in which high yield securities are traded may be less liquid and more volatile than the market for higher grade securities.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">Inflation</font><font class="nobreak"><font class="Bold" style="font-style: normal; font-weight: bold">-Protected</font></font><font class="Bold" style="font-style: normal; font-weight: bold"> Security Risk. </font>Underlying Vehicles may be comprised of inflation<font class="nobreak">-protected</font> securities, such as Treasury inflation<font class="nobreak">-protected</font> securities ("TIPS"), that provide protection against inflation. Inflation<font class="nobreak">-protected</font> securities typically decrease in value when real interest rates rise and increase in value when real interest rates fall. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Interest Rate Risk. </font>The market value of fixed income securities, and financial instruments related to fixed income securities, will change in response to changes in interest rates. As interest rates rise, the value of certain fixed income securities is likely to decrease. Similarly, if interest rates decline, the value of fixed income securities is likely to increase. Longer maturity securities tend to be more sensitive to changes in interest rates and more volatile; and thus an Underlying Vehicle with a longer portfolio maturity generally is subject to greater interest rate risk. As of the date of this Prospectus, interest rates are near historic lows, but risks associated with rising interest rates are heightened given the Federal Reserve's recent interest rate hikes, which could signal an end to the historically low interest rate environment. To the extent that rates increase substantially and/or rapidly, an Underlying Vehicle investing in fixed incomes securities, and the Fund, may be subject to significant losses.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">International Closed</font><font class="nobreak"><font class="Bold" style="font-style: normal; font-weight: bold">-Market</font></font><font class="Bold" style="font-style: normal; font-weight: bold"> Trading Risk. </font>Because an Underlying Vehicle's investments may be traded in markets that are closed when the Underlying Vehicle's listing exchange is open, there are likely to be deviations between the current pricing of an Underlying Vehicle's underlying investment and stale investment pricing (<font class="Italic" style="font-style: italic; font-weight: normal">i.e.</font>, the last quote from its closed foreign market), resulting in premiums or discounts to NAV that may be greater than those experienced by other ETFs.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Investment Risk. </font>An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. When you sell your Shares, they could be worth less than what you paid for them.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Large Capitalization Companies Risk.</font> The Fund's investments in Underlying Vehicles that are comprised of large capitalization companies may underperform other segments of the market because large capitalization companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes, and may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">Liquidity Risk.</font> Liquidity risk exists when a particular investment is difficult to purchase or sell. A significant, rapid rise in interest rates may result in a period of volatility and increased redemptions if Fund securities become illiquid and are forced to sell the illiquid securities at disadvantageous times or prices. This could have a negative effect on the Fund's ability to achieve its investment objective and may result in losses to Fund shareholders. </p> </div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">Management Risk. </font>The Fund is actively managed using proprietary investment strategies and processes. There can be no guarantee that these strategies and processes will be successful or that the Fund will achieve its investment objective. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Market Events Risk. </font>Turbulence in the financial markets and reduced liquidity in the equity, credit and fixed<font class="nobreak">-income</font> markets may negatively affect issuers, which could have an adverse effect on the Fund. In addition, there is a risk that policy changes by the U.S. Government, Federal Reserve and/or other government actors, such as increasing interest rates, could cause increased volatility in financial markets and higher levels of Fund redemptions, which could have a negative impact on the Fund. In a declining stock market, stock prices for all companies (including those in an Underlying Vehicle's portfolio) may decline, regardless of their long<font class="nobreak">-term</font> prospects.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">Momentum Investing Risk. </font>Underlying Vehicles may pursue momentum and trend following strategies that seek to identify securities that have had higher recent price performance compared to other securities. These securities may be more volatile than a broad cross<font class="nobreak">-section</font> of securities. High momentum may also be a sign that the securities' prices have peaked. Momentum can turn quickly and cause significant variation from other types of investments. The Fund may experience significant losses if momentum stops, turns or otherwise behaves differently than predicted. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">Options Risk.</font> The prices of options may change rapidly over time and do not necessarily move in tandem with the price of the underlying securities. Options may expire unexercised, causing the Fund to lose the premium paid for them. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Premium</font><font class="nobreak"><font class="Bold" style="font-style: normal; font-weight: bold">-Discount</font></font><font class="Bold" style="font-style: normal; font-weight: bold"> Risk.</font> Shares may trade above (premium) or below (discount) their NAV. The market prices of Shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of, and demand for, Shares on the Exchange. This risk is heightened in times of market volatility or periods of steep market declines.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Real Estate Investments Risk.</font> Underlying Vehicles may be comprised of real estate securities. The Fund is subject to the risks related to investments in real estate, including declines in the real estate market, decreases in property revenues, increases in interest rates, increases in property taxes and operating expenses, legal and regulatory changes, a lack of credit or capital, defaults by borrowers or tenants, environmental problems and natural disasters.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">REIT Risk.</font> Underlying Vehicles may be comprised of REITs. In addition to the risks associated with the real estate industry, REITs are subject to additional risks, including those related to adverse governmental actions and the potential failure to qualify for tax<font class="nobreak">-free</font> pass through of income and exemption from registration as an investment company. REITs are dependent upon specialized management skills and may invest in relatively few properties, a small geographic area or a small number of property types. As a result, investments in REITs may be volatile. REITs are pooled investment vehicles with their own fees and expenses and the Underlying Vehicle, as well as the Fund, will indirectly bear a proportionate share of those fees and expenses.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Secondary Market Trading Risk. </font>Investors buying or selling Shares in the secondary market may pay brokerage commissions or other charges, which may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of Shares. Although the Shares are listed on the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">Short Sale Risk. </font>Underlying Vehicles may engage in short selling. If a security is sold short and subsequently has to be bought back at a higher price, the Underlying Vehicle will realize a loss on the transaction. The amount of loss on a short sale is potentially unlimited because there is no limit on the price a shorted security might attain (as compared to a long position, where the maximum loss is the amount invested). The use of short sales by Underlying Vehicles may increase the Fund's exposure to the market, and may increase losses and the volatility of returns. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Small and Medium Capitalization Company Risk. </font>The Fund's investments in Underlying Vehicles that are comprised of small and medium capitalization companies involve greater risk than customarily is associated with investing in larger, more established companies. These companies' securities may be more volatile and less liquid than those of more established companies. Often small and medium capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.</p> </div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">Sovereign Debt Securities Risk. </font>Underlying Vehicles may be comprised of sovereign debt securities. Investments in 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. During periods of economic uncertainty, the market prices of sovereign debt, and the Fund's NAV, may be more volatile than prices of U.S. debt obligations. In the past, certain non<font class="nobreak">-U</font>.S. markets have encountered difficulties in servicing their debt obligations, withheld payments of principal and interest and declared moratoria on the payment of principal and interest on their sovereign debts. These risks increase for lower<font class="nobreak">-rated</font> and high yield debt securities, as discussed in this Prospectus. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">Value Investment Risk. </font>Value investments are subject to the risk that their intrinsic value may never be realized by the market. Value investments tend to underperform in growth markets. </p></div> PERFORMANCE PERFORMANCE PERFORMANCE PERFORMANCE PERFORMANCE PERFORMANCE PERFORMANCE PERFORMANCE PERFORMANCE PERFORMANCE PERFORMANCE <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">The following bar chart and table indicate the risks of investing in the Fund by showing how the Fund's average annual total returns compare with those of the Index as well as a relevant index that provides a broad measure of market performance. Prior to March<font class="nobreak"> </font>26, 2018, the Fund was actively managed and did not seek investment results that correspond (before fees and expenses) generally to the price and yield performance of the Index. All returns include the reinvestment of dividends and distributions. As always, please note that the Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available at www.cambriafunds.com.</p></div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">The following bar chart and table indicate the risks of investing in the Fund by showing how the Fund's average annual total returns compare with those of the Index as well as a relevant index that provides a broad measure of market performance. All returns include the reinvestment of dividends and distributions. As always, please note that the Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available at www.cambriafunds.com. </p></div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> The following bar chart and table indicate the risks of investing in the Fund by showing how the Fund's average annual total returns compare with those of the Index as well as a relevant index that provides a broad measure of market performance. All returns include the reinvestment of dividends and distributions. As always, please note that the Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available at www.cambriafunds.com. </p></div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">The following bar chart and table indicate the risks of investing in the Fund by showing how the Fund's average annual total returns compare with those of a relevant index that provides a broad measure of market performance. All returns include the reinvestment of dividends and distributions. As always, please note that the Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available at www.cambriafunds.com.</p></div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">The following bar chart and table indicate the risks of investing in the Fund by showing how the Fund's average annual total returns compare with those of the Index as well as a relevant index that provides a broad measure of market performance. All returns include the reinvestment of dividends and distributions. As always, please note that the Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available at www.cambriafunds.com. </p></div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">The following bar chart and table indicate the risks of investing in the Fund by showing how the Fund's average annual total returns compare with those of a relevant index that provides a broad measure of market performance. All returns include the reinvestment of dividends and distributions. As always, please note that the Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available at www.cambriafunds.com.</p></div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">The following bar chart and table indicate the risks of investing in the Fund by showing how the Fund's average annual total returns compare with those of a relevant index that provides a broad measure of market performance. All returns include the reinvestment of dividends and distributions. As always, please note that the Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available at www.cambriafunds.com.</p> </div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">The following bar chart and table indicate the risks of investing in the Fund by showing how the Fund's average annual total returns compare with those of the former underlying index as well as a relevant index that provides a broad measure of market performance. All returns include the reinvestment of dividends and distributions. As always, please note that the Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available at www.cambriafunds.com. </p></div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">The following bar chart and table indicate the risks of investing in the Fund by showing how the Fund's average annual total returns compare with those of a relevant index that provides a broad measure of market performance. All returns include the reinvestment of dividends and distributions. As always, please note that the Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available at www.cambriafunds.com. </p></div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">The following bar chart and table indicate the risks of investing in the Fund by showing how the Fund's average annual total returns compare with those of a relevant index that provides a broad measure of market performance. All returns include the reinvestment of dividends and distributions. As always, please note that the Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available at www.cambriafunds.com. </p></div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">Performance information will be available in the Prospectus after the Fund has been in operation for one full calendar year. When provided, the information will provide some indication of the risks of investing in the Fund by showing how the Fund's average annual returns compare with a broad measure of market performance. As always, please note that the Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance will be available at www.cambriafunds.com.</p></div> Total Annual Returns for Calendar Year Ended December 31 Total Annual Returns for Calendar Year Ended December 31 Total Annual Returns for Calendar Year Ended December 31 Total Annual Returns for Calendar Year Ended December 31 Total Annual Returns for Calendar Year Ended December 31 Total Annual Returns for Calendar Year Ended December 31 Total Annual Returns for Calendar Year Ended December 31 Total Annual Returns for Calendar Year Ended December 31 Total Annual Returns for Calendar Year Ended December 31 Total Annual Returns for Calendar Year Ended December 31 0.1109 -0.0769 -0.0125 -0.0668 -0.0744 -0.0851 -0.0386 0.1526 0.0652 0.1614 0.0431 0.0379 0.0864 0.1974 0.2846 0.3825 0.1376 0.2875 0.2060 0.0569 0.1522 -0.1336 -0.1366 -0.1439 -0.0690 -0.1346 -0.0872 -0.1156 -0.0685 0.0233 0.0487 <div style="display: none">~ http://cambriafunds.com/role/BarChartData column period compact * column dei_LegalEntityAxis compact ck0001529390_S000037634Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display: none">~ http://cambriafunds.com/role/BarChartData column period compact * column dei_LegalEntityAxis compact ck0001529390_S000037635Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display: none">~ http://cambriafunds.com/role/BarChartData column period compact * column dei_LegalEntityAxis compact ck0001529390_S000037636Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display: none">~ http://cambriafunds.com/role/BarChartData column period compact * column dei_LegalEntityAxis compact ck0001529390_S000043318Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display: none">~ http://cambriafunds.com/role/BarChartData column period compact * column dei_LegalEntityAxis compact ck0001529390_S000043317Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display: none">~ http://cambriafunds.com/role/BarChartData column period compact * column dei_LegalEntityAxis compact ck0001529390_S000043316Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display: none">~ http://cambriafunds.com/role/BarChartData column period compact * column dei_LegalEntityAxis compact ck0001529390_S000043319Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display: none">~ http://cambriafunds.com/role/BarChartData column period compact * column dei_LegalEntityAxis compact ck0001529390_S000047294Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display: none">~ http://cambriafunds.com/role/BarChartData column period compact * column dei_LegalEntityAxis compact ck0001529390_S000054369Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display: none">~ http://cambriafunds.com/role/BarChartData column period compact * column dei_LegalEntityAxis compact ck0001529390_S000057737Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; text-align: center; margin-top: 12pt">As of July<font class="nobreak"> </font>31, 2019, the Fund's year<font class="nobreak">-to-date</font> total return was 13.96%. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Best and Worst Quarter Returns (for the period reflected in the bar chart above) </font></p> <p class="Text_flush-with-zero-prelead" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 0; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 0pt"> Best: 9.07%, for the quarter ended 12/31/2013 </p> <p class="Text_flush-with-zero-prelead" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 0; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 0pt"> Worst: <font class="nobreak">-</font><font class="nobreak">17</font>.29%, for the quarter ended 12/31/2018 </p></div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; text-align: center; margin-top: 12pt">As of July<font class="nobreak"> </font>31, 2019, the Fund's year<font class="nobreak">-to-date</font> total return was 5.91%. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Best and Worst Quarter Returns (for the period reflected in the bar chart above)</font></p> <p class="Text_flush-with-zero-prelead" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 0; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 0pt">Best: 8.46%, for the quarter ended 9/30/2017</p> <p class="Text_flush-with-zero-prelead" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 0; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 0pt"> Worst: <font class="nobreak">-</font><font class="nobreak">12</font>.79%, for the quarter ended 12/31/2018 </p></div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; text-align: center; margin-top: 12pt">As of July<font class="nobreak"> </font>31, 2019, the Fund's year<font class="nobreak">-to-date</font> total return was 14.93%. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Best and Worst Quarter Returns (for the period reflected in the bar chart above) </font></p> <p class="Text_flush-with-zero-prelead" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 0; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 0pt">Best: 11.88% for the quarter ended 9/30/2017</p> <p class="Text_flush-with-zero-prelead" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 0; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 0pt"> Worst: <font class="nobreak">-</font><font class="nobreak">9</font>.33% for the quarter ended 12/31/2018</p></div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; text-align: center; margin-top: 12pt">As of July<font class="nobreak"> </font>31, 2019, the Fund's year<font class="nobreak">-to-date</font> total return was 7.37%. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Best and Worst Quarter Returns (for the period reflected in the bar chart above) </font></p> <p class="Text_flush-with-zero-prelead" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 0; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 0pt">Best: 4.69%, for the quarter ended 6/30/2017</p> <p class="Text_flush-with-zero-prelead" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 0; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 0pt"> Worst: <font class="nobreak">-</font><font class="nobreak">9</font>.62%, for the quarter ended 6/30/2018 </p></div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; text-align: center; margin-top: 12pt">As of July<font class="nobreak"> </font>31, 2019, the Fund's year<font class="nobreak">-to-date</font> total return was 11.83%. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Best and Worst Quarter Returns (for the period reflected in the bar chart above)</font></p> <p class="Text_flush-with-zero-prelead" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 0; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 0pt">Best: 9.01%, for the quarter ended 9/30/2016</p> <p class="Text_flush-with-zero-prelead" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 0; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 0pt">Worst: <font class="nobreak">-9</font>.03%, for the quarter ended 9/30/2015</p></div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; text-align: center; margin-top: 12pt">As of July<font class="nobreak"> </font>31, 2019, the Fund's year<font class="nobreak">-to-date</font> total return was 4.10%. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Best and Worst Quarter Returns (for the period reflected in the bar chart above)</font></p> <p class="Text_flush-with-zero-prelead" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 0; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 0pt">Best: 6.36%, for the quarter ended 9/30/2017</p> <p class="Text_flush-with-zero-prelead" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 0; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 0pt"> Worst: <font class="nobreak">-</font><font class="nobreak">7</font>.88%, for the quarter ended 12/31/2018 </p></div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; text-align: center; margin-top: 12pt">As of July<font class="nobreak"> </font>31, 2019, the Fund's year<font class="nobreak">-to-date</font> total return was <font class="nobreak">-6</font>.70%. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Best and Worst Quarter Returns (for the period reflected in the bar chart above)</font></p> <p class="Text_flush-with-zero-prelead" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 0; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 0pt">Best: 6.25%, for the quarter ended 9/30/2017</p> <p class="Text_flush-with-zero-prelead" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 0; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 0pt"> Worst: <font class="nobreak">-</font><font class="nobreak">12</font>.26%, for the quarter ended 12/31/2018</p></div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; text-align: center; margin-top: 12pt">As of July<font class="nobreak"> </font>31, 2019, the Fund's year<font class="nobreak">-to-date</font> total return was 10.37%. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"><font class="Bold" style="font-style: normal; font-weight: bold">Best and Worst Quarter Returns (for the period reflected in the bar chart above)</font></p> <p class="Text_flush-with-zero-prelead" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 0; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 0pt">Best: 4.53%, for the quarter ended 9/30/2017</p> <p class="Text_flush-with-zero-prelead" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 0; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 0pt"> Worst: <font class="nobreak">-</font><font class="nobreak">6</font>.08%, for the quarter ended 12/31/2018 </p></div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; text-align: center; margin-top: 12pt">As of July<font class="nobreak"> </font>31, 2019, the Fund's year<font class="nobreak">-to-date</font> total return was <font class="nobreak">-10</font>.78%. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">Best and Worst Quarter Returns (for the period reflected in the bar chart above)</font> </p> <p class="Text_flush-with-zero-prelead" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 0; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 0pt"> Best: 14.56%, for the quarter ended 12/31/2018 </p> <p class="Text_flush-with-zero-prelead" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 0; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 0pt"> Worst: <font class="nobreak">-5</font>.86%, for the quarter ended 9/30/2018 </p></div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; text-align: center; margin-top: 12pt">As of July<font class="nobreak"> </font>31, 2019, the Fund's year<font class="nobreak">-to-date</font> total return was 2.51%. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> <font class="Bold" style="font-style: normal; font-weight: bold"></font><font class="Bold" style="font-style: normal; font-weight: bold">Best and Worst Quarter Returns (for the period reflected in the bar chart above)</font> </p> <p class="Text_flush-with-zero-prelead" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 0; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 0pt"> Best: 5.59%, for the quarter ended 12/31/2018 </p> <p class="Text_flush-with-zero-prelead" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 0; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 0pt"> Worst: <font class="nobreak">-2</font>.60%, for the quarter ended 3/31/2018 </p></div> Average Annual Total Returns for the period ending December 31, 2018 Average Annual Total Returns for the period ending December 31, 2018 Average Annual Total Returns for the period ending December 31, 2018 Average Annual Total Returns for the period ending December 31, 2018 Average Annual Total Returns for the period ending December 31, 2018 Average Annual Total Returns for the period ending December 31, 2018 Average Annual Total Returns for the period ending December 31, 2018 Average Annual Total Returns for the period ending December 31, 2018 Average Annual Total Returns for the period ending December 31, 2018 Average Annual Total Returns for the period ending December 31, 2018 -0.1336 -0.0438 -0.1366 -0.1414 -0.1336 -0.1388 -0.0816 -0.1413 -0.0752 -0.1439 -0.1358 -0.1424 -0.1520 -0.0754 -0.0690 -0.0084 -0.0839 -0.0428 -0.1346 -0.1207 -0.0893 -0.1352 -0.0712 -0.0872 -0.0438 -0.0144 -0.0919 -0.0533 -0.1156 -0.0438 -0.1172 -0.0712 -0.0685 -0.0438 -0.0144 -0.0769 -0.0758 -0.0405 0.0233 0.0188 0.0173 0.0145 0.0487 -0.0438 0.0454 0.0329 0.0557 0.0849 0.0033 0.0062 0.0100 0.0452 0.0413 -0.0064 0.0004 0.0819 0.1014 0.0089 0.0118 0.0142 0.0715 0.0634 -0.0008 0.0049 0.0922 0.1103 0.0777 0.0832 0.0756 0.0432 0.0127 0.0234 0.0248 -0.0067 0.0046 0.0491 -0.0117 -0.0050 0.0155 0.0756 0.0491 0.0086 0.0095 -0.0306 0.0979 -0.0321 -0.0245 0.0262 0.0714 0.0510 0.0098 0.0162 0.0165 -0.0390 0.0147 -0.0444 -0.0338 0.0566 0.0482 0.0532 0.0449 2013-05-13 2013-05-13 2013-12-02 2013-12-02 2013-12-02 2013-05-13 2013-05-13 2013-12-02 2013-12-02 2016-07-13 2016-07-13 2016-07-13 2016-07-13 2016-07-13 2016-02-22 2016-02-22 2016-02-22 2016-02-22 2014-03-11 2014-03-11 2014-03-11 2014-03-11 2014-03-11 2014-11-03 2014-11-03 2014-11-03 2014-11-03 2014-11-03 2015-09-08 2015-09-08 2015-09-08 2015-09-08 2014-12-09 2014-12-09 2014-12-09 2014-12-09 2014-12-09 2014-12-09 2017-04-05 2017-04-05 2017-04-05 2017-04-05 2017-05-23 2017-05-23 2017-05-23 2017-05-23 Return Before Taxes S&P 500 Index (Reflects no deduction for fees, expenses or taxes) Return Before Taxes Cambria Foreign Shareholder Yield Index (Reflects no deduction for fees, expenses or taxes) MSCI EAFE Index (Reflects no deduction for fees, expenses or taxes) Return After Taxes on Distributions Return After Taxes on Distributions and Sale of Fund Shares Return After Taxes on Distributions Return After Taxes on Distributions and Sale of Fund Shares Return Before Taxes Cambria Emerging Shareholder Yield Index (Reflects no deduction for fees, expenses or taxes) MSCI Emerging Markets Index (Reflects no deduction for fees, expenses or taxes) Return After Taxes on Distributions Return After Taxes on Distributions and Sale of Fund Shares Return Before Taxes FTSE/Citi World Government Bond Index (Reflects no deduction for fees, expenses or taxes) Return After Taxes on Distributions Return After Taxes on Distributions and Sale of Fund Shares Return Before Taxes Cambria Global Value Index (Reflects no deduction for fees, expenses or taxes) MSCI ACWI Index (Reflects no deduction for fees, expenses or taxes) Return After Taxes on Distributions Return After Taxes on Distributions and Sale of Fund Shares Return Before Taxes S&P 500 Index (Reflects no deduction for fees, expenses or taxes) S&P Balanced Equity & Bond Moderate Index (Reflects no deduction for fees, expenses or taxes) Return After Taxes on Distributions Return After Taxes on Distributions and Sale of Fund Shares Return Before Taxes S&P 500 Index (Reflects no deduction for fees, expenses or taxes) Return After Taxes on Distributions Return After Taxes on Distributions and Sale of Fund Shares Return Before Taxes S&P 500 Index (Reflects no deduction for fees, expenses or taxes) S&P Balanced Equity & Bond Moderate Index (Reflects no deduction for fees, expenses or taxes) Cambria Global Asset Allocation Index (Reflects no deduction for fees, expenses or taxes) Return After Taxes on Distributions Return After Taxes on Distributions and Sale of Fund Shares Return Before Taxes Bloomberg Barclays U.S. Short Treasury Index (Reflects no deduction for fees, expenses or taxes) Return After Taxes on Distributions Return After Taxes on Distributions and Sale of Fund Shares Return Before Taxes S&P 500 Index (Reflects no deduction for fees, expenses or taxes) Return After Taxes on Distributions Return After Taxes on Distributions and Sale of Fund Shares <div style="display: none">~ http://cambriafunds.com/role/PerformanceTableData column period compact * column dei_LegalEntityAxis compact ck0001529390_S000037634Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> <div style="display: none">~ http://cambriafunds.com/role/PerformanceTableData column period compact * column dei_LegalEntityAxis compact ck0001529390_S000037635Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> <div style="display: none">~ http://cambriafunds.com/role/PerformanceTableData column period compact * column dei_LegalEntityAxis compact ck0001529390_S000037636Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display: none">~ http://cambriafunds.com/role/PerformanceTableData column period compact * column dei_LegalEntityAxis compact ck0001529390_S000043318Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display: none">~ http://cambriafunds.com/role/PerformanceTableData column period compact * column dei_LegalEntityAxis compact ck0001529390_S000043317Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display: none">~ http://cambriafunds.com/role/PerformanceTableData column period compact * column dei_LegalEntityAxis compact ck0001529390_S000043316Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display: none">~ http://cambriafunds.com/role/PerformanceTableData column period compact * column dei_LegalEntityAxis compact ck0001529390_S000043319Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display: none">~ http://cambriafunds.com/role/PerformanceTableData column period compact * column dei_LegalEntityAxis compact ck0001529390_S000047294Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display: none">~ http://cambriafunds.com/role/PerformanceTableData column period compact * column dei_LegalEntityAxis compact ck0001529390_S000054369Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display: none">~ http://cambriafunds.com/role/PerformanceTableData column period compact * column dei_LegalEntityAxis compact ck0001529390_S000057737Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The example also assumes that the Fund provides a return of 5% a year and that the operating expenses remain the same. The example does not reflect any brokerage commissions that you may pay on purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</p></div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The example also assumes that the Fund provides a return of 5% a year and that the operating expenses remain the same. The example does not reflect any brokerage commissions that you may pay on purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: </p></div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The example also assumes that the Fund provides a return of 5% a year and that the operating expenses remain the same. The example does not reflect any brokerage commissions that you may pay on purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</p></div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The example also assumes that the Fund provides a return of 5% a year and that the operating expenses remain the same. The example does not reflect any brokerage commissions that you may pay on purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: </p></div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The example also assumes that the Fund provides a return of 5% a year and that the operating expenses remain the same. The example does not reflect any brokerage commissions that you may pay on purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</p></div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The example also assumes that the Fund provides a return of 5% a year and that the operating expenses remain the same. The example does not reflect any brokerage commissions that you may pay on purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</p></div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The example also assumes that the Fund provides a return of 5% a year and that the operating expenses remain the same. The example does not reflect any brokerage commissions that you may pay on purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</p></div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The example also assumes that the Fund provides a return of 5% a year and that the operating expenses remain the same. The example does not reflect any brokerage commissions that you may pay on purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</p></div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The example also assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. The example does not reflect any brokerage commissions that you may pay on purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</p></div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The example also assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. The example does not reflect any brokerage commissions that you may pay on purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</p></div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The example also assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. The example does not reflect any brokerage commissions that you may pay on purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</p></div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">The Fund may pay transaction costs, including commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund's performance. For the fiscal year ended April<font class="nobreak"> </font>30, 2019, the Fund's portfolio turnover rate was 28% of the average value of its portfolio.</p></div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> The Fund may pay transaction costs, including commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund's performance. For the fiscal year ended April<font class="nobreak"> </font>30, 2019, the Fund's portfolio turnover rate was 53% of the average value of its portfolio. </p></div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">The Fund may pay transaction costs, including commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund's performance. For the fiscal year ended April<font class="nobreak"> </font>30, 2019, the Fund's portfolio turnover rate was 115% of the average value of its portfolio. </p></div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> The Fund may pay transaction costs, including commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund's performance. For the fiscal year ended April<font class="nobreak"> </font>30, 2019, the Fund's portfolio turnover rate was 37% of the average value of its portfolio. </p></div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">The Fund may pay transaction costs, including commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund's performance. For the fiscal year ended April<font class="nobreak"> </font>30, 2019, the Fund's portfolio turnover rate was 20% of the average value of its portfolio.</p></div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">The Fund may pay transaction costs, including commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund's performance. For the fiscal year ended April<font class="nobreak"> </font>30, 2019, the Fund's portfolio turnover rate was 204% of the average value of its portfolio.</p></div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> The Fund may pay transaction costs, including commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. For the fiscal year ended April<font class="nobreak"> </font>30, 2019, the Fund's portfolio turnover rate was 89% of the average value of its portfolio. </p></div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">The Fund may pay transaction costs, including commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund's performance. For the fiscal year ended April<font class="nobreak"> </font>30, 2019, the Fund's portfolio turnover rate was 2% of the average value of its portfolio.</p></div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">The Fund may pay transaction costs, including commissions when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund's performance. For the fiscal year ended April<font class="nobreak"> </font>30, 2019, the Fund's portfolio turnover rate was 56% of the average value of its portfolio. </p></div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">The Fund may pay transaction costs, including commissions when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may also result in a substantial amount of distributions from the Fund to be taxed as ordinary income, which may limit the tax efficiency of the Fund. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund's performance. For the fiscal year ended April<font class="nobreak"> </font>30, 2019, the Fund's portfolio turnover rate was 21% of the average value of its portfolio.</p></div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">The Fund may pay transaction costs, including commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund's performance. For the fiscal period September<font class="nobreak"> </font>10, 2018 (commencement of operations) through April<font class="nobreak"> </font>30, 2019, the Fund's portfolio turnover rate was 0% of the average value of its portfolio.</p></div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-bottom: 10pt; margin-top: 12pt">Under normal market conditions, the Fund will invest at least 80% of its total assets in the components of the Underlying Index. The Underlying Index is comprised of equity securities issued by U.S.-based issuers. The Underlying Index considers an issuer to be U.S.-based if it is domiciled or incorporated or has substantial business activity in the United States.</p> <p class="Text_flush" style="border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin: 0pt 0 10pt; padding: 0; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2">An issuer must have a high ranking across a composite of the following characteristics to be eligible for inclusion in the Underlying Index:</p> <p class="NL_m" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 36pt; margin-right: 0; margin-top: 10pt; orphans: 1; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: -18pt; widows: 1; margin-top: 10pt">1.&#160;&#160;&#160;&#160;Strong cash flows;</p> <p class="NL_m" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 36pt; margin-right: 0; margin-top: 10pt; orphans: 1; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: -18pt; widows: 1; margin-top: 0pt; margin-top: 0pt">2.&#160;&#160;&#160;&#160;Payment of dividends to shareholders;</p> <p class="NL_m" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 36pt; margin-right: 0; margin-top: 10pt; orphans: 1; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: -18pt; widows: 1; margin-top: 0pt; margin-top: 0pt">3.&#160;&#160;&#160;&#160;Net stock buybacks; and</p> <p class="NL_m" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 36pt; margin-right: 0; margin-top: 10pt; orphans: 1; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: -18pt; widows: 1; margin-top: 0pt; margin-top: 0pt">4.&#160;&#160;&#160;&#160;Net debt paydown.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">Each of these characteristics will be measured on a one<font class="nobreak">-month</font> to 12<font class="nobreak">-month</font> basis by the Underlying Index methodology, and no single measurement will be dispositive. Pursuant to its rules<font class="nobreak">-based</font> methodology, the Underlying Index initially selects the top 20% of stocks in the initial universe of U.S.<font class="nobreak">-based</font> issuers according to shareholder yield, which is based on a stock's dividend payments and net share buybacks. The Underlying Index then applies a number of valuation factors to the remaining stocks and selects the 100 stocks that exhibit, in the aggregate, the best combination of the following characteristics: strong cash flows and debt paydown, and high dividends paid to shareholders and net stock buybacks. The Underlying Index selects Index components based only on publicly available data and includes screens to limit its industry concentration to 25% in order to seek to ensure its liquidity and investability. The Underlying Index is rebalanced and reconstituted quarterly, and Index components are equally weighted at each rebalance.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">The Underlying Index will invest primarily in equity securities, including common stock, of U.S. companies. The Underlying Index may invest in securities of companies in any industry. Although the Underlying Index generally expects to invest in companies with larger market capitalizations, the Underlying Index may invest in small- and mid<font class="nobreak">-capitalization</font> companies.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> The Fund may invest up to 20% of its net assets in instruments not included in the Underlying Index, but which the Fund's investment adviser, Cambria Investment Management, L.P. ("Cambria" or the "Adviser"), believes will help the Fund track the Underlying Index. For example, there may be instances in which Cambria may choose to purchase or sell securities not in the Underlying Index which Cambria believes are appropriate to substitute for one or more such securities. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">The Fund employs a "passive management"&#151;or indexing&#151;investment approach and seeks to track the performance of the Underlying Index. To track the performance of the Underlying Index, the Fund intends to employ a replication strategy, which means that the Fund will typically invest in substantially all of the components of the Underlying Index in approximately the same weights as they appear in the Underlying Index.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> The Underlying Index was developed by Cambria Indices, LLC, an affiliate of Cambria, and is calculated by Solactive, AG, which is not affiliated with the Fund or Cambria. To the extent that the Underlying Index concentrates (<font class="Italic" style="font-style: italic; font-weight: normal">i.e.</font>, holds 25% or more of its total assets) in the securities of a particular sector, the Fund is expected to concentrate in that sector to approximately the same extent. As of July<font class="nobreak"> </font>31, 2019, the Fund and the Underlying Index were concentrated in the financial services sector and had significant exposure to companies in the consumer discretionary, information technology and industrial sectors.</p></div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-bottom: 10pt; margin-top: 12pt">Under normal market conditions, the Fund will invest at least 80% of its total assets in the components of the Underlying Index and in depositary receipts representing components of the Underlying Index. The Underlying Index is comprised of equity securities of issuers in developed foreign markets. The Underlying Index considers an issuer to be in a developed foreign market if it is domiciled or listed and traded in any of the following countries: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Italy, Japan, Jersey, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. The Underlying Index provider will update the list of developed foreign markets annually.</p> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">An issuer must have a high ranking across a composite of the following characteristics to be eligible for inclusion in the Underlying Index:</p> <p class="NL_m" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 36pt; margin-right: 0; margin-top: 10pt; orphans: 1; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: -18pt; widows: 1; margin-top: 10pt">1.&#160;&#160;&#160;&#160;Strong cash flows;</p> <p class="NL_m" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 36pt; margin-right: 0; margin-top: 10pt; orphans: 1; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: -18pt; widows: 1; margin-top: 0pt; margin-top: 0pt">2.&#160;&#160;&#160;&#160;Payment of dividends to shareholders;</p> <p class="NL_m" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 36pt; margin-right: 0; margin-top: 10pt; orphans: 1; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: -18pt; widows: 1; margin-top: 0pt; margin-top: 0pt">3.&#160;&#160;&#160;&#160;Net stock buybacks; and</p> <p class="NL_m" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 36pt; margin-right: 0; margin-top: 10pt; orphans: 1; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: -18pt; widows: 1; margin-top: 0pt; margin-top: 0pt">4.&#160;&#160;&#160;&#160;Net debt paydown.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">Each of these characteristics will be measured on a one<font class="nobreak">-month</font> to 12<font class="nobreak">-month</font> basis by the Underlying Index methodology, and no single measurement will be dispositive. Pursuant to the methodology of the Underlying Index, the 100 issuers that have exhibited, in the aggregate, the strongest cash flows, the highest dividends paid to shareholders, and net stock buybacks and debt paydown will be included in the Underlying Index. Although securities in the Underlying Index may be denominated in either the U.S. dollar or other currencies and may include securities of companies in any industry and of any market capitalization, the Underlying Index is weighted based only on publicly available data and includes screens to limit its country and its sector and industry concentration to 30% and 25%, respectively, in order to seek to ensure its liquidity and investability. Other screens also will exclude as components any foreign issuers whose securities are highly restricted or illegal for U.S. persons to own, including due to the imposition of sanctions by the U.S. Government. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> The Fund may invest up to 20% of its net assets in instruments not included in the Underlying Index, but which the Fund's investment adviser, Cambria Investment Management, L.P. ("Cambria" or the "Adviser"), believes will help the Fund track the Underlying Index. For example, there may be instances in which Cambria may choose to purchase or sell securities not in the Underlying Index which Cambria believes are appropriate to substitute for one or more such securities. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">The Fund employs a "passive management"&#151;or indexing&#151; investment approach and seeks to track the performance of the Underlying Index. To track the performance of the Underlying Index, the Fund intends to employ a replication strategy, which means that the Fund will typically invest in substantially all of the components of the Underlying Index in approximately the same weights as they appear in the Underlying Index. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> The Underlying Index was developed by Cambria Indices, LLC, an affiliate of Cambria, and is calculated by Solactive, AG, which is not affiliated with the Fund or Cambria. The Underlying Index is rebalanced and reconstituted quarterly. To the extent that the Underlying Index concentrates (<font class="Italic" style="font-style: italic; font-weight: normal">i.e.</font>, holds 25% or more of its total assets) in the securities of a particular industry or group of industries, the Fund is expected to concentrate to approximately the same extent. As of July<font class="nobreak"> </font>31, 2019, the Fund and the Underlying Index were concentrated in the financial services sector.</p></div> </div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-bottom: 10pt; margin-top: 12pt">Under normal market conditions, the Fund will invest at least 80% of its total assets in the components of the Underlying Index and in depositary receipts representing components of the Underlying Index. The Underlying Index is comprised of equity securities of issuers in emerging foreign markets. The Underlying Index considers an issuer to be in an emerging foreign market if it is domiciled or listed and traded in any of the following countries: Brazil, Colombia, Czech Republic, Greece, Hong Kong (Chinese domicile), Hungary, India, Indonesia, Malaysia, Mexico, Poland, Russia, South Africa, South Korea, Taiwan, Thailand, Turkey, or a market with similar characteristics as the aforementioned. The Underlying Index provider will update the list of emerging foreign markets annually. </p> </div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">An issuer must have a high ranking across a composite of the following characteristics to be eligible for inclusion in the Underlying Index:</p> <p class="NL_m" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 36pt; margin-right: 0; margin-top: 10pt; orphans: 1; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: -18pt; widows: 1; margin-top: 10pt">1.&#160;&#160;&#160;&#160;Strong cash flows;</p> <p class="NL_m" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 36pt; margin-right: 0; margin-top: 10pt; orphans: 1; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: -18pt; widows: 1; margin-top: 0pt; margin-top: 0pt">2.&#160;&#160;&#160;&#160;Payment of dividends to shareholders;</p> <p class="NL_m" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 36pt; margin-right: 0; margin-top: 10pt; orphans: 1; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: -18pt; widows: 1; margin-top: 0pt; margin-top: 0pt">3.&#160;&#160;&#160;&#160;Net stock buybacks; and</p> <p class="NL_m" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 36pt; margin-right: 0; margin-top: 10pt; orphans: 1; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: -18pt; widows: 1; margin-top: 0pt; margin-top: 0pt">4.&#160;&#160;&#160;&#160;Net debt paydown.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">Each of these characteristics will be measured on a one<font class="nobreak">-month</font> to 12<font class="nobreak">-month</font> basis by the Underlying Index methodology, and no single measurement will be dispositive. Pursuant to the methodology of the Underlying Index, the 100 issuers that have exhibited, in the aggregate, the strongest cash flows, the highest dividends paid to shareholders, and net stock buybacks and debt paydown will included in the Underlying Index. Although securities in the Underlying Index may be denominated in either the U.S. dollar or other currencies and may include securities of companies in any industry and of any market capitalization, the Underlying Index is weighted based only on publicly available data and includes screens to limit its country and sector concentration to 30% and 25%, respectively, in order to seek to ensure its liquidity and investability. Other screens also will exclude as components any foreign issuers whose securities are highly restricted or illegal for U.S. persons to own, including due to the imposition of sanctions by the U.S. Government. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> The Fund may invest up to 20% of its net assets in instruments not included in the Underlying Index, but which the Fund's investment adviser, Cambria Investment Management, L.P. ("Cambria" or the "Adviser"), believes will help the Fund track the Underlying Index. For example, there may be instances in which Cambria may choose to purchase or sell securities not in the Underlying Index which Cambria believes are appropriate to substitute for one or more such securities. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">The Fund employs a "passive management"&#151;or indexing&#151; investment approach and seeks to track the performance of the Underlying Index. To track the performance of the Underlying Index, the Fund intends to employ a replication strategy, which means that the Fund will typically invest in substantially all of the components of the Underlying Index in approximately the same proportions as the Underlying Index. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> The Underlying Index was developed by Cambria Indices, LLC, an affiliate of Cambria, and is calculated by Solactive, AG, which is not affiliated with the Fund or Cambria. The Underlying Index is rebalanced and reconstituted quarterly.&#160; To the extent that the Underlying Index concentrates (<font class="Italic" style="font-style: italic; font-weight: normal">i.e.</font>, holds 25% or more of its total assets) in the securities of a particular industry or group of industries, the Fund is expected to concentrate to approximately the same extent. As of July<font class="nobreak"> </font>31, 2019, neither the Fund nor the Underlying Index were concentrated in an industry or group of industries, but both had significant exposure to companies in the information technology and materials sectors.</p></div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">Under normal market conditions, at least 80% of the value of the Fund's net assets (plus borrowings for investment purposes) will be invested in sovereign and quasi<font class="nobreak">-sovereign</font> bonds. For the purposes of this policy, sovereign and quasi<font class="nobreak">-sovereign</font> bonds include such securities and instruments that provide exposure to securities that invest in or have exposure to such bonds, including exchange<font class="nobreak">-traded</font> products ("ETPs") such as exchange<font class="nobreak">-traded</font> funds ("ETFs") and exchange<font class="nobreak">-traded</font> notes ("ETNs"). The Fund will invest in emerging and developed countries, including countries located in the G<font class="nobreak">-20</font> and other countries. Potential issuer countries include, but are not limited to, Argentina, Australia, Brazil, Canada, Chile, China, Colombia, members of the European Union, including Croatia, Greece, Hungary, Italy, Poland, and Romania, Hong Kong, India, Israel, Indonesia, Japan, Malaysia, Mexico, New Zealand, Norway, Peru, the Philippines, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Sweden, Switzerland, Taiwan, Thailand, Turkey, the United Kingdom and the United States. </p> </div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">Sovereign bonds include debt securities issued by a national government, instrument or political sub<font class="nobreak">-division</font>. Quasi<font class="nobreak">-sovereign</font> bonds include debt securities issued by a supra<font class="nobreak">-national</font> government or a state<font class="nobreak">-owned</font> enterprise or agency.&#160;The sovereign and quasi<font class="nobreak">-sovereign</font> bonds that the Fund invests in may be denominated in local and foreign currencies. The Fund may invest in securities of any duration or maturity.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">The Fund may invest up to 20% of its net assets in ETPs, including ETFs and ETNs, that invest in or provide exposure to sovereign and quasi<font class="nobreak">-sovereign</font> bonds, money market instruments or other high quality debt securities, cash or cash equivalents.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> The Fund's investment adviser, Cambria Investment Management, L.P. ("Cambria" or the "Adviser"), utilizes a quantitative model to select sovereign and quasi<font class="nobreak">-sovereign</font> bond exposures for the Fund. The model reviews various characteristics of potential investments, with yield as the largest determinant. Accordingly, the Fund may invest in high yield bonds rated below investment grade by Moody's Investors Service, Standard &#38; Poor's or Fitch Ratings (commonly referred to as "junk bonds"), or unrated bonds that are determined by Cambria to be of such credit quality. By considering together the various characteristics of potential investments, the model identifies potential allocations for the Fund, as well as opportune times to make such allocations. A screen excludes foreign issuers whose securities are highly restricted or illegal for U.S. persons to own, including due to the imposition of sanctions by the U.S. Government. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">Cambria has discretion on a daily basis to actively manage the Fund's portfolio in accordance with the Fund's investment objective. The Fund may sell a security when Cambria believes that the security is overvalued or better investment opportunities are available, to invest in cash and cash equivalents, or to meet redemptions. Cambria expects to rebalance to target allocations at least quarterly. As a result, the Fund may experience high portfolio turnover.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">The Fund is non<font class="nobreak">-diversified</font>.</p></div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">Under normal market conditions, the Fund will invest at least 80% of its total assets in the components of the Underlying Index and in depositary receipts representing components of the Underlying Index. The Underlying Index is comprised of equity securities of issuers located in developed and emerging countries, as well as exchange<font class="nobreak">-traded</font> funds composed of issuers located in such countries.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">To be eligible for inclusion in the Underlying Index, an issuer must be domiciled, trade in or have exposure to a market that is undervalued, according to various valuation metrics including the cyclically adjusted price<font class="nobreak">-to-earnings</font> ratio, commonly known as the "CAPE Shiller P/E ratio." These valuation metrics are derived by dividing the current market value of a reference index or asset by an inflation<font class="nobreak">-adjusted</font> normalized factor (typically earnings, book value, dividends, cash flows or sales) over the past seven to 10 years. The Underlying Index uses systematic quantitative screens to attempt to avoid overvalued markets on both a relative and absolute level. Although securities in the Underlying Index may be denominated in either the U.S. dollar or other currencies and may include securities of companies in any industry and may be of any market capitalization, the Underlying Index is weighted based only on publicly available data and includes screens to limit its country, sector and industry concentration to seek to ensure its liquidity and investability. Other screens also will exclude as components any foreign issuers whose securities are highly restricted or illegal for U.S. persons to own, including due to the imposition of sanctions by the U.S. Government. At least 40% of the Underlying Index is expected to be composed of securities of issuers located in at least three countries (including the United States).</p> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">The Fund employs a "passive management" &#151; or indexing &#151; investment approach and seeks to track the performance of the Underlying Index. To track the performance of the Underlying Index, the Fund intends to employ a replication strategy, which means that the Fund will typically invest in substantially all of the components of the Underlying Index in approximately the same weights as they appear in the Underlying Index.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> The Fund may invest up to 20% of its net assets in instruments not included in the Underlying Index, but which the Fund's investment adviser, Cambria Investment Management, L.P. ("Cambria" or the "Adviser"), believes will help the Fund track the Underlying Index. For example, there may be instances in which Cambria may choose to purchase or sell securities not in the Underlying Index which Cambria believes are appropriate to substitute for one or more such securities. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> The Underlying Index was developed by Cambria Indices, LLC (the "Index Provider"), an affiliate of Cambria, and is calculated by Solactive, AG, which is not affiliated with the Fund or Cambria. The Index Provider rebalances and reconstitutes the Underlying Index yearly. To the extent that the Underlying Index concentrates (<font class="Italic" style="font-style: italic; font-weight: normal">i.e.</font>, holds 25% or more of its total assets) in the securities of a particular industry or group of industries, the Fund is expected to concentrate to approximately the same extent. As of July<font class="nobreak"> </font>31, 2019, the Fund and the Underlying Index were concentrated in the financial services sector and had significant exposure to companies in the energy and materials sectors. </p></div></div></div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><table class="No-Table-Style" style="width: 100%; border-collapse: collapse; border: #000 0px solid; border-width: 0pt; margin: 10pt 0"><tr class="No-Table-Style _idGenTableRowColumn-19" style="height: 12pt"><td class="TB" style="border-width: 0pt; padding: 3pt 0pt; vertical-align: bottom; padding-right: 3pt; vertical-align: top; width: 48.8%; padding-top: 0in; padding-right: 0in; padding-bottom: 3px; padding-left: 0in; border-top-width: 0pt; border-right-width: 0pt; border-bottom-width: 0pt; border-left-width: 0pt; vertical-align: top"><p class="Texttable" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 0; orphans: 1; page-break-after: auto; page-break-before: auto; text-align: left; text-indent: 0; widows: 1; margin-top: 8pt; text-align: justify"> The Fund is considered a "fund of funds" that seeks to achieve its investment objective by primarily investing in other exchange<font class="nobreak">-traded</font> funds (the "ETFs") and other exchange traded products ("ETPs") including, but not limited to, exchange<font class="nobreak">-traded</font> notes ("ETNs"), exchange traded currency trusts, closed<font class="nobreak">-end</font> funds, and real estate investment trusts (together, "Underlying Vehicles") that offer diversified exposure, including inverse exposure, to global regions (including emerging markets), countries, styles (<font class="Italic" style="font-style: italic; font-weight: normal">i.e.</font>, market capitalization, value, growth, etc.) and sectors. The Fund will invest in Underlying Vehicles, including affiliated and unaffiliated ETPs, spanning all the major world asset and instrument classes including equities, bonds (including high yield bonds, which are commonly referred to as "junk bonds"), real estate, derivatives, commodities, and currencies. </p> <p class="Texttable" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 0; orphans: 1; page-break-after: auto; page-break-before: auto; text-align: left; text-indent: 0; widows: 1; margin-top: 8pt; text-align: justify"> The Fund's investment adviser, Cambria Investment Management, L.P. ("Cambria" or the "Adviser"), will actively manage the Fund's portfolio utilizing a quantitative strategy with risk management controls in an attempt to protect capital. Cambria's model combines momentum and trend factors to select Underlying Vehicles for the Fund. Quantitative screens exclude foreign issuers whose securities are highly restricted or illegal for U.S. persons to own, including due to the imposition of sanctions by the U.S. Government. The Fund looks to allocate to the top<font class="nobreak">-performing</font> assets based on absolute and relative momentum, typically measured over periods of less than two years. </p> <p class="Texttable" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 0; orphans: 1; page-break-after: auto; page-break-before: auto; text-align: left; text-indent: 0; widows: 1; margin-top: 8pt; text-align: justify"> Through Underlying Vehicles, the Fund may have exposure to companies in any industry and of any market capitalization. In addition to Underlying Vehicles, the Fund may invest up to 20% of its net assets directly in other securities and financial instruments, including futures, cash and cash equivalents. Under normal market conditions, the Fund expects to invest at least 40% of its net assets in securities of issuers located in at least three different countries (including the United States). </p> <p class="Texttable" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 0; orphans: 1; page-break-after: auto; page-break-before: auto; text-align: left; text-indent: 0; widows: 1; margin-top: 8pt; text-align: justify"> The Fund may sell a security when Cambria believes that the security is overvalued or better investment opportunities are available, to invest in cash and cash equivalents, or to meet redemptions. Cambria expects to rebalance to target allocations monthly. As a result, the Fund may experience high portfolio turnover. </p> </td> <td class="TB" style="border-width: 0pt; padding: 3pt 0pt; vertical-align: bottom; vertical-align: top; width: 1.2%; padding-top: 0in; padding-right: 0in; padding-bottom: 3px; padding-left: 0in; border-top-width: 0pt; border-right-width: 0pt; border-bottom-width: 0pt; border-left-width: 0pt; white-space: nowrap; vertical-align: top">&#160;</td> <td class="TB" style="border-width: 0pt; padding: 3pt 0pt; vertical-align: bottom; vertical-align: top; width: 50%; padding-top: 0in; padding-right: 0in; padding-bottom: 3px; padding-left: 0in; border-top-width: 0pt; border-right-width: 0pt; border-bottom-width: 0pt; border-left-width: 0pt; vertical-align: top"> <p class="BL_table" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; list-style-position: outside; list-style-type: disc; margin-bottom: 0; margin-left: 12pt; margin-right: 0; margin-top: 8pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: left; text-indent: -12pt; widows: 2; margin-left: 36pt; text-align: justify"> <font class="bullet" style="font-size: 10pt">&#149;&#160;&#160;&#160;</font><font class="Bold" style="font-style: normal; font-weight: bold">ETFs</font> are registered investment companies whose shares are exchange<font class="nobreak">-traded</font> and give investors a proportional interest in the pool of securities and other assets held by the ETF. </p> <p class="BL_table" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; list-style-position: outside; list-style-type: disc; margin-bottom: 0; margin-left: 12pt; margin-right: 0; margin-top: 8pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: left; text-indent: -12pt; widows: 2; margin-left: 36pt; text-align: justify"> <font class="bullet" style="font-size: 10pt">&#149;&#160;&#160;&#160;</font><font class="Bold" style="font-style: normal; font-weight: bold">ETPs</font> are exchange<font class="nobreak">-traded</font> equity securities whose value derives from an underlying asset or portfolio of assets, which may correlate to a benchmark, such as a commodity, currency, interest rate or index. ETFs are one type of ETP. </p> <p class="BL_table" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; list-style-position: outside; list-style-type: disc; margin-bottom: 0; margin-left: 12pt; margin-right: 0; margin-top: 8pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: left; text-indent: -12pt; widows: 2; margin-left: 36pt; text-align: justify"> <font class="bullet" style="font-size: 10pt">&#149;&#160;&#160;&#160;</font><font class="Bold" style="font-style: normal; font-weight: bold">ETNs</font> are unsecured and unsubordinated debt securities whose value derives, in part, from an underlying asset or benchmark and, in part, from the credit quality of the issuer. </p></td></tr></table></div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">The Fund will seek to achieve its investment objective by investing, under normal market conditions, at least 80% of the value of the Fund's net assets in U.S. exchange<font class="nobreak">-listed</font> equity securities that are undervalued according to various valuation metrics, including the cyclically adjusted price<font class="nobreak">-to-earnings</font> ratio, commonly known as the "CAPE Shiller P/E ratio." For the purposes of this policy, the Fund may invest in investments that provide exposure to such securities. These valuation metrics are derived by dividing the current market value of a reference index or asset by an inflation<font class="nobreak">-adjusted</font> normalized factor (typically earnings, book value, dividends, cash flows or sales) over the past seven to ten years. The Fund's investment adviser, Cambria Investment Management, L.P. ("Cambria" or the "Adviser"), intends to employ systematic quantitative strategies in an effort to avoid overvalued and downtrending markets. </p> </div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> In attempting to avoid overvalued and downtrending markets, the Fund may hedge up to 100% of the value of the Fund's long portfolio. The Fund may use derivatives, including U.S. exchange<font class="nobreak">-traded</font> stock index futures or options thereon, to attempt to effectuate such hedging during times when Cambria believes that the U.S. equity market is overvalued from a valuation standpoint, or Cambria's models identify unfavorable trends and momentum in the U.S. equity market. During certain periods, including to collateralize the Fund's investments in futures contracts, the Fund may invest up to 20% of the value of its net assets in U.S. dollar and non<font class="nobreak">-U</font>.S. dollar denominated money market instruments or other high quality debt securities, or ETFs that invest in these instruments. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">The Fund may invest in securities of companies in any industry, but will limit the maximum allocation to any particular sector to 25%. Although the Fund generally expects to invest in companies with larger market capitalizations, the Fund may also invest in small- and mid<font class="nobreak">-capitalization</font> companies. Filters will be implemented to screen for companies that pass sector concentration and liquidity requirements. Screens also will exclude foreign issuers whose securities are highly restricted or illegal for U.S. persons to own, including due to the imposition of sanctions by the U.S. Government.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">Cambria will utilize a quantitative model that combines value and momentum factors to identify which securities the Fund may purchase and sell and opportune times for purchases and sales. The Fund will look to allocate to the top performing value stocks based on value factors as well as absolute and relative momentum. Value will typically be measured on a longer time horizon (five to ten years) than momentum (typically less than one year).</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">The Fund may invest in U.S. exchange<font class="nobreak">-listed</font> preferred stocks. Preferred stocks include convertible and non<font class="nobreak">-convertible</font> preferred and preference stocks that are senior to common stock. The Fund may also invest in U.S. exchange<font class="nobreak">-listed</font> real estate investment trusts ("REITs") and engage in short sales of securities.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">Cambria has discretion on a daily basis to actively manage the Fund's portfolio in accordance with the Fund's investment objective. The Fund may sell a security when Cambria believes that the security is overvalued or better investment opportunities are available, to invest in cash and cash equivalents, or to meet redemptions. Cambria expects to rebalance to target allocations monthly. As a result, the Fund may experience high portfolio turnover.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> As of July<font class="nobreak"> </font>31, 2019, the Fund was concentrated in the financial services sector and had significant exposure to companies in the consumer discretionary sector.</p></div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">The Fund is designed to provide absolute positive returns with reduced downside volatility, manageable risk, and smaller drawdowns (<font class="Italic" style="font-style: italic; font-weight: normal">i.e.</font>, peak<font class="nobreak">-to-trough</font> declines in performance) by identifying an investable portfolio of exchange<font class="nobreak">-traded</font> vehicles that provide diversified exposure to all of the major asset classes in the various regions, countries and sectors around the globe. Under normal market conditions, the Fund invests at least 80% of its total assets in affiliated and unaffiliated exchange<font class="nobreak">-traded</font> funds ("ETFs") and other exchange<font class="nobreak">-traded</font> products ("ETPs") (collectively, "Underlying Vehicles") that provide exposure to various (i) investment asset classes, including equity and fixed income securities, real estate, commodities, and currencies, and (ii) factors such as value, momentum, and trend investing. The Fund invests in Underlying Vehicles that seek exposure to undervalued markets, according to various valuation metrics, such as the cyclically adjusted price<font class="nobreak">-to-earnings</font> ratio, commonly known as the "CAPE Shiller P/E ratio, while seeking to avoid overvalued markets through the use of systematic quantitative screens. The Fund also invests in Underlying Vehicles with momentum and trend following strategies. Momentum and trend following strategies, both of which are based on quantitative and algorithmic models, attempt to (1) invest in assets when their prices are in an uptrend (<font class="Italic" style="font-style: italic; font-weight: normal">i.e.</font>, prices are increasing over a specified time period) and/or increasing relative to the prices of other assets, and (2) sell assets when their prices are in a downtrend (<font class="Italic" style="font-style: italic; font-weight: normal">i.e.</font>, prices are decreasing over a specified time period) and/or decreasing relative to the prices of other assets. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> Under normal market conditions, the Fund's investment adviser, Cambria Investment Management, L.P. ("Cambria" or the "Adviser"), selects Underlying Vehicles that provide exposures of approximately 45% to equity securities, 45% to fixed income securities and 10% to other asset classes, such as commodities and currencies. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> Under normal market conditions, Cambria allocates approximately 40% of the Fund's total assets to long positions in foreign companies' equity or debt securities or foreign currencies. The Fund defines foreign companies as those domiciled or listed and traded outside of the U.S. The Fund defines equity exposures to include Underlying Vehicles that track the performance of stock indices, closed<font class="nobreak">-end</font> funds, real estate investment trusts ("REITs"), exchange<font class="nobreak">-traded</font> currency trusts, common stock, preferred stock and convertible securities of issuers of any market capitalization. The Fund defines fixed income exposures to include Underlying Vehicles that track the performance of fixed income indices, exchange<font class="nobreak">-traded</font> notes, securities issued by the U.S. Government and its agencies, sovereign debt and corporate bonds of any credit quality, including high yield (or "junk") bonds. The Fund defines commodity and currency exposures to include Underlying Vehicles that track the performance of commodity and currency indices. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> The Fund is considered a "fund of funds" that seeks to achieve its investment objective by primarily investing in Underlying Vehicles, including affiliated ETFs, that offer diversified exposure to all of the major asset classes in the various regions, countries, and sectors around the globe. The Fund may invest up to 20% of its net assets in instruments that are not Underlying Vehicle, but which Cambria believes will help the Fund achieve its investment objective, including futures, options, swap contracts, cash and cash equivalents, and money market funds. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> Cambria has discretion to actively manage the Fund's portfolio in accordance with the Fund's investment objective. The Fund may sell a security when Cambria believes that the security is overvalued or better investment opportunities are available, to invest in cash and cash equivalents, or to meet redemptions. Cambria expects to rebalance to target allocations at least annually. </p></div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"></p> </div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> The Fund is actively managed and seeks to achieve its investment objective by investing in cash and U.S. government bonds, and utilizing a put option strategy to manage the risk of a significant negative movement in the value of domestic equities (commonly referred to as tail risk) over rolling one<font class="nobreak">-month</font> periods. To hedge against sharp declines in the U.S. stock market, each month, the Fund purchases U.S. exchange<font class="nobreak">-listed</font> protective "out of the money" put options on U.S. stock indices. The Fund's investment adviser, Cambria Investment Management, L.P. ("Cambria" or the "Adviser"), intends to spend approximately one percent of the Fund's total assets per month to purchase put options. Cambria generally targets put options in the 0% to 30% out of the money range. Buying a put option provides the purchaser the right to sell the underlying index to the put seller at a specified price within a specified time period. There is an associated cost (premium), but in the event the underlying index declines in value, ownership of the put may reduce the downside risk. In the event the market rises, the cost of the option might be lost. For example, if the Fund purchases a put option on the S&#38;P 500 Index ("SPX Put"), the Fund pays a premium to the option seller, which decreases the Fund's return. If, however, the value of the S&#38;P 500 Index falls below the SPX Put's strike price, the option finishes "in<font class="nobreak">-the-money</font>" and the option seller pays the Fund the difference between the strike price and the value of the S&#38;P 500 Index. By employing the put option strategy, Cambria seeks growth with reduced volatility as compared to the cash and U.S. bonds. </p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> Cambria has implemented the put option strategy to attempt to provide protection from significant market declines on a month<font class="nobreak">-by-month</font> basis. The bulk of this protection comes in the form of put options on indices that track the performance of U.S. equity securities. Cambria generally intends to re<font class="nobreak">-initiate</font> new options positions that make up the put option position each month and reinvest any gains from these activities into U.S. bonds. Cambria also may, at its discretion, liquidate and establish new option positions intra<font class="nobreak">-month</font>, or liquidate option positions without establishing new positions. The put option strategy only includes exchange<font class="nobreak">-listed</font> put options.</p></div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">To achieve it investment objective, the Fund uses a combination of several strategies to produce capital appreciation while reducing risk exposure across market conditions. Under normal market conditions, at least 80% of the value of the Fund's net assets (plus borrowings for investment purposes) will be invested in equity securities.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">The Fund invests primarily in U.S. equity securities that tend to offer current dividends. The Fund focuses on high<font class="nobreak">-quality</font> companies that have prospects for long<font class="nobreak">-term</font> total returns as a result of their ability to grow earnings and their willingness to increase dividends over time. These stocks typically&#151;but not always&#151;will be large<font class="nobreak">-cap</font>, and will show potential for increasing dividends. The Fund seeks to be diversified across industry sectors and regions. Under normal circumstances, the Fund also sells exchange traded index call options and purchases exchange traded index put options. Writing index call options reduces the Fund's volatility, provides steady cash flow and is an important source of the Fund's return, although it also reduces the Fund's ability to profit from increases in the value of its equity portfolio. The Fund also buys index put options, which can protect the Fund from a significant market decline that may occur over a short period of time. The value of an index put option generally increases as the prices of the stocks constituting the index decrease, and decreases as those stocks increase in price. From time to time, the Fund may reduce its holdings of put options, resulting in an increased exposure to a market decline. The combination of the diversified stock portfolio, the steady cash flow from the sale of index call options and the downside protection from index put options is intended to provide the Fund with the majority of the returns associated with equity market investments while exposing investors to less risk than other equity investments.</p> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">The Fund opportunistically invests where option pricing provides favorable risk/reward models and where gains can be attained independent of the direction of the broader U.S. equity market. The Fund uses proprietary models and analysis of historical portfolio profit and loss information to identify favorable option trading opportunities, including favorable call and put option spreads. In addition, the Fund's investment strategy, with respect to both equity investing and options trading, takes into account fundamental business and macroeconomic factors. However, the Fund employs discretionary trading models, and outputs from these models influence but do not dictate equity investment and options trading decisions. The Fund typically rebalances its equity holdings on a quarterly basis. The Fund aims to preserve capital, particularly in down markets (including major market drawdowns), by using put option spreads as a form of mitigation risk. Option positions are held until either they expire or are liquidated to either capture gains as option expirations approach or to adjust positions to reduce or prevent losses and to take other potentially profitable positions.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt"> As of July<font class="nobreak"> </font>31, 2019, the Fund was concentrated in the financial services sector and had significant exposure to companies in the consumer discretionary, industrial, and information technology sectors. </p></div></div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">The Fund is designed to provide diversified exposure to all of the major asset classes in the various regions, countries and sectors around the globe and absolute positive returns with lower volatility and risk compared to global equity markets. The major asset classes represented in the Fund are equity and fixed income securities, real estate, commodities, listed derivatives, and currencies.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">Under normal market conditions, the Fund invests at least 80% of its total assets in affiliated and unaffiliated exchange-traded funds ("ETFs") and other exchange-traded products ("ETPs") (collectively, "Underlying Vehicles") that provide exposure to various (i) investment asset classes, including equity and fixed income securities, real estate, commodities, and currencies, and (ii) factors such as value, momentum, and trend investing. The Fund invests in Underlying Vehicles that seek exposure to undervalued markets, according to various valuation metrics, such as the cyclically adjusted price-to-earnings ratio, commonly known as the "CAPE Shiller P/E ratio, while seeking to avoid overvalued markets through the use of systematic quantitative screens. The Fund also invests in Underlying Vehicles with momentum and trend following strategies. Momentum and trend following strategies, both of which are based on quantitative and algorithmic models, attempt to (1) invest in assets when their prices are in an uptrend (<i>i.e.</i>, prices are increasing over a specified time period) and/or increasing relative to the prices of other assets, and (2) sell or short assets when their prices are in a downtrend (<i>i.e.</i>, prices are decreasing over a specified time period) and/or decreasing relative to the prices of other assets. The Fund also invests in other Underlying Vehicles that pursue shareholder yield and managed futures strategies, which involve dividend investing and short sales, respectively.</p> </div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">Under normal market conditions, the Fund's investment adviser, Cambria Investment Management, L.P. ("Cambria" or the "Adviser"), selects Underlying Vehicles that provide the Fund with a targeted allocation of approximately 25% of its portfolio to equity securities, 25% to fixed income securities, 35% to trend following strategies, and 10% to other asset classes such as currencies and real assets, including commodities, listed derivatives, and real estate. As of August 21, 2019, the Fund invests in 17 Underlying Vehicles that provide investment exposure to these various asset classes and strategies.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">The Fund defines equity securities to include exposure through Underlying Vehicles to equity securities, including, but not limited to, REITs and common stocks of issuers of any market capitalization. The Fund defines fixed income securities to include exposure through Underlying Vehicles to securities issued by the U.S. Government and its agencies, treasury inflation-protected securities (TIPS), sovereign debt and corporate bonds of any credit quality, including high yield (or "junk") bonds. The equity securities and fixed income securities may be issued by governments or companies located in developed or emerging markets.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">The Fund is considered a "fund of funds" that seeks to achieve its investment objective by primarily investing in Underlying Vehicles, including affiliated ETFs, that offer diversified exposure to all of the major asset classes in the various regions, countries, and sectors around the globe. The Fund may invest up to 20% of its net assets in instruments that are not Underlying Vehicles, but which Cambria believes will help the Fund achieve its investment objective, including, but not limited to, futures, options, swap contracts, cash and cash equivalents, and money market funds.</p> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">Cambria has discretion to actively manage the Fund's portfolio in accordance with the Fund's investment objective. The Fund may sell a security when Cambria believes that the security is overvalued or better investment opportunities are available, to invest in cash and cash equivalents, or to meet redemptions. Cambria expects to rebalance to target allocations at least annually.</p></div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">Average annual total returns are shown on a before- and after<font class="nobreak">-tax</font> basis for the Fund. After<font class="nobreak">-tax</font> returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after<font class="nobreak">-tax</font> returns depend on an investor's tax situation and may differ from those shown. After<font class="nobreak">-tax</font> returns shown are not relevant to investors who hold shares through tax<font class="nobreak">-deferred</font> arrangements, such as 401(k) plans or individual retirement plans. </p></div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-bottom: 10pt; margin-top: 12pt">Average annual total returns are shown on a before- and after<font class="nobreak">-tax</font> basis for the Fund. After<font class="nobreak">-tax</font> returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after<font class="nobreak">-tax</font> returns depend on an investor's tax situation and may differ from those shown. After<font class="nobreak">-tax</font> returns shown are not relevant to investors who hold shares through tax<font class="nobreak">-deferred</font> arrangements, such as 401(k) plans or individual retirement plans.</p></div> <p style="margin: 0pt">Average annual total returns are shown on a before- and after<font class="nobreak">-tax</font> basis for the Fund. After<font class="nobreak">-tax</font> returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after<font class="nobreak">-tax</font> returns depend on an investor's tax situation and may differ from those shown. After<font class="nobreak">-tax</font> returns shown are not relevant to investors who hold shares through tax<font class="nobreak">-deferred</font> arrangements, such as 401(k) plans or individual retirement plans.</p> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-bottom: 10pt; margin-top: 12pt">Average annual total returns are shown on a before- and after<font class="nobreak">-tax</font> basis for the Fund. After<font class="nobreak">-tax</font> returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after<font class="nobreak">-tax</font> returns depend on an investor's tax situation and may differ from those shown. After<font class="nobreak">-tax</font> returns shown are not relevant to investors who hold shares through tax<font class="nobreak">-deferred</font> arrangements, such as 401(k) plans or individual retirement plans.</p> </div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"> <p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">Average annual total returns are shown on a before- and after<font class="nobreak">-tax</font> basis for the Fund. After<font class="nobreak">-tax</font> returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after<font class="nobreak">-tax</font> returns depend on an investor's tax situation and may differ from those shown. After<font class="nobreak">-tax</font> returns shown are not relevant to investors who hold shares through tax<font class="nobreak">-deferred</font> arrangements, such as 401(k) plans or individual retirement plans.</p> </div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">Average annual total returns are shown on a before- and after<font class="nobreak">-tax</font> basis for the Fund. After<font class="nobreak">-tax</font> returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after<font class="nobreak">-tax</font> returns depend on an investor's tax situation and may differ from those shown. After<font class="nobreak">-tax</font> returns shown are not relevant to investors who hold shares through tax<font class="nobreak">-deferred</font> arrangements, such as 401(k) plans or individual retirement plans.</p></div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">Average annual total returns are shown on a before- and after<font class="nobreak">-tax</font> basis for the Fund. After<font class="nobreak">-tax</font> returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after<font class="nobreak">-tax</font> returns depend on an investor's tax situation and may differ from those shown. After<font class="nobreak">-tax</font> returns shown are not relevant to investors who hold shares through tax<font class="nobreak">-deferred</font> arrangements, such as 401(k) plans or individual retirement plans.</p></div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">Average annual total returns are shown on a before- and after<font class="nobreak">-tax</font> basis for the Fund. After<font class="nobreak">-tax</font> returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after<font class="nobreak">-tax</font> returns depend on an investor's tax situation and may differ from those shown. After<font class="nobreak">-tax</font> returns shown are not relevant to investors who hold shares through tax<font class="nobreak">-deferred</font> arrangements, such as 401(k) plans or individual retirement plans.</p></div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">Average annual total returns are shown on a before- and after<font class="nobreak">-tax</font> basis for the Fund. After<font class="nobreak">-tax</font> returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after<font class="nobreak">-tax</font> returns depend on an investor's tax situation and may differ from those shown. After<font class="nobreak">-tax</font> returns shown are not relevant to investors who hold shares through tax<font class="nobreak">-deferred</font> arrangements, such as 401(k) plans or individual retirement plans.</p></div> <div class="Basic-Text-Frame" style="margin: 0; padding: 0; border-width: 0; border-style: solid"><p class="Text_flush" style="margin: 0; padding: 0; border-width: 0; font: normal 10pt Times New Roman PS Std, serif; margin-bottom: 0; margin-left: 0; margin-right: 0; margin-top: 12pt; orphans: 2; page-break-after: auto; page-break-before: auto; text-align: justify; text-indent: 0; widows: 2; margin-top: 12pt">Average annual total returns are shown on a before- and after<font class="nobreak">-tax</font> basis for the Fund. After<font class="nobreak">-tax</font> returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after<font class="nobreak">-tax</font> returns depend on an investor's tax situation and may differ from those shown. After<font class="nobreak">-tax</font> returns shown are not relevant to investors who hold shares through tax<font class="nobreak">-deferred</font> arrangements, such as 401(k) plans or individual retirement plans.</p></div> 0.28 0.53 1.15 0.37 0.20 2.04 0.02 0.56 0.21 0.00 Under normal market conditions, the Fund will invest at least 80% of its total assets in the components of the Underlying Index. The Underlying Index is comprised of equity securities issued by U.S.-based issuers. The Underlying Index considers an issuer to be U.S.-based if it is domiciled or incorporated or has substantial business activity in the United States. In addition, to the extent that the Underlying Index concentrates (i.e., holds 25% or more of its total assets) in the securities of a particular sector, the Fund is expected to concentrate in that sector to approximately the same extent. As of July 31, 2019, the Fund and the Underlying Index were concentrated in the financial services sector and had significant exposure to companies in the consumer discretionary, information technology and industrial sectors. Under normal market conditions, the Fund will invest at least 80% of its total assets in the components of the Underlying Index and in depositary receipts representing components of the Underlying Index. In addition, to the extent that the Underlying Index concentrates (i.e., holds 25% or more of its total assets) in the securities of a particular industry or group of industries, the Fund is expected to concentrate to approximately the same extent. As of July 31, 2019, the Fund and the Underlying Index were concentrated in the financial services sector. Under normal market conditions, the Fund will invest at least 80% of its total assets in the components of the Underlying Index and in depositary receipts representing components of the Underlying Index. In addition, to the extent that the Underlying Index concentrates (i.e., holds 25% or more of its total assets) in the securities of a particular industry or group of industries, the Fund is expected to concentrate to approximately the same extent. As of July 31, 2019, neither the Fund nor the Underlying Index were concentrated in an industry or group of industries, but both had significant exposure to companies in the information technology and materials sectors. Under normal market conditions, at least 80% of the value of the Fund’s net assets (plus borrowings for investment purposes) will be invested in sovereign and quasi-sovereign bonds. Under normal market conditions, the Fund will invest at least 80% of its total assets in the components of the Underlying Index and in depositary receipts representing components of the Underlying Index. In addition, to the extent that the Underlying Index concentrates (i.e., holds 25% or more of its total assets) in the securities of a particular industry or group of industries, the Fund is expected to concentrate to approximately the same extent. As of July 31, 2019, the Fund and the Underlying Index were concentrated in the financial services sector and had significant exposure to companies in the energy and materials sectors. Under normal market conditions, at least 80% of the value of the Fund's net assets in U.S. exchange-listed equity securities that are undervalued according to various valuation metrics, including the cyclically adjusted price-to-earnings ratio, commonly known as the "CAPE Shiller P/E ratio." For the purposes of this policy, the Fund may invest in investments that provide exposure to such securities. As of July 31, 2019, the Fund was concentrated in the financial services sector and had significant exposure to companies in the consumer discretionary sector. Under normal market conditions, the Fund invests at least 80% of its total assets in affiliated and unaffiliated exchange-traded funds ("ETFs") and other exchange-traded products ("ETPs") (collectively, "Underlying Vehicles") that provide exposure to various (i) investment asset classes, including equity and fixed income securities, real estate, commodities, and currencies, and (ii) factors such as value, momentum, and trend investing. You may also pay brokerage commissions on the purchase and sale of Shares, which are not reflected in the table. You may also pay brokerage commissions on the purchase and sale of Shares, which are not reflected in the table You may also pay brokerage commissions on the purchase and sale of Shares, which are not reflected in the table. You may also pay brokerage commissions on the purchase and sale of Shares, which are not reflected in the table. You may also pay brokerage commissions on the purchase and sale of Shares, which are not reflected in the table. You may also pay brokerage commissions on the purchase and sale of Shares, which are not reflected in the table. You may also pay brokerage commissions on the purchase and sale of Shares, which are not reflected in the table. You may also pay brokerage commissions on the purchase and sale of Shares, which are not reflected in the table. You may also pay brokerage commissions on the purchase and sale of Shares, which are not reflected in the table. You may also pay brokerage commissions on the purchase and sale of Shares, which are not reflected in the table. You may also pay brokerage commissions on the purchase and sale of Shares, which are not reflected in the table. An investor may lose money by investing in the Fund. An investor may lose money by investing in the Fund. An investor may lose money by investing in the Fund. An investment in the Fund involves risk An investment in the Fund involves risk An investment in the Fund involves risk An investment in the Fund involves risk An investment in the Fund involves risk. An investment in the Fund involves risk An investment in the Fund involves risk. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The following bar chart and table indicate the risks of investing in the Fund by showing how the Fund’s average annual total returns compare with those of the Index as well as a relevant index that provides a broad measure of market performance. The following bar chart and table indicate the risks of investing in the Fund by showing how the Fund's average annual total returns compare with those of the Index as well as a relevant index that provides a broad measure of market performance. The following bar chart and table indicate the risks of investing in the Fund by showing how the Fund’s average annual total returns compare with those of the Index as well as a relevant index that provides a broad measure of market performance. The following bar chart and table indicate the risks of investing in the Fund by showing how the Fund’s average annual total returns compare with those of a relevant index that provides a broad measure of market performance. The following bar chart and table indicate the risks of investing in the Fund by showing how the Fund’s average annual total returns compare with those of the Index as well as a relevant index that provides a broad measure of market performance. The following bar chart and table indicate the risks of investing in the Fund by showing how the Fund’s average annual total returns compare with those of a relevant index that provides a broad measure of market performance. The following bar chart and table indicate the risks of investing in the Fund by showing how the Fund’s average annual total returns compare with those of a relevant index that provides a broad measure of market performance. The following bar chart and table indicate the risks of investing in the Fund by showing how the Fund’s average annual total returns compare with those of the former underlying index as well as a relevant index that provides a broad measure of market performance. The following bar chart and table indicate the risks of investing in the Fund by showing how the Fund’s average annual total returns compare with those of a relevant index that provides a broad measure of market performance. The following bar chart and table indicate the risks of investing in the Fund by showing how the Fund’s average annual total returns compare with those of a relevant index that provides a broad measure of market performance. www.cambriafunds.com. www.cambriafunds.com. www.cambriafunds.com. www.cambriafunds.com www.cambriafunds.com www.cambriafunds.com. www.cambriafunds.com. www.cambriafunds.com www.cambriafunds.com. www.cambriafunds.com. www.cambriafunds.com. As always, please note that the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. As always, please note that the Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. As always, please note that the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. As always, please note that the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. As always, please note that the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. As always, please note that the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. As always, please note that the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. As always, please note that the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. As always, please note that the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future As always, please note that the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. As always, please note that the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. year-to-date total return year-to-date total return year-to-date total return year-to-date total return year-to-date total return year-to-date total return year-to-date total return year-to-date total return year-to-date total return year-to-date total return 2019-07-31 2019-07-31 2019-07-31 2019-07-31 2019-07-31 2019-07-31 2019-07-31 2019-07-31 2019-07-31 2019-07-31 0.1396 0.0591 0.1493 0.0737 0.1183 0.0410 -0.0670 0.1037 -0.1078 0.0251 Best Quarter Best Quarter Best Quarter Best Quarter Best Quarter Best Quarter Best Quarter Best Quarter Best Quarter Best Quarter Worst Quarter Worst Quarter Worst Quarter Worst Quarter Worst Quarter Worst Quarter Worst Quarter Worst Quarter Worst Quarter Worst Quarter 2013-12-31 2017-09-30 2017-09-30 2017-06-30 2016-09-30 2017-09-30 2017-09-30 2017-09-30 2018-12-31 2018-12-31 0.0907 0.0846 0.1188 0.0469 0.0901 0.0636 0.0625 0.0453 0.1456 0.0559 2018-12-31 2018-12-31 2018-12-31 2018-06-30 2015-09-30 2018-12-31 2018-12-31 2018-12-31 2018-09-30 2018-03-31 -0.1729 -0.1279 -0.0933 -0.0962 -0.0903 -0.0788 -0.1226 -0.0608 -0.0586 -0.0260 Average annual total returns are shown on a before- and after-tax basis for the Fund. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Average annual total returns are shown on a before- and after-tax basis for the Fund. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Average annual total returns are shown on a before- and after-tax basis for the Fund. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Average annual total returns are shown on a before- and after-tax basis for the Fund. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Average annual total returns are shown on a before- and after-tax basis for the Fund. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Average annual total returns are shown on a before- and after-tax basis for the Fund. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Average annual total returns are shown on a before- and after-tax basis for the Fund. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Average annual total returns are shown on a before- and after-tax basis for the Fund. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Average annual total returns are shown on a before- and after-tax basis for the Fund. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Average annual total returns are shown on a before- and after-tax basis for the Fund. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans. 0.0007 0.0010 0.0059 0.0059 0.0066 0.0059 0.0069 0.0094 0.0064 0.0034 0.0059 0.0123 0.0048 0.0035 0.0034 0.0048 Reflects no deduction for fees, expenses or taxes Reflects no deduction for fees, expenses or taxes Reflects no deduction for fees, expenses or taxes Reflects no deduction for fees, expenses or taxes Reflects no deduction for fees, expenses or taxes Reflects no deduction for fees, expenses or taxes Reflects no deduction for fees, expenses or taxes Reflects no deduction for fees, expenses or taxes Reflects no deduction for fees, expenses or taxes Reflects no deduction for fees, expenses or taxes Reflects no deduction for fees, expenses or taxes Reflects no deduction for fees, expenses or taxes Reflects no deduction for fees, expenses or taxes Reflects no deduction for fees, expenses or taxes Reflects no deduction for fees, expenses or taxes The Fund is non-diversified. Performance information will be available in the Prospectus after the Fund has been in operation for one full calendar year. The Fund's objective changed effective January 1, 2019. Prior to that date, the Fund was actively managed and sought to track the performance, before fees and expenses, of the Cambria Global Asset Allocation Index. As of January 1, 2019, the Fund is actively managed and seeks income and capital appreciation from investments in exchange-traded vehicles. The Fund's objective changed effective March 26, 2018. Prior to that date, the Fund was actively managed and sought income and capital appreciation with an emphasis on income from investments in the U.S. equity market. As of March 26, 2018, the Fund's objective seeks investment results that correspond (before fees and expenses) generally to the price and yield performance of the Index. 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ETF Cambria Value and Momentum ETF Cambria Global Asset Allocation ETF Cambria Global Asset Allocation ETF Cambria Global Asset Allocation Index Cambria Tail Risk ETF Cambria Tail Risk ETF Bloomberg Barclays U.S. Short Treasury Index Cambria Core Equity ETF Cambria Core Equity ETF S&P 500 Index Cambria Trinity ETF Cambria Trinity ETF Prospectus: [Table] Prospectus [Line Items] Document Type Document Period End Date Entity Registrant Name Entity Central Index Key Entity Inv Company Type Amendment Flag Document Creation Date Document Effective Date Prospectus Date Trading Symbol Risk/Return [Heading] Objective [Heading] Objective, Primary [Text Block] Objective, Secondary [Text Block] Expense [Heading] Expense Narrative [Text Block] Shareholder Fees Caption [Text] Shareholder Fees [Table] Operating Expenses Caption [Text] Annual Fund Operating Expenses [Table] Expense Footnotes [Text Block] Expenses Deferred Charges [Text Block] Expenses Range of Exchange Fees [Text Block] Expense Example [Heading] Expense Example by Year [Heading] Expense Example Narrative [Text Block] Expense Example by, Year, Caption [Text] Expense Example, With Redemption [Table] Expense Example, No Redemption Narrative [Text Block] Expense Example, No Redemption, By Year, Caption [Text] Expense Example, No Redemption [Table] Expense Example Footnotes [Text Block] Expense Example Closing [Text Block] Portfolio Turnover [Heading] Portfolio Turnover [Text Block] Strategy [Heading] Strategy Narrative [Text Block] Risk [Heading] Risk Narrative [Text Block] Risk Footnotes [Text Block] Risk Closing [Text Block] Bar Chart and Performance Table [Heading] Performance Narrative [Text Block] Bar Chart Narrative [Text Block] Bar Chart [Heading] Bar Chart [Table] Bar Chart Footnotes [Text Block] Bar Chart Closing [Text Block] Performance Table Heading Performance Table Narrative Performance [Table] Market Index Performance [Table] Performance Table Footnotes Performance Table Closing [Text Block] Supplement to Prospectus [Text Block] Shareholder Fees Column [Text] Maximum Cumulative Sales Charge (as a percentage of Offering Price) Maximum Cumulative Sales Charge (as a percentage) Maximum Sales Charge Imposed on Purchases (as a percentage of Offering Price) Maximum Deferred Sales Charge (as a percentage of Offering Price) Maximum Deferred Sales Charge (as a percentage) Maximum Sales Charge on Reinvested Dividends and Distributions (as a percentage) Redemption Fee (as a percentage of Amount Redeemed) Redemption Fee Exchange Fee (as a percentage of Amount Redeemed) Exchange Fee Maximum Account Fee (as a percentage of Assets) Maximum Account Fee Shareholder Fee, Other Operating Expenses Column [Text] Management Fee: Distribution and/or Service (12b-1) fees: Distribution or Similar (Non 12b-1) Fees Component1 Other Expenses Component2 Other Expenses Component3 Other Expenses Other Expenses: Acquired Fund Fees and Expenses Total Annual Fund Operating Expenses: Fee Waiver or Reimbursement Net Expenses (as a percentage of Assets) Fee Waiver or Reimbursement over Assets, Date of Termination Portfolio Turnover, Rate Expense Breakpoint Discounts [Text] Expense Breakpoint, Minimum Investment Required [Amount] Expense Exchange Traded Fund Commissions [Text] Expenses Represent Both Master and Feeder [Text] Expenses Explanation of Nonrecurring Account Fee [Text] Other Expenses, New Fund, Based on Estimates [Text] Acquired Fund Fees and Expenses, Based on Estimates [Text] Expenses Other Expenses Had Extraordinary Expenses Been Included [Text] Expenses Restated to Reflect Current [Text] Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] One Year: Three Years: Five Years: Ten Years: Expense Example, No Redemption, 1 Year Expense Example, No Redemption, 3 Years Expense Example, No Redemption, 5 Years Expense Example, No Redemption, 10 Years Strategy Portfolio Concentration [Text] Risk Lose Money [Text] Risk Money Market Fund Price Fluctuates [Text] Risk Money Market Fund May Not Preserve Dollar [Text] Risk Money Market Fund May Impose Fees or Suspend Sales [Text] Risk Not Insured Depository Institution [Text] RIsk Not Insured [Text] Risk Money Market Fund Sponsor May Not Provide Support [Text] Risk Nondiversified Status [Text] Risk Caption Risk Column [Text] Risk [Text] Performance Information Illustrates Variability of Returns [Text] Performance One Year or Less [Text] Performance Additional Market Index [Text] Performance Availability Phone [Text] Performance Availability Website Address [Text] Performance Past Does Not Indicate Future [Text] Bar Chart Does Not Reflect Sales Loads [Text] Annual Return Caption [Text] Annual Return, Column [Text] Annual Return, Inception Date Annual Return 1990 Annual Return 1991 Annual Return 1992 Annual Return 1993 Annual Return 1994 Annual Return 1995 Annual Return 1996 Annual Return 1997 Annual Return 1998 Annual Return 1999 Annual Return 2000 Annual Return 2001 Annual Return 2002 Annual Return 2003 Annual Return 2004 Annual Return 2005 Annual Return 2006 Annual Return 2007 Annual Return 2008 Annual Return 2009 Annual Return 2010 Annual Return 2011 Annual Return 2012 Annual Return 2013 Annual Return 2014 Annual Return 2015 Annual Return 2016 Annual Return 2017 Annual Return 2018 Annual Return 2019 Annual Return 2020 Annual Return 2021 Annual Return 2022 Annual Return 2023 Annual Return 2024 Annual Return 2025 Bar Chart, Reason Selected Class Different from Immediately Preceding Period [Text] Bar Chart, Returns for Class Not Offered in Prospectus [Text] Year to Date Return, Label Bar Chart, Year to Date Return, Date Bar Chart, Year to Date Return Highest Quarterly Return, Label Highest Quarterly Return, Date Highest Quarterly Return Lowest Quarterly Return, Label Lowest Quarterly Return, Date Lowest Quarterly Return Performance Table Does Reflect Sales Loads Performance Table Market Index Changed Index No Deduction for Fees, Expenses, Taxes [Text] Performance Table Uses Highest Federal Rate Performance Table Not Relevant to Tax Deferred Performance Table One Class of after Tax Shown [Text] Performance Table Explanation after Tax Higher Performance Table Footnotes, Reason Performance Information for Class Different from Immediately Preceding Period [Text] Average Annual Return, Caption Average Annual Return, Column Name Label 1 Year 5 Years 10 Years Since Inception Inception Date Money Market Seven Day Yield, Caption [Text] Money Market Seven Day Yield Column [Text] Money Market Seven Day Yield Phone Money Market Seven Day Yield Money Market Seven Day Tax Equivalent Yield Thirty Day Yield Caption Thirty Day Yield Column [Text] Thirty Day Yield Phone Thirty Day Yield Thirty Day Tax Equivalent Yield Other Expenses Total Annual Fund Operating Expenses: Custodial Expenses: Expense Example, By Year, Column [Text] Risk/Return Detail [Table] C000116082Member C000116083Member C000116084Member C000134057Member C000134056Member C000134055Member C000134058Member 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Label Element Value
Cambria Shareholder Yield ETF  
Prospectus [Line Items] rr_ProspectusLineItems  
Risk/Return [Heading] rr_RiskReturnHeading Cambria Shareholder Yield ETF
Objective [Heading] rr_ObjectiveHeading INVESTMENT OBJECTIVE
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The Fund seeks investment results that correspond (before fees and expenses) generally to the price and yield performance of its underlying index, the Cambria Shareholder Yield Index (the "Underlying Index").

Expense [Heading] rr_ExpenseHeading FEES AND EXPENSES
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy and hold Shares. You may also pay brokerage commissions on the purchase and sale of Shares, which are not reflected in the table.

Operating Expenses Caption [Text] rr_OperatingExpensesCaption ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE VALUE OF YOUR INVESTMENT)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading PORTFOLIO TURNOVER
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

The Fund may pay transaction costs, including commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund's performance. For the fiscal year ended April 30, 2019, the Fund's portfolio turnover rate was 28% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 28.00%
Expense Exchange Traded Fund Commissions [Text] rr_ExpenseExchangeTradedFundCommissions You may also pay brokerage commissions on the purchase and sale of Shares, which are not reflected in the table.
Expense Example [Heading] rr_ExpenseExampleHeading EXAMPLE
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The example also assumes that the Fund provides a return of 5% a year and that the operating expenses remain the same. The example does not reflect any brokerage commissions that you may pay on purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

Strategy [Heading] rr_StrategyHeading PRINCIPAL INVESTMENT STRATEGIES
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

Under normal market conditions, the Fund will invest at least 80% of its total assets in the components of the Underlying Index. The Underlying Index is comprised of equity securities issued by U.S.-based issuers. The Underlying Index considers an issuer to be U.S.-based if it is domiciled or incorporated or has substantial business activity in the United States.

An issuer must have a high ranking across a composite of the following characteristics to be eligible for inclusion in the Underlying Index:

1.    Strong cash flows;

2.    Payment of dividends to shareholders;

3.    Net stock buybacks; and

4.    Net debt paydown.

Each of these characteristics will be measured on a one-month to 12-month basis by the Underlying Index methodology, and no single measurement will be dispositive. Pursuant to its rules-based methodology, the Underlying Index initially selects the top 20% of stocks in the initial universe of U.S.-based issuers according to shareholder yield, which is based on a stock's dividend payments and net share buybacks. The Underlying Index then applies a number of valuation factors to the remaining stocks and selects the 100 stocks that exhibit, in the aggregate, the best combination of the following characteristics: strong cash flows and debt paydown, and high dividends paid to shareholders and net stock buybacks. The Underlying Index selects Index components based only on publicly available data and includes screens to limit its industry concentration to 25% in order to seek to ensure its liquidity and investability. The Underlying Index is rebalanced and reconstituted quarterly, and Index components are equally weighted at each rebalance.

The Underlying Index will invest primarily in equity securities, including common stock, of U.S. companies. The Underlying Index may invest in securities of companies in any industry. Although the Underlying Index generally expects to invest in companies with larger market capitalizations, the Underlying Index may invest in small- and mid-capitalization companies.

The Fund may invest up to 20% of its net assets in instruments not included in the Underlying Index, but which the Fund's investment adviser, Cambria Investment Management, L.P. ("Cambria" or the "Adviser"), believes will help the Fund track the Underlying Index. For example, there may be instances in which Cambria may choose to purchase or sell securities not in the Underlying Index which Cambria believes are appropriate to substitute for one or more such securities.

The Fund employs a "passive management"—or indexing—investment approach and seeks to track the performance of the Underlying Index. To track the performance of the Underlying Index, the Fund intends to employ a replication strategy, which means that the Fund will typically invest in substantially all of the components of the Underlying Index in approximately the same weights as they appear in the Underlying Index.

The Underlying Index was developed by Cambria Indices, LLC, an affiliate of Cambria, and is calculated by Solactive, AG, which is not affiliated with the Fund or Cambria. To the extent that the Underlying Index concentrates (i.e., holds 25% or more of its total assets) in the securities of a particular sector, the Fund is expected to concentrate in that sector to approximately the same extent. As of July 31, 2019, the Fund and the Underlying Index were concentrated in the financial services sector and had significant exposure to companies in the consumer discretionary, information technology and industrial sectors.

Strategy Portfolio Concentration [Text] rr_StrategyPortfolioConcentration Under normal market conditions, the Fund will invest at least 80% of its total assets in the components of the Underlying Index. The Underlying Index is comprised of equity securities issued by U.S.-based issuers. The Underlying Index considers an issuer to be U.S.-based if it is domiciled or incorporated or has substantial business activity in the United States. In addition, to the extent that the Underlying Index concentrates (i.e., holds 25% or more of its total assets) in the securities of a particular sector, the Fund is expected to concentrate in that sector to approximately the same extent. As of July 31, 2019, the Fund and the Underlying Index were concentrated in the financial services sector and had significant exposure to companies in the consumer discretionary, information technology and industrial sectors.
Risk [Heading] rr_RiskHeading PRINCIPAL RISKS
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

An investment in the Fund involves risk. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. The Fund's principal risks are presented in alphabetical order to facilitate investors' ability to identify particular risks and compare them with the risks of other funds. Some or all of these risks may adversely affect the Fund's net asset value per share ("NAV"), trading price, yield, total return, and/or ability to meet its objective. There is no assurance that the Fund will achieve its investment objective. An investor may lose money by investing in the Fund. For more information about the risks of investing in the Fund, see the sections titled "Additional Information About the Funds' Risks" and "Additional Non-Principal Risk Information."

Cyber Security Risk. The Fund may be susceptible to operational and information security risks resulting from a breach in the Fund's cyber security, including cyber-attacks against the Fund, third-party service providers, market makers, Authorized Participants, or issuers of securities in which the Fund invests. A breach in cyber security, intentional or unintentional, may adversely impact the Fund in many ways, including, but not limited to, disruption of the Fund's operational capacity, loss of proprietary information, theft or corruption of data, denial-of-service attacks on websites or network resources, and the unauthorized release of confidential information.

Dividend Paying Security Risk. Securities that pay high dividends as a group can fall out of favor with the market, causing these companies to underperform companies that do not pay high dividends. Also, changes in the dividend policies of companies owned by the Fund and the capital resources available for these companies' dividend payments may adversely affect the Fund.

Equity Investing Risk. The values of equity securities could decline generally or could underperform other investments due to factors affecting a specific issuer, market or securities markets generally.

Investment Risk. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. When you sell your Shares, they could be worth less than what you paid for them.

Large Capitalization Company Risk. The Fund's investments in large capitalization companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.

Market Events Risk. Turbulence in the financial markets and reduced liquidity in the equity markets may negatively affect issuers, which could have an adverse effect on the Fund. In addition, there is a risk that policy changes by the U.S. Government, Federal Reserve and/or other government actors, such as increasing interest rates, could cause increased volatility in financial markets and higher levels of Fund redemptions, which could have a negative impact on the Fund. In a declining stock market, stock prices for all companies (including those in the Fund's portfolio) may decline, regardless of their long-term prospects.

Passive Investment Risk. The Fund is managed with a passive investment strategy, attempting to track the performance of the Underlying Index. As a result, the Fund expects to hold components of the Underlying Index regardless of their current or projected performance. Maintaining investments regardless of market conditions or the performance of individual investments could cause the Fund's return to be lower than if the Fund employed an active strategy.

Premium-Discount Risk. Shares may trade above (premium) or below (discount) their NAV. The market prices of Shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of, and demand for, Shares on the Exchange. This risk is heightened in times of market volatility or periods of steep market declines.

Quantitative Security Selection Risk. The Underlying Index uses quantitative techniques to determine whether securities should be included in the Underlying Index, and the Underlying Index may not perform as intended if it relies on erroneous or outdated data from one or more third parties. Errors in data used in the quantitative model may occur from time to time and may not be identified and/or corrected before having an adverse impact on the Fund and its shareholders.

Secondary Market Trading Risk. Investors buying or selling Shares in the secondary market may pay brokerage commissions, which may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of Shares. Although the Shares are listed on the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted.

Sector Concentration Risk. To the extent that the Fund's investments are concentrated in a particular sector, the Fund may be susceptible to loss due to adverse occurrences affecting that sector. As of July 31, 2019, the Fund and the Underlying Index were concentrated in the financial services sector and had significant exposure to companies in the consumer discretionary, industrial and information technology sectors.

Consumer Discretionary Sector Risk. The success of consumer product manufacturers and retailers is tied closely to the performance of the overall domestic and international economy, interest rates, competitive and consumer confidence. Success depends heavily on disposable household income and consumer spending. Changes in demographics and consumer tastes can also affect the demand for, and success of, consumer products in the marketplace.

Financial Services Sector Risk. Performance of companies in the financial services sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted.

Industrial Sector Risk. Issuers in the industrial sector are affected by supply and demand, both for their specific product or service and for industrial sector products in general. The products of such issuers may face obsolescence due to rapid technological developments and frequent new product introduction. Government regulations, world events, economic conditions and exchange rates affect the performance of companies in the industrial sector. Issuers in the industrial sector may be adversely affected by liability for environmental damage, product liability claims and exchange rates. The industrial sector may also be adversely affected by changes or trends in commodity prices, which may be influenced by unpredictable factors.

Information Technology Sector Risk. Technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Technology companies may have limited product lines, markets, financial resources or personnel. The products of technology companies may face obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the technology sector are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies.

Small and Medium Capitalization Company Risk. Investing in securities of small and medium capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies' securities may be more volatile and less liquid than those of more established companies, and they may be more sensitive to market conditions.

Tracking Error Risk. Although the Fund attempts to track the performance of the Underlying Index, the Fund may not be able to duplicate its exact composition or return due to, among other things, fees and expenses paid by the Fund that are not reflected in the Underlying Index. If the Fund is small, it may experience greater tracking error to its Underlying Index than it otherwise would at higher asset levels.

Value Investment Risk. The Fund's shareholder yield strategy is a value investment strategy that should be expected to underperform in growth markets. Value investments are subject to the risk that their intrinsic value may never be realized by the market.

Risk Lose Money [Text] rr_RiskLoseMoney An investor may lose money by investing in the Fund.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading PERFORMANCE
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

The following bar chart and table indicate the risks of investing in the Fund by showing how the Fund's average annual total returns compare with those of the Index as well as a relevant index that provides a broad measure of market performance. Prior to March 26, 2018, the Fund was actively managed and did not seek investment results that correspond (before fees and expenses) generally to the price and yield performance of the Index. All returns include the reinvestment of dividends and distributions. As always, please note that the Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available at www.cambriafunds.com.

Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following bar chart and table indicate the risks of investing in the Fund by showing how the Fund’s average annual total returns compare with those of the Index as well as a relevant index that provides a broad measure of market performance.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.cambriafunds.com.
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture As always, please note that the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Total Annual Returns for Calendar Year Ended December 31
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

As of July 31, 2019, the Fund's year-to-date total return was 13.96%.

Best and Worst Quarter Returns (for the period reflected in the bar chart above)

Best: 9.07%, for the quarter ended 12/31/2013

Worst: -17.29%, for the quarter ended 12/31/2018

Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns for the period ending December 31, 2018
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate Average annual total returns are shown on a before- and after-tax basis for the Fund. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock

Average annual total returns are shown on a before- and after-tax basis for the Fund. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans.

Cambria Shareholder Yield ETF | Cambria Shareholder Yield ETF  
Prospectus [Line Items] rr_ProspectusLineItems  
Management Fee: rr_ManagementFeesOverAssets 0.59%
Distribution and/or Service (12b-1) fees: rr_DistributionAndService12b1FeesOverAssets none
Other Expenses: rr_OtherExpensesOverAssets none
Total Annual Fund Operating Expenses: rr_ExpensesOverAssets 0.59%
One Year: rr_ExpenseExampleYear01 $ 60
Three Years: rr_ExpenseExampleYear03 189
Five Years: rr_ExpenseExampleYear05 329
Ten Years: rr_ExpenseExampleYear10 $ 738
Annual Return 2014 rr_AnnualReturn2014 11.09%
Annual Return 2015 rr_AnnualReturn2015 (1.25%)
Annual Return 2016 rr_AnnualReturn2016 15.26%
Annual Return 2017 rr_AnnualReturn2017 19.74%
Annual Return 2018 rr_AnnualReturn2018 (13.36%)
Year to Date Return, Label rr_YearToDateReturnLabel year-to-date total return
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Jul. 31, 2019
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 13.96%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Dec. 31, 2013
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 9.07%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2018
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (17.29%)
Label rr_AverageAnnualReturnLabel Return Before Taxes
1 Year rr_AverageAnnualReturnYear01 (13.36%) [1]
5 Years rr_AverageAnnualReturnYear05 5.57% [1]
Since Inception rr_AverageAnnualReturnSinceInception 8.19% [1]
Inception Date rr_AverageAnnualReturnInceptionDate May 13, 2013
Cambria Shareholder Yield ETF | S&P 500 Index  
Prospectus [Line Items] rr_ProspectusLineItems  
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes Reflects no deduction for fees, expenses or taxes
Label rr_AverageAnnualReturnLabel S&P 500 Index (Reflects no deduction for fees, expenses or taxes)
1 Year rr_AverageAnnualReturnYear01 (4.38%) [1]
5 Years rr_AverageAnnualReturnYear05 8.49% [1]
Since Inception rr_AverageAnnualReturnSinceInception 10.14% [1]
Inception Date rr_AverageAnnualReturnInceptionDate May 13, 2013
Cambria Shareholder Yield ETF | Return After Taxes on Distributions | Cambria Shareholder Yield ETF  
Prospectus [Line Items] rr_ProspectusLineItems  
Label rr_AverageAnnualReturnLabel Return After Taxes on Distributions
1 Year rr_AverageAnnualReturnYear01 (13.88%) [1]
5 Years rr_AverageAnnualReturnYear05 4.52% [1]
Since Inception rr_AverageAnnualReturnSinceInception 7.15% [1]
Inception Date rr_AverageAnnualReturnInceptionDate May 13, 2013
Cambria Shareholder Yield ETF | Return After Taxes on Distributions and Sale of Fund Shares | Cambria Shareholder Yield ETF  
Prospectus [Line Items] rr_ProspectusLineItems  
Label rr_AverageAnnualReturnLabel Return After Taxes on Distributions and Sale of Fund Shares
1 Year rr_AverageAnnualReturnYear01 (8.16%) [1]
5 Years rr_AverageAnnualReturnYear05 4.13% [1]
Since Inception rr_AverageAnnualReturnSinceInception 6.34% [1]
Inception Date rr_AverageAnnualReturnInceptionDate May 13, 2013
[1] The Fund's objective changed effective March 26, 2018. Prior to that date, the Fund was actively managed and sought income and capital appreciation with an emphasis on income from investments in the U.S. equity market. As of March 26, 2018, the Fund's objective seeks investment results that correspond (before fees and expenses) generally to the price and yield performance of the Index.
XML 13 R7.htm IDEA: XBRL DOCUMENT v3.19.2
Label Element Value
Cambria Emerging Shareholder Yield ETF  
Prospectus [Line Items] rr_ProspectusLineItems  
Risk/Return [Heading] rr_RiskReturnHeading Cambria Emerging Shareholder Yield ETF
Objective [Heading] rr_ObjectiveHeading INVESTMENT OBJECTIVE
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The Fund seeks investment results that correspond (before fees and expenses) generally to the price and yield performance of its underlying index, the Cambria Emerging Shareholder Yield Index (the "Underlying Index").

Expense [Heading] rr_ExpenseHeading FEES AND EXPENSES
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy and hold Shares. You may also pay brokerage commissions on the purchase and sale of Shares, which are not reflected in the table.

Operating Expenses Caption [Text] rr_OperatingExpensesCaption ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE VALUE OF YOUR INVESTMENT)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading PORTFOLIO TURNOVER
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

The Fund may pay transaction costs, including commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund's performance. For the fiscal year ended April 30, 2019, the Fund's portfolio turnover rate was 115% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 115.00%
Expense Exchange Traded Fund Commissions [Text] rr_ExpenseExchangeTradedFundCommissions You may also pay brokerage commissions on the purchase and sale of Shares, which are not reflected in the table.
Expense Example [Heading] rr_ExpenseExampleHeading EXAMPLE
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The example also assumes that the Fund provides a return of 5% a year and that the operating expenses remain the same. The example does not reflect any brokerage commissions that you may pay on purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

Strategy [Heading] rr_StrategyHeading PRINCIPAL INVESTMENT STRATEGIES
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

Under normal market conditions, the Fund will invest at least 80% of its total assets in the components of the Underlying Index and in depositary receipts representing components of the Underlying Index. The Underlying Index is comprised of equity securities of issuers in emerging foreign markets. The Underlying Index considers an issuer to be in an emerging foreign market if it is domiciled or listed and traded in any of the following countries: Brazil, Colombia, Czech Republic, Greece, Hong Kong (Chinese domicile), Hungary, India, Indonesia, Malaysia, Mexico, Poland, Russia, South Africa, South Korea, Taiwan, Thailand, Turkey, or a market with similar characteristics as the aforementioned. The Underlying Index provider will update the list of emerging foreign markets annually.

An issuer must have a high ranking across a composite of the following characteristics to be eligible for inclusion in the Underlying Index:

1.    Strong cash flows;

2.    Payment of dividends to shareholders;

3.    Net stock buybacks; and

4.    Net debt paydown.

Each of these characteristics will be measured on a one-month to 12-month basis by the Underlying Index methodology, and no single measurement will be dispositive. Pursuant to the methodology of the Underlying Index, the 100 issuers that have exhibited, in the aggregate, the strongest cash flows, the highest dividends paid to shareholders, and net stock buybacks and debt paydown will included in the Underlying Index. Although securities in the Underlying Index may be denominated in either the U.S. dollar or other currencies and may include securities of companies in any industry and of any market capitalization, the Underlying Index is weighted based only on publicly available data and includes screens to limit its country and sector concentration to 30% and 25%, respectively, in order to seek to ensure its liquidity and investability. Other screens also will exclude as components any foreign issuers whose securities are highly restricted or illegal for U.S. persons to own, including due to the imposition of sanctions by the U.S. Government.

The Fund may invest up to 20% of its net assets in instruments not included in the Underlying Index, but which the Fund's investment adviser, Cambria Investment Management, L.P. ("Cambria" or the "Adviser"), believes will help the Fund track the Underlying Index. For example, there may be instances in which Cambria may choose to purchase or sell securities not in the Underlying Index which Cambria believes are appropriate to substitute for one or more such securities.

The Fund employs a "passive management"—or indexing— investment approach and seeks to track the performance of the Underlying Index. To track the performance of the Underlying Index, the Fund intends to employ a replication strategy, which means that the Fund will typically invest in substantially all of the components of the Underlying Index in approximately the same proportions as the Underlying Index.

The Underlying Index was developed by Cambria Indices, LLC, an affiliate of Cambria, and is calculated by Solactive, AG, which is not affiliated with the Fund or Cambria. The Underlying Index is rebalanced and reconstituted quarterly.  To the extent that the Underlying Index concentrates (i.e., holds 25% or more of its total assets) in the securities of a particular industry or group of industries, the Fund is expected to concentrate to approximately the same extent. As of July 31, 2019, neither the Fund nor the Underlying Index were concentrated in an industry or group of industries, but both had significant exposure to companies in the information technology and materials sectors.

Strategy Portfolio Concentration [Text] rr_StrategyPortfolioConcentration Under normal market conditions, the Fund will invest at least 80% of its total assets in the components of the Underlying Index and in depositary receipts representing components of the Underlying Index. In addition, to the extent that the Underlying Index concentrates (i.e., holds 25% or more of its total assets) in the securities of a particular industry or group of industries, the Fund is expected to concentrate to approximately the same extent. As of July 31, 2019, neither the Fund nor the Underlying Index were concentrated in an industry or group of industries, but both had significant exposure to companies in the information technology and materials sectors.
Risk [Heading] rr_RiskHeading PRINCIPAL RISKS
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

An investment in the Fund involves risk. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. The Fund's principal risks are presented in alphabetical order to facilitate investors' ability to identify particular risks and compare them with the risks of other funds. Some or all of these risks may adversely affect the Fund's net asset value per share ("NAV"), trading price, yield, total return, and/or ability to meet its objective. There is no assurance that the Fund will achieve its investment objective. An investor may lose money by investing in the Fund. For more information about the risks of investing in the Fund, see the sections titled "Additional Information About the Funds' Risks" and "Additional Non-Principal Risk Information."

Cash Redemption Risk. The Fund's investment strategy will require it to effect redemptions, in whole or in part, for cash. As a result, the Fund may pay out higher annual capital gain distributions and be less tax-efficient than if the in-kind redemption process was used exclusively. In addition, cash redemptions may incur higher brokerage costs than in-kind redemptions and these added costs may be borne by the Fund and negatively impact Fund performance.

Concentration Risk. To the extent the Underlying Index is concentrated in a particular industry or group of industries, the Fund is also expected to be concentrated in that industry or group of industries. As a result, the Fund may be susceptible to loss due to adverse occurrences affecting that industry or group of industries. As of July 31, 2019, neither the Fund nor the Underlying Index were concentrated in an industry or group of industries, but both had significant exposure to companies in the information technology and materials sectors.

Information Technology Sector Risk. Technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Technology companies may have limited product lines, markets, financial resources or personnel. The products of technology companies may face obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the technology sector are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies.

Materials Sector Risk. Issuers in the materials sector may be adversely affected by commodity price volatility, exchange rates, import controls, increased competition, depletion of resources, technical progress, labor relations and government regulations, among other factors. Issuers in the materials sector may be liable for environmental damage and product liability claims. Production of materials may exceed demand as a result of market imbalances or economic downturns, leading to poor investment returns.

Cyber Security Risk. The Fund may be susceptible to operational and information security risks resulting from a breach in the Fund's cyber security, including cyber-attacks against the Fund, third-party service providers, market makers, Authorized Participants, or issuers of securities in which the Fund invests. A breach in cyber security, intentional or unintentional, may adversely impact the Fund in many ways, including, but not limited to, disruption of the Fund's operational capacity, loss of proprietary information, theft or corruption of data, denial-of-service attacks on websites or network resources, and the unauthorized release of confidential information.

Depositary Receipts Risk. The risks of investments in depositary receipts are substantially similar to the risks of investing directly in foreign securities. In addition, depositary receipts may not track the price of or may be less liquid than their underlying foreign securities, and the value of depositary receipts may change materially at times when the U.S. markets are not open for trading.

Dividend Paying Security Risk. Securities that pay high dividends as a group can fall out of favor with the market, causing these companies to underperform companies that do not pay high dividends. Also, changes in the dividend policies of companies owned by the Fund and the capital resources available for these companies' dividend payments may adversely affect the Fund.

Emerging Markets Risk. Emerging market investments are subject to the same risks as foreign investments and to additional risks due to greater political and economic uncertainties as well as a relative lack of information about issuers in such markets. Securities of emerging market issuers may become illiquid and be subject to volatility and high transaction costs.

Equity Investing Risk. The values of equity securities could decline generally or could underperform other investments due to factors affecting a specific issuer, market or securities markets generally.

Foreign Investment Risk. Returns on investments in foreign securities could be more volatile than, or trail the returns on, investments in U.S. securities. Exposures to foreign securities entail special risks, including risks due to: (i) differences in information available about foreign issuers; (ii) differences in investor protection standards in other jurisdictions; (iii) capital controls risks, including the risk of a foreign jurisdiction imposing restrictions on the ability to repatriate or transfer currency or other assets; (iv) political, diplomatic and economic risks; (v) regulatory risks; and (vi) foreign market and trading risks, including the costs of trading and risks of settlement in foreign jurisdictions. In addition, the Fund's investments in securities denominated in other currencies could decline due to changes in local currency relative to the value of the U.S. dollar, which may affect the Fund's returns.

Geographic Investment Risk. To the extent the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region. As of July 31, 2019, the Fund invested a significant portion of its assets in securities of companies in Russia, South Africa and Taiwan as well as Chinese companies listed and traded in Hong Kong.

Asia-Pacific Risk. Investments in securities of issuers in Asia-Pacific countries involve risks that are specific to the Asia-Pacific region, including certain legal, regulatory, political and economic risks. Certain Asia-Pacific countries have experienced expropriation and/or nationalization of assets, confiscatory taxation, political instability, armed conflict and social instability as a result of religious, ethnic, socio-economic and/or political unrest. Some economies in this region are dependent on a range of commodities, and are strongly affected by international commodity prices and particularly vulnerable to price changes for these products.

China Risk. Investments in China involve risks closely tied to the social, political, and economic conditions within China. The Chinese economy may experience slower growth if domestic or global demand for Chinese goods decreases significantly and/or key trading partners implement protectionist measures such as trade tariffs. China's economy is also susceptible to economic recession, market inefficiency, rising inflation rates, volatility and pricing anomalies that may be connected to governmental influence, a lack of public information and/or social and political instability. The Chinese government maintains strict currency controls, regularly intervenes in the currency market, and plays a major role in the country's economic policies regarding foreign investments. Foreign investors are subject to the risk of loss from expropriation or nationalization of their investment assets and property, governmental restrictions on foreign investments and the repatriation of capital.

Russia Risk. As a result of recent events involving Ukraine and the Russian Federation, the United States, Canada and the European Union have imposed sanctions on certain Russian individuals and corporate entities. The United States imposed additional sanctions on Russia as a result of Russia's interference in the U.S. election in 2016. Additional broader sanctions may be imposed in the future. These sanctions may result in the decline of the value and liquidity of Russian securities and could also result in the immediate freeze of Russian securities, impairing the ability of the Fund to buy, sell, receive or deliver those securities. The Fund may seek to suspend redemptions in the event that an emergency exists in which it is not reasonably practicable for the Fund to dispose of its securities or to determine the value of its net assets.

South Africa Risk. South Africa's economy is heavily dependent on natural resources and commodity prices. South Africa's currency may also be vulnerable to significant fluctuations and devaluation. Access to health care, unemployment, limited economic opportunity, and other financial constraints, continue to present obstacles to South Africa's full economic development. Disparities of wealth, the pace and success of democratization and capital market development and religious and racial disaffection have also led to social and political unrest. There can be no assurance that initiatives by the South African government to address these issues will achieve the desired results.

Taiwan Risk. The economy of Taiwan is heavily dependent on exports. Currency fluctuations, increasing competition from Asia's other emerge economies, and conditions that weaken demand for Taiwan's export products worldwide could have a negative impact on the Taiwanese economy as a whole. Concerns over Taiwan's history of political contention and its current relationship with China may also have a significant impact on the economy of Taiwan.

International Closed-Market Trading Risk. Because the Fund's investments may be traded in markets that are closed when the Exchange is open, there are likely to be deviations between the current pricing of an underlying investment and stale investment pricing (i.e., the last quote from its closed foreign market), resulting in premiums or discounts to NAV that may be greater than those experienced by other ETFs.

Investment Risk. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. When you sell your Shares, they could be worth less than what you paid for them.

Large Capitalization Company Risk. The Fund's investments in large capitalization companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.

Market Events Risk. Turbulence in the financial markets and reduced liquidity in the equity markets may negatively affect issuers, which could have an adverse effect on the Fund. In addition, there is a risk that policy changes by the U.S. Government, Federal Reserve and/or other government actors, such as increasing interest rates, could cause increased volatility in financial markets and higher levels of Fund redemptions, which could have a negative impact on the Fund. In a declining stock market, stock prices for all companies (including those in the Fund's portfolio) may decline, regardless of their long-term prospects.

Passive Investment Risk. The Fund is managed with a passive investment strategy, attempting to track the performance of the Underlying Index. As a result, the Fund expects to hold components of the Underlying Index regardless of their current or projected performance. Maintaining investments regardless of market conditions or the performance of individual investments could cause the Fund's return to be lower than if the Fund employed an active strategy.

Portfolio Turnover Risk. The Fund's strategy may frequently involve buying and selling portfolio securities to rebalance the Fund's exposure to various market sectors. Higher portfolio turnover may result in the Fund paying higher levels of transaction costs and generating greater tax liabilities for shareholders. Portfolio turnover risk may cause the Fund's performance to be less than you expect.

Premium-Discount Risk. Shares may trade above (premium) or below (discount) their NAV. The market prices of Shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of, and demand for, Shares on the Exchange. This risk is heightened in times of market volatility or periods of steep market declines.

Quantitative Security Selection Risk. The Underlying Index uses quantitative techniques to determine whether securities should be included in the Underlying Index, and the Underlying Index may not perform as intended if it relies on erroneous or outdated data from one or more third parties. Errors in data used in the quantitative model may occur from time to time and may not be identified and/or corrected before having an adverse impact on the Fund and its shareholders.

Secondary Market Trading Risk. Investors buying or selling Shares in the secondary market may pay brokerage commissions, which may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of Shares. Although the Shares are listed on the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted.

Small and Medium Capitalization Company Risk.  Investing in securities of small and medium capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies' securities may be more volatile and less liquid than those of more established companies, and they may be more sensitive to market conditions.

Tracking Error Risk. Although the Fund attempts to track the performance of the Underlying Index, the Fund may not be able to duplicate its exact composition or return due to, among other things, fees and expenses paid by the Fund that are not reflected in the Underlying Index. If the Fund is small, it may experience greater tracking error to its Underlying Index than it otherwise would at higher asset levels.

Value Investment Risk. The Fund's shareholder yield strategy is a value investment strategy that should be expected to underperform in growth markets. Value investments are subject to the risk that their intrinsic value may never be realized by the market.

Risk Lose Money [Text] rr_RiskLoseMoney An investor may lose money by investing in the Fund.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading PERFORMANCE
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

The following bar chart and table indicate the risks of investing in the Fund by showing how the Fund's average annual total returns compare with those of the Index as well as a relevant index that provides a broad measure of market performance. All returns include the reinvestment of dividends and distributions. As always, please note that the Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available at www.cambriafunds.com.

Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following bar chart and table indicate the risks of investing in the Fund by showing how the Fund’s average annual total returns compare with those of the Index as well as a relevant index that provides a broad measure of market performance.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.cambriafunds.com.
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture As always, please note that the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Total Annual Returns for Calendar Year Ended December 31
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

As of July 31, 2019, the Fund's year-to-date total return was 14.93%.

Best and Worst Quarter Returns (for the period reflected in the bar chart above)

Best: 11.88% for the quarter ended 9/30/2017

Worst: -9.33% for the quarter ended 12/31/2018

Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns for the period ending December 31, 2018
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate Average annual total returns are shown on a before- and after-tax basis for the Fund. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock

Average annual total returns are shown on a before- and after-tax basis for the Fund. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans.

Cambria Emerging Shareholder Yield ETF | Cambria Emerging Shareholder Yield ETF  
Prospectus [Line Items] rr_ProspectusLineItems  
Management Fee: rr_ManagementFeesOverAssets 0.59%
Distribution and/or Service (12b-1) fees: rr_DistributionAndService12b1FeesOverAssets none
Other Expenses: rr_OtherExpensesOverAssets 0.07%
Custodial Expenses: rr_Component1OtherExpensesOverAssets 0.07%
Total Annual Fund Operating Expenses: rr_ExpensesOverAssets 0.66%
One Year: rr_ExpenseExampleYear01 $ 67
Three Years: rr_ExpenseExampleYear03 211
Five Years: rr_ExpenseExampleYear05 368
Ten Years: rr_ExpenseExampleYear10 $ 822
Annual Return 2017 rr_AnnualReturn2017 38.25%
Annual Return 2018 rr_AnnualReturn2018 (14.39%)
Year to Date Return, Label rr_YearToDateReturnLabel year-to-date total return
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Jul. 31, 2019
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 14.93%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Sep. 30, 2017
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 11.88%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2018
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (9.33%)
Label rr_AverageAnnualReturnLabel Return Before Taxes
1 Year rr_AverageAnnualReturnYear01 (14.39%)
Since Inception rr_AverageAnnualReturnSinceInception 9.22%
Inception Date rr_AverageAnnualReturnInceptionDate Jul. 13, 2016
Cambria Emerging Shareholder Yield ETF | Cambria Emerging Shareholder Yield Index  
Prospectus [Line Items] rr_ProspectusLineItems  
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes Reflects no deduction for fees, expenses or taxes
Label rr_AverageAnnualReturnLabel Cambria Emerging Shareholder Yield Index (Reflects no deduction for fees, expenses or taxes)
1 Year rr_AverageAnnualReturnYear01 (13.58%)
Since Inception rr_AverageAnnualReturnSinceInception 11.03%
Inception Date rr_AverageAnnualReturnInceptionDate Jul. 13, 2016
Cambria Emerging Shareholder Yield ETF | MSCI Emerging Markets Index  
Prospectus [Line Items] rr_ProspectusLineItems  
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes Reflects no deduction for fees, expenses or taxes
Label rr_AverageAnnualReturnLabel MSCI Emerging Markets Index (Reflects no deduction for fees, expenses or taxes)
1 Year rr_AverageAnnualReturnYear01 (14.24%)
Since Inception rr_AverageAnnualReturnSinceInception 7.77%
Inception Date rr_AverageAnnualReturnInceptionDate Jul. 13, 2016
Cambria Emerging Shareholder Yield ETF | Return After Taxes on Distributions | Cambria Emerging Shareholder Yield ETF  
Prospectus [Line Items] rr_ProspectusLineItems  
Label rr_AverageAnnualReturnLabel Return After Taxes on Distributions
1 Year rr_AverageAnnualReturnYear01 (15.20%)
Since Inception rr_AverageAnnualReturnSinceInception 8.32%
Inception Date rr_AverageAnnualReturnInceptionDate Jul. 13, 2016
Cambria Emerging Shareholder Yield ETF | Return After Taxes on Distributions and Sale of Fund Shares | Cambria Emerging Shareholder Yield ETF  
Prospectus [Line Items] rr_ProspectusLineItems  
Label rr_AverageAnnualReturnLabel Return After Taxes on Distributions and Sale of Fund Shares
1 Year rr_AverageAnnualReturnYear01 (7.54%)
Since Inception rr_AverageAnnualReturnSinceInception 7.56%
Inception Date rr_AverageAnnualReturnInceptionDate Jul. 13, 2016
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Label Element Value
Cambria Core Equity ETF  
Prospectus [Line Items] rr_ProspectusLineItems  
Risk/Return [Heading] rr_RiskReturnHeading Cambria Core Equity ETF
Objective [Heading] rr_ObjectiveHeading INVESTMENT OBJECTIVE
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The Fund seeks capital appreciation and capital preservation with a low correlation to the broader U.S. equity market.

Expense [Heading] rr_ExpenseHeading FEES AND EXPENSES
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy and hold Shares. You may also pay brokerage commissions on the purchase and sale of Shares, which are not reflected in the table.

Operating Expenses Caption [Text] rr_OperatingExpensesCaption ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE VALUE OF YOUR INVESTMENT)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading PORTFOLIO TURNOVER
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

The Fund may pay transaction costs, including commissions when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may also result in a substantial amount of distributions from the Fund to be taxed as ordinary income, which may limit the tax efficiency of the Fund. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund's performance. For the fiscal year ended April 30, 2019, the Fund's portfolio turnover rate was 21% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 21.00%
Expense Exchange Traded Fund Commissions [Text] rr_ExpenseExchangeTradedFundCommissions You may also pay brokerage commissions on the purchase and sale of Shares, which are not reflected in the table.
Expense Example [Heading] rr_ExpenseExampleHeading EXAMPLE
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The example also assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. The example does not reflect any brokerage commissions that you may pay on purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

Strategy [Heading] rr_StrategyHeading PRINCIPAL INVESTMENT STRATEGIES
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

To achieve it investment objective, the Fund uses a combination of several strategies to produce capital appreciation while reducing risk exposure across market conditions. Under normal market conditions, at least 80% of the value of the Fund's net assets (plus borrowings for investment purposes) will be invested in equity securities.

The Fund invests primarily in U.S. equity securities that tend to offer current dividends. The Fund focuses on high-quality companies that have prospects for long-term total returns as a result of their ability to grow earnings and their willingness to increase dividends over time. These stocks typically—but not always—will be large-cap, and will show potential for increasing dividends. The Fund seeks to be diversified across industry sectors and regions. Under normal circumstances, the Fund also sells exchange traded index call options and purchases exchange traded index put options. Writing index call options reduces the Fund's volatility, provides steady cash flow and is an important source of the Fund's return, although it also reduces the Fund's ability to profit from increases in the value of its equity portfolio. The Fund also buys index put options, which can protect the Fund from a significant market decline that may occur over a short period of time. The value of an index put option generally increases as the prices of the stocks constituting the index decrease, and decreases as those stocks increase in price. From time to time, the Fund may reduce its holdings of put options, resulting in an increased exposure to a market decline. The combination of the diversified stock portfolio, the steady cash flow from the sale of index call options and the downside protection from index put options is intended to provide the Fund with the majority of the returns associated with equity market investments while exposing investors to less risk than other equity investments.

The Fund opportunistically invests where option pricing provides favorable risk/reward models and where gains can be attained independent of the direction of the broader U.S. equity market. The Fund uses proprietary models and analysis of historical portfolio profit and loss information to identify favorable option trading opportunities, including favorable call and put option spreads. In addition, the Fund's investment strategy, with respect to both equity investing and options trading, takes into account fundamental business and macroeconomic factors. However, the Fund employs discretionary trading models, and outputs from these models influence but do not dictate equity investment and options trading decisions. The Fund typically rebalances its equity holdings on a quarterly basis. The Fund aims to preserve capital, particularly in down markets (including major market drawdowns), by using put option spreads as a form of mitigation risk. Option positions are held until either they expire or are liquidated to either capture gains as option expirations approach or to adjust positions to reduce or prevent losses and to take other potentially profitable positions.

As of July 31, 2019, the Fund was concentrated in the financial services sector and had significant exposure to companies in the consumer discretionary, industrial, and information technology sectors.

Risk [Heading] rr_RiskHeading PRINCIPAL RISKS
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

An investment in the Fund involves risk. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. The Fund's principal risks are presented in alphabetical order to facilitate investors' ability to identify particular risks and compare them with the risks of other funds. Some or all of these risks may adversely affect the Fund's net asset value per share ("NAV"), trading price, yield, total return, and/or ability to meet its objective. There is no assurance that the Fund will achieve its investment objective. An investor may lose money by investing in the Fund. For more information about the risks of investing in the Fund, see the sections titled "Additional Information About the Funds' Risks" and "Additional Non-Principal Risk Information."

Cash Redemption Risk. The Fund's investment strategy will require it to effect redemptions, in whole or in part, for cash. As a result, the Fund may pay out higher annual capital gain distributions and be less tax-efficient than if the in-kind redemption process was used exclusively. In addition, cash redemptions may incur higher brokerage costs than in-kind redemptions and these added costs may be borne by the Fund and negatively impact Fund performance.

Cyber Security Risk. The Fund may be susceptible to operational and information security risks resulting from a breach in the Fund's cyber security, including cyber-attacks against the Fund, third-party service providers, market makers, Authorized Participants, or issuers of securities in which the Fund invests. A breach in cyber security, intentional or unintentional, may adversely impact the Fund in many ways, including, but not limited to, disruption of the Fund's operational capacity, loss of proprietary information, theft or corruption of data, denial-of-service attacks on websites or network resources, and the unauthorized release of confidential information.

Derivatives Risk. Put and call options are referred to as "derivative" instruments since their values are based on, or derived from, an underlying reference asset, such as an index. Derivatives can be volatile, and a small investment in a derivative can have a large impact on the performance of the Fund as derivatives can result in losses in excess of the amount invested. The return on a derivative instrument may not correlate with the return of its underlying reference asset. Derivative instruments may be difficult to value and may be subject to wide swings in valuations caused by changes in the value of the underlying instrument. Other risks of investments in derivatives include risks that the transactions may result in losses that partially or completely offset gains in portfolio positions and risks that the derivative transaction may not be liquid. Derivative instruments may create economic leverage in the Fund, which magnifies the Fund's exposure to the underlying instrument.

Dividend Paying Security Risk. Securities that pay high dividends as a group can fall out of favor with the market, causing these companies to underperform companies that do not pay high dividends. Also, companies owned by the Fund that have historically paid a dividend may reduce or discontinue their dividends, thus reducing the yield of the Fund.

Equity Investing Risk. The values of equity securities could decline generally or could underperform other investments due to factors affecting a specific issuer, market or securities markets generally.

Hedging Risk. Options used by the Fund to reduce volatility may not perform as intended. There can be no assurance that the Fund's option strategy will be effective. It may expose the Fund to losses, e.g., option premiums, to which it would not have otherwise been exposed if it only invested in U.S. government bonds or U.S. government bond ETFs. Further, the option strategy may not fully protect the Fund against declines in the value of its portfolio securities.

Investment Risk. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. When you sell your Shares, they could be worth less than what you paid for them.

Large Capitalization Companies Risk. The Fund's investments in large capitalization companies (i.e., companies with more than $5 billion in capitalization) may underperform other segments of the market because large capitalization companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes, and may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.

Leveraging Risk. Certain of Fund's investments may expose the Fund to leverage, causing the Fund to be more volatile.

Liquidity Risk. The Fund may purchase options and invest in other instruments that may be less liquid than other types of investments. The options purchased by the Fund may not always be liquid. This could have a negative effect on the Fund's ability to achieve its investment objective and may result in losses to Fund shareholders.

Management Risk. The Fund is actively managed using proprietary investment strategies and processes. There can be no guarantee that the adviser's judgments about the attractiveness, value and potential appreciation of particular investments and strategies for the Fund will be correct or produce the desired results or that the Fund will achieve its investment objective. If the adviser fails to accurately evaluate market risk or appropriately react to current and developing market conditions, the Fund's share price may be adversely affected. The Fund is actively managed using proprietary investment strategies and processes.

Market Events Risk. Turbulence in the financial markets and reduced liquidity in the equity markets may negatively affect issuers, which could have an adverse effect on the Fund. In addition, there is a risk that policy changes by the U.S. Government, Federal Reserve and/or other government actors, such as increasing interest rates, could cause increased volatility in financial markets and higher levels of Fund redemptions, which could have a negative impact on the Fund. In a declining stock market, stock prices for all companies (including those in the Fund's portfolio) may decline, regardless of their long-term prospects.

Options Risk. The prices of options may change rapidly over time and do not necessarily move in tandem with the price of the underlying securities. Writing index call options reduces the Fund's ability to profit from increases in the value of the Fund's equity portfolio, and purchasing put options may result in the Fund's loss of premiums paid in the event that the put options expire unexercised. To the extent that the Fund reduces its put option holdings relative to the number of call options sold by the Fund, the Fund's ability to mitigate losses in the event of a market decline will be reduced.

Portfolio Turnover Risk. Because the Fund "turns over" a portion of its options from time to time, the Fund will incur high levels of transaction costs from commissions or mark-ups in the bid/offer spread. Higher portfolio turnover may result in the Fund paying higher levels of transaction costs and may also result in a substantial amount of distributions from the Fund to be taxed as ordinary income, which may limit the tax efficiency of the Fund.

Premium-Discount Risk. Shares may trade above (premium) or below (discount) their NAV. The market prices of Shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of, and demand for, Shares on the Exchange. This risk is heightened in times of market volatility or periods of steep market declines.

Secondary Market Trading Risk. Investors buying or selling Shares in the secondary market may pay brokerage commissions or other charges, which may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of Shares. Although the Shares are listed on the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted.

Sector Concentration Risk. To the extent that the Fund's investments are concentrated in a particular sector, the Fund may be susceptible to loss due to adverse occurrences affecting that sector. As of July 31, 2019, the Fund was concentrated in the financial services sector and had significant exposure to companies in the consumer discretionary, industrial, and information technology sectors.

Consumer Discretionary Sector Risk. The success of consumer product manufacturers and retailers is tied closely to the performance of the overall domestic and international economy, interest rates, competitive and consumer confidence. Success depends heavily on disposable household income and consumer spending. Changes in demographics and consumer tastes can also affect the demand for, and success of, consumer products in the marketplace.

Financial Services Sector Risk. Performance of companies in the financial services sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted.

Industrial Sector Risk. Issuers in the industrial sector are affected by supply and demand, both for their specific product or service and for industrial sector products in general. The products of such issuers may face obsolescence due to rapid technological developments and frequent new product introduction. Government regulations, world events, economic conditions and exchange rates affect the performance of companies in the industrial sector. Issuers in the industrial sector may be adversely affected by liability for environmental damage, product liability claims and exchange rates. The industrial sector may also be adversely affected by changes or trends in commodity prices, which may be influenced by unpredictable factors.

Information Technology Sector Risk. Technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Technology companies may have limited product lines, markets, financial resources or personnel. The products of technology companies may face obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the technology sector are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies.

Risk Lose Money [Text] rr_RiskLoseMoney An investment in the Fund involves risk.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading PERFORMANCE
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

The following bar chart and table indicate the risks of investing in the Fund by showing how the Fund's average annual total returns compare with those of a relevant index that provides a broad measure of market performance. All returns include the reinvestment of dividends and distributions. As always, please note that the Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available at www.cambriafunds.com.

Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following bar chart and table indicate the risks of investing in the Fund by showing how the Fund’s average annual total returns compare with those of a relevant index that provides a broad measure of market performance.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.cambriafunds.com.
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture As always, please note that the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Total Annual Returns for Calendar Year Ended December 31
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

As of July 31, 2019, the Fund's year-to-date total return was 2.51%.

Best and Worst Quarter Returns (for the period reflected in the bar chart above)

Best: 5.59%, for the quarter ended 12/31/2018

Worst: -2.60%, for the quarter ended 3/31/2018

Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns for the period ending December 31, 2018
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate Average annual total returns are shown on a before- and after-tax basis for the Fund. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock

Average annual total returns are shown on a before- and after-tax basis for the Fund. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans.

Cambria Core Equity ETF | Cambria Core Equity ETF  
Prospectus [Line Items] rr_ProspectusLineItems  
Management Fee: rr_ManagementFeesOverAssets 1.05%
Distribution and/or Service (12b-1) fees: rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.18%
Total Annual Fund Operating Expenses: rr_ExpensesOverAssets 1.23%
One Year: rr_ExpenseExampleYear01 $ 125
Three Years: rr_ExpenseExampleYear03 390
Five Years: rr_ExpenseExampleYear05 676
Ten Years: rr_ExpenseExampleYear10 $ 1,489
Annual Return 2018 rr_AnnualReturn2018 4.87%
Year to Date Return, Label rr_YearToDateReturnLabel year-to-date total return
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Jul. 31, 2019
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 2.51%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Dec. 31, 2018
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 5.59%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Mar. 31, 2018
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (2.60%)
Label rr_AverageAnnualReturnLabel Return Before Taxes
1 Year rr_AverageAnnualReturnYear01 4.87%
Since Inception rr_AverageAnnualReturnSinceInception 5.66%
Inception Date rr_AverageAnnualReturnInceptionDate May 23, 2017
Cambria Core Equity ETF | S&P 500 Index  
Prospectus [Line Items] rr_ProspectusLineItems  
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes Reflects no deduction for fees, expenses or taxes
Label rr_AverageAnnualReturnLabel S&P 500 Index (Reflects no deduction for fees, expenses or taxes)
1 Year rr_AverageAnnualReturnYear01 (4.38%)
Since Inception rr_AverageAnnualReturnSinceInception 4.82%
Inception Date rr_AverageAnnualReturnInceptionDate May 23, 2017
Cambria Core Equity ETF | Return After Taxes on Distributions | Cambria Core Equity ETF  
Prospectus [Line Items] rr_ProspectusLineItems  
Label rr_AverageAnnualReturnLabel Return After Taxes on Distributions
1 Year rr_AverageAnnualReturnYear01 4.54%
Since Inception rr_AverageAnnualReturnSinceInception 5.32%
Inception Date rr_AverageAnnualReturnInceptionDate May 23, 2017
Cambria Core Equity ETF | Return After Taxes on Distributions and Sale of Fund Shares | Cambria Core Equity ETF  
Prospectus [Line Items] rr_ProspectusLineItems  
Label rr_AverageAnnualReturnLabel Return After Taxes on Distributions and Sale of Fund Shares
1 Year rr_AverageAnnualReturnYear01 3.29%
Since Inception rr_AverageAnnualReturnSinceInception 4.49%
Inception Date rr_AverageAnnualReturnInceptionDate May 23, 2017
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Label Element Value
Cambria Global Momentum ETF  
Prospectus [Line Items] rr_ProspectusLineItems  
Risk/Return [Heading] rr_RiskReturnHeading Cambria Global Momentum ETF
Objective [Heading] rr_ObjectiveHeading INVESTMENT OBJECTIVE
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

Cambria Global Momentum ETF (the "Fund") seeks to preserve and grow capital from investments in the U.S. and foreign equity, fixed income, commodity and currency markets, independent of market direction.

Expense [Heading] rr_ExpenseHeading FEES AND EXPENSES
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy and hold Shares. You may also pay brokerage commissions on the purchase and sale of Shares, which are not reflected in the table.

Operating Expenses Caption [Text] rr_OperatingExpensesCaption ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE VALUE OF YOUR INVESTMENT)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading PORTFOLIO TURNOVER
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

The Fund may pay transaction costs, including commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund's performance. For the fiscal year ended April 30, 2019, the Fund's portfolio turnover rate was 204% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 204.00%
Expense Exchange Traded Fund Commissions [Text] rr_ExpenseExchangeTradedFundCommissions You may also pay brokerage commissions on the purchase and sale of Shares, which are not reflected in the table.
Expense Example [Heading] rr_ExpenseExampleHeading EXAMPLE
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The example also assumes that the Fund provides a return of 5% a year and that the operating expenses remain the same. The example does not reflect any brokerage commissions that you may pay on purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

Strategy [Heading] rr_StrategyHeading PRINCIPAL INVESTMENT STRATEGIES
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

The Fund is considered a "fund of funds" that seeks to achieve its investment objective by primarily investing in other exchange-traded funds (the "ETFs") and other exchange traded products ("ETPs") including, but not limited to, exchange-traded notes ("ETNs"), exchange traded currency trusts, closed-end funds, and real estate investment trusts (together, "Underlying Vehicles") that offer diversified exposure, including inverse exposure, to global regions (including emerging markets), countries, styles (i.e., market capitalization, value, growth, etc.) and sectors. The Fund will invest in Underlying Vehicles, including affiliated and unaffiliated ETPs, spanning all the major world asset and instrument classes including equities, bonds (including high yield bonds, which are commonly referred to as "junk bonds"), real estate, derivatives, commodities, and currencies.

The Fund's investment adviser, Cambria Investment Management, L.P. ("Cambria" or the "Adviser"), will actively manage the Fund's portfolio utilizing a quantitative strategy with risk management controls in an attempt to protect capital. Cambria's model combines momentum and trend factors to select Underlying Vehicles for the Fund. Quantitative screens exclude foreign issuers whose securities are highly restricted or illegal for U.S. persons to own, including due to the imposition of sanctions by the U.S. Government. The Fund looks to allocate to the top-performing assets based on absolute and relative momentum, typically measured over periods of less than two years.

Through Underlying Vehicles, the Fund may have exposure to companies in any industry and of any market capitalization. In addition to Underlying Vehicles, the Fund may invest up to 20% of its net assets directly in other securities and financial instruments, including futures, cash and cash equivalents. Under normal market conditions, the Fund expects to invest at least 40% of its net assets in securities of issuers located in at least three different countries (including the United States).

The Fund may sell a security when Cambria believes that the security is overvalued or better investment opportunities are available, to invest in cash and cash equivalents, or to meet redemptions. Cambria expects to rebalance to target allocations monthly. As a result, the Fund may experience high portfolio turnover.

 

•   ETFs are registered investment companies whose shares are exchange-traded and give investors a proportional interest in the pool of securities and other assets held by the ETF.

•   ETPs are exchange-traded equity securities whose value derives from an underlying asset or portfolio of assets, which may correlate to a benchmark, such as a commodity, currency, interest rate or index. ETFs are one type of ETP.

•   ETNs are unsecured and unsubordinated debt securities whose value derives, in part, from an underlying asset or benchmark and, in part, from the credit quality of the issuer.

Risk [Heading] rr_RiskHeading PRINCIPAL RISKS
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

An investment in the Fund involves risk, which includes risks the Fund may be subject to due to investments in Underlying Vehicles. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. The Fund's principal risks are presented in alphabetical order to facilitate investors' ability to identify particular risks and compare them with the risks of other funds. Some or all of these risks may adversely affect the Fund's net asset value per share ("NAV"), trading price, yield, total return, and/or ability to meet its objective. There is no assurance that the Fund will achieve its investment objective. An investor may lose money by investing in the Fund. For more information about the risks of investing in the Fund, see the sections titled "Additional Information About the Funds' Risks" and "Additional Non-Principal Risk Information."

Cash Redemption Risk. The Fund's investment strategy may require it to effect redemptions, in whole or in part, for cash. As a result, the Fund may pay out higher annual capital gain distributions and be less tax-efficient than if the in-kind redemption process was used exclusively. In addition, cash redemptions may incur higher brokerage costs than in-kind redemptions and these added costs may be borne by the Fund and negatively impact Fund performance.

Commodity Investing Risk. Investing in commodity-related companies may subject the Fund to greater volatility than investments in traditional securities. The commodities markets have experienced periods of extreme volatility. Similar future market conditions may result in rapid and substantial valuation increases or decreases in the Fund's holdings.

Currency Strategies Risk. Currency exchange rates may fluctuate significantly over short periods of time and can be unpredictably affected by political developments or government intervention. Changes in currency exchange rates may affect the U.S. Dollar value of the Fund's investments.

Cyber Security Risk. The Fund may be susceptible to operational and information security risks resulting from a breach in the Fund's cyber security, including cyber-attacks against the Fund, third-party service providers, market makers, Authorized Participants, or issuers of securities in which the Fund invests. A breach in cyber security, intentional or unintentional, may adversely impact the Fund in many ways, including, but not limited to, disruption of the Fund's operational capacity, loss of proprietary information, theft or corruption of data, denial-of-service attacks on websites or network resources, and the unauthorized release of confidential information.

Derivatives Risk. Derivatives, such as futures, can be volatile, and a small investment in a derivative can have a large impact on the performance of the Fund as derivatives can result in losses in excess of the amount invested. Other risks of investments in derivatives include risks of default by the other party to the derivative transactions; risks that the transactions may result in losses that partially or completely offset gains in portfolio positions; and risks that the derivative transaction may not be liquid.

Emerging Markets Risk. Emerging market investments are subject to the same risks as foreign investments and to additional risks due to greater political and economic uncertainties as well as a relative lack of information about issuers in such markets. Securities of emerging market issuers may become illiquid and be subject to volatility and high transaction costs.

Equity Investing Risk. The values of equity securities could decline generally or could underperform other investments due to factors affecting a specific issuer, market or securities markets generally.

Exchange-Traded Funds and Exchange-Traded Products and Investment Companies Risk. The risks of investing in securities of ETFs, ETPs and investment companies typically reflect the risks of the types of instruments in which the underlying ETF, ETP or investment company invests. In addition, with such investments, the Fund bears its proportionate share of the fees and expenses of the underlying entity. As a result, the Fund's operating expenses may be higher and performance may be lower.

Exchange-Traded Notes Risk. Because ETNs are unsecured, unsubordinated debt securities, an investment in an ETN exposes the Fund to the risk that an ETN's issuer may be unable to pay. In addition, as with investments in other ETPs, the Fund will bear its proportionate share of the fees and expenses of the ETN, which may cause the Fund's operating expenses to be higher and its performance to be lower.

Fixed Income Risk. A decline in an issuer's credit rating and/or financial condition may cause such issuer's fixed income securities to decrease in value while experiencing increased volatility and investment risk. During periods of falling interest rates, an issuer of a callable bond held by the Fund may "call" (or repay) the security before its stated maturity, and the Fund may have to reinvest the proceeds at lower interest rates, resulting in a decline in the Fund's income. The market value of a fixed income security generally changes in response to changes in interest rates and may change quickly and without warning in response to issuer defaults and changes in issuer credit ratings.

Foreign Investment Risk. Returns on investments in foreign securities could be more volatile than, or trail the returns on, investments in U.S. securities. Exposures to foreign securities entail special risks, including risks due to: (i) differences in information available about foreign issuers; (ii) differences in investor protection standards in other jurisdictions; (iii) capital controls risks, including the risk of a foreign jurisdiction imposing restrictions on the ability to repatriate or transfer currency or other assets; (iv) political, diplomatic and economic risks; (v) regulatory risks; and (vi) foreign market and trading risks, including the costs of trading and risks of settlement in foreign jurisdictions. In addition, the Fund's investments in securities denominated in other currencies could decline due to changes in local currency relative to the value of the U.S. dollar, which may affect the Fund's returns.

Geographic Investment Risk. To the extent the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region.

Asia-Pacific Risk. Investments in securities of issuers in Asia-Pacific countries involve risks that are specific to the Asia-Pacific region, including certain legal, regulatory, political and economic risks. Certain Asia-Pacific countries have experienced expropriation and/or nationalization of assets, confiscatory taxation, political instability, armed conflict and social instability as a result of religious, ethnic, socio-economic and/or political unrest. Some economies in this region are dependent on a range of commodities, and are strongly affected by international commodity prices and particularly vulnerable to price changes for these products.

Europe Risk. The Economic and Monetary Union of the European Union ("EU") requires compliance with restrictions on inflation rates, deficits, interest rates, debt levels and fiscal and monetary controls, each of which may significantly affect every country in Europe. Decreasing imports or exports, changes in governmental or EU regulations on trade, changes in the exchange rate of the euro, the default or threat of default by an EU member country on its sovereign debt, and/or an economic recession in an EU member country may have a significant adverse effect on the economies of EU member countries and their trading partners. In addition, the United Kingdom has voted in a referendum to leave the EU. Although it remains unclear what the potential consequences of Brexit may be, the economies of Europe and the United Kingdom, as well as the broader global economy, could be significantly impacted by Brexit, which may result in lower economic growth and increased volatility and illiquidity across global markets.

High Yield Securities Risk. High yield securities and unrated securities of comparable credit quality are subject to the increased risk of an issuer's inability to meet principal and interest payment obligations. High yield securities are subject to a greater risk of default and investments in them are inherently speculative. The secondary markets in which high yield securities are traded may be less liquid and more volatile than the market for higher grade securities.

Interest Rate Risk. The market value of fixed income securities generally changes in response to changes in interest rates. As interest rates rise, the value of certain fixed income securities is likely to decrease. Similarly, if interest rates decline, the value of fixed income securities is likely to increase. Interest rate risk is generally lower for shorter-term investments and higher for longer-term investments. As of the date of this Prospectus, interest rates are near historic lows, but risks associated with rising interest rates are heightened given the Federal Reserve's recent interest rate hikes, which could signal an end to the historically low interest rate environment. To the extent that rates increase substantially and/or rapidly, the Fund may be subject to significant losses.

International Closed-Market Trading Risk. Because the Fund's investments may be traded in markets that are closed when the Exchange is open, there are likely to be deviations between the current pricing of an underlying investment and stale investment pricing (i.e., the last quote from its closed foreign market), resulting in premiums or discounts to NAV that may be greater than those experienced by other ETFs.

Investment Risk. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. When you sell your Shares, they could be worth less than what you paid for them.

Large Capitalization Company Risk. The Fund's investments in large capitalization companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.

Leveraging Risk. Certain of Fund's investments may expose the Fund to leverage, causing the Fund's value to be more volatile.

Liquidity Risk. Liquidity risk exists when a particular investment is difficult to purchase or sell. A significant, rapid rise in interest rates may result in a period of volatility and increased redemptions if Fund securities become illiquid and are forced to sell the illiquid securities at disadvantageous times or prices. This could have a negative effect on the Fund's ability to achieve its investment objective and may result in losses to Fund shareholders.

Management Risk. The Fund is actively managed using proprietary investment strategies and processes. There can be no guarantee that these strategies and processes will be successful or that the Fund will achieve its investment objective.

Market Events Risk. Turbulence in the financial markets and reduced liquidity in the equity, credit and fixed-income markets may negatively affect issuers, which could have an adverse effect on the Fund. In addition, there is a risk that policy changes by the U.S. Government, Federal Reserve and/or other government actors, such as increasing interest rates, could cause increased volatility in financial markets and higher levels of Fund redemptions, which could have a negative impact on the Fund. In a declining stock market, stock prices for all companies (including those in the Fund's portfolio) may decline, regardless of their long-term prospects.

Momentum Investing Risk. 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. High momentum may also be a sign that the securities' prices have peaked. Momentum can turn quickly and cause significant variation from other types of investments. The Fund may experience significant losses if momentum stops, turns or otherwise behaves differently than predicted.

Portfolio Turnover Risk. The Fund's or an Underlying Vehicle's strategy may result in high portfolio turnover rates, which may increase the Fund's or an Underlying Vehicle's brokerage commission costs and negatively impact the Fund's performance. Such portfolio turnover also may generate net short-term capital gains.

Premium-Discount Risk. Shares may trade above (premium) or below (discount) their NAV. The market prices of Shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of, and demand for, Shares on the Exchange. This risk is heightened in times of market volatility or periods of steep market declines.

Quantitative Security Selection Risk. Cambria uses quantitative techniques to generate investment decisions and its processes and stock selection, and the Fund may not perform as intended if it relies on erroneous or outdated data from one or more third parties. Errors in data used in the quantitative model may occur from time to time and may not be identified and/or corrected before having an adverse impact on the Fund and its shareholders.

Real Estate Investments Risk. The Fund is subject to the risks related to investments in real estate, including declines in the real estate market, decreases in property revenues, increases in interest rates, increases in property taxes and operating expenses, legal and regulatory changes, a lack of credit or capital, defaults by borrowers or tenants, environmental problems and natural disasters.

REIT Risk. In addition to the risks associated with the real estate industry, REITs are subject to additional risks, including those related to adverse governmental actions and the potential failure to qualify for tax-free pass through of income and exemption from registration as an investment company. REITs are dependent upon specialized management skills and may invest in relatively few properties, a small geographic area or a small number of property types. As a result, investments in REITs may be volatile. REITs are pooled investment vehicles with their own fees and expenses and the Fund will indirectly bear a proportionate share of those fees and expenses.

Secondary Market Trading Risk. Investors buying or selling Shares in the secondary market may pay brokerage commissions, which may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of Shares. Although the Shares are listed on the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted.

Small and Medium Capitalization Company Risk. Investing in securities of small and medium capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies' securities may be more volatile and less liquid than those of more established companies, and they may be more sensitive to market conditions.

Underlying Vehicle Counterparty and Leverage Risk. Through its investments in Underlying Vehicles the Fund may be indirectly exposed to additional risks. For example, if an Underlying Vehicle contracts with a counterparty, the Fund indirectly bears the risk that the counterparty fails to honor its obligations, causing the Underlying Vehicle, and therefore the Fund, to lose money and decline in value. Derivatives used by Underlying Vehicles may include leverage, allowing them to obtain the right to a return on stipulated capital that exceeds the amount paid or invested. Use of leverage is speculative and could magnify losses. Although certain Underlying Vehicles may segregate liquid assets to cover the market value of its obligations under the derivatives, this will not prevent losses of amounts in excess of the segregated assets. Other Underlying Vehicles may not employ any risk management procedures at all, leading to even greater losses. Due to the Fund's investments in Underlying Vehicles, the value of the Fund's Shares may be volatile.

Risk Lose Money [Text] rr_RiskLoseMoney An investment in the Fund involves risk
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading PERFORMANCE
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

The following bar chart and table indicate the risks of investing in the Fund by showing how the Fund's average annual total returns compare with those of a relevant index that provides a broad measure of market performance. All returns include the reinvestment of dividends and distributions. As always, please note that the Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available at www.cambriafunds.com.

Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following bar chart and table indicate the risks of investing in the Fund by showing how the Fund’s average annual total returns compare with those of a relevant index that provides a broad measure of market performance.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.cambriafunds.com.
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture As always, please note that the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Total Annual Returns for Calendar Year Ended December 31
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

As of July 31, 2019, the Fund's year-to-date total return was 4.10%.

Best and Worst Quarter Returns (for the period reflected in the bar chart above)

Best: 6.36%, for the quarter ended 9/30/2017

Worst: -7.88%, for the quarter ended 12/31/2018

Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns for the period ending December 31, 2018
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate Average annual total returns are shown on a before- and after-tax basis for the Fund. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock

Average annual total returns are shown on a before- and after-tax basis for the Fund. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans.

Cambria Global Momentum ETF | Cambria Global Momentum ETF  
Prospectus [Line Items] rr_ProspectusLineItems  
Management Fee: rr_ManagementFeesOverAssets 0.59%
Distribution and/or Service (12b-1) fees: rr_DistributionAndService12b1FeesOverAssets none
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.35%
Other Expenses: rr_OtherExpensesOverAssets none
Total Annual Fund Operating Expenses: rr_ExpensesOverAssets 0.94%
One Year: rr_ExpenseExampleYear01 $ 96
Three Years: rr_ExpenseExampleYear03 300
Five Years: rr_ExpenseExampleYear05 520
Ten Years: rr_ExpenseExampleYear10 $ 1,155
Annual Return 2015 rr_AnnualReturn2015 (8.51%)
Annual Return 2016 rr_AnnualReturn2016 4.31%
Annual Return 2017 rr_AnnualReturn2017 20.60%
Annual Return 2018 rr_AnnualReturn2018 (8.72%)
Year to Date Return, Label rr_YearToDateReturnLabel year-to-date total return
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Jul. 31, 2019
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 4.10%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Sep. 30, 2017
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 6.36%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2018
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (7.88%)
Label rr_AverageAnnualReturnLabel Return Before Taxes
1 Year rr_AverageAnnualReturnYear01 (8.72%)
Since Inception rr_AverageAnnualReturnSinceInception 1.55%
Inception Date rr_AverageAnnualReturnInceptionDate Nov. 03, 2014
Cambria Global Momentum ETF | S&P 500 Index  
Prospectus [Line Items] rr_ProspectusLineItems  
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes Reflects no deduction for fees, expenses or taxes
Label rr_AverageAnnualReturnLabel S&P 500 Index (Reflects no deduction for fees, expenses or taxes)
1 Year rr_AverageAnnualReturnYear01 (4.38%)
Since Inception rr_AverageAnnualReturnSinceInception 7.56%
Inception Date rr_AverageAnnualReturnInceptionDate Nov. 03, 2014
Cambria Global Momentum ETF | S&P Balanced Equity & Bond Moderate Index  
Prospectus [Line Items] rr_ProspectusLineItems  
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes Reflects no deduction for fees, expenses or taxes
Label rr_AverageAnnualReturnLabel S&P Balanced Equity & Bond Moderate Index (Reflects no deduction for fees, expenses or taxes)
1 Year rr_AverageAnnualReturnYear01 (1.44%)
Since Inception rr_AverageAnnualReturnSinceInception 4.91%
Inception Date rr_AverageAnnualReturnInceptionDate Nov. 03, 2014
Cambria Global Momentum ETF | Return After Taxes on Distributions | Cambria Global Momentum ETF  
Prospectus [Line Items] rr_ProspectusLineItems  
Label rr_AverageAnnualReturnLabel Return After Taxes on Distributions
1 Year rr_AverageAnnualReturnYear01 (9.19%)
Since Inception rr_AverageAnnualReturnSinceInception 0.86%
Inception Date rr_AverageAnnualReturnInceptionDate Nov. 03, 2014
Cambria Global Momentum ETF | Return After Taxes on Distributions and Sale of Fund Shares | Cambria Global Momentum ETF  
Prospectus [Line Items] rr_ProspectusLineItems  
Label rr_AverageAnnualReturnLabel Return After Taxes on Distributions and Sale of Fund Shares
1 Year rr_AverageAnnualReturnYear01 (5.33%)
Since Inception rr_AverageAnnualReturnSinceInception 0.95%
Inception Date rr_AverageAnnualReturnInceptionDate Nov. 03, 2014

XML 19 R17.htm IDEA: XBRL DOCUMENT v3.19.2
Label Element Value
Cambria Global Asset Allocation ETF  
Prospectus [Line Items] rr_ProspectusLineItems  
Risk/Return [Heading] rr_RiskReturnHeading Cambria Global Asset Allocation ETF
Objective [Heading] rr_ObjectiveHeading INVESTMENT OBJECTIVE
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The Fund seeks income and capital appreciation.

Expense [Heading] rr_ExpenseHeading FEES AND EXPENSES
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy and hold Shares. You may also pay brokerage commissions on the purchase and sale of Shares, which are not reflected in the table.

Operating Expenses Caption [Text] rr_OperatingExpensesCaption ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE VALUE OF YOUR INVESTMENT)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading PORTFOLIO TURNOVER
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

The Fund may pay transaction costs, including commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund's performance. For the fiscal year ended April 30, 2019, the Fund's portfolio turnover rate was 2% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 2.00%
Expense Exchange Traded Fund Commissions [Text] rr_ExpenseExchangeTradedFundCommissions You may also pay brokerage commissions on the purchase and sale of Shares, which are not reflected in the table.
Expense Example [Heading] rr_ExpenseExampleHeading EXAMPLE
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The example also assumes that the Fund provides a return of 5% a year and that the operating expenses remain the same. The example does not reflect any brokerage commissions that you may pay on purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

Strategy [Heading] rr_StrategyHeading PRINCIPAL INVESTMENT STRATEGIES
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

The Fund is designed to provide absolute positive returns with reduced downside volatility, manageable risk, and smaller drawdowns (i.e., peak-to-trough declines in performance) by identifying an investable portfolio of exchange-traded vehicles that provide diversified exposure to all of the major asset classes in the various regions, countries and sectors around the globe. Under normal market conditions, the Fund invests at least 80% of its total assets in affiliated and unaffiliated exchange-traded funds ("ETFs") and other exchange-traded products ("ETPs") (collectively, "Underlying Vehicles") that provide exposure to various (i) investment asset classes, including equity and fixed income securities, real estate, commodities, and currencies, and (ii) factors such as value, momentum, and trend investing. The Fund invests in Underlying Vehicles that seek exposure to undervalued markets, according to various valuation metrics, such as the cyclically adjusted price-to-earnings ratio, commonly known as the "CAPE Shiller P/E ratio, while seeking to avoid overvalued markets through the use of systematic quantitative screens. The Fund also invests in Underlying Vehicles with momentum and trend following strategies. Momentum and trend following strategies, both of which are based on quantitative and algorithmic models, attempt to (1) invest in assets when their prices are in an uptrend (i.e., prices are increasing over a specified time period) and/or increasing relative to the prices of other assets, and (2) sell assets when their prices are in a downtrend (i.e., prices are decreasing over a specified time period) and/or decreasing relative to the prices of other assets.

Under normal market conditions, the Fund's investment adviser, Cambria Investment Management, L.P. ("Cambria" or the "Adviser"), selects Underlying Vehicles that provide exposures of approximately 45% to equity securities, 45% to fixed income securities and 10% to other asset classes, such as commodities and currencies.

Under normal market conditions, Cambria allocates approximately 40% of the Fund's total assets to long positions in foreign companies' equity or debt securities or foreign currencies. The Fund defines foreign companies as those domiciled or listed and traded outside of the U.S. The Fund defines equity exposures to include Underlying Vehicles that track the performance of stock indices, closed-end funds, real estate investment trusts ("REITs"), exchange-traded currency trusts, common stock, preferred stock and convertible securities of issuers of any market capitalization. The Fund defines fixed income exposures to include Underlying Vehicles that track the performance of fixed income indices, exchange-traded notes, securities issued by the U.S. Government and its agencies, sovereign debt and corporate bonds of any credit quality, including high yield (or "junk") bonds. The Fund defines commodity and currency exposures to include Underlying Vehicles that track the performance of commodity and currency indices.

The Fund is considered a "fund of funds" that seeks to achieve its investment objective by primarily investing in Underlying Vehicles, including affiliated ETFs, that offer diversified exposure to all of the major asset classes in the various regions, countries, and sectors around the globe. The Fund may invest up to 20% of its net assets in instruments that are not Underlying Vehicle, but which Cambria believes will help the Fund achieve its investment objective, including futures, options, swap contracts, cash and cash equivalents, and money market funds.

Cambria has discretion to actively manage the Fund's portfolio in accordance with the Fund's investment objective. The Fund may sell a security when Cambria believes that the security is overvalued or better investment opportunities are available, to invest in cash and cash equivalents, or to meet redemptions. Cambria expects to rebalance to target allocations at least annually.

Strategy Portfolio Concentration [Text] rr_StrategyPortfolioConcentration Under normal market conditions, the Fund invests at least 80% of its total assets in affiliated and unaffiliated exchange-traded funds ("ETFs") and other exchange-traded products ("ETPs") (collectively, "Underlying Vehicles") that provide exposure to various (i) investment asset classes, including equity and fixed income securities, real estate, commodities, and currencies, and (ii) factors such as value, momentum, and trend investing.
Risk [Heading] rr_RiskHeading PRINCIPAL RISKS
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

An investment in the Fund involves risk. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. The Fund's principal risks are presented in alphabetical order to facilitate investors' ability to identify particular risks and compare them with the risks of other funds. Some or all of these risks may adversely affect the Fund's net asset value per share ("NAV"), trading price, yield, total return, and/or ability to meet its objective. There is no assurance that the Fund will achieve its investment objective. An investor may lose money by investing in the Fund. For more information about the risks of investing in the Fund, see the sections titled "Additional Information About the Funds' Risks" and "Additional Non-Principal Risk Information."

Cash Redemption Risk. The Fund's investment strategy may require it to effect redemptions, in whole or in part, for cash. As a result, the Fund may pay out higher annual capital gain distributions and be less tax-efficient than if the in-kind redemption process was used exclusively. In addition, cash redemptions may incur higher brokerage costs than in-kind redemptions and these added costs may be borne by the Fund and negatively impact Fund performance.

Commodity Investing Risk. Investing in commodity-related companies may subject the Fund to greater volatility than investments in traditional securities. The commodities markets have experienced periods of extreme volatility. Similar future market conditions may result in rapid and substantial valuation increases or decreases in the Fund's holdings.

Concentration Risk. To the extent that the Underlying Index is concentrated in a particular industry or group of industries, the Fund is also expected to be concentrated in that industry or group of industries. As a result, the Fund may be susceptible to loss due to adverse occurrences affecting that industry or group of industries.

Currency Strategies Risk. Currency exchange rates may fluctuate significantly over short periods of time and can be unpredictably affected by political developments or government intervention. Changes in currency exchange rates may affect the U.S. Dollar value of the Fund's investments.

Cyber Security Risk. The Fund may be susceptible to operational and information security risks resulting from a breach in the Fund's cyber security, including cyber-attacks against the Fund, third-party service providers, market makers, Authorized Participants, or issuers of securities in which the Fund invests. A breach in cyber security, intentional or unintentional, may adversely impact the Fund in many ways, including, but not limited to, disruption of the Fund's operational capacity, loss of proprietary information, theft or corruption of data, denial-of-service attacks on websites or network resources, and the unauthorized release of confidential information.

Depositary Receipts Risk. The risks of investments in depositary receipts are substantially similar to the risks of investing directly in foreign securities. In addition, depositary receipts may not track the price of or may be less liquid than their underlying foreign securities, and the value of depositary receipts may change materially at times when the U.S. markets are not open for trading.

Derivatives Risk. Derivatives, such as futures, options, and swaps, can be volatile, and a small investment in a derivative can have a large impact on the performance of the Fund as derivatives can result in losses in excess of the amount invested. Other risks of investments in derivatives include risks of default by the other party to the derivative transactions; risks that the transactions may result in losses that partially or completely offset gains in portfolio positions; and risks that the derivative transaction may not be liquid.

Emerging Markets Risk. Emerging market investments are subject to the same risks as foreign investments and to additional risks due to greater political and economic uncertainties as well as a relative lack of information about companies in such markets. Securities traded on emerging markets are potentially illiquid and may be subject to volatility and high transaction costs.

Equity Investing Risk. The values of equity securities could decline generally or could underperform other investments. In addition, securities may decline in value due to factors affecting a specific issuer, market or securities markets generally.

Exchange-Traded Funds and Exchange-Traded Products and Investment Companies Risk. The risks of investing in securities of ETFs, ETPs and investment companies typically reflect the risks of the types of instruments in which the underlying ETF, ETP or investment company invests. In addition, with such investments, the Fund bears its proportionate share of the fees and expenses of the underlying entity. As a result, the Fund's operating expenses may be higher and performance may be lower. Through its investments in investment companies, the Fund may be indirectly exposed to derivatives and leverage; allowing them to obtain the right to a return on stipulated capital that exceeds the amount paid or invested. Use of leverage is speculative and could magnify losses.

Exchange-Traded Notes Risk. Because ETNs are unsecured, unsubordinated debt securities, an investment in an ETN exposes the Fund to the risk that an ETN's issuer may be unable to pay. In addition, as with investments in other ETPs, the Fund will bear its proportionate share of the fees and expenses of the ETN, which may cause the Fund's operating expenses to be higher and its performance to be lower.

Fixed Income Risk. A decline in an issuer's credit rating and/or financial condition may cause such issuer's fixed income securities to decrease in value while experiencing increased volatility and investment risk. During periods of falling interest rates, an issuer of a callable bond held by the Fund may "call" (or repay) the security before its stated maturity, and the Fund may have to reinvest the proceeds at lower interest rates, resulting in a decline in the Fund's income. The market value of a fixed income security generally changes in response to changes in interest rates and may change quickly and without warning in response to issuer defaults and changes in issuer credit ratings.

Foreign Investment Risk. Returns on investments in foreign securities could be more volatile than, or trail the returns on, investments in U.S. securities. Exposures to foreign securities entail special risks, including risks due to: (i) differences in information available about foreign issuers; (ii) differences in investor protection standards in other jurisdictions; (iii) capital controls risks, including the risk of a foreign jurisdiction imposing restrictions on the ability to repatriate or transfer currency or other assets; (iv) political, diplomatic and economic risks; (v) regulatory risks; and (vi) foreign market and trading risks, including the costs of trading and risks of settlement in foreign jurisdictions. In addition, the Fund's investments in securities denominated in other currencies could decline due to changes in local currency relative to the value of the U.S. dollar, which may affect the Fund's returns.

Geographic Investment Risk. To the extent the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region.

Asia-Pacific Risk. Investments in securities of issuers in Asia-Pacific countries involve risks that are specific to the Asia-Pacific region, including certain legal, regulatory, political and economic risks. Certain Asia-Pacific countries have experienced expropriation and/or nationalization of assets, confiscatory taxation, political instability, armed conflict and social instability as a result of religious, ethnic, socio-economic and/or political unrest. Some economies in this region are dependent on a range of commodities, and are strongly affected by international commodity prices and particularly vulnerable to price changes for these products.

Europe Risk. The Economic and Monetary Union of the European Union ("EU") requires compliance with restrictions on inflation rates, deficits, interest rates, debt levels and fiscal and monetary controls, each of which may significantly affect every country in Europe. Decreasing imports or exports, changes in governmental or EU regulations on trade, changes in the exchange rate of the euro, the default or threat of default by an EU member country on its sovereign debt, and/or an economic recession in an EU member country may have a significant adverse effect on the economies of EU member countries and their trading partners. In addition, the United Kingdom has voted in a referendum to leave the EU. Although it remains unclear what the potential consequences of Brexit may be, the economies of Europe and the United Kingdom, as well as the broader global economy, could be significantly impacted by Brexit, which may result in lower economic growth and increased volatility and illiquidity across global markets.

High Yield Securities Risk. High yield securities and unrated securities of comparable credit quality are subject to the increased risk of an issuer's inability to meet principal and interest payment obligations. High yield securities are subject to a greater risk of default and investments in them are inherently speculative. The secondary markets in which high yield securities are traded may be less liquid and more volatile than the market for higher grade securities.

Interest Rate Risk. The market value of fixed income securities generally changes in response to changes in interest rates. As interest rates rise, the value of certain fixed income securities is likely to decrease. Similarly, if interest rates decline, the value of fixed income securities is likely to increase. Interest rate risk is generally lower for shorter-term investments and higher for longer-term investments. As of the date of this Prospectus, interest rates are near historic lows, but risks associated with rising interest rates are heightened given the Federal Reserve's recent interest rate hikes, which could signal an end to the historically low interest rate environment. To the extent that rates increase substantially and/or rapidly, the Fund may be subject to significant losses.

International Closed-Market Trading Risk. Because the Fund's investments may be traded in markets that are closed when the Exchange is open, there are likely to be deviations between the current pricing of an underlying investment and stale investment pricing (i.e., the last quote from its closed foreign market), resulting in premiums or discounts to NAV that may be greater than those experienced by other ETFs.

Investment Risk. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. When you sell your Shares, they could be worth less than what you paid for them.

Leveraging Risk. Certain of Fund's investments may expose the Fund to leverage, causing the Fund's value to be more volatile.

Liquidity Risk. Liquidity risk exists when a particular investment is difficult to purchase or sell. A significant, rapid rise in interest rates may result in a period of volatility and increased redemptions if Fund securities become illiquid and are forced to sell the illiquid securities at disadvantageous times or prices. This could have a negative effect on the Fund's ability to achieve its investment objective and may result in losses to Fund shareholders.

Management Risk. The Fund is actively managed using proprietary investment strategies and processes. There can be no guarantee that these strategies and processes will be successful or that the Fund will achieve its investment objective.

Market Events Risk. Turbulence in the financial markets and reduced liquidity in the equity, credit and fixed-income markets may negatively affect issuers, which could have an adverse effect on the Fund. In addition, there is a risk that policy changes by the U.S. Government and/or Federal Reserve, such as increasing interest rates, could cause increased volatility in financial markets and higher levels of Fund redemptions, which could have a negative impact on the Fund. In a declining stock market, stock prices for all companies (including those in the Fund's portfolio) may decline, regardless of their long-term prospects.

Momentum Investing Risk. The Underlying Index may identify securities that have had higher recent price performance compared to other securities. These securities may be more volatile than a broad cross-section of securities. High momentum may also be a sign that the securities' prices have peaked. Momentum can turn quickly and cause significant variation from other types of investments. The Fund may experience significant losses if momentum stops, turns or otherwise behaves differently than predicted.

Options Risk. The prices of options may change rapidly over time and do not necessarily move in tandem with the price of the underlying securities. Options may expire unexercised, causing the Fund to lose the premium paid for them.

Premium-Discount Risk. Shares may trade above (premium) or below (discount) their NAV. The market prices of Shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of, and demand for, Shares on the Exchange. This risk is heightened in times of market volatility or periods of steep market declines.

Real Estate Investments Risk. The Fund is subject to the risks related to investments in real estate, including declines in the real estate market, decreases in property revenues, increases in interest rates, increases in property taxes and operating expenses, legal and regulatory changes, a lack of credit or capital, defaults by borrowers or tenants, environmental problems and natural disasters.

Secondary Market Trading Risk. Investors buying or selling Shares in the secondary market may pay brokerage commissions, which may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of Shares. Although the Shares are listed on the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted.

Small and Medium Capitalization Company Risk. Investing in securities of small and medium capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies' securities may be more volatile and less liquid than those of more established companies. Often, small and medium capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.

Sovereign Debt Securities Risk. Investments in 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. During periods of economic uncertainty, the market prices of sovereign debt, and the Fund's NAV, may be more volatile than prices of U.S. debt obligations. In the past, certain non-U.S. markets have encountered difficulties in servicing their debt obligations, withheld payments of principal and interest and declared moratoria on the payment of principal and interest on their sovereign debts. These risks increase for lower-rated and high yield debt securities, as discussed in this Prospectus.

Swaps Contract Risk. Each swap exposes the Fund to counterparty risk when a counterparty to a financial instrument entered into by the Fund may become bankrupt or otherwise fail to perform its obligations. As a result, the Fund may experience delays in or be prevented from obtaining payments owed to it pursuant to a swap contract.

Value Investment Risk. Value investments are subject to the risk that their intrinsic value may never be realized by the market. Value investments tend to underperform in growth markets.

Risk Lose Money [Text] rr_RiskLoseMoney An investment in the Fund involves risk.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading PERFORMANCE
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

The following bar chart and table indicate the risks of investing in the Fund by showing how the Fund's average annual total returns compare with those of the former underlying index as well as a relevant index that provides a broad measure of market performance. All returns include the reinvestment of dividends and distributions. As always, please note that the Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available at www.cambriafunds.com.

Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following bar chart and table indicate the risks of investing in the Fund by showing how the Fund’s average annual total returns compare with those of the former underlying index as well as a relevant index that provides a broad measure of market performance.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.cambriafunds.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture As always, please note that the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Total Annual Returns for Calendar Year Ended December 31
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

As of July 31, 2019, the Fund's year-to-date total return was 10.37%.

Best and Worst Quarter Returns (for the period reflected in the bar chart above)

Best: 4.53%, for the quarter ended 9/30/2017

Worst: -6.08%, for the quarter ended 12/31/2018

Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns for the period ending December 31, 2018
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate Average annual total returns are shown on a before- and after-tax basis for the Fund. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock

Average annual total returns are shown on a before- and after-tax basis for the Fund. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans.

Cambria Global Asset Allocation ETF | Cambria Global Asset Allocation ETF  
Prospectus [Line Items] rr_ProspectusLineItems  
Management Fee: rr_ManagementFeesOverAssets none
Distribution and/or Service (12b-1) fees: rr_DistributionAndService12b1FeesOverAssets none
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.34%
Other Expenses: rr_OtherExpensesOverAssets none
Total Annual Fund Operating Expenses: rr_ExpensesOverAssets 0.34%
One Year: rr_ExpenseExampleYear01 $ 35
Three Years: rr_ExpenseExampleYear03 109
Five Years: rr_ExpenseExampleYear05 191
Ten Years: rr_ExpenseExampleYear10 $ 431
Annual Return 2015 rr_AnnualReturn2015 (3.86%)
Annual Return 2016 rr_AnnualReturn2016 8.64%
Annual Return 2017 rr_AnnualReturn2017 15.22%
Annual Return 2018 rr_AnnualReturn2018 (6.85%)
Year to Date Return, Label rr_YearToDateReturnLabel year-to-date total return
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Jul. 31, 2019
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 10.37%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Sep. 30, 2017
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 4.53%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2018
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (6.08%)
Label rr_AverageAnnualReturnLabel Return Before Taxes
1 Year rr_AverageAnnualReturnYear01 (6.85%) [1]
Since Inception rr_AverageAnnualReturnSinceInception 2.62% [1]
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 09, 2014
Cambria Global Asset Allocation ETF | S&P 500 Index  
Prospectus [Line Items] rr_ProspectusLineItems  
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes Reflects no deduction for fees, expenses or taxes
Label rr_AverageAnnualReturnLabel S&P 500 Index (Reflects no deduction for fees, expenses or taxes)
1 Year rr_AverageAnnualReturnYear01 (4.38%) [1]
Since Inception rr_AverageAnnualReturnSinceInception 7.14% [1]
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 09, 2014
Cambria Global Asset Allocation ETF | S&P Balanced Equity & Bond Moderate Index  
Prospectus [Line Items] rr_ProspectusLineItems  
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes Reflects no deduction for fees, expenses or taxes
Label rr_AverageAnnualReturnLabel S&P Balanced Equity & Bond Moderate Index (Reflects no deduction for fees, expenses or taxes)
1 Year rr_AverageAnnualReturnYear01 (1.44%) [1]
Since Inception rr_AverageAnnualReturnSinceInception 5.10% [1]
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 09, 2014
Cambria Global Asset Allocation ETF | Return After Taxes on Distributions | Cambria Global Asset Allocation ETF  
Prospectus [Line Items] rr_ProspectusLineItems  
Label rr_AverageAnnualReturnLabel Return After Taxes on Distributions
1 Year rr_AverageAnnualReturnYear01 (7.58%) [1]
Since Inception rr_AverageAnnualReturnSinceInception 1.62% [1]
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 09, 2014
Cambria Global Asset Allocation ETF | Return After Taxes on Distributions and Sale of Fund Shares | Cambria Global Asset Allocation ETF  
Prospectus [Line Items] rr_ProspectusLineItems  
Label rr_AverageAnnualReturnLabel Return After Taxes on Distributions and Sale of Fund Shares
1 Year rr_AverageAnnualReturnYear01 (4.05%) [1]
Since Inception rr_AverageAnnualReturnSinceInception 1.65% [1]
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 09, 2014
Cambria Global Asset Allocation ETF | Cambria Global Asset Allocation Index  
Prospectus [Line Items] rr_ProspectusLineItems  
Label rr_AverageAnnualReturnLabel Cambria Global Asset Allocation Index (Reflects no deduction for fees, expenses or taxes)
1 Year rr_AverageAnnualReturnYear01 (7.69%) [1]
Since Inception rr_AverageAnnualReturnSinceInception 0.98% [1]
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 09, 2014
[1] The Fund's objective changed effective January 1, 2019. Prior to that date, the Fund was actively managed and sought to track the performance, before fees and expenses, of the Cambria Global Asset Allocation Index. As of January 1, 2019, the Fund is actively managed and seeks income and capital appreciation from investments in exchange-traded vehicles.
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Cambria Global Momentum ETF
Cambria Global Momentum ETF
INVESTMENT OBJECTIVE

Cambria Global Momentum ETF (the "Fund") seeks to preserve and grow capital from investments in the U.S. and foreign equity, fixed income, commodity and currency markets, independent of market direction.

FEES AND EXPENSES

This table describes the fees and expenses that you may pay if you buy and hold Shares. You may also pay brokerage commissions on the purchase and sale of Shares, which are not reflected in the table.

ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE VALUE OF YOUR INVESTMENT)
Annual Fund Operating Expenses
Cambria Global Momentum ETF
Management Fee: 0.59%
Distribution and/or Service (12b-1) fees: none
Acquired Fund Fees and Expenses 0.35%
Other Expenses: none
Total Annual Fund Operating Expenses: 0.94%
EXAMPLE

The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The example also assumes that the Fund provides a return of 5% a year and that the operating expenses remain the same. The example does not reflect any brokerage commissions that you may pay on purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

Expense Example
One Year:
Three Years:
Five Years:
Ten Years:
| Cambria Global Momentum ETF | USD ($) 96 300 520 1,155
PORTFOLIO TURNOVER

The Fund may pay transaction costs, including commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund's performance. For the fiscal year ended April 30, 2019, the Fund's portfolio turnover rate was 204% of the average value of its portfolio.

PRINCIPAL INVESTMENT STRATEGIES

The Fund is considered a "fund of funds" that seeks to achieve its investment objective by primarily investing in other exchange-traded funds (the "ETFs") and other exchange traded products ("ETPs") including, but not limited to, exchange-traded notes ("ETNs"), exchange traded currency trusts, closed-end funds, and real estate investment trusts (together, "Underlying Vehicles") that offer diversified exposure, including inverse exposure, to global regions (including emerging markets), countries, styles (i.e., market capitalization, value, growth, etc.) and sectors. The Fund will invest in Underlying Vehicles, including affiliated and unaffiliated ETPs, spanning all the major world asset and instrument classes including equities, bonds (including high yield bonds, which are commonly referred to as "junk bonds"), real estate, derivatives, commodities, and currencies.

The Fund's investment adviser, Cambria Investment Management, L.P. ("Cambria" or the "Adviser"), will actively manage the Fund's portfolio utilizing a quantitative strategy with risk management controls in an attempt to protect capital. Cambria's model combines momentum and trend factors to select Underlying Vehicles for the Fund. Quantitative screens exclude foreign issuers whose securities are highly restricted or illegal for U.S. persons to own, including due to the imposition of sanctions by the U.S. Government. The Fund looks to allocate to the top-performing assets based on absolute and relative momentum, typically measured over periods of less than two years.

Through Underlying Vehicles, the Fund may have exposure to companies in any industry and of any market capitalization. In addition to Underlying Vehicles, the Fund may invest up to 20% of its net assets directly in other securities and financial instruments, including futures, cash and cash equivalents. Under normal market conditions, the Fund expects to invest at least 40% of its net assets in securities of issuers located in at least three different countries (including the United States).

The Fund may sell a security when Cambria believes that the security is overvalued or better investment opportunities are available, to invest in cash and cash equivalents, or to meet redemptions. Cambria expects to rebalance to target allocations monthly. As a result, the Fund may experience high portfolio turnover.

 

•   ETFs are registered investment companies whose shares are exchange-traded and give investors a proportional interest in the pool of securities and other assets held by the ETF.

•   ETPs are exchange-traded equity securities whose value derives from an underlying asset or portfolio of assets, which may correlate to a benchmark, such as a commodity, currency, interest rate or index. ETFs are one type of ETP.

•   ETNs are unsecured and unsubordinated debt securities whose value derives, in part, from an underlying asset or benchmark and, in part, from the credit quality of the issuer.

PRINCIPAL RISKS

An investment in the Fund involves risk, which includes risks the Fund may be subject to due to investments in Underlying Vehicles. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. The Fund's principal risks are presented in alphabetical order to facilitate investors' ability to identify particular risks and compare them with the risks of other funds. Some or all of these risks may adversely affect the Fund's net asset value per share ("NAV"), trading price, yield, total return, and/or ability to meet its objective. There is no assurance that the Fund will achieve its investment objective. An investor may lose money by investing in the Fund. For more information about the risks of investing in the Fund, see the sections titled "Additional Information About the Funds' Risks" and "Additional Non-Principal Risk Information."

Cash Redemption Risk. The Fund's investment strategy may require it to effect redemptions, in whole or in part, for cash. As a result, the Fund may pay out higher annual capital gain distributions and be less tax-efficient than if the in-kind redemption process was used exclusively. In addition, cash redemptions may incur higher brokerage costs than in-kind redemptions and these added costs may be borne by the Fund and negatively impact Fund performance.

Commodity Investing Risk. Investing in commodity-related companies may subject the Fund to greater volatility than investments in traditional securities. The commodities markets have experienced periods of extreme volatility. Similar future market conditions may result in rapid and substantial valuation increases or decreases in the Fund's holdings.

Currency Strategies Risk. Currency exchange rates may fluctuate significantly over short periods of time and can be unpredictably affected by political developments or government intervention. Changes in currency exchange rates may affect the U.S. Dollar value of the Fund's investments.

Cyber Security Risk. The Fund may be susceptible to operational and information security risks resulting from a breach in the Fund's cyber security, including cyber-attacks against the Fund, third-party service providers, market makers, Authorized Participants, or issuers of securities in which the Fund invests. A breach in cyber security, intentional or unintentional, may adversely impact the Fund in many ways, including, but not limited to, disruption of the Fund's operational capacity, loss of proprietary information, theft or corruption of data, denial-of-service attacks on websites or network resources, and the unauthorized release of confidential information.

Derivatives Risk. Derivatives, such as futures, can be volatile, and a small investment in a derivative can have a large impact on the performance of the Fund as derivatives can result in losses in excess of the amount invested. Other risks of investments in derivatives include risks of default by the other party to the derivative transactions; risks that the transactions may result in losses that partially or completely offset gains in portfolio positions; and risks that the derivative transaction may not be liquid.

Emerging Markets Risk. Emerging market investments are subject to the same risks as foreign investments and to additional risks due to greater political and economic uncertainties as well as a relative lack of information about issuers in such markets. Securities of emerging market issuers may become illiquid and be subject to volatility and high transaction costs.

Equity Investing Risk. The values of equity securities could decline generally or could underperform other investments due to factors affecting a specific issuer, market or securities markets generally.

Exchange-Traded Funds and Exchange-Traded Products and Investment Companies Risk. The risks of investing in securities of ETFs, ETPs and investment companies typically reflect the risks of the types of instruments in which the underlying ETF, ETP or investment company invests. In addition, with such investments, the Fund bears its proportionate share of the fees and expenses of the underlying entity. As a result, the Fund's operating expenses may be higher and performance may be lower.

Exchange-Traded Notes Risk. Because ETNs are unsecured, unsubordinated debt securities, an investment in an ETN exposes the Fund to the risk that an ETN's issuer may be unable to pay. In addition, as with investments in other ETPs, the Fund will bear its proportionate share of the fees and expenses of the ETN, which may cause the Fund's operating expenses to be higher and its performance to be lower.

Fixed Income Risk. A decline in an issuer's credit rating and/or financial condition may cause such issuer's fixed income securities to decrease in value while experiencing increased volatility and investment risk. During periods of falling interest rates, an issuer of a callable bond held by the Fund may "call" (or repay) the security before its stated maturity, and the Fund may have to reinvest the proceeds at lower interest rates, resulting in a decline in the Fund's income. The market value of a fixed income security generally changes in response to changes in interest rates and may change quickly and without warning in response to issuer defaults and changes in issuer credit ratings.

Foreign Investment Risk. Returns on investments in foreign securities could be more volatile than, or trail the returns on, investments in U.S. securities. Exposures to foreign securities entail special risks, including risks due to: (i) differences in information available about foreign issuers; (ii) differences in investor protection standards in other jurisdictions; (iii) capital controls risks, including the risk of a foreign jurisdiction imposing restrictions on the ability to repatriate or transfer currency or other assets; (iv) political, diplomatic and economic risks; (v) regulatory risks; and (vi) foreign market and trading risks, including the costs of trading and risks of settlement in foreign jurisdictions. In addition, the Fund's investments in securities denominated in other currencies could decline due to changes in local currency relative to the value of the U.S. dollar, which may affect the Fund's returns.

Geographic Investment Risk. To the extent the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region.

Asia-Pacific Risk. Investments in securities of issuers in Asia-Pacific countries involve risks that are specific to the Asia-Pacific region, including certain legal, regulatory, political and economic risks. Certain Asia-Pacific countries have experienced expropriation and/or nationalization of assets, confiscatory taxation, political instability, armed conflict and social instability as a result of religious, ethnic, socio-economic and/or political unrest. Some economies in this region are dependent on a range of commodities, and are strongly affected by international commodity prices and particularly vulnerable to price changes for these products.

Europe Risk. The Economic and Monetary Union of the European Union ("EU") requires compliance with restrictions on inflation rates, deficits, interest rates, debt levels and fiscal and monetary controls, each of which may significantly affect every country in Europe. Decreasing imports or exports, changes in governmental or EU regulations on trade, changes in the exchange rate of the euro, the default or threat of default by an EU member country on its sovereign debt, and/or an economic recession in an EU member country may have a significant adverse effect on the economies of EU member countries and their trading partners. In addition, the United Kingdom has voted in a referendum to leave the EU. Although it remains unclear what the potential consequences of Brexit may be, the economies of Europe and the United Kingdom, as well as the broader global economy, could be significantly impacted by Brexit, which may result in lower economic growth and increased volatility and illiquidity across global markets.

High Yield Securities Risk. High yield securities and unrated securities of comparable credit quality are subject to the increased risk of an issuer's inability to meet principal and interest payment obligations. High yield securities are subject to a greater risk of default and investments in them are inherently speculative. The secondary markets in which high yield securities are traded may be less liquid and more volatile than the market for higher grade securities.

Interest Rate Risk. The market value of fixed income securities generally changes in response to changes in interest rates. As interest rates rise, the value of certain fixed income securities is likely to decrease. Similarly, if interest rates decline, the value of fixed income securities is likely to increase. Interest rate risk is generally lower for shorter-term investments and higher for longer-term investments. As of the date of this Prospectus, interest rates are near historic lows, but risks associated with rising interest rates are heightened given the Federal Reserve's recent interest rate hikes, which could signal an end to the historically low interest rate environment. To the extent that rates increase substantially and/or rapidly, the Fund may be subject to significant losses.

International Closed-Market Trading Risk. Because the Fund's investments may be traded in markets that are closed when the Exchange is open, there are likely to be deviations between the current pricing of an underlying investment and stale investment pricing (i.e., the last quote from its closed foreign market), resulting in premiums or discounts to NAV that may be greater than those experienced by other ETFs.

Investment Risk. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. When you sell your Shares, they could be worth less than what you paid for them.

Large Capitalization Company Risk. The Fund's investments in large capitalization companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.

Leveraging Risk. Certain of Fund's investments may expose the Fund to leverage, causing the Fund's value to be more volatile.

Liquidity Risk. Liquidity risk exists when a particular investment is difficult to purchase or sell. A significant, rapid rise in interest rates may result in a period of volatility and increased redemptions if Fund securities become illiquid and are forced to sell the illiquid securities at disadvantageous times or prices. This could have a negative effect on the Fund's ability to achieve its investment objective and may result in losses to Fund shareholders.

Management Risk. The Fund is actively managed using proprietary investment strategies and processes. There can be no guarantee that these strategies and processes will be successful or that the Fund will achieve its investment objective.

Market Events Risk. Turbulence in the financial markets and reduced liquidity in the equity, credit and fixed-income markets may negatively affect issuers, which could have an adverse effect on the Fund. In addition, there is a risk that policy changes by the U.S. Government, Federal Reserve and/or other government actors, such as increasing interest rates, could cause increased volatility in financial markets and higher levels of Fund redemptions, which could have a negative impact on the Fund. In a declining stock market, stock prices for all companies (including those in the Fund's portfolio) may decline, regardless of their long-term prospects.

Momentum Investing Risk. 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. High momentum may also be a sign that the securities' prices have peaked. Momentum can turn quickly and cause significant variation from other types of investments. The Fund may experience significant losses if momentum stops, turns or otherwise behaves differently than predicted.

Portfolio Turnover Risk. The Fund's or an Underlying Vehicle's strategy may result in high portfolio turnover rates, which may increase the Fund's or an Underlying Vehicle's brokerage commission costs and negatively impact the Fund's performance. Such portfolio turnover also may generate net short-term capital gains.

Premium-Discount Risk. Shares may trade above (premium) or below (discount) their NAV. The market prices of Shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of, and demand for, Shares on the Exchange. This risk is heightened in times of market volatility or periods of steep market declines.

Quantitative Security Selection Risk. Cambria uses quantitative techniques to generate investment decisions and its processes and stock selection, and the Fund may not perform as intended if it relies on erroneous or outdated data from one or more third parties. Errors in data used in the quantitative model may occur from time to time and may not be identified and/or corrected before having an adverse impact on the Fund and its shareholders.

Real Estate Investments Risk. The Fund is subject to the risks related to investments in real estate, including declines in the real estate market, decreases in property revenues, increases in interest rates, increases in property taxes and operating expenses, legal and regulatory changes, a lack of credit or capital, defaults by borrowers or tenants, environmental problems and natural disasters.

REIT Risk. In addition to the risks associated with the real estate industry, REITs are subject to additional risks, including those related to adverse governmental actions and the potential failure to qualify for tax-free pass through of income and exemption from registration as an investment company. REITs are dependent upon specialized management skills and may invest in relatively few properties, a small geographic area or a small number of property types. As a result, investments in REITs may be volatile. REITs are pooled investment vehicles with their own fees and expenses and the Fund will indirectly bear a proportionate share of those fees and expenses.

Secondary Market Trading Risk. Investors buying or selling Shares in the secondary market may pay brokerage commissions, which may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of Shares. Although the Shares are listed on the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted.

Small and Medium Capitalization Company Risk. Investing in securities of small and medium capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies' securities may be more volatile and less liquid than those of more established companies, and they may be more sensitive to market conditions.

Underlying Vehicle Counterparty and Leverage Risk. Through its investments in Underlying Vehicles the Fund may be indirectly exposed to additional risks. For example, if an Underlying Vehicle contracts with a counterparty, the Fund indirectly bears the risk that the counterparty fails to honor its obligations, causing the Underlying Vehicle, and therefore the Fund, to lose money and decline in value. Derivatives used by Underlying Vehicles may include leverage, allowing them to obtain the right to a return on stipulated capital that exceeds the amount paid or invested. Use of leverage is speculative and could magnify losses. Although certain Underlying Vehicles may segregate liquid assets to cover the market value of its obligations under the derivatives, this will not prevent losses of amounts in excess of the segregated assets. Other Underlying Vehicles may not employ any risk management procedures at all, leading to even greater losses. Due to the Fund's investments in Underlying Vehicles, the value of the Fund's Shares may be volatile.

PERFORMANCE

The following bar chart and table indicate the risks of investing in the Fund by showing how the Fund's average annual total returns compare with those of a relevant index that provides a broad measure of market performance. All returns include the reinvestment of dividends and distributions. As always, please note that the Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available at www.cambriafunds.com.

Total Annual Returns for Calendar Year Ended December 31
Bar Chart

As of July 31, 2019, the Fund's year-to-date total return was 4.10%.

Best and Worst Quarter Returns (for the period reflected in the bar chart above)

Best: 6.36%, for the quarter ended 9/30/2017

Worst: -7.88%, for the quarter ended 12/31/2018

Average Annual Total Returns for the period ending December 31, 2018
Average Annual Total Returns -
Label
1 Year
Since Inception
Inception Date
Cambria Global Momentum ETF Return Before Taxes (8.72%) 1.55% Nov. 03, 2014
Cambria Global Momentum ETF | Return After Taxes on Distributions Return After Taxes on Distributions (9.19%) 0.86% Nov. 03, 2014
Cambria Global Momentum ETF | Return After Taxes on Distributions and Sale of Fund Shares Return After Taxes on Distributions and Sale of Fund Shares (5.33%) 0.95% Nov. 03, 2014
S&P 500 Index S&P 500 Index (Reflects no deduction for fees, expenses or taxes) (4.38%) 7.56% Nov. 03, 2014
S&P Balanced Equity & Bond Moderate Index S&P Balanced Equity & Bond Moderate Index (Reflects no deduction for fees, expenses or taxes) (1.44%) 4.91% Nov. 03, 2014

Average annual total returns are shown on a before- and after-tax basis for the Fund. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans.

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Cambria Global Asset Allocation ETF
Cambria Global Asset Allocation ETF
INVESTMENT OBJECTIVE

The Fund seeks income and capital appreciation.

FEES AND EXPENSES

This table describes the fees and expenses that you may pay if you buy and hold Shares. You may also pay brokerage commissions on the purchase and sale of Shares, which are not reflected in the table.

ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE VALUE OF YOUR INVESTMENT)
Annual Fund Operating Expenses
Cambria Global Asset Allocation ETF
Management Fee: none
Distribution and/or Service (12b-1) fees: none
Acquired Fund Fees and Expenses 0.34%
Other Expenses: none
Total Annual Fund Operating Expenses: 0.34%
EXAMPLE

The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The example also assumes that the Fund provides a return of 5% a year and that the operating expenses remain the same. The example does not reflect any brokerage commissions that you may pay on purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

Expense Example
One Year:
Three Years:
Five Years:
Ten Years:
| Cambria Global Asset Allocation ETF | USD ($) 35 109 191 431
PORTFOLIO TURNOVER

The Fund may pay transaction costs, including commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund's performance. For the fiscal year ended April 30, 2019, the Fund's portfolio turnover rate was 2% of the average value of its portfolio.

PRINCIPAL INVESTMENT STRATEGIES

The Fund is designed to provide absolute positive returns with reduced downside volatility, manageable risk, and smaller drawdowns (i.e., peak-to-trough declines in performance) by identifying an investable portfolio of exchange-traded vehicles that provide diversified exposure to all of the major asset classes in the various regions, countries and sectors around the globe. Under normal market conditions, the Fund invests at least 80% of its total assets in affiliated and unaffiliated exchange-traded funds ("ETFs") and other exchange-traded products ("ETPs") (collectively, "Underlying Vehicles") that provide exposure to various (i) investment asset classes, including equity and fixed income securities, real estate, commodities, and currencies, and (ii) factors such as value, momentum, and trend investing. The Fund invests in Underlying Vehicles that seek exposure to undervalued markets, according to various valuation metrics, such as the cyclically adjusted price-to-earnings ratio, commonly known as the "CAPE Shiller P/E ratio, while seeking to avoid overvalued markets through the use of systematic quantitative screens. The Fund also invests in Underlying Vehicles with momentum and trend following strategies. Momentum and trend following strategies, both of which are based on quantitative and algorithmic models, attempt to (1) invest in assets when their prices are in an uptrend (i.e., prices are increasing over a specified time period) and/or increasing relative to the prices of other assets, and (2) sell assets when their prices are in a downtrend (i.e., prices are decreasing over a specified time period) and/or decreasing relative to the prices of other assets.

Under normal market conditions, the Fund's investment adviser, Cambria Investment Management, L.P. ("Cambria" or the "Adviser"), selects Underlying Vehicles that provide exposures of approximately 45% to equity securities, 45% to fixed income securities and 10% to other asset classes, such as commodities and currencies.

Under normal market conditions, Cambria allocates approximately 40% of the Fund's total assets to long positions in foreign companies' equity or debt securities or foreign currencies. The Fund defines foreign companies as those domiciled or listed and traded outside of the U.S. The Fund defines equity exposures to include Underlying Vehicles that track the performance of stock indices, closed-end funds, real estate investment trusts ("REITs"), exchange-traded currency trusts, common stock, preferred stock and convertible securities of issuers of any market capitalization. The Fund defines fixed income exposures to include Underlying Vehicles that track the performance of fixed income indices, exchange-traded notes, securities issued by the U.S. Government and its agencies, sovereign debt and corporate bonds of any credit quality, including high yield (or "junk") bonds. The Fund defines commodity and currency exposures to include Underlying Vehicles that track the performance of commodity and currency indices.

The Fund is considered a "fund of funds" that seeks to achieve its investment objective by primarily investing in Underlying Vehicles, including affiliated ETFs, that offer diversified exposure to all of the major asset classes in the various regions, countries, and sectors around the globe. The Fund may invest up to 20% of its net assets in instruments that are not Underlying Vehicle, but which Cambria believes will help the Fund achieve its investment objective, including futures, options, swap contracts, cash and cash equivalents, and money market funds.

Cambria has discretion to actively manage the Fund's portfolio in accordance with the Fund's investment objective. The Fund may sell a security when Cambria believes that the security is overvalued or better investment opportunities are available, to invest in cash and cash equivalents, or to meet redemptions. Cambria expects to rebalance to target allocations at least annually.

PRINCIPAL RISKS

An investment in the Fund involves risk. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. The Fund's principal risks are presented in alphabetical order to facilitate investors' ability to identify particular risks and compare them with the risks of other funds. Some or all of these risks may adversely affect the Fund's net asset value per share ("NAV"), trading price, yield, total return, and/or ability to meet its objective. There is no assurance that the Fund will achieve its investment objective. An investor may lose money by investing in the Fund. For more information about the risks of investing in the Fund, see the sections titled "Additional Information About the Funds' Risks" and "Additional Non-Principal Risk Information."

Cash Redemption Risk. The Fund's investment strategy may require it to effect redemptions, in whole or in part, for cash. As a result, the Fund may pay out higher annual capital gain distributions and be less tax-efficient than if the in-kind redemption process was used exclusively. In addition, cash redemptions may incur higher brokerage costs than in-kind redemptions and these added costs may be borne by the Fund and negatively impact Fund performance.

Commodity Investing Risk. Investing in commodity-related companies may subject the Fund to greater volatility than investments in traditional securities. The commodities markets have experienced periods of extreme volatility. Similar future market conditions may result in rapid and substantial valuation increases or decreases in the Fund's holdings.

Concentration Risk. To the extent that the Underlying Index is concentrated in a particular industry or group of industries, the Fund is also expected to be concentrated in that industry or group of industries. As a result, the Fund may be susceptible to loss due to adverse occurrences affecting that industry or group of industries.

Currency Strategies Risk. Currency exchange rates may fluctuate significantly over short periods of time and can be unpredictably affected by political developments or government intervention. Changes in currency exchange rates may affect the U.S. Dollar value of the Fund's investments.

Cyber Security Risk. The Fund may be susceptible to operational and information security risks resulting from a breach in the Fund's cyber security, including cyber-attacks against the Fund, third-party service providers, market makers, Authorized Participants, or issuers of securities in which the Fund invests. A breach in cyber security, intentional or unintentional, may adversely impact the Fund in many ways, including, but not limited to, disruption of the Fund's operational capacity, loss of proprietary information, theft or corruption of data, denial-of-service attacks on websites or network resources, and the unauthorized release of confidential information.

Depositary Receipts Risk. The risks of investments in depositary receipts are substantially similar to the risks of investing directly in foreign securities. In addition, depositary receipts may not track the price of or may be less liquid than their underlying foreign securities, and the value of depositary receipts may change materially at times when the U.S. markets are not open for trading.

Derivatives Risk. Derivatives, such as futures, options, and swaps, can be volatile, and a small investment in a derivative can have a large impact on the performance of the Fund as derivatives can result in losses in excess of the amount invested. Other risks of investments in derivatives include risks of default by the other party to the derivative transactions; risks that the transactions may result in losses that partially or completely offset gains in portfolio positions; and risks that the derivative transaction may not be liquid.

Emerging Markets Risk. Emerging market investments are subject to the same risks as foreign investments and to additional risks due to greater political and economic uncertainties as well as a relative lack of information about companies in such markets. Securities traded on emerging markets are potentially illiquid and may be subject to volatility and high transaction costs.

Equity Investing Risk. The values of equity securities could decline generally or could underperform other investments. In addition, securities may decline in value due to factors affecting a specific issuer, market or securities markets generally.

Exchange-Traded Funds and Exchange-Traded Products and Investment Companies Risk. The risks of investing in securities of ETFs, ETPs and investment companies typically reflect the risks of the types of instruments in which the underlying ETF, ETP or investment company invests. In addition, with such investments, the Fund bears its proportionate share of the fees and expenses of the underlying entity. As a result, the Fund's operating expenses may be higher and performance may be lower. Through its investments in investment companies, the Fund may be indirectly exposed to derivatives and leverage; allowing them to obtain the right to a return on stipulated capital that exceeds the amount paid or invested. Use of leverage is speculative and could magnify losses.

Exchange-Traded Notes Risk. Because ETNs are unsecured, unsubordinated debt securities, an investment in an ETN exposes the Fund to the risk that an ETN's issuer may be unable to pay. In addition, as with investments in other ETPs, the Fund will bear its proportionate share of the fees and expenses of the ETN, which may cause the Fund's operating expenses to be higher and its performance to be lower.

Fixed Income Risk. A decline in an issuer's credit rating and/or financial condition may cause such issuer's fixed income securities to decrease in value while experiencing increased volatility and investment risk. During periods of falling interest rates, an issuer of a callable bond held by the Fund may "call" (or repay) the security before its stated maturity, and the Fund may have to reinvest the proceeds at lower interest rates, resulting in a decline in the Fund's income. The market value of a fixed income security generally changes in response to changes in interest rates and may change quickly and without warning in response to issuer defaults and changes in issuer credit ratings.

Foreign Investment Risk. Returns on investments in foreign securities could be more volatile than, or trail the returns on, investments in U.S. securities. Exposures to foreign securities entail special risks, including risks due to: (i) differences in information available about foreign issuers; (ii) differences in investor protection standards in other jurisdictions; (iii) capital controls risks, including the risk of a foreign jurisdiction imposing restrictions on the ability to repatriate or transfer currency or other assets; (iv) political, diplomatic and economic risks; (v) regulatory risks; and (vi) foreign market and trading risks, including the costs of trading and risks of settlement in foreign jurisdictions. In addition, the Fund's investments in securities denominated in other currencies could decline due to changes in local currency relative to the value of the U.S. dollar, which may affect the Fund's returns.

Geographic Investment Risk. To the extent the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region.

Asia-Pacific Risk. Investments in securities of issuers in Asia-Pacific countries involve risks that are specific to the Asia-Pacific region, including certain legal, regulatory, political and economic risks. Certain Asia-Pacific countries have experienced expropriation and/or nationalization of assets, confiscatory taxation, political instability, armed conflict and social instability as a result of religious, ethnic, socio-economic and/or political unrest. Some economies in this region are dependent on a range of commodities, and are strongly affected by international commodity prices and particularly vulnerable to price changes for these products.

Europe Risk. The Economic and Monetary Union of the European Union ("EU") requires compliance with restrictions on inflation rates, deficits, interest rates, debt levels and fiscal and monetary controls, each of which may significantly affect every country in Europe. Decreasing imports or exports, changes in governmental or EU regulations on trade, changes in the exchange rate of the euro, the default or threat of default by an EU member country on its sovereign debt, and/or an economic recession in an EU member country may have a significant adverse effect on the economies of EU member countries and their trading partners. In addition, the United Kingdom has voted in a referendum to leave the EU. Although it remains unclear what the potential consequences of Brexit may be, the economies of Europe and the United Kingdom, as well as the broader global economy, could be significantly impacted by Brexit, which may result in lower economic growth and increased volatility and illiquidity across global markets.

High Yield Securities Risk. High yield securities and unrated securities of comparable credit quality are subject to the increased risk of an issuer's inability to meet principal and interest payment obligations. High yield securities are subject to a greater risk of default and investments in them are inherently speculative. The secondary markets in which high yield securities are traded may be less liquid and more volatile than the market for higher grade securities.

Interest Rate Risk. The market value of fixed income securities generally changes in response to changes in interest rates. As interest rates rise, the value of certain fixed income securities is likely to decrease. Similarly, if interest rates decline, the value of fixed income securities is likely to increase. Interest rate risk is generally lower for shorter-term investments and higher for longer-term investments. As of the date of this Prospectus, interest rates are near historic lows, but risks associated with rising interest rates are heightened given the Federal Reserve's recent interest rate hikes, which could signal an end to the historically low interest rate environment. To the extent that rates increase substantially and/or rapidly, the Fund may be subject to significant losses.

International Closed-Market Trading Risk. Because the Fund's investments may be traded in markets that are closed when the Exchange is open, there are likely to be deviations between the current pricing of an underlying investment and stale investment pricing (i.e., the last quote from its closed foreign market), resulting in premiums or discounts to NAV that may be greater than those experienced by other ETFs.

Investment Risk. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. When you sell your Shares, they could be worth less than what you paid for them.

Leveraging Risk. Certain of Fund's investments may expose the Fund to leverage, causing the Fund's value to be more volatile.

Liquidity Risk. Liquidity risk exists when a particular investment is difficult to purchase or sell. A significant, rapid rise in interest rates may result in a period of volatility and increased redemptions if Fund securities become illiquid and are forced to sell the illiquid securities at disadvantageous times or prices. This could have a negative effect on the Fund's ability to achieve its investment objective and may result in losses to Fund shareholders.

Management Risk. The Fund is actively managed using proprietary investment strategies and processes. There can be no guarantee that these strategies and processes will be successful or that the Fund will achieve its investment objective.

Market Events Risk. Turbulence in the financial markets and reduced liquidity in the equity, credit and fixed-income markets may negatively affect issuers, which could have an adverse effect on the Fund. In addition, there is a risk that policy changes by the U.S. Government and/or Federal Reserve, such as increasing interest rates, could cause increased volatility in financial markets and higher levels of Fund redemptions, which could have a negative impact on the Fund. In a declining stock market, stock prices for all companies (including those in the Fund's portfolio) may decline, regardless of their long-term prospects.

Momentum Investing Risk. The Underlying Index may identify securities that have had higher recent price performance compared to other securities. These securities may be more volatile than a broad cross-section of securities. High momentum may also be a sign that the securities' prices have peaked. Momentum can turn quickly and cause significant variation from other types of investments. The Fund may experience significant losses if momentum stops, turns or otherwise behaves differently than predicted.

Options Risk. The prices of options may change rapidly over time and do not necessarily move in tandem with the price of the underlying securities. Options may expire unexercised, causing the Fund to lose the premium paid for them.

Premium-Discount Risk. Shares may trade above (premium) or below (discount) their NAV. The market prices of Shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of, and demand for, Shares on the Exchange. This risk is heightened in times of market volatility or periods of steep market declines.

Real Estate Investments Risk. The Fund is subject to the risks related to investments in real estate, including declines in the real estate market, decreases in property revenues, increases in interest rates, increases in property taxes and operating expenses, legal and regulatory changes, a lack of credit or capital, defaults by borrowers or tenants, environmental problems and natural disasters.

Secondary Market Trading Risk. Investors buying or selling Shares in the secondary market may pay brokerage commissions, which may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of Shares. Although the Shares are listed on the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted.

Small and Medium Capitalization Company Risk. Investing in securities of small and medium capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies' securities may be more volatile and less liquid than those of more established companies. Often, small and medium capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.

Sovereign Debt Securities Risk. Investments in 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. During periods of economic uncertainty, the market prices of sovereign debt, and the Fund's NAV, may be more volatile than prices of U.S. debt obligations. In the past, certain non-U.S. markets have encountered difficulties in servicing their debt obligations, withheld payments of principal and interest and declared moratoria on the payment of principal and interest on their sovereign debts. These risks increase for lower-rated and high yield debt securities, as discussed in this Prospectus.

Swaps Contract Risk. Each swap exposes the Fund to counterparty risk when a counterparty to a financial instrument entered into by the Fund may become bankrupt or otherwise fail to perform its obligations. As a result, the Fund may experience delays in or be prevented from obtaining payments owed to it pursuant to a swap contract.

Value Investment Risk. Value investments are subject to the risk that their intrinsic value may never be realized by the market. Value investments tend to underperform in growth markets.

PERFORMANCE

The following bar chart and table indicate the risks of investing in the Fund by showing how the Fund's average annual total returns compare with those of the former underlying index as well as a relevant index that provides a broad measure of market performance. All returns include the reinvestment of dividends and distributions. As always, please note that the Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available at www.cambriafunds.com.

Total Annual Returns for Calendar Year Ended December 31
Bar Chart

As of July 31, 2019, the Fund's year-to-date total return was 10.37%.

Best and Worst Quarter Returns (for the period reflected in the bar chart above)

Best: 4.53%, for the quarter ended 9/30/2017

Worst: -6.08%, for the quarter ended 12/31/2018

Average Annual Total Returns for the period ending December 31, 2018
Average Annual Total Returns -
Label
1 Year
[1]
Since Inception
[1]
Inception Date
Cambria Global Asset Allocation ETF Return Before Taxes (6.85%) 2.62% Dec. 09, 2014
Cambria Global Asset Allocation ETF | Return After Taxes on Distributions Return After Taxes on Distributions (7.58%) 1.62% Dec. 09, 2014
Cambria Global Asset Allocation ETF | Return After Taxes on Distributions and Sale of Fund Shares Return After Taxes on Distributions and Sale of Fund Shares (4.05%) 1.65% Dec. 09, 2014
S&P 500 Index S&P 500 Index (Reflects no deduction for fees, expenses or taxes) (4.38%) 7.14% Dec. 09, 2014
S&P Balanced Equity & Bond Moderate Index S&P Balanced Equity & Bond Moderate Index (Reflects no deduction for fees, expenses or taxes) (1.44%) 5.10% Dec. 09, 2014
Cambria Global Asset Allocation Index Cambria Global Asset Allocation Index (Reflects no deduction for fees, expenses or taxes) (7.69%) 0.98% Dec. 09, 2014
[1] The Fund's objective changed effective January 1, 2019. Prior to that date, the Fund was actively managed and sought to track the performance, before fees and expenses, of the Cambria Global Asset Allocation Index. As of January 1, 2019, the Fund is actively managed and seeks income and capital appreciation from investments in exchange-traded vehicles.

Average annual total returns are shown on a before- and after-tax basis for the Fund. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans.

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    Cambria Shareholder Yield ETF
    Cambria Shareholder Yield ETF
    INVESTMENT OBJECTIVE

    The Fund seeks investment results that correspond (before fees and expenses) generally to the price and yield performance of its underlying index, the Cambria Shareholder Yield Index (the "Underlying Index").

    FEES AND EXPENSES

    This table describes the fees and expenses that you may pay if you buy and hold Shares. You may also pay brokerage commissions on the purchase and sale of Shares, which are not reflected in the table.

    ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE VALUE OF YOUR INVESTMENT)
    Annual Fund Operating Expenses
    Cambria Shareholder Yield ETF
    Management Fee: 0.59%
    Distribution and/or Service (12b-1) fees: none
    Other Expenses: none
    Total Annual Fund Operating Expenses: 0.59%
    EXAMPLE

    The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The example also assumes that the Fund provides a return of 5% a year and that the operating expenses remain the same. The example does not reflect any brokerage commissions that you may pay on purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

    Expense Example
    One Year:
    Three Years:
    Five Years:
    Ten Years:
    | Cambria Shareholder Yield ETF | USD ($) 60 189 329 738
    PORTFOLIO TURNOVER

    The Fund may pay transaction costs, including commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund's performance. For the fiscal year ended April 30, 2019, the Fund's portfolio turnover rate was 28% of the average value of its portfolio.

    PRINCIPAL INVESTMENT STRATEGIES

    Under normal market conditions, the Fund will invest at least 80% of its total assets in the components of the Underlying Index. The Underlying Index is comprised of equity securities issued by U.S.-based issuers. The Underlying Index considers an issuer to be U.S.-based if it is domiciled or incorporated or has substantial business activity in the United States.

    An issuer must have a high ranking across a composite of the following characteristics to be eligible for inclusion in the Underlying Index:

    1.    Strong cash flows;

    2.    Payment of dividends to shareholders;

    3.    Net stock buybacks; and

    4.    Net debt paydown.

    Each of these characteristics will be measured on a one-month to 12-month basis by the Underlying Index methodology, and no single measurement will be dispositive. Pursuant to its rules-based methodology, the Underlying Index initially selects the top 20% of stocks in the initial universe of U.S.-based issuers according to shareholder yield, which is based on a stock's dividend payments and net share buybacks. The Underlying Index then applies a number of valuation factors to the remaining stocks and selects the 100 stocks that exhibit, in the aggregate, the best combination of the following characteristics: strong cash flows and debt paydown, and high dividends paid to shareholders and net stock buybacks. The Underlying Index selects Index components based only on publicly available data and includes screens to limit its industry concentration to 25% in order to seek to ensure its liquidity and investability. The Underlying Index is rebalanced and reconstituted quarterly, and Index components are equally weighted at each rebalance.

    The Underlying Index will invest primarily in equity securities, including common stock, of U.S. companies. The Underlying Index may invest in securities of companies in any industry. Although the Underlying Index generally expects to invest in companies with larger market capitalizations, the Underlying Index may invest in small- and mid-capitalization companies.

    The Fund may invest up to 20% of its net assets in instruments not included in the Underlying Index, but which the Fund's investment adviser, Cambria Investment Management, L.P. ("Cambria" or the "Adviser"), believes will help the Fund track the Underlying Index. For example, there may be instances in which Cambria may choose to purchase or sell securities not in the Underlying Index which Cambria believes are appropriate to substitute for one or more such securities.

    The Fund employs a "passive management"—or indexing—investment approach and seeks to track the performance of the Underlying Index. To track the performance of the Underlying Index, the Fund intends to employ a replication strategy, which means that the Fund will typically invest in substantially all of the components of the Underlying Index in approximately the same weights as they appear in the Underlying Index.

    The Underlying Index was developed by Cambria Indices, LLC, an affiliate of Cambria, and is calculated by Solactive, AG, which is not affiliated with the Fund or Cambria. To the extent that the Underlying Index concentrates (i.e., holds 25% or more of its total assets) in the securities of a particular sector, the Fund is expected to concentrate in that sector to approximately the same extent. As of July 31, 2019, the Fund and the Underlying Index were concentrated in the financial services sector and had significant exposure to companies in the consumer discretionary, information technology and industrial sectors.

    PRINCIPAL RISKS

    An investment in the Fund involves risk. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. The Fund's principal risks are presented in alphabetical order to facilitate investors' ability to identify particular risks and compare them with the risks of other funds. Some or all of these risks may adversely affect the Fund's net asset value per share ("NAV"), trading price, yield, total return, and/or ability to meet its objective. There is no assurance that the Fund will achieve its investment objective. An investor may lose money by investing in the Fund. For more information about the risks of investing in the Fund, see the sections titled "Additional Information About the Funds' Risks" and "Additional Non-Principal Risk Information."

    Cyber Security Risk. The Fund may be susceptible to operational and information security risks resulting from a breach in the Fund's cyber security, including cyber-attacks against the Fund, third-party service providers, market makers, Authorized Participants, or issuers of securities in which the Fund invests. A breach in cyber security, intentional or unintentional, may adversely impact the Fund in many ways, including, but not limited to, disruption of the Fund's operational capacity, loss of proprietary information, theft or corruption of data, denial-of-service attacks on websites or network resources, and the unauthorized release of confidential information.

    Dividend Paying Security Risk. Securities that pay high dividends as a group can fall out of favor with the market, causing these companies to underperform companies that do not pay high dividends. Also, changes in the dividend policies of companies owned by the Fund and the capital resources available for these companies' dividend payments may adversely affect the Fund.

    Equity Investing Risk. The values of equity securities could decline generally or could underperform other investments due to factors affecting a specific issuer, market or securities markets generally.

    Investment Risk. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. When you sell your Shares, they could be worth less than what you paid for them.

    Large Capitalization Company Risk. The Fund's investments in large capitalization companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.

    Market Events Risk. Turbulence in the financial markets and reduced liquidity in the equity markets may negatively affect issuers, which could have an adverse effect on the Fund. In addition, there is a risk that policy changes by the U.S. Government, Federal Reserve and/or other government actors, such as increasing interest rates, could cause increased volatility in financial markets and higher levels of Fund redemptions, which could have a negative impact on the Fund. In a declining stock market, stock prices for all companies (including those in the Fund's portfolio) may decline, regardless of their long-term prospects.

    Passive Investment Risk. The Fund is managed with a passive investment strategy, attempting to track the performance of the Underlying Index. As a result, the Fund expects to hold components of the Underlying Index regardless of their current or projected performance. Maintaining investments regardless of market conditions or the performance of individual investments could cause the Fund's return to be lower than if the Fund employed an active strategy.

    Premium-Discount Risk. Shares may trade above (premium) or below (discount) their NAV. The market prices of Shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of, and demand for, Shares on the Exchange. This risk is heightened in times of market volatility or periods of steep market declines.

    Quantitative Security Selection Risk. The Underlying Index uses quantitative techniques to determine whether securities should be included in the Underlying Index, and the Underlying Index may not perform as intended if it relies on erroneous or outdated data from one or more third parties. Errors in data used in the quantitative model may occur from time to time and may not be identified and/or corrected before having an adverse impact on the Fund and its shareholders.

    Secondary Market Trading Risk. Investors buying or selling Shares in the secondary market may pay brokerage commissions, which may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of Shares. Although the Shares are listed on the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted.

    Sector Concentration Risk. To the extent that the Fund's investments are concentrated in a particular sector, the Fund may be susceptible to loss due to adverse occurrences affecting that sector. As of July 31, 2019, the Fund and the Underlying Index were concentrated in the financial services sector and had significant exposure to companies in the consumer discretionary, industrial and information technology sectors.

    Consumer Discretionary Sector Risk. The success of consumer product manufacturers and retailers is tied closely to the performance of the overall domestic and international economy, interest rates, competitive and consumer confidence. Success depends heavily on disposable household income and consumer spending. Changes in demographics and consumer tastes can also affect the demand for, and success of, consumer products in the marketplace.

    Financial Services Sector Risk. Performance of companies in the financial services sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted.

    Industrial Sector Risk. Issuers in the industrial sector are affected by supply and demand, both for their specific product or service and for industrial sector products in general. The products of such issuers may face obsolescence due to rapid technological developments and frequent new product introduction. Government regulations, world events, economic conditions and exchange rates affect the performance of companies in the industrial sector. Issuers in the industrial sector may be adversely affected by liability for environmental damage, product liability claims and exchange rates. The industrial sector may also be adversely affected by changes or trends in commodity prices, which may be influenced by unpredictable factors.

    Information Technology Sector Risk. Technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Technology companies may have limited product lines, markets, financial resources or personnel. The products of technology companies may face obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the technology sector are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies.

    Small and Medium Capitalization Company Risk. Investing in securities of small and medium capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies' securities may be more volatile and less liquid than those of more established companies, and they may be more sensitive to market conditions.

    Tracking Error Risk. Although the Fund attempts to track the performance of the Underlying Index, the Fund may not be able to duplicate its exact composition or return due to, among other things, fees and expenses paid by the Fund that are not reflected in the Underlying Index. If the Fund is small, it may experience greater tracking error to its Underlying Index than it otherwise would at higher asset levels.

    Value Investment Risk. The Fund's shareholder yield strategy is a value investment strategy that should be expected to underperform in growth markets. Value investments are subject to the risk that their intrinsic value may never be realized by the market.

    PERFORMANCE

    The following bar chart and table indicate the risks of investing in the Fund by showing how the Fund's average annual total returns compare with those of the Index as well as a relevant index that provides a broad measure of market performance. Prior to March 26, 2018, the Fund was actively managed and did not seek investment results that correspond (before fees and expenses) generally to the price and yield performance of the Index. All returns include the reinvestment of dividends and distributions. As always, please note that the Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available at www.cambriafunds.com.

    Total Annual Returns for Calendar Year Ended December 31
    Bar Chart

    As of July 31, 2019, the Fund's year-to-date total return was 13.96%.

    Best and Worst Quarter Returns (for the period reflected in the bar chart above)

    Best: 9.07%, for the quarter ended 12/31/2013

    Worst: -17.29%, for the quarter ended 12/31/2018

    Average Annual Total Returns for the period ending December 31, 2018
    Average Annual Total Returns -
    Label
    1 Year
    [1]
    5 Years
    [1]
    Since Inception
    [1]
    Inception Date
    Cambria Shareholder Yield ETF Return Before Taxes (13.36%) 5.57% 8.19% May 13, 2013
    Cambria Shareholder Yield ETF | Return After Taxes on Distributions Return After Taxes on Distributions (13.88%) 4.52% 7.15% May 13, 2013
    Cambria Shareholder Yield ETF | Return After Taxes on Distributions and Sale of Fund Shares Return After Taxes on Distributions and Sale of Fund Shares (8.16%) 4.13% 6.34% May 13, 2013
    S&P 500 Index S&P 500 Index (Reflects no deduction for fees, expenses or taxes) (4.38%) 8.49% 10.14% May 13, 2013
    [1] The Fund's objective changed effective March 26, 2018. Prior to that date, the Fund was actively managed and sought income and capital appreciation with an emphasis on income from investments in the U.S. equity market. As of March 26, 2018, the Fund's objective seeks investment results that correspond (before fees and expenses) generally to the price and yield performance of the Index.

    Average annual total returns are shown on a before- and after-tax basis for the Fund. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans.

    XML 27 R6.htm IDEA: XBRL DOCUMENT v3.19.2
    Cambria Emerging Shareholder Yield ETF
    Cambria Emerging Shareholder Yield ETF
    INVESTMENT OBJECTIVE

    The Fund seeks investment results that correspond (before fees and expenses) generally to the price and yield performance of its underlying index, the Cambria Emerging Shareholder Yield Index (the "Underlying Index").

    FEES AND EXPENSES

    This table describes the fees and expenses that you may pay if you buy and hold Shares. You may also pay brokerage commissions on the purchase and sale of Shares, which are not reflected in the table.

    ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE VALUE OF YOUR INVESTMENT)
    Annual Fund Operating Expenses
    Cambria Emerging Shareholder Yield ETF
    Management Fee: 0.59%
    Distribution and/or Service (12b-1) fees: none
    Other Expenses: 0.07%
    Custodial Expenses: 0.07%
    Total Annual Fund Operating Expenses: 0.66%
    EXAMPLE

    The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The example also assumes that the Fund provides a return of 5% a year and that the operating expenses remain the same. The example does not reflect any brokerage commissions that you may pay on purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

    Expense Example
    One Year:
    Three Years:
    Five Years:
    Ten Years:
    | Cambria Emerging Shareholder Yield ETF | USD ($) 67 211 368 822
    PORTFOLIO TURNOVER

    The Fund may pay transaction costs, including commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund's performance. For the fiscal year ended April 30, 2019, the Fund's portfolio turnover rate was 115% of the average value of its portfolio.

    PRINCIPAL INVESTMENT STRATEGIES

    Under normal market conditions, the Fund will invest at least 80% of its total assets in the components of the Underlying Index and in depositary receipts representing components of the Underlying Index. The Underlying Index is comprised of equity securities of issuers in emerging foreign markets. The Underlying Index considers an issuer to be in an emerging foreign market if it is domiciled or listed and traded in any of the following countries: Brazil, Colombia, Czech Republic, Greece, Hong Kong (Chinese domicile), Hungary, India, Indonesia, Malaysia, Mexico, Poland, Russia, South Africa, South Korea, Taiwan, Thailand, Turkey, or a market with similar characteristics as the aforementioned. The Underlying Index provider will update the list of emerging foreign markets annually.

    An issuer must have a high ranking across a composite of the following characteristics to be eligible for inclusion in the Underlying Index:

    1.    Strong cash flows;

    2.    Payment of dividends to shareholders;

    3.    Net stock buybacks; and

    4.    Net debt paydown.

    Each of these characteristics will be measured on a one-month to 12-month basis by the Underlying Index methodology, and no single measurement will be dispositive. Pursuant to the methodology of the Underlying Index, the 100 issuers that have exhibited, in the aggregate, the strongest cash flows, the highest dividends paid to shareholders, and net stock buybacks and debt paydown will included in the Underlying Index. Although securities in the Underlying Index may be denominated in either the U.S. dollar or other currencies and may include securities of companies in any industry and of any market capitalization, the Underlying Index is weighted based only on publicly available data and includes screens to limit its country and sector concentration to 30% and 25%, respectively, in order to seek to ensure its liquidity and investability. Other screens also will exclude as components any foreign issuers whose securities are highly restricted or illegal for U.S. persons to own, including due to the imposition of sanctions by the U.S. Government.

    The Fund may invest up to 20% of its net assets in instruments not included in the Underlying Index, but which the Fund's investment adviser, Cambria Investment Management, L.P. ("Cambria" or the "Adviser"), believes will help the Fund track the Underlying Index. For example, there may be instances in which Cambria may choose to purchase or sell securities not in the Underlying Index which Cambria believes are appropriate to substitute for one or more such securities.

    The Fund employs a "passive management"—or indexing— investment approach and seeks to track the performance of the Underlying Index. To track the performance of the Underlying Index, the Fund intends to employ a replication strategy, which means that the Fund will typically invest in substantially all of the components of the Underlying Index in approximately the same proportions as the Underlying Index.

    The Underlying Index was developed by Cambria Indices, LLC, an affiliate of Cambria, and is calculated by Solactive, AG, which is not affiliated with the Fund or Cambria. The Underlying Index is rebalanced and reconstituted quarterly.  To the extent that the Underlying Index concentrates (i.e., holds 25% or more of its total assets) in the securities of a particular industry or group of industries, the Fund is expected to concentrate to approximately the same extent. As of July 31, 2019, neither the Fund nor the Underlying Index were concentrated in an industry or group of industries, but both had significant exposure to companies in the information technology and materials sectors.

    PRINCIPAL RISKS

    An investment in the Fund involves risk. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. The Fund's principal risks are presented in alphabetical order to facilitate investors' ability to identify particular risks and compare them with the risks of other funds. Some or all of these risks may adversely affect the Fund's net asset value per share ("NAV"), trading price, yield, total return, and/or ability to meet its objective. There is no assurance that the Fund will achieve its investment objective. An investor may lose money by investing in the Fund. For more information about the risks of investing in the Fund, see the sections titled "Additional Information About the Funds' Risks" and "Additional Non-Principal Risk Information."

    Cash Redemption Risk. The Fund's investment strategy will require it to effect redemptions, in whole or in part, for cash. As a result, the Fund may pay out higher annual capital gain distributions and be less tax-efficient than if the in-kind redemption process was used exclusively. In addition, cash redemptions may incur higher brokerage costs than in-kind redemptions and these added costs may be borne by the Fund and negatively impact Fund performance.

    Concentration Risk. To the extent the Underlying Index is concentrated in a particular industry or group of industries, the Fund is also expected to be concentrated in that industry or group of industries. As a result, the Fund may be susceptible to loss due to adverse occurrences affecting that industry or group of industries. As of July 31, 2019, neither the Fund nor the Underlying Index were concentrated in an industry or group of industries, but both had significant exposure to companies in the information technology and materials sectors.

    Information Technology Sector Risk. Technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Technology companies may have limited product lines, markets, financial resources or personnel. The products of technology companies may face obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the technology sector are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies.

    Materials Sector Risk. Issuers in the materials sector may be adversely affected by commodity price volatility, exchange rates, import controls, increased competition, depletion of resources, technical progress, labor relations and government regulations, among other factors. Issuers in the materials sector may be liable for environmental damage and product liability claims. Production of materials may exceed demand as a result of market imbalances or economic downturns, leading to poor investment returns.

    Cyber Security Risk. The Fund may be susceptible to operational and information security risks resulting from a breach in the Fund's cyber security, including cyber-attacks against the Fund, third-party service providers, market makers, Authorized Participants, or issuers of securities in which the Fund invests. A breach in cyber security, intentional or unintentional, may adversely impact the Fund in many ways, including, but not limited to, disruption of the Fund's operational capacity, loss of proprietary information, theft or corruption of data, denial-of-service attacks on websites or network resources, and the unauthorized release of confidential information.

    Depositary Receipts Risk. The risks of investments in depositary receipts are substantially similar to the risks of investing directly in foreign securities. In addition, depositary receipts may not track the price of or may be less liquid than their underlying foreign securities, and the value of depositary receipts may change materially at times when the U.S. markets are not open for trading.

    Dividend Paying Security Risk. Securities that pay high dividends as a group can fall out of favor with the market, causing these companies to underperform companies that do not pay high dividends. Also, changes in the dividend policies of companies owned by the Fund and the capital resources available for these companies' dividend payments may adversely affect the Fund.

    Emerging Markets Risk. Emerging market investments are subject to the same risks as foreign investments and to additional risks due to greater political and economic uncertainties as well as a relative lack of information about issuers in such markets. Securities of emerging market issuers may become illiquid and be subject to volatility and high transaction costs.

    Equity Investing Risk. The values of equity securities could decline generally or could underperform other investments due to factors affecting a specific issuer, market or securities markets generally.

    Foreign Investment Risk. Returns on investments in foreign securities could be more volatile than, or trail the returns on, investments in U.S. securities. Exposures to foreign securities entail special risks, including risks due to: (i) differences in information available about foreign issuers; (ii) differences in investor protection standards in other jurisdictions; (iii) capital controls risks, including the risk of a foreign jurisdiction imposing restrictions on the ability to repatriate or transfer currency or other assets; (iv) political, diplomatic and economic risks; (v) regulatory risks; and (vi) foreign market and trading risks, including the costs of trading and risks of settlement in foreign jurisdictions. In addition, the Fund's investments in securities denominated in other currencies could decline due to changes in local currency relative to the value of the U.S. dollar, which may affect the Fund's returns.

    Geographic Investment Risk. To the extent the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region. As of July 31, 2019, the Fund invested a significant portion of its assets in securities of companies in Russia, South Africa and Taiwan as well as Chinese companies listed and traded in Hong Kong.

    Asia-Pacific Risk. Investments in securities of issuers in Asia-Pacific countries involve risks that are specific to the Asia-Pacific region, including certain legal, regulatory, political and economic risks. Certain Asia-Pacific countries have experienced expropriation and/or nationalization of assets, confiscatory taxation, political instability, armed conflict and social instability as a result of religious, ethnic, socio-economic and/or political unrest. Some economies in this region are dependent on a range of commodities, and are strongly affected by international commodity prices and particularly vulnerable to price changes for these products.

    China Risk. Investments in China involve risks closely tied to the social, political, and economic conditions within China. The Chinese economy may experience slower growth if domestic or global demand for Chinese goods decreases significantly and/or key trading partners implement protectionist measures such as trade tariffs. China's economy is also susceptible to economic recession, market inefficiency, rising inflation rates, volatility and pricing anomalies that may be connected to governmental influence, a lack of public information and/or social and political instability. The Chinese government maintains strict currency controls, regularly intervenes in the currency market, and plays a major role in the country's economic policies regarding foreign investments. Foreign investors are subject to the risk of loss from expropriation or nationalization of their investment assets and property, governmental restrictions on foreign investments and the repatriation of capital.

    Russia Risk. As a result of recent events involving Ukraine and the Russian Federation, the United States, Canada and the European Union have imposed sanctions on certain Russian individuals and corporate entities. The United States imposed additional sanctions on Russia as a result of Russia's interference in the U.S. election in 2016. Additional broader sanctions may be imposed in the future. These sanctions may result in the decline of the value and liquidity of Russian securities and could also result in the immediate freeze of Russian securities, impairing the ability of the Fund to buy, sell, receive or deliver those securities. The Fund may seek to suspend redemptions in the event that an emergency exists in which it is not reasonably practicable for the Fund to dispose of its securities or to determine the value of its net assets.

    South Africa Risk. South Africa's economy is heavily dependent on natural resources and commodity prices. South Africa's currency may also be vulnerable to significant fluctuations and devaluation. Access to health care, unemployment, limited economic opportunity, and other financial constraints, continue to present obstacles to South Africa's full economic development. Disparities of wealth, the pace and success of democratization and capital market development and religious and racial disaffection have also led to social and political unrest. There can be no assurance that initiatives by the South African government to address these issues will achieve the desired results.

    Taiwan Risk. The economy of Taiwan is heavily dependent on exports. Currency fluctuations, increasing competition from Asia's other emerge economies, and conditions that weaken demand for Taiwan's export products worldwide could have a negative impact on the Taiwanese economy as a whole. Concerns over Taiwan's history of political contention and its current relationship with China may also have a significant impact on the economy of Taiwan.

    International Closed-Market Trading Risk. Because the Fund's investments may be traded in markets that are closed when the Exchange is open, there are likely to be deviations between the current pricing of an underlying investment and stale investment pricing (i.e., the last quote from its closed foreign market), resulting in premiums or discounts to NAV that may be greater than those experienced by other ETFs.

    Investment Risk. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. When you sell your Shares, they could be worth less than what you paid for them.

    Large Capitalization Company Risk. The Fund's investments in large capitalization companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.

    Market Events Risk. Turbulence in the financial markets and reduced liquidity in the equity markets may negatively affect issuers, which could have an adverse effect on the Fund. In addition, there is a risk that policy changes by the U.S. Government, Federal Reserve and/or other government actors, such as increasing interest rates, could cause increased volatility in financial markets and higher levels of Fund redemptions, which could have a negative impact on the Fund. In a declining stock market, stock prices for all companies (including those in the Fund's portfolio) may decline, regardless of their long-term prospects.

    Passive Investment Risk. The Fund is managed with a passive investment strategy, attempting to track the performance of the Underlying Index. As a result, the Fund expects to hold components of the Underlying Index regardless of their current or projected performance. Maintaining investments regardless of market conditions or the performance of individual investments could cause the Fund's return to be lower than if the Fund employed an active strategy.

    Portfolio Turnover Risk. The Fund's strategy may frequently involve buying and selling portfolio securities to rebalance the Fund's exposure to various market sectors. Higher portfolio turnover may result in the Fund paying higher levels of transaction costs and generating greater tax liabilities for shareholders. Portfolio turnover risk may cause the Fund's performance to be less than you expect.

    Premium-Discount Risk. Shares may trade above (premium) or below (discount) their NAV. The market prices of Shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of, and demand for, Shares on the Exchange. This risk is heightened in times of market volatility or periods of steep market declines.

    Quantitative Security Selection Risk. The Underlying Index uses quantitative techniques to determine whether securities should be included in the Underlying Index, and the Underlying Index may not perform as intended if it relies on erroneous or outdated data from one or more third parties. Errors in data used in the quantitative model may occur from time to time and may not be identified and/or corrected before having an adverse impact on the Fund and its shareholders.

    Secondary Market Trading Risk. Investors buying or selling Shares in the secondary market may pay brokerage commissions, which may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of Shares. Although the Shares are listed on the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted.

    Small and Medium Capitalization Company Risk.  Investing in securities of small and medium capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies' securities may be more volatile and less liquid than those of more established companies, and they may be more sensitive to market conditions.

    Tracking Error Risk. Although the Fund attempts to track the performance of the Underlying Index, the Fund may not be able to duplicate its exact composition or return due to, among other things, fees and expenses paid by the Fund that are not reflected in the Underlying Index. If the Fund is small, it may experience greater tracking error to its Underlying Index than it otherwise would at higher asset levels.

    Value Investment Risk. The Fund's shareholder yield strategy is a value investment strategy that should be expected to underperform in growth markets. Value investments are subject to the risk that their intrinsic value may never be realized by the market.

    PERFORMANCE

    The following bar chart and table indicate the risks of investing in the Fund by showing how the Fund's average annual total returns compare with those of the Index as well as a relevant index that provides a broad measure of market performance. All returns include the reinvestment of dividends and distributions. As always, please note that the Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available at www.cambriafunds.com.

    Total Annual Returns for Calendar Year Ended December 31
    Bar Chart

    As of July 31, 2019, the Fund's year-to-date total return was 14.93%.

    Best and Worst Quarter Returns (for the period reflected in the bar chart above)

    Best: 11.88% for the quarter ended 9/30/2017

    Worst: -9.33% for the quarter ended 12/31/2018

    Average Annual Total Returns for the period ending December 31, 2018
    Average Annual Total Returns -
    Label
    1 Year
    Since Inception
    Inception Date
    Cambria Emerging Shareholder Yield ETF Return Before Taxes (14.39%) 9.22% Jul. 13, 2016
    Cambria Emerging Shareholder Yield ETF | Return After Taxes on Distributions Return After Taxes on Distributions (15.20%) 8.32% Jul. 13, 2016
    Cambria Emerging Shareholder Yield ETF | Return After Taxes on Distributions and Sale of Fund Shares Return After Taxes on Distributions and Sale of Fund Shares (7.54%) 7.56% Jul. 13, 2016
    Cambria Emerging Shareholder Yield Index Cambria Emerging Shareholder Yield Index (Reflects no deduction for fees, expenses or taxes) (13.58%) 11.03% Jul. 13, 2016
    MSCI Emerging Markets Index MSCI Emerging Markets Index (Reflects no deduction for fees, expenses or taxes) (14.24%) 7.77% Jul. 13, 2016

    Average annual total returns are shown on a before- and after-tax basis for the Fund. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans.

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    Document Period End Date dei_DocumentPeriodEndDate Apr. 30, 2019
    Entity Registrant Name dei_EntityRegistrantName Cambria ETF Trust
    Entity Central Index Key dei_EntityCentralIndexKey 0001529390
    Amendment Flag dei_AmendmentFlag false
    Document Creation Date dei_DocumentCreationDate Aug. 27, 2019
    Document Effective Date dei_DocumentEffectiveDate Sep. 01, 2019
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    Cambria Core Equity ETF
    Cambria Core Equity ETF
    INVESTMENT OBJECTIVE

    The Fund seeks capital appreciation and capital preservation with a low correlation to the broader U.S. equity market.

    FEES AND EXPENSES

    This table describes the fees and expenses that you may pay if you buy and hold Shares. You may also pay brokerage commissions on the purchase and sale of Shares, which are not reflected in the table.

    ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE VALUE OF YOUR INVESTMENT)
    Annual Fund Operating Expenses
    Cambria Core Equity ETF
    Management Fee: 1.05%
    Distribution and/or Service (12b-1) fees: none
    Other Expenses: 0.18%
    Total Annual Fund Operating Expenses: 1.23%
    EXAMPLE

    The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The example also assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. The example does not reflect any brokerage commissions that you may pay on purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

    Expense Example
    One Year:
    Three Years:
    Five Years:
    Ten Years:
    | Cambria Core Equity ETF | USD ($) 125 390 676 1,489
    PORTFOLIO TURNOVER

    The Fund may pay transaction costs, including commissions when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may also result in a substantial amount of distributions from the Fund to be taxed as ordinary income, which may limit the tax efficiency of the Fund. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund's performance. For the fiscal year ended April 30, 2019, the Fund's portfolio turnover rate was 21% of the average value of its portfolio.

    PRINCIPAL INVESTMENT STRATEGIES

    To achieve it investment objective, the Fund uses a combination of several strategies to produce capital appreciation while reducing risk exposure across market conditions. Under normal market conditions, at least 80% of the value of the Fund's net assets (plus borrowings for investment purposes) will be invested in equity securities.

    The Fund invests primarily in U.S. equity securities that tend to offer current dividends. The Fund focuses on high-quality companies that have prospects for long-term total returns as a result of their ability to grow earnings and their willingness to increase dividends over time. These stocks typically—but not always—will be large-cap, and will show potential for increasing dividends. The Fund seeks to be diversified across industry sectors and regions. Under normal circumstances, the Fund also sells exchange traded index call options and purchases exchange traded index put options. Writing index call options reduces the Fund's volatility, provides steady cash flow and is an important source of the Fund's return, although it also reduces the Fund's ability to profit from increases in the value of its equity portfolio. The Fund also buys index put options, which can protect the Fund from a significant market decline that may occur over a short period of time. The value of an index put option generally increases as the prices of the stocks constituting the index decrease, and decreases as those stocks increase in price. From time to time, the Fund may reduce its holdings of put options, resulting in an increased exposure to a market decline. The combination of the diversified stock portfolio, the steady cash flow from the sale of index call options and the downside protection from index put options is intended to provide the Fund with the majority of the returns associated with equity market investments while exposing investors to less risk than other equity investments.

    The Fund opportunistically invests where option pricing provides favorable risk/reward models and where gains can be attained independent of the direction of the broader U.S. equity market. The Fund uses proprietary models and analysis of historical portfolio profit and loss information to identify favorable option trading opportunities, including favorable call and put option spreads. In addition, the Fund's investment strategy, with respect to both equity investing and options trading, takes into account fundamental business and macroeconomic factors. However, the Fund employs discretionary trading models, and outputs from these models influence but do not dictate equity investment and options trading decisions. The Fund typically rebalances its equity holdings on a quarterly basis. The Fund aims to preserve capital, particularly in down markets (including major market drawdowns), by using put option spreads as a form of mitigation risk. Option positions are held until either they expire or are liquidated to either capture gains as option expirations approach or to adjust positions to reduce or prevent losses and to take other potentially profitable positions.

    As of July 31, 2019, the Fund was concentrated in the financial services sector and had significant exposure to companies in the consumer discretionary, industrial, and information technology sectors.

    PRINCIPAL RISKS

    An investment in the Fund involves risk. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. The Fund's principal risks are presented in alphabetical order to facilitate investors' ability to identify particular risks and compare them with the risks of other funds. Some or all of these risks may adversely affect the Fund's net asset value per share ("NAV"), trading price, yield, total return, and/or ability to meet its objective. There is no assurance that the Fund will achieve its investment objective. An investor may lose money by investing in the Fund. For more information about the risks of investing in the Fund, see the sections titled "Additional Information About the Funds' Risks" and "Additional Non-Principal Risk Information."

    Cash Redemption Risk. The Fund's investment strategy will require it to effect redemptions, in whole or in part, for cash. As a result, the Fund may pay out higher annual capital gain distributions and be less tax-efficient than if the in-kind redemption process was used exclusively. In addition, cash redemptions may incur higher brokerage costs than in-kind redemptions and these added costs may be borne by the Fund and negatively impact Fund performance.

    Cyber Security Risk. The Fund may be susceptible to operational and information security risks resulting from a breach in the Fund's cyber security, including cyber-attacks against the Fund, third-party service providers, market makers, Authorized Participants, or issuers of securities in which the Fund invests. A breach in cyber security, intentional or unintentional, may adversely impact the Fund in many ways, including, but not limited to, disruption of the Fund's operational capacity, loss of proprietary information, theft or corruption of data, denial-of-service attacks on websites or network resources, and the unauthorized release of confidential information.

    Derivatives Risk. Put and call options are referred to as "derivative" instruments since their values are based on, or derived from, an underlying reference asset, such as an index. Derivatives can be volatile, and a small investment in a derivative can have a large impact on the performance of the Fund as derivatives can result in losses in excess of the amount invested. The return on a derivative instrument may not correlate with the return of its underlying reference asset. Derivative instruments may be difficult to value and may be subject to wide swings in valuations caused by changes in the value of the underlying instrument. Other risks of investments in derivatives include risks that the transactions may result in losses that partially or completely offset gains in portfolio positions and risks that the derivative transaction may not be liquid. Derivative instruments may create economic leverage in the Fund, which magnifies the Fund's exposure to the underlying instrument.

    Dividend Paying Security Risk. Securities that pay high dividends as a group can fall out of favor with the market, causing these companies to underperform companies that do not pay high dividends. Also, companies owned by the Fund that have historically paid a dividend may reduce or discontinue their dividends, thus reducing the yield of the Fund.

    Equity Investing Risk. The values of equity securities could decline generally or could underperform other investments due to factors affecting a specific issuer, market or securities markets generally.

    Hedging Risk. Options used by the Fund to reduce volatility may not perform as intended. There can be no assurance that the Fund's option strategy will be effective. It may expose the Fund to losses, e.g., option premiums, to which it would not have otherwise been exposed if it only invested in U.S. government bonds or U.S. government bond ETFs. Further, the option strategy may not fully protect the Fund against declines in the value of its portfolio securities.

    Investment Risk. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. When you sell your Shares, they could be worth less than what you paid for them.

    Large Capitalization Companies Risk. The Fund's investments in large capitalization companies (i.e., companies with more than $5 billion in capitalization) may underperform other segments of the market because large capitalization companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes, and may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.

    Leveraging Risk. Certain of Fund's investments may expose the Fund to leverage, causing the Fund to be more volatile.

    Liquidity Risk. The Fund may purchase options and invest in other instruments that may be less liquid than other types of investments. The options purchased by the Fund may not always be liquid. This could have a negative effect on the Fund's ability to achieve its investment objective and may result in losses to Fund shareholders.

    Management Risk. The Fund is actively managed using proprietary investment strategies and processes. There can be no guarantee that the adviser's judgments about the attractiveness, value and potential appreciation of particular investments and strategies for the Fund will be correct or produce the desired results or that the Fund will achieve its investment objective. If the adviser fails to accurately evaluate market risk or appropriately react to current and developing market conditions, the Fund's share price may be adversely affected. The Fund is actively managed using proprietary investment strategies and processes.

    Market Events Risk. Turbulence in the financial markets and reduced liquidity in the equity markets may negatively affect issuers, which could have an adverse effect on the Fund. In addition, there is a risk that policy changes by the U.S. Government, Federal Reserve and/or other government actors, such as increasing interest rates, could cause increased volatility in financial markets and higher levels of Fund redemptions, which could have a negative impact on the Fund. In a declining stock market, stock prices for all companies (including those in the Fund's portfolio) may decline, regardless of their long-term prospects.

    Options Risk. The prices of options may change rapidly over time and do not necessarily move in tandem with the price of the underlying securities. Writing index call options reduces the Fund's ability to profit from increases in the value of the Fund's equity portfolio, and purchasing put options may result in the Fund's loss of premiums paid in the event that the put options expire unexercised. To the extent that the Fund reduces its put option holdings relative to the number of call options sold by the Fund, the Fund's ability to mitigate losses in the event of a market decline will be reduced.

    Portfolio Turnover Risk. Because the Fund "turns over" a portion of its options from time to time, the Fund will incur high levels of transaction costs from commissions or mark-ups in the bid/offer spread. Higher portfolio turnover may result in the Fund paying higher levels of transaction costs and may also result in a substantial amount of distributions from the Fund to be taxed as ordinary income, which may limit the tax efficiency of the Fund.

    Premium-Discount Risk. Shares may trade above (premium) or below (discount) their NAV. The market prices of Shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of, and demand for, Shares on the Exchange. This risk is heightened in times of market volatility or periods of steep market declines.

    Secondary Market Trading Risk. Investors buying or selling Shares in the secondary market may pay brokerage commissions or other charges, which may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of Shares. Although the Shares are listed on the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted.

    Sector Concentration Risk. To the extent that the Fund's investments are concentrated in a particular sector, the Fund may be susceptible to loss due to adverse occurrences affecting that sector. As of July 31, 2019, the Fund was concentrated in the financial services sector and had significant exposure to companies in the consumer discretionary, industrial, and information technology sectors.

    Consumer Discretionary Sector Risk. The success of consumer product manufacturers and retailers is tied closely to the performance of the overall domestic and international economy, interest rates, competitive and consumer confidence. Success depends heavily on disposable household income and consumer spending. Changes in demographics and consumer tastes can also affect the demand for, and success of, consumer products in the marketplace.

    Financial Services Sector Risk. Performance of companies in the financial services sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted.

    Industrial Sector Risk. Issuers in the industrial sector are affected by supply and demand, both for their specific product or service and for industrial sector products in general. The products of such issuers may face obsolescence due to rapid technological developments and frequent new product introduction. Government regulations, world events, economic conditions and exchange rates affect the performance of companies in the industrial sector. Issuers in the industrial sector may be adversely affected by liability for environmental damage, product liability claims and exchange rates. The industrial sector may also be adversely affected by changes or trends in commodity prices, which may be influenced by unpredictable factors.

    Information Technology Sector Risk. Technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Technology companies may have limited product lines, markets, financial resources or personnel. The products of technology companies may face obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the technology sector are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies.

    PERFORMANCE

    The following bar chart and table indicate the risks of investing in the Fund by showing how the Fund's average annual total returns compare with those of a relevant index that provides a broad measure of market performance. All returns include the reinvestment of dividends and distributions. As always, please note that the Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available at www.cambriafunds.com.

    Total Annual Returns for Calendar Year Ended December 31
    Bar Chart

    As of July 31, 2019, the Fund's year-to-date total return was 2.51%.

    Best and Worst Quarter Returns (for the period reflected in the bar chart above)

    Best: 5.59%, for the quarter ended 12/31/2018

    Worst: -2.60%, for the quarter ended 3/31/2018

    Average Annual Total Returns for the period ending December 31, 2018
    Average Annual Total Returns -
    Label
    1 Year
    Since Inception
    Inception Date
    Cambria Core Equity ETF Return Before Taxes 4.87% 5.66% May 23, 2017
    Cambria Core Equity ETF | Return After Taxes on Distributions Return After Taxes on Distributions 4.54% 5.32% May 23, 2017
    Cambria Core Equity ETF | Return After Taxes on Distributions and Sale of Fund Shares Return After Taxes on Distributions and Sale of Fund Shares 3.29% 4.49% May 23, 2017
    S&P 500 Index S&P 500 Index (Reflects no deduction for fees, expenses or taxes) (4.38%) 4.82% May 23, 2017

    Average annual total returns are shown on a before- and after-tax basis for the Fund. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans.

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    Cambria Global Value ETF
    Cambria Global Value ETF
    INVESTMENT OBJECTIVE
    The Fund seeks investment results that correspond (before fees and expenses) generally to the price and yield performance of its underlying index, the Cambria Global Value Index (the "Underlying Index").
    FEES AND EXPENSES

    This table describes the fees and expenses that you may pay if you buy and hold Shares. You may also pay brokerage commissions on the purchase and sale of Shares, which are not reflected in the table.

    ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE VALUE OF YOUR INVESTMENT)
    Annual Fund Operating Expenses
    Cambria Global Value ETF
    Management Fee: 0.59%
    Distribution and/or Service (12b-1) fees: none
    Other Expenses: 0.10%
    Custodial Expenses: 0.10%
    Total Annual Fund Operating Expenses: 0.69%
    EXAMPLE

    The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The example also assumes that the Fund provides a return of 5% a year and that the operating expenses remain the same. The example does not reflect any brokerage commissions that you may pay on purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

    Expense Example
    One Year:
    Three Years:
    Five Years:
    Ten Years:
    | Cambria Global Value ETF | USD ($) 70 221 384 859
    PORTFOLIO TURNOVER

    The Fund may pay transaction costs, including commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund's performance. For the fiscal year ended April 30, 2019, the Fund's portfolio turnover rate was 20% of the average value of its portfolio.

    PRINCIPAL INVESTMENT STRATEGIES

    Under normal market conditions, the Fund will invest at least 80% of its total assets in the components of the Underlying Index and in depositary receipts representing components of the Underlying Index. The Underlying Index is comprised of equity securities of issuers located in developed and emerging countries, as well as exchange-traded funds composed of issuers located in such countries.

    To be eligible for inclusion in the Underlying Index, an issuer must be domiciled, trade in or have exposure to a market that is undervalued, according to various valuation metrics including the cyclically adjusted price-to-earnings ratio, commonly known as the "CAPE Shiller P/E ratio." These valuation metrics are derived by dividing the current market value of a reference index or asset by an inflation-adjusted normalized factor (typically earnings, book value, dividends, cash flows or sales) over the past seven to 10 years. The Underlying Index uses systematic quantitative screens to attempt to avoid overvalued markets on both a relative and absolute level. Although securities in the Underlying Index may be denominated in either the U.S. dollar or other currencies and may include securities of companies in any industry and may be of any market capitalization, the Underlying Index is weighted based only on publicly available data and includes screens to limit its country, sector and industry concentration to seek to ensure its liquidity and investability. Other screens also will exclude as components any foreign issuers whose securities are highly restricted or illegal for U.S. persons to own, including due to the imposition of sanctions by the U.S. Government. At least 40% of the Underlying Index is expected to be composed of securities of issuers located in at least three countries (including the United States).

    The Fund employs a "passive management" — or indexing — investment approach and seeks to track the performance of the Underlying Index. To track the performance of the Underlying Index, the Fund intends to employ a replication strategy, which means that the Fund will typically invest in substantially all of the components of the Underlying Index in approximately the same weights as they appear in the Underlying Index.

    The Fund may invest up to 20% of its net assets in instruments not included in the Underlying Index, but which the Fund's investment adviser, Cambria Investment Management, L.P. ("Cambria" or the "Adviser"), believes will help the Fund track the Underlying Index. For example, there may be instances in which Cambria may choose to purchase or sell securities not in the Underlying Index which Cambria believes are appropriate to substitute for one or more such securities.

    The Underlying Index was developed by Cambria Indices, LLC (the "Index Provider"), an affiliate of Cambria, and is calculated by Solactive, AG, which is not affiliated with the Fund or Cambria. The Index Provider rebalances and reconstitutes the Underlying Index yearly. To the extent that the Underlying Index concentrates (i.e., holds 25% or more of its total assets) in the securities of a particular industry or group of industries, the Fund is expected to concentrate to approximately the same extent. As of July 31, 2019, the Fund and the Underlying Index were concentrated in the financial services sector and had significant exposure to companies in the energy and materials sectors.

    PRINCIPAL RISKS

    An investment in the Fund involves risk. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. The Fund's principal risks are presented in alphabetical order to facilitate investors' ability to identify particular risks and compare them with the risks of other funds. Some or all of these risks may adversely affect the Fund's net asset value per share ("NAV"), trading price, yield, total return, and/or ability to meet its objective. There is no assurance that the Fund will achieve its investment objective. An investor may lose money by investing in the Fund. For more information about the risks of investing in the Fund, see the sections titled "Additional Information About the Funds' Risks" and "Additional Non-Principal Risk Information."

    Cash Redemption Risk. The Fund's investment strategy may require it to effect redemptions, in whole or in part, for cash. As a result, the Fund may pay out higher annual capital gain distributions and be less tax-efficient than if the in-kind redemption process was used exclusively. In addition, cash redemptions may incur higher brokerage costs than in-kind redemptions and these added costs may be borne by the Fund and negatively impact Fund performance.

    Concentration Risk. To the extent the Underlying Index is concentrated in a particular industry or group of industries, the Fund is also expected to be concentrated in that industry or group of industries. As a result, the Fund may be susceptible to loss due to adverse occurrences affecting that industry or group of industries. As of July 31, 2019, the Fund and the Underlying Index were concentrated in the financial services sector and had significant exposure to companies in the energy and materials sectors.

    Energy Sector Risk. The energy sector includes, for example, oil, gas, and consumable fuel companies. Energy companies can be substantially impacted by, among other things, the volatility of oil prices, worldwide supply and demand, worldwide economic growth, and political instability in oil or gas producing regions such as the Middle East and Eastern Europe.

    Financial Services Sector Risk. Performance of companies in the financial services sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted.

    Materials Sector Risk. Issuers in the materials sector may be adversely affected by commodity price volatility, exchange rates, import controls, increased competition, depletion of resources, technical progress, labor relations and government regulations, among other factors. Issuers in the materials sector may be liable for environmental damage and product liability claims. Production of materials may exceed demand as a result of market imbalances or economic downturns, leading to poor investment returns.

    Cyber Security Risk. The Fund may be susceptible to operational and information security risks resulting from a breach in the Fund's cyber security, including cyber-attacks against the Fund, third-party service providers, market makers, Authorized Participants, or issuers of securities in which the Fund invests. A breach in cyber security, intentional or unintentional, may adversely impact the Fund in many ways, including, but not limited to, disruption of the Fund's operational capacity, loss of proprietary information, theft or corruption of data, denial-of-service attacks on websites or network resources, and the unauthorized release of confidential information.

    Depositary Receipts Risk. The risks of investments in depositary receipts are substantially similar to the risks of investing directly in foreign securities. In addition, depositary receipts may not track the price of or may be less liquid than their underlying foreign securities, and the value of depositary receipts may change materially at times when the U.S. markets are not open for trading.

    Dividend Paying Security Risk. Securities that pay high dividends as a group can fall out of favor with the market, causing these companies to underperform companies that do not pay high dividends. Also, changes in the dividend policies of companies owned by the Fund and the capital resources available for these companies' dividend payments may adversely affect the Fund.

    Emerging Markets Risk. Emerging market investments are subject to the same risks as foreign investments and to additional risks due to greater political and economic uncertainties as well as a relative lack of information about issuers in such markets. Securities of emerging market issuers may become illiquid and be subject to volatility and high transaction costs.

    Equity Investing Risk. The values of equity securities could decline generally or could underperform other investments due to factors affecting a specific issuer, market or securities markets generally.

    Exchange-Traded Funds and Investment Companies Risk. The risks of investing in securities of ETFs and investment companies typically reflect the risks of the types of instruments in which the underlying ETF or investment company invests. In addition, with such investments, the Fund bears its proportionate share of the fees and expenses of the underlying entity. As a result, the Fund's operating expenses may be higher and performance may be lower.

    Foreign Investment Risk. Returns on investments in foreign securities could be more volatile than, or trail the returns on, investments in U.S. securities. Exposures to foreign securities entail special risks, including risks due to: (i) differences in information available about foreign issuers; (ii) differences in investor protection standards in other jurisdictions; (iii) capital controls risks, including the risk of a foreign jurisdiction imposing restrictions on the ability to repatriate or transfer currency or other assets; (iv) political, diplomatic and economic risks; (v) regulatory risks; and (vi) foreign market and trading risks, including the costs of trading and risks of settlement in foreign jurisdictions. In addition, the Fund's investments in securities denominated in other currencies could decline due to changes in local currency relative to the value of the U.S. dollar, which may affect the Fund's returns.

    Geographic Investment Risk. To the extent the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region. As of July 31, 2019, the Fund invested a significant portion of its assets in securities of companies in Europe.

    Europe Risk. The Economic and Monetary Union of the European Union ("EU") requires compliance with restrictions on inflation rates, deficits, interest rates, debt levels and fiscal and monetary controls, each of which may significantly affect every country in Europe. Decreasing imports or exports, changes in governmental or EU regulations on trade, changes in the exchange rate of the euro, the default or threat of default by an EU member country on its sovereign debt, and/or an economic recession in an EU member country may have a significant adverse effect on the economies of EU member countries and their trading partners. In addition, the United Kingdom has voted in a referendum to leave the EU. Although it remains unclear what the potential consequences of Brexit may be, the economies of Europe and the United Kingdom, as well as the broader global economy, could be significantly impacted by Brexit, which may result in lower economic growth and increased volatility and illiquidity across global markets.

    International Closed-Market Trading Risk. Because the Fund's investments may be traded in markets that are closed when the Exchange is open, there are likely to be deviations between the current pricing of an underlying investment and stale investment pricing (i.e., the last quote from its closed foreign market), resulting in premiums or discounts to NAV that may be greater than those experienced by other ETFs.

    Investment Risk. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. When you sell your Shares they could be worth less than what you paid for them.

    Large Capitalization Company Risk. The Fund's investments in large capitalization companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.

    Market Events Risk. Turbulence in the financial markets and reduced liquidity in the equity markets may negatively affect issuers, which could have an adverse effect on the Fund. In addition, there is a risk that policy changes by the U.S. Government, Federal Reserve and/or other government actors, such as increasing interest rates, could cause increased volatility in financial markets and higher levels of Fund redemptions, which could have a negative impact on the Fund. In a declining stock market, stock prices for all companies (including those in the Fund's portfolio) may decline, regardless of their long-term prospects.

    Passive Investment Risk. The Fund is managed with a passive investment strategy, attempting to track the performance of the Underlying Index. As a result, the Fund expects to hold components of the Underlying Index regardless of their current or projected performance. Maintaining investments regardless of market conditions or the performance of individual investments could cause the Fund's return to be lower than if the Fund employed an active strategy.

    Premium-Discount Risk. Shares may trade above (premium) or below (discount) their NAV. The market prices of Shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of, and demand for, Shares on the Exchange. This risk is heightened in times of market volatility or periods of steep market declines.

    Quantitative Security Selection Risk. The Underlying Index's use of quantitative techniques to determine whether securities should be included in the Underlying Index can be adversely affected if it relies on erroneous or outdated data. In addition, the quantitative model may be or become flawed, and factors that affect a security's value can change over time and these changes may not be reflected in the quantitative model. The Underlying Index uses quantitative techniques to determine whether securities should be included in the Underlying Index, and the Underlying Index may not perform as intended if it relies on erroneous or outdated data from one or more third parties. Errors in data used in the quantitative model may occur from time to time and may not be identified and/or corrected before having an adverse impact on the Fund and its shareholders.

    Secondary Market Trading Risk. Investors buying or selling Shares in the secondary market may pay brokerage commissions, which may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of Shares. Although the Shares are listed on the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted.

    Small and Medium Capitalization Company Risk. Investing in securities of small and medium capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies' securities may be more volatile and less liquid than those of more established companies, and they may be more sensitive to market conditions.

    Tracking Error Risk. Although the Fund attempts to track the performance of the Underlying Index, the Fund may not be able to duplicate its exact composition or return due to, among other things, fees and expenses paid by the Fund that are not reflected in the Underlying Index. If the Fund is small, it may experience greater tracking error to its Underlying Index than it otherwise would at higher asset levels.

    Value Investment Risk. Value investments are subject to the risk that their intrinsic value may never be realized by the market. Value investments tend to underperform in growth markets.

    PERFORMANCE

    The following bar chart and table indicate the risks of investing in the Fund by showing how the Fund's average annual total returns compare with those of the Index as well as a relevant index that provides a broad measure of market performance. All returns include the reinvestment of dividends and distributions. As always, please note that the Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available at www.cambriafunds.com.

    Total Annual Returns for Calendar Year Ended December 31
    Bar Chart

    As of July 31, 2019, the Fund's year-to-date total return was 11.83%.

    Best and Worst Quarter Returns (for the period reflected in the bar chart above)

    Best: 9.01%, for the quarter ended 9/30/2016

    Worst: -9.03%, for the quarter ended 9/30/2015

    Average Annual Total Returns for the period ending December 31, 2018
    Average Annual Total Returns -
    Label
    1 Year
    Since Inception
    Inception Date
    Cambria Global Value ETF Return Before Taxes (13.46%) (0.67%) Mar. 11, 2014
    Cambria Global Value ETF | Return After Taxes on Distributions Return After Taxes on Distributions (13.52%) (1.17%) Mar. 11, 2014
    Cambria Global Value ETF | Return After Taxes on Distributions and Sale of Fund Shares Return After Taxes on Distributions and Sale of Fund Shares (7.12%) (0.50%) Mar. 11, 2014
    Cambria Global Value Index Cambria Global Value Index (Reflects no deduction for fees, expenses or taxes) (12.07%) 0.46% Mar. 11, 2014
    MSCI ACWI Index MSCI ACWI Index (Reflects no deduction for fees, expenses or taxes) (8.93%) 4.91% Mar. 11, 2014

    Average annual total returns are shown on a before- and after-tax basis for the Fund. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans.

    XML 33 R14.htm IDEA: XBRL DOCUMENT v3.19.2
    Cambria Value and Momentum ETF
    Cambria Value and Momentum ETF
    INVESTMENT OBJECTIVE

    The Fund seeks income and capital appreciation from investments in the U.S. equity market.

    FEES AND EXPENSES

    This table describes the fees and expenses that you may pay if you buy and hold Shares. You may also pay brokerage commissions on the purchase and sale of Shares, which are not reflected in the table.

    ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE VALUE OF YOUR INVESTMENT)
    Annual Fund Operating Expenses
    Cambria Value and Momentum ETF
    Management Fee: 0.59%
    Distribution and/or Service (12b-1) fees: none
    Other Expenses: 0.05%
    Total Annual Fund Operating Expenses: 0.64%
    EXAMPLE

    The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The example also assumes that the Fund provides a return of 5% a year and that the operating expenses remain the same. The example does not reflect any brokerage commissions that you may pay on purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

    Expense Example
    One Year:
    Three Years:
    Five Years:
    Ten Years:
    | Cambria Value and Momentum ETF | USD ($) 65 205 357 798
    PORTFOLIO TURNOVER

    The Fund may pay transaction costs, including commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. For the fiscal year ended April 30, 2019, the Fund's portfolio turnover rate was 89% of the average value of its portfolio.

    PRINCIPAL INVESTMENT STRATEGIES

    The Fund will seek to achieve its investment objective by investing, under normal market conditions, at least 80% of the value of the Fund's net assets in U.S. exchange-listed equity securities that are undervalued according to various valuation metrics, including the cyclically adjusted price-to-earnings ratio, commonly known as the "CAPE Shiller P/E ratio." For the purposes of this policy, the Fund may invest in investments that provide exposure to such securities. These valuation metrics are derived by dividing the current market value of a reference index or asset by an inflation-adjusted normalized factor (typically earnings, book value, dividends, cash flows or sales) over the past seven to ten years. The Fund's investment adviser, Cambria Investment Management, L.P. ("Cambria" or the "Adviser"), intends to employ systematic quantitative strategies in an effort to avoid overvalued and downtrending markets.

    In attempting to avoid overvalued and downtrending markets, the Fund may hedge up to 100% of the value of the Fund's long portfolio. The Fund may use derivatives, including U.S. exchange-traded stock index futures or options thereon, to attempt to effectuate such hedging during times when Cambria believes that the U.S. equity market is overvalued from a valuation standpoint, or Cambria's models identify unfavorable trends and momentum in the U.S. equity market. During certain periods, including to collateralize the Fund's investments in futures contracts, the Fund may invest up to 20% of the value of its net assets in U.S. dollar and non-U.S. dollar denominated money market instruments or other high quality debt securities, or ETFs that invest in these instruments.

    The Fund may invest in securities of companies in any industry, but will limit the maximum allocation to any particular sector to 25%. Although the Fund generally expects to invest in companies with larger market capitalizations, the Fund may also invest in small- and mid-capitalization companies. Filters will be implemented to screen for companies that pass sector concentration and liquidity requirements. Screens also will exclude foreign issuers whose securities are highly restricted or illegal for U.S. persons to own, including due to the imposition of sanctions by the U.S. Government.

    Cambria will utilize a quantitative model that combines value and momentum factors to identify which securities the Fund may purchase and sell and opportune times for purchases and sales. The Fund will look to allocate to the top performing value stocks based on value factors as well as absolute and relative momentum. Value will typically be measured on a longer time horizon (five to ten years) than momentum (typically less than one year).

    The Fund may invest in U.S. exchange-listed preferred stocks. Preferred stocks include convertible and non-convertible preferred and preference stocks that are senior to common stock. The Fund may also invest in U.S. exchange-listed real estate investment trusts ("REITs") and engage in short sales of securities.

    Cambria has discretion on a daily basis to actively manage the Fund's portfolio in accordance with the Fund's investment objective. The Fund may sell a security when Cambria believes that the security is overvalued or better investment opportunities are available, to invest in cash and cash equivalents, or to meet redemptions. Cambria expects to rebalance to target allocations monthly. As a result, the Fund may experience high portfolio turnover.

    As of July 31, 2019, the Fund was concentrated in the financial services sector and had significant exposure to companies in the consumer discretionary sector.

    PRINCIPAL RISKS

    An investment in the Fund involves risk. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. The Fund's principal risks are presented in alphabetical order to facilitate investors' ability to identify particular risks and compare them with the risks of other funds. Some or all of these risks may adversely affect the Fund's net asset value per share ("NAV"), trading price, yield, total return, and/or ability to meet its objective. There is no assurance that the Fund will achieve its investment objective. An investor may lose money by investing in the Fund. For more information about the risks of investing in the Fund, see the sections titled "Additional Information About the Funds' Risks" and "Additional Non-Principal Risk Information."

    Cash Redemption Risk. The Fund's investment strategy may require it to effect redemptions, in whole or in part, for cash. As a result, the Fund may pay out higher annual capital gain distributions and be less tax-efficient than if the in-kind redemption process was used exclusively. In addition, cash redemptions may incur higher brokerage costs than in-kind redemptions and these added costs may be borne by the Fund and negatively impact Fund performance.

    Cyber Security Risk. The Fund may be susceptible to operational and information security risks resulting from a breach in the Fund's cyber security, including cyber-attacks against the Fund, third-party service providers, market makers, Authorized Participants, or issuers of securities in which the Fund invests. A breach in cyber security, intentional or unintentional, may adversely impact the Fund in many ways, including, but not limited to, disruption of the Fund's operational capacity, loss of proprietary information, theft or corruption of data, denial-of-service attacks on websites or network resources, and the unauthorized release of confidential information.

    Derivatives Risk. Derivatives, such as futures and options, can be volatile, and a small investment in a derivative can have a large impact on the performance of the Fund as derivatives can result in losses in excess of the amount invested. Other risks of investments in derivatives include that the transactions may result in losses that partially or completely offset gains in portfolio positions and that the derivative transaction may not be liquid.

    Dividend Paying Security Risk. Securities that pay high dividends as a group can fall out of favor with the market, causing these companies to underperform companies that do not pay high dividends. Also, changes in the dividend policies of companies owned by the Fund and the capital resources available for these companies' dividend payments may adversely affect the Fund.

    Equity Investing Risk. The values of equity securities could decline generally or could underperform other investments due to factors affecting a specific issuer, market or securities markets generally.

    Exchange-Traded Funds and Investment Companies Risk. The risks of investing in securities of ETFs and other investment companies typically reflect the risks of the types of instruments in which the underlying ETF or investment company invests. In addition, with such investments, the Fund bears its proportionate share of the fees and expenses of the underlying entity. As a result, the Fund's operating expenses may be higher and performance may be lower.

    Futures Contracts Risk. Risks associated with the use of futures contracts include the following: (i) an imperfect correlation between movements in prices of index futures contracts and movements in the value of the stock index that the instrument is designed to simulate; and (ii) the possibility of an illiquid secondary market for a futures contract and the resulting inability to close a position prior to its maturity date. Investments in futures may expose the Fund to leverage.

    Investment Risk. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. When you sell your Shares, they could be worth less than what you paid for them.

    Large Capitalization Company Risk. The Fund's investments in large capitalization companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.

    Leveraging Risk. Certain of Fund's investments may expose the Fund to leverage, causing the Fund's value to be more volatile.

    Management Risk. The Fund is actively managed using proprietary investment strategies and processes. There can be no guarantee that these strategies and processes will be successful or that the Fund will achieve its investment objective.

    Market Events Risk. Turbulence in the financial markets and reduced liquidity in the equity markets may negatively affect issuers, which could have an adverse effect on the Fund. In addition, there is a risk that policy changes by the U.S. Government, Federal Reserve and/or other government actors, such as increasing interest rates, could cause increased volatility in financial markets and higher levels of Fund redemptions, which could have a negative impact on the Fund. In a declining stock market, stock prices for all companies (including those in the Fund's portfolio) may decline, regardless of their long-term prospects.

    Momentum Investing Risk. 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. High momentum may also be a sign that the securities' prices have peaked. Momentum can turn quickly and cause significant variation from other types of investments. The Fund may experience significant losses if momentum stops, turns or otherwise behaves differently than predicted.

    Options Risk. The prices of options may change rapidly over time and do not necessarily move in tandem with the price of the underlying securities. Options may expire unexercised, causing the Fund to lose the premium paid for them.

    Portfolio Turnover Risk. The Fund's strategy may result in high portfolio turnover rates, which may increase the Fund's brokerage commission costs and negatively impact the Fund's performance. Such portfolio turnover also may generate net short-term capital gains.

    Premium-Discount Risk. Shares may trade above (premium) or below (discount) their NAV. The market prices of Shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of, and demand for, Shares on the Exchange. This risk is heightened in times of market volatility or periods of steep market declines.

    Quantitative Security Selection Risk. Cambria uses quantitative techniques to generate investment decisions and its processes and stock selection, and the Fund may not perform as intended if it relies on erroneous or outdated data from one or more third parties. Errors in data used in the quantitative model may occur from time to time and may not be identified and/or corrected before having an adverse impact on the Fund and its shareholders.

    Real Estate Investments Risk. The Fund is subject to the risks related to investments in real estate, including declines in the real estate market, decreases in property revenues, increases in interest rates, increases in property taxes and operating expenses, legal and regulatory changes, a lack of credit or capital, defaults by borrowers or tenants, environmental problems and natural disasters.

    REIT Risk. In addition to the risks associated with the real estate industry, REITs are subject to additional risks, including those related to adverse governmental actions and the potential failure to qualify for tax-free pass through of income and exemption from registration as an investment company. REITs are dependent upon specialized management skills and may invest in relatively few properties, a small geographic area or a small number of property types. As a result, investments in REITs may be volatile. REITs are pooled investment vehicles with their own fees and expenses and the Fund will indirectly bear a proportionate share of those fees and expenses.

    Secondary Market Trading Risk. Investors buying or selling Shares in the secondary market may pay brokerage commissions, which may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of Shares. Although the Shares are listed on the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted.

    Sector Concentration Risk. To the extent that the Fund's investments are concentrated in a particular sector, the Fund may be susceptible to loss due to adverse occurrences affecting that sector. As of July 31, 2019, the Fund was concentrated in the financial services sector and had significant exposure to companies in the consumer discretionary sector.

    Consumer Discretionary Sector Risk. The success of consumer product manufacturers and retailers is tied closely to the performance of the overall domestic and international economy, interest rates, competitive and consumer confidence. Success depends heavily on disposable household income and consumer spending. Changes in demographics and consumer tastes can also affect the demand for, and success of, consumer products in the marketplace.

    Financial Services Sector Risk. Performance of companies in the financial services sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted.

    Short Sale Risk. If a security is sold short and subsequently has to be bought back at a higher price, the Fund will realize a loss on the transaction. The amount of loss on a short sale is potentially unlimited because there is no limit on the price a shorted security might attain (as compared to a long position, where the maximum loss is the amount invested). The use of short sales may increase the Fund's exposure to the market, and may increase losses and the volatility of returns.

    Small and Medium Capitalization Company Risk. Investing in securities of small and medium capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies' securities may be more volatile and less liquid than those of more established companies, and they may be more sensitive to market conditions.

    Value Investment Risk. Value investments are subject to the risk that their intrinsic value may never be realized by the market. Value investments tend to underperform in growth markets.

    PERFORMANCE

    The following bar chart and table indicate the risks of investing in the Fund by showing how the Fund's average annual total returns compare with those of a relevant index that provides a broad measure of market performance. All returns include the reinvestment of dividends and distributions. As always, please note that the Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available at www.cambriafunds.com.

    Total Annual Returns for Calendar Year Ended December 31
    Bar Chart

    As of July 31, 2019, the Fund's year-to-date total return was -6.70%.

    Best and Worst Quarter Returns (for the period reflected in the bar chart above)

    Best: 6.25%, for the quarter ended 9/30/2017

    Worst: -12.26%, for the quarter ended 12/31/2018

    Average Annual Total Returns for the period ending December 31, 2018
    Average Annual Total Returns -
    Label
    1 Year
    Since Inception
    Inception Date
    Cambria Value and Momentum ETF Return Before Taxes (11.56%) (3.06%) Sep. 08, 2015
    Cambria Value and Momentum ETF | Return After Taxes on Distributions Return After Taxes on Distributions (11.72%) (3.21%) Sep. 08, 2015
    Cambria Value and Momentum ETF | Return After Taxes on Distributions and Sale of Fund Shares Return After Taxes on Distributions and Sale of Fund Shares (7.12%) (2.45%) Sep. 08, 2015
    S&P 500 Index S&P 500 Index (Reflects no deduction for fees, expenses or taxes) (4.38%) 9.79% Sep. 08, 2015

    Average annual total returns are shown on a before- and after-tax basis for the Fund. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans.

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    Cambria Tail Risk ETF
    Cambria Tail Risk ETF
    INVESTMENT OBJECTIVE

    The Fund seeks to provide income and capital appreciation from investments in the U.S. market while protecting against significant downside risk.

    FEES AND EXPENSES

    This table describes the fees and expenses that you may pay if you buy and hold Shares. You may also pay brokerage commissions on the purchase and sale of Shares, which are not reflected in the table.

    ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE VALUE OF YOUR INVESTMENT)
    Annual Fund Operating Expenses
    Cambria Tail Risk ETF
    Management Fee: 0.59%
    Distribution and/or Service (12b-1) fees: none
    Other Expenses: none
    Total Annual Fund Operating Expenses: 0.59%
    EXAMPLE

    The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The example also assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. The example does not reflect any brokerage commissions that you may pay on purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

    Expense Example
    One Year:
    Three Years:
    Five Years:
    Ten Years:
    | Cambria Tail Risk ETF | USD ($) 60 189 329 738
    PORTFOLIO TURNOVER

    The Fund may pay transaction costs, including commissions when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund's performance. For the fiscal year ended April 30, 2019, the Fund's portfolio turnover rate was 56% of the average value of its portfolio.

    PRINCIPAL INVESTMENT STRATEGIES

    The Fund is actively managed and seeks to achieve its investment objective by investing in cash and U.S. government bonds, and utilizing a put option strategy to manage the risk of a significant negative movement in the value of domestic equities (commonly referred to as tail risk) over rolling one-month periods. To hedge against sharp declines in the U.S. stock market, each month, the Fund purchases U.S. exchange-listed protective "out of the money" put options on U.S. stock indices. The Fund's investment adviser, Cambria Investment Management, L.P. ("Cambria" or the "Adviser"), intends to spend approximately one percent of the Fund's total assets per month to purchase put options. Cambria generally targets put options in the 0% to 30% out of the money range. Buying a put option provides the purchaser the right to sell the underlying index to the put seller at a specified price within a specified time period. There is an associated cost (premium), but in the event the underlying index declines in value, ownership of the put may reduce the downside risk. In the event the market rises, the cost of the option might be lost. For example, if the Fund purchases a put option on the S&P 500 Index ("SPX Put"), the Fund pays a premium to the option seller, which decreases the Fund's return. If, however, the value of the S&P 500 Index falls below the SPX Put's strike price, the option finishes "in-the-money" and the option seller pays the Fund the difference between the strike price and the value of the S&P 500 Index. By employing the put option strategy, Cambria seeks growth with reduced volatility as compared to the cash and U.S. bonds.

    Cambria has implemented the put option strategy to attempt to provide protection from significant market declines on a month-by-month basis. The bulk of this protection comes in the form of put options on indices that track the performance of U.S. equity securities. Cambria generally intends to re-initiate new options positions that make up the put option position each month and reinvest any gains from these activities into U.S. bonds. Cambria also may, at its discretion, liquidate and establish new option positions intra-month, or liquidate option positions without establishing new positions. The put option strategy only includes exchange-listed put options.

    PRINCIPAL RISKS

    An investment in the Fund involves risk. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. The Fund's principal risks are presented in alphabetical order to facilitate investors' ability to identify particular risks and compare them with the risks of other funds. Some or all of these risks may adversely affect the Fund's net asset value per share ("NAV"), trading price, yield, total return, and/or ability to meet its objective. There is no assurance that the Fund will achieve its investment objective. An investor may lose money by investing in the Fund. For more information about the risks of investing in the Fund, see the sections titled "Additional Information About the Funds' Risks" and "Additional Non-Principal Risk Information."

    Cash Redemption Risk. The Fund's investment strategy may require it to effect redemptions, in whole or in part, for cash. As a result, the Fund may pay out higher annual capital gain distributions and be less tax-efficient than if the in-kind redemption process was used exclusively. In addition, cash redemptions may incur higher brokerage costs than in-kind redemptions and these added costs may be borne by the Fund and negatively impact Fund performance.

    Cyber Security Risk. The Fund may be susceptible to operational and information security risks resulting from a breach in the Fund's cyber security, including cyber-attacks against the Fund, third-party service providers, market makers, Authorized Participants, or issuers of securities in which the Fund invests. A breach in cyber security, intentional or unintentional, may adversely impact the Fund in many ways, including, but not limited to, disruption of the Fund's operational capacity, loss of proprietary information, theft or corruption of data, denial-of-service attacks on websites or network resources, and the unauthorized release of confidential information.

    Derivatives Risk. Derivatives, such as put options, can be volatile, and a small investment in a derivative can have a large impact on the performance of the Fund as derivatives can result in losses in excess of the amount invested. Derivatives are financial instruments that derive their performance from an underlying reference asset, such as an index. The return on a derivative instrument may not correlate with the return of its underlying reference asset. Other risks of investments in derivatives include risks of default by the other party to the derivative transactions; risks that the transactions may result in losses that partially or completely offset gains in portfolio positions; and risks that the derivative transaction may not be liquid.

    Hedging Risk. Options used by the Fund to offset its exposure to tail risk or reduce volatility may not perform as intended. There can be no assurance that the Fund's put option strategy will be effective. It may expose the Fund to losses, e.g., option premiums, to which it would not have otherwise been exposed if it only invested in U.S. government bonds or U.S. government bond ETFs. Further, the put option strategy may not fully protect the Fund against declines in the value of its portfolio securities.

    Investment Risk. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. When you sell your Shares, they could be worth less than what you paid for them.

    Liquidity Risk. The Fund may purchase options and invest in other instruments that may be less liquid than other types of investments. The options purchased by the Fund may not always be liquid. This could have a negative effect on the Fund's ability to achieve its investment objective and may result in losses to Fund shareholders.

    Management Risk. The Fund is actively managed using proprietary investment strategies and processes. There can be no guarantee that these strategies and processes will be successful or that the Fund will achieve its investment objective.

    Options Risk. The value of the Fund's positions in options fluctuates in response to changes in the value of the underlying index. The Fund also risks losing all or part of the cash paid for purchasing put options. Because the Fund only purchases put options, the Fund's losses from its exposure to put options is limited to the amount of premiums paid to the option seller.

    Portfolio Turnover Risk. Because the Fund "turns over" its put options every month, the Fund will incur high levels of transaction costs from commissions or mark-ups in the bid/offer spread. Higher portfolio turnover may result in the Fund paying higher levels of transaction costs and generating greater tax liabilities for shareholders. Portfolio turnover risk may cause the Fund's performance to be less than you expect. While the turnover of the put options is not deemed "portfolio turnover" for accounting purposes, the economic impact to the Fund is similar to what could occur if the Fund experienced high portfolio turnover (e.g., in excess of 100% per year).

    Premium-Discount Risk. Shares may trade above (premium) or below (discount) their NAV. The market prices of Shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of, and demand for, Shares on the Exchange. This risk is heightened in times of market volatility or periods of steep market declines.

    Secondary Market Trading Risk. Investors buying or selling Shares in the secondary market may pay brokerage commissions or other charges, which may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of Shares. Although the Shares are listed on the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted.

    PERFORMANCE

    The following bar chart and table indicate the risks of investing in the Fund by showing how the Fund's average annual total returns compare with those of a relevant index that provides a broad measure of market performance. All returns include the reinvestment of dividends and distributions. As always, please note that the Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available at www.cambriafunds.com.

    Total Annual Returns for Calendar Year Ended December 31
    Bar Chart

    As of July 31, 2019, the Fund's year-to-date total return was -10.78%.

    Best and Worst Quarter Returns (for the period reflected in the bar chart above)

    Best: 14.56%, for the quarter ended 12/31/2018

    Worst: -5.86%, for the quarter ended 9/30/2018

    Average Annual Total Returns for the period ending December 31, 2018
    Average Annual Total Returns -
    Label
    1 Year
    Since Inception
    Inception Date
    Cambria Tail Risk ETF Return Before Taxes 2.33% (3.90%) Apr. 05, 2017
    Cambria Tail Risk ETF | Return After Taxes on Distributions Return After Taxes on Distributions 1.73% (4.44%) Apr. 05, 2017
    Cambria Tail Risk ETF | Return After Taxes on Distributions and Sale of Fund Shares Return After Taxes on Distributions and Sale of Fund Shares 1.45% (3.38%) Apr. 05, 2017
    Bloomberg Barclays U.S. Short Treasury Index Bloomberg Barclays U.S. Short Treasury Index (Reflects no deduction for fees, expenses or taxes) 1.88% 1.47% Apr. 05, 2017

    Average annual total returns are shown on a before- and after-tax basis for the Fund. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans.

    XML 36 R8.htm IDEA: XBRL DOCUMENT v3.19.2
    Cambria Sovereign Bond ETF
    Cambria Sovereign Bond ETF
    INVESTMENT OBJECTIVE

    The Fund seeks income and capital appreciation from investments in securities and instruments that provide exposure to sovereign and quasi-sovereign bonds.

    FEES AND EXPENSES

    This table describes the fees and expenses that you may pay if you buy and hold Shares. You may also pay brokerage commissions on the purchase and sale of Shares, which are not reflected in the table.

    ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE VALUE OF YOUR INVESTMENT)
    Annual Fund Operating Expenses
    Cambria Sovereign Bond ETF
    Management Fee: 0.59%
    Distribution and/or Service (12b-1) fees: none
    Other Expenses: none
    Total Annual Fund Operating Expenses: 0.59%
    EXAMPLE

    The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The example also assumes that the Fund provides a return of 5% a year and that the operating expenses remain the same. The example does not reflect any brokerage commissions that you may pay on purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

    Expense Example
    One Year:
    Three Years:
    Five Years:
    Ten Years:
    | Cambria Sovereign Bond ETF | USD ($) 60 189 329 738
    PORTFOLIO TURNOVER

    The Fund may pay transaction costs, including commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund's performance. For the fiscal year ended April 30, 2019, the Fund's portfolio turnover rate was 37% of the average value of its portfolio.

    PRINCIPAL INVESTMENT STRATEGIES

    Under normal market conditions, at least 80% of the value of the Fund's net assets (plus borrowings for investment purposes) will be invested in sovereign and quasi-sovereign bonds. For the purposes of this policy, sovereign and quasi-sovereign bonds include such securities and instruments that provide exposure to securities that invest in or have exposure to such bonds, including exchange-traded products ("ETPs") such as exchange-traded funds ("ETFs") and exchange-traded notes ("ETNs"). The Fund will invest in emerging and developed countries, including countries located in the G-20 and other countries. Potential issuer countries include, but are not limited to, Argentina, Australia, Brazil, Canada, Chile, China, Colombia, members of the European Union, including Croatia, Greece, Hungary, Italy, Poland, and Romania, Hong Kong, India, Israel, Indonesia, Japan, Malaysia, Mexico, New Zealand, Norway, Peru, the Philippines, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Sweden, Switzerland, Taiwan, Thailand, Turkey, the United Kingdom and the United States.

    Sovereign bonds include debt securities issued by a national government, instrument or political sub-division. Quasi-sovereign bonds include debt securities issued by a supra-national government or a state-owned enterprise or agency. The sovereign and quasi-sovereign bonds that the Fund invests in may be denominated in local and foreign currencies. The Fund may invest in securities of any duration or maturity.

    The Fund may invest up to 20% of its net assets in ETPs, including ETFs and ETNs, that invest in or provide exposure to sovereign and quasi-sovereign bonds, money market instruments or other high quality debt securities, cash or cash equivalents.

    The Fund's investment adviser, Cambria Investment Management, L.P. ("Cambria" or the "Adviser"), utilizes a quantitative model to select sovereign and quasi-sovereign bond exposures for the Fund. The model reviews various characteristics of potential investments, with yield as the largest determinant. Accordingly, the Fund may invest in high yield bonds rated below investment grade by Moody's Investors Service, Standard & Poor's or Fitch Ratings (commonly referred to as "junk bonds"), or unrated bonds that are determined by Cambria to be of such credit quality. By considering together the various characteristics of potential investments, the model identifies potential allocations for the Fund, as well as opportune times to make such allocations. A screen excludes foreign issuers whose securities are highly restricted or illegal for U.S. persons to own, including due to the imposition of sanctions by the U.S. Government.

    Cambria has discretion on a daily basis to actively manage the Fund's portfolio in accordance with the Fund's investment objective. The Fund may sell a security when Cambria believes that the security is overvalued or better investment opportunities are available, to invest in cash and cash equivalents, or to meet redemptions. Cambria expects to rebalance to target allocations at least quarterly. As a result, the Fund may experience high portfolio turnover.

    The Fund is non-diversified.

    PRINCIPAL RISKS

    An investment in the Fund involves risk. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. The Fund's principal risks are presented in alphabetical order to facilitate investors' ability to identify particular risks and compare them with the risks of other funds. Some or all of these risks may adversely affect the Fund's net asset value per share ("NAV"), trading price, yield, total return, and/or ability to meet its objective. There is no assurance that the Fund will achieve its investment objective. An investor may lose money by investing in the Fund. For more information about the risks of investing in the Fund, see the sections titled "Additional Information About the Funds' Risks" and "Additional Non-Principal Risk Information."

    Cash Redemption Risk. The Fund's investment strategy will require it to effect redemptions, in whole or in part, for cash. As a result, the Fund may pay out higher annual capital gain distributions and be less tax-efficient than if the in-kind redemption process was used exclusively. In addition, cash redemptions may incur higher brokerage costs than in-kind redemptions and these added costs may be borne by the Fund and negatively impact Fund performance.

    Cyber Security Risk. The Fund may be susceptible to operational and information security risks resulting from a breach in the Fund's cyber security, including cyber-attacks against the Fund, third-party service providers, market makers, Authorized Participants, or issuers of securities in which the Fund invests. A breach in cyber security, intentional or unintentional, may adversely impact the Fund in many ways, including, but not limited to, disruption of the Fund's operational capacity, loss of proprietary information, theft or corruption of data, denial-of-service attacks on websites or network resources, and the unauthorized release of confidential information.

    Emerging Markets Risk. Emerging market investments are subject to the same risks as foreign investments and to additional risks due to greater political and economic uncertainties as well as a relative lack of information about issuers in such markets. Securities of emerging market issuers may become illiquid and be subject to volatility and high transaction costs.

    Exchange-Traded Funds and Exchange-Traded Products and Investment Companies Risk. The risks of investing in securities of ETFs, ETPs and investment companies typically reflect the risks of the types of instruments in which the underlying ETF, ETP or investment company invests. In addition, with such investments, the Fund bears its proportionate share of the fees and expenses of the underlying entity. As a result, the Fund's operating expenses may be higher and performance may be lower.

    Exchange-Traded Notes Risk. Because ETNs are unsecured, unsubordinated debt securities, an investment in an ETN exposes the Fund to the risk that an ETN's issuer may be unable to pay. In addition, as with investments in other ETPs, the Fund will bear its proportionate share of the fees and expenses of the ETN, which may cause the Fund's operating expenses to be higher and its performance to be lower.

    Fixed Income Risk. A decline in an issuer's credit rating and/or financial condition may cause such issuer's fixed income securities to decrease in value while experiencing increased volatility and investment risk. During periods of falling interest rates, an issuer of a callable bond held by the Fund may "call" (or repay) the security before its stated maturity, and the Fund may have to reinvest the proceeds at lower interest rates, resulting in a decline in the Fund's income. The market value of a fixed income security generally changes in response to changes in interest rates and may change quickly and without warning in response to issuer defaults and changes in issuer credit ratings.

    Foreign Investment Risk. Returns on investments in foreign securities could be more volatile than, or trail the returns on, investments in U.S. securities. Exposures to foreign securities entail special risks, including risks due to: (i) differences in information available about foreign issuers; (ii) differences in investor protection standards in other jurisdictions; (iii) capital controls risks, including the risk of a foreign jurisdiction imposing restrictions on the ability to repatriate or transfer currency or other assets; (iv) political, diplomatic and economic risks; (v) regulatory risks; and (vi) foreign market and trading risks, including the costs of trading and risks of settlement in foreign jurisdictions. In addition, the Fund's investments in securities denominated in other currencies could decline due to changes in local currency relative to the value of the U.S. dollar, which may affect the Fund's returns.

    Geographic Investment Risk. To the extent the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region. As of July 31, 2019, the Fund invested a significant portion of its assets in securities of companies in the Asia-Pacific region and South America.

    Asia-Pacific Risk. Investments in securities of issuers in Asia-Pacific countries involve risks that are specific to the Asia-Pacific region, including certain legal, regulatory, political and economic risks. Certain Asia-Pacific countries have experienced expropriation and/or nationalization of assets, confiscatory taxation, political instability, armed conflict and social instability as a result of religious, ethnic, socio-economic and/or political unrest. Some economies in this region are dependent on a range of commodities, and are strongly affected by international commodity prices and particularly vulnerable to price changes for these products.

    South America Risk. The economies and financial sectors of certain emerging markets countries are affected by the economies of South American countries, some of which have experienced high interest rates, economic volatility, inflation, currency devaluations, government defaults, high unemployment rates, and expropriation and/or nationalization of assets. In addition, commodities (such as oil, gas and minerals) represent a significant percentage of the region's exports and many economies in this region are particularly sensitive to fluctuations in commodity prices. Adverse economic events in one country may have a significant adverse effect on other countries in this region and on the financial sectors of emerging markets countries.

    High Yield Securities Risk. High yield securities and unrated securities of comparable credit quality are subject to the increased risk of an issuer's inability to meet principal and interest payment obligations. High yield securities are subject to a greater risk of default and investments in them are inherently speculative. The secondary markets in which high yield securities are traded may be less liquid and more volatile than the market for higher grade securities.

    Interest Rate Risk. The market value of fixed income securities generally changes in response to changes in interest rates. As interest rates rise, the value of certain fixed income securities is likely to decrease. Similarly, if interest rates decline, the value of fixed income securities is likely to increase. Interest rate risk is generally lower for shorter-term investments and higher for longer-term investments. As of the date of this Prospectus, interest rates are near historic lows, but risks associated with rising interest rates are heightened given the Federal Reserve's recent interest rate hikes, which could signal an end to the historically low interest rate environment. To the extent that rates increase substantially and/or rapidly, the Fund may be subject to significant losses.

    International Closed-Market Trading Risk. Because the Fund's investments may be traded in markets that are closed when the Exchange is open, there are likely to be deviations between the current pricing of an underlying investment and stale investment pricing (i.e., the last quote from its closed foreign market), resulting in premiums or discounts to NAV that may be greater than those experienced by other ETFs.

    Investment Risk. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. When you sell your Shares they could be worth less than what you paid for them.

    Liquidity Risk. Liquidity risk exists when a particular investment is difficult to purchase or sell. A significant, rapid rise in interest rates may result in a period of volatility and increased redemptions if Fund securities become illiquid and are forced to sell the illiquid securities at disadvantageous times or prices. This could have a negative effect on the Fund's ability to achieve its investment objective and may result in losses to Fund shareholders.

    Management Risk. The Fund is actively managed using proprietary investment strategies and processes. There can be no guarantee that these strategies and processes will be successful or that the Fund will achieve its investment objective.

    Market Events Risk. Turbulence in the financial markets and reduced liquidity in the credit and fixed-income markets may negatively affect issuers, which could have an adverse effect on the Fund. In addition, there is a risk that policy changes by the U.S. Government, Federal Reserve and/or other government actors, such as increasing interest rates, could cause increased volatility in financial markets and higher levels of Fund redemptions, which could have a negative impact on the Fund.

    Non-Diversification Risk. The Fund is non-diversified. Investment by the Fund in securities of a limited number of issuers may expose it to greater market risk and potential monetary losses than if its assets were diversified among the securities of a greater number of issuers. However, the Fund intends to satisfy the asset diversification requirements under Subchapter M of the Internal Revenue Code of 1986, as amended, for qualification as a regulated investment company.

    Portfolio Turnover Risk. The Fund's strategy may result in high portfolio turnover rates, which may increase the Fund's brokerage commission costs and negatively impact the Fund's performance. Such portfolio turnover also may generate net short-term capital gains.

    Premium-Discount Risk. Shares may trade above (premium) or below (discount) their NAV. The market prices of Shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of, and demand for, Shares on the Exchange. This risk is heightened in times of market volatility or periods of steep market declines.

    Quantitative Security Selection Risk. Cambria uses quantitative techniques to generate investment decisions and its processes and stock selection, and the Fund may not perform as intended if it relies on erroneous or outdated data from one or more third parties. Errors in data used in the quantitative model may occur from time to time and may not be identified and/or corrected before having an adverse impact on the Fund and its shareholders.

    Secondary Market Trading Risk. Investors buying or selling Shares in the secondary market may pay brokerage commissions or other charges, which may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of Shares. Although the Shares are listed on the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted.

    Sovereign Debt Securities Risk. 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. During periods of economic uncertainty, the market prices of sovereign debt, and the Fund's net asset value, may be more volatile than prices of U.S. debt obligations. In the past, certain non-U.S. markets have encountered difficulties in servicing their debt obligations, withheld payments of principal and interest and declared moratoria on the payment of principal and interest on their sovereign debts. These risks increase for lower-rated and high yield debt securities, as discussed in this Prospectus.

    PERFORMANCE

    The following bar chart and table indicate the risks of investing in the Fund by showing how the Fund's average annual total returns compare with those of a relevant index that provides a broad measure of market performance. All returns include the reinvestment of dividends and distributions. As always, please note that the Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available at www.cambriafunds.com.

    Total Annual Returns for Calendar Year Ended December 31
    Bar Chart

    As of July 31, 2019, the Fund's year-to-date total return was 7.37%.

    Best and Worst Quarter Returns (for the period reflected in the bar chart above)

    Best: 4.69%, for the quarter ended 6/30/2017

    Worst: -9.62%, for the quarter ended 6/30/2018

    Average Annual Total Returns for the period ending December 31, 2018
    Average Annual Total Returns -
    Label
    1 Year
    Since Inception
    Inception Date
    Cambria Sovereign Bond ETF Return Before Taxes (6.90%) 4.32% Feb. 22, 2016
    Cambria Sovereign Bond ETF | Return After Taxes on Distributions Return After Taxes on Distributions (8.39%) 2.34% Feb. 22, 2016
    Cambria Sovereign Bond ETF | Return After Taxes on Distributions and Sale of Fund Shares Return After Taxes on Distributions and Sale of Fund Shares (4.28%) 2.48% Feb. 22, 2016
    FTSE/Citi World Government Bond Index FTSE/Citi World Government Bond Index (Reflects no deduction for fees, expenses or taxes) (0.84%) 1.27% Feb. 22, 2016

    Average annual total returns are shown on a before- and after-tax basis for the Fund. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans.

    XML 37 R4.htm IDEA: XBRL DOCUMENT v3.19.2
    Cambria Foreign Shareholder Yield ETF
    Cambria Foreign Shareholder Yield ETF
    INVESTMENT OBJECTIVE

    The Fund seeks investment results that correspond (before fees and expenses) generally to the price and yield performance of its underlying index, the Cambria Foreign Shareholder Yield Index (the "Underlying Index").

    FEES AND EXPENSES

    This table describes the fees and expenses that you may pay if you buy and hold Shares. You may also pay brokerage commissions on the purchase and sale of Shares, which are not reflected in the table.

    ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE VALUE OF YOUR INVESTMENT)
    Annual Fund Operating Expenses
    Cambria Foreign Shareholder Yield ETF
    Management Fee: 0.59%
    Distribution and/or Service (12b-1) fees: none
    Other Expenses: none
    Total Annual Fund Operating Expenses: 0.59%
    EXAMPLE

    The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The example also assumes that the Fund provides a return of 5% a year and that the operating expenses remain the same. The example does not reflect any brokerage commissions that you may pay on purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

    Expense Example
    One Year:
    Three Years:
    Five Years:
    Ten Years:
    | Cambria Foreign Shareholder Yield ETF | USD ($) 60 189 329 738
    PORTFOLIO TURNOVER

    The Fund may pay transaction costs, including commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund's performance. For the fiscal year ended April 30, 2019, the Fund's portfolio turnover rate was 53% of the average value of its portfolio.

    PRINCIPAL INVESTMENT STRATEGIES

    Under normal market conditions, the Fund will invest at least 80% of its total assets in the components of the Underlying Index and in depositary receipts representing components of the Underlying Index. The Underlying Index is comprised of equity securities of issuers in developed foreign markets. The Underlying Index considers an issuer to be in a developed foreign market if it is domiciled or listed and traded in any of the following countries: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Italy, Japan, Jersey, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. The Underlying Index provider will update the list of developed foreign markets annually.

    An issuer must have a high ranking across a composite of the following characteristics to be eligible for inclusion in the Underlying Index:

    1.    Strong cash flows;

    2.    Payment of dividends to shareholders;

    3.    Net stock buybacks; and

    4.    Net debt paydown.

    Each of these characteristics will be measured on a one-month to 12-month basis by the Underlying Index methodology, and no single measurement will be dispositive. Pursuant to the methodology of the Underlying Index, the 100 issuers that have exhibited, in the aggregate, the strongest cash flows, the highest dividends paid to shareholders, and net stock buybacks and debt paydown will be included in the Underlying Index. Although securities in the Underlying Index may be denominated in either the U.S. dollar or other currencies and may include securities of companies in any industry and of any market capitalization, the Underlying Index is weighted based only on publicly available data and includes screens to limit its country and its sector and industry concentration to 30% and 25%, respectively, in order to seek to ensure its liquidity and investability. Other screens also will exclude as components any foreign issuers whose securities are highly restricted or illegal for U.S. persons to own, including due to the imposition of sanctions by the U.S. Government.

    The Fund may invest up to 20% of its net assets in instruments not included in the Underlying Index, but which the Fund's investment adviser, Cambria Investment Management, L.P. ("Cambria" or the "Adviser"), believes will help the Fund track the Underlying Index. For example, there may be instances in which Cambria may choose to purchase or sell securities not in the Underlying Index which Cambria believes are appropriate to substitute for one or more such securities.

    The Fund employs a "passive management"—or indexing— investment approach and seeks to track the performance of the Underlying Index. To track the performance of the Underlying Index, the Fund intends to employ a replication strategy, which means that the Fund will typically invest in substantially all of the components of the Underlying Index in approximately the same weights as they appear in the Underlying Index.

    The Underlying Index was developed by Cambria Indices, LLC, an affiliate of Cambria, and is calculated by Solactive, AG, which is not affiliated with the Fund or Cambria. The Underlying Index is rebalanced and reconstituted quarterly. To the extent that the Underlying Index concentrates (i.e., holds 25% or more of its total assets) in the securities of a particular industry or group of industries, the Fund is expected to concentrate to approximately the same extent. As of July 31, 2019, the Fund and the Underlying Index were concentrated in the financial services sector.

    PRINCIPAL RISKS

    An investment in the Fund involves risk. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. The Fund's principal risks are presented in alphabetical order to facilitate investors' ability to identify particular risks and compare them with the risks of other funds. Some or all of these risks may adversely affect the Fund's net asset value per share ("NAV"), trading price, yield, total return, and/or ability to meet its objective. There is no assurance that the Fund will achieve its investment objective. An investor may lose money by investing in the Fund. For more information about the risks of investing in the Fund, see the sections titled "Additional Information About the Funds' Risks" and "Additional Non-Principal Risk Information."

    Concentration Risk. To the extent the Underlying Index is concentrated in a particular industry or group of industries, the Fund is also expected to be concentrated in that industry or group of industries. As a result, the Fund may be susceptible to loss due to adverse occurrences affecting that industry or group of industries. As of July 31, 2019, the Fund and the Underlying Index were concentrated in the financial services sector.

    Financial Services Sector Risk. Performance of companies in the financial services sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted.

    Cyber Security Risk. The Fund may be susceptible to operational and information security risks resulting from a breach in the Fund's cyber security, including cyber-attacks against the Fund, third-party service providers, market makers, Authorized Participants, or issuers of securities in which the Fund invests. A breach in cyber security, intentional or unintentional, may adversely impact the Fund in many ways, including, but not limited to, disruption of the Fund's operational capacity, loss of proprietary information, theft or corruption of data, denial-of-service attacks on websites or network resources, and the unauthorized release of confidential information.

    Depositary Receipts Risk. The risks of investments in depositary receipts are substantially similar to the risks of investing directly in foreign securities. In addition, depositary receipts may not track the price of or may be less liquid than their underlying foreign securities, and the value of depositary receipts may change materially at times when the U.S. markets are not open for trading.

    Dividend Paying Security Risk. Securities that pay high dividends as a group can fall out of favor with the market, causing these companies to underperform companies that do not pay high dividends.

    Equity Investing Risk. An investment in the Fund involves risks similar to those of investing in any fund holding equity securities, such as market fluctuations, changes in interest rates and perceived trends in stock prices. The values of equity securities could decline generally or could underperform other investments due to factors affecting a specific issuer, market or securities markets generally.

    Foreign Investment Risk. Returns on investments in foreign securities could be more volatile than, or trail the returns on, investments in U.S. securities. Exposures to foreign securities entail special risks, including risks due to: (i) differences in information available about foreign issuers; (ii) differences in investor protection standards in other jurisdictions; (iii) capital controls risks, including the risk of a foreign jurisdiction imposing restrictions on the ability to repatriate or transfer currency or other assets; (iv) political, diplomatic and economic risks; (v) regulatory risks; and (vi) foreign market and trading risks, including the costs of trading and risks of settlement in foreign jurisdictions. In addition, the Fund's investments in securities denominated in other currencies could decline due to changes in local currency relative to the value of the U.S. dollar, which may affect the Fund's returns.

    Geographic Investment Risk. To the extent the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region. As of July 31, 2019, the Fund invested a significant portion of its assets in securities of companies in Australia, Canada, Europe and Japan.

    Australia Risk. Australia's economy depends heavily on agricultural and mining sector exports as well as the economies of its key trading partners, including China, the United States, and Japan. Conditions that weaken the price and demand for its exports and/or natural resources and commodities, in general, could have a significant, negative impact on the Australian economy as a whole.

    Canada Risk. Changes to the U.S. economy may significantly affect the Canadian economy because the U.S. is Canada's largest trading partner and foreign investor. The economy of Canada is also heavily dependent on the demand for natural resources and agricultural products. Accordingly, a change in the supply and demand of these resources, both domestically and internationally, can have a significant effect on Canadian market performance. Conditions that weaken demand for its products worldwide could have a negative impact on the Canadian economy as a whole.

    Europe Risk. The Economic and Monetary Union of the European Union ("EU") requires compliance with restrictions on inflation rates, deficits, interest rates, debt levels and fiscal and monetary controls, each of which may significantly affect every country in Europe. Decreasing imports or exports, changes in governmental or EU regulations on trade, changes in the exchange rate of the euro, the default or threat of default by an EU member country on its sovereign debt, and/or an economic recession in an EU member country may have a significant adverse effect on the economies of EU member countries and their trading partners. In addition, the United Kingdom has voted in a referendum to leave the EU. Although it remains unclear what the potential consequences of Brexit may be, the economies of Europe and the United Kingdom, as well as the broader global economy, could be significantly impacted by Brexit, which may result in lower economic growth and increased volatility and illiquidity across global markets.

    Japan Risk. The economy of Japan is heavily dependent on international trade, government support, and consistent government policy supporting its export market. Slowdowns in the economies of key trading partners such as the United States, China and countries in Southeast Asia could have a negative impact on the Japanese economy as a whole. Trade tariffs and other protectionist measures could also have an adverse impact on the Japanese export market.

    International Closed-Market Trading Risk. Because the Fund's investments may be traded in markets that are closed when the Exchange is open, there are likely to be deviations between the current pricing of an underlying investment and stale investment pricing (i.e., the last quote from its closed foreign market), resulting in premiums or discounts to NAV that may be greater than those experienced by other ETFs.

    Investment Risk. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. When you sell your Shares, they could be worth less than what you paid for them.

    Large Capitalization Company Risk. The Fund's investments in large capitalization companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.

    Market Events Risk. Turbulence in the financial markets and reduced liquidity in the equity markets may negatively affect issuers, which could have an adverse effect on the Fund. In addition, there is a risk that policy changes by the U.S. Government, Federal Reserve and/or other government actors, such as increasing interest rates, could cause increased volatility in financial markets and higher levels of Fund redemptions, which could have a negative impact on the Fund. In a declining stock market, stock prices for all companies (including those in the Fund's portfolio) may decline, regardless of their long-term prospects.

    Passive Investment Risk. The Fund is managed with a passive investment strategy, attempting to track the performance of the Underlying Index. As a result, the Fund expects to hold components of the Underlying Index regardless of their current or projected performance. Maintaining investments regardless of market conditions or the performance of individual investments could cause the Fund's return to be lower than if the Fund employed an active strategy.

    Premium-Discount Risk. Shares may trade above (premium) or below (discount) their NAV. The market prices of Shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of, and demand for, Shares on the Exchange. This risk is heightened in times of market volatility or periods of steep market declines.

    Quantitative Security Selection Risk. The Underlying Index uses quantitative techniques to determine whether securities should be included in the Underlying Index, and the Underlying Index may not perform as intended if it relies on erroneous or outdated data from one or more third parties. Errors in data used in the quantitative model may occur from time to time and may not be identified and/or corrected before having an adverse impact on the Fund and its shareholders.

    Secondary Market Trading Risk. Investors buying or selling Shares in the secondary market may pay brokerage commissions, which may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of Shares. Although the Shares are listed on the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted.

    Small and Medium Capitalization Company Risk.  Investing in securities of small and medium capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies' securities may be more volatile and less liquid than those of more established companies, and they may be more sensitive to market conditions.

    Tracking Error Risk. Although the Fund attempts to track the performance of the Underlying Index, the Fund may not be able to duplicate its exact composition or return due to, among other things, fees and expenses paid by the Fund that are not reflected in the Underlying Index. If the Fund is small, it may experience greater tracking error to its Underlying Index than it otherwise would at higher asset levels.

    Value Investment Risk. The Fund's shareholder yield strategy is a value investment strategy that should be expected to underperform in growth markets. Value investments are subject to the risk that their intrinsic value may never be realized by the market.

    PERFORMANCE

    The following bar chart and table indicate the risks of investing in the Fund by showing how the Fund's average annual total returns compare with those of the Index as well as a relevant index that provides a broad measure of market performance. All returns include the reinvestment of dividends and distributions. As always, please note that the Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available at www.cambriafunds.com.

    Total Annual Returns for Calendar Year Ended December 31
    Bar Chart

    As of July 31, 2019, the Fund's year-to-date total return was 5.91%.

    Best and Worst Quarter Returns (for the period reflected in the bar chart above)

    Best: 8.46%, for the quarter ended 9/30/2017

    Worst: -12.79%, for the quarter ended 12/31/2018

    Average Annual Total Returns for the period ending December 31, 2018
    Average Annual Total Returns -
    Label
    1 Year
    5 Years
    Since Inception
    Inception Date
    Cambria Foreign Shareholder Yield ETF Return Before Taxes (13.66%) 0.33% 0.89% Dec. 02, 2013
    Cambria Foreign Shareholder Yield ETF | Return After Taxes on Distributions Return After Taxes on Distributions (14.13%) (0.64%) (0.08%) Dec. 02, 2013
    Cambria Foreign Shareholder Yield ETF | Return After Taxes on Distributions and Sale of Fund Shares Return After Taxes on Distributions and Sale of Fund Shares (7.52%) 0.04% 0.49% Dec. 02, 2013
    Cambria Foreign Shareholder Yield Index Cambria Foreign Shareholder Yield Index (Reflects no deduction for fees, expenses or taxes) (14.14%) 0.62% 1.18% Dec. 02, 2013
    MSCI EAFE Index MSCI EAFE Index (Reflects no deduction for fees, expenses or taxes) (13.36%) 1.00% 1.42% Dec. 02, 2013

    Average annual total returns are shown on a before- and after-tax basis for the Fund. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans.

    XML 38 R22.htm IDEA: XBRL DOCUMENT v3.19.2
    Cambria Trinity ETF
    Cambria Trinity ETF
    INVESTMENT OBJECTIVE

    The Fund seeks income and capital appreciation.

    FEES AND EXPENSES

    This table describes the fees and expenses that you may pay if you buy and hold Shares. You may also pay brokerage commissions on the purchase and sale of Shares, which are not reflected in the table.

    ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE VALUE OF YOUR INVESTMENT)
    Annual Fund Operating Expenses
    Cambria Trinity ETF
    Management Fee: none
    Distribution and/or Service (12b-1) fees: none
    Acquired Fund Fees and Expenses 0.48%
    Other Expenses: none
    Total Annual Fund Operating Expenses: 0.48%
    EXAMPLE

    The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The example also assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. The example does not reflect any brokerage commissions that you may pay on purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

    Expense Example
    One Year:
    Three Years:
    Five Years:
    Ten Years:
    | Cambria Trinity ETF | USD ($) 49 154 269 604
    PORTFOLIO TURNOVER

    The Fund may pay transaction costs, including commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund's performance. For the fiscal period September 10, 2018 (commencement of operations) through April 30, 2019, the Fund's portfolio turnover rate was 0% of the average value of its portfolio.

    PRINCIPAL INVESTMENT STRATEGIES

    The Fund is designed to provide diversified exposure to all of the major asset classes in the various regions, countries and sectors around the globe and absolute positive returns with lower volatility and risk compared to global equity markets. The major asset classes represented in the Fund are equity and fixed income securities, real estate, commodities, listed derivatives, and currencies.

    Under normal market conditions, the Fund invests at least 80% of its total assets in affiliated and unaffiliated exchange-traded funds ("ETFs") and other exchange-traded products ("ETPs") (collectively, "Underlying Vehicles") that provide exposure to various (i) investment asset classes, including equity and fixed income securities, real estate, commodities, and currencies, and (ii) factors such as value, momentum, and trend investing. The Fund invests in Underlying Vehicles that seek exposure to undervalued markets, according to various valuation metrics, such as the cyclically adjusted price-to-earnings ratio, commonly known as the "CAPE Shiller P/E ratio, while seeking to avoid overvalued markets through the use of systematic quantitative screens. The Fund also invests in Underlying Vehicles with momentum and trend following strategies. Momentum and trend following strategies, both of which are based on quantitative and algorithmic models, attempt to (1) invest in assets when their prices are in an uptrend (i.e., prices are increasing over a specified time period) and/or increasing relative to the prices of other assets, and (2) sell or short assets when their prices are in a downtrend (i.e., prices are decreasing over a specified time period) and/or decreasing relative to the prices of other assets. The Fund also invests in other Underlying Vehicles that pursue shareholder yield and managed futures strategies, which involve dividend investing and short sales, respectively.

    Under normal market conditions, the Fund's investment adviser, Cambria Investment Management, L.P. ("Cambria" or the "Adviser"), selects Underlying Vehicles that provide the Fund with a targeted allocation of approximately 25% of its portfolio to equity securities, 25% to fixed income securities, 35% to trend following strategies, and 10% to other asset classes such as currencies and real assets, including commodities, listed derivatives, and real estate. As of August 21, 2019, the Fund invests in 17 Underlying Vehicles that provide investment exposure to these various asset classes and strategies.

    The Fund defines equity securities to include exposure through Underlying Vehicles to equity securities, including, but not limited to, REITs and common stocks of issuers of any market capitalization. The Fund defines fixed income securities to include exposure through Underlying Vehicles to securities issued by the U.S. Government and its agencies, treasury inflation-protected securities (TIPS), sovereign debt and corporate bonds of any credit quality, including high yield (or "junk") bonds. The equity securities and fixed income securities may be issued by governments or companies located in developed or emerging markets.

    The Fund is considered a "fund of funds" that seeks to achieve its investment objective by primarily investing in Underlying Vehicles, including affiliated ETFs, that offer diversified exposure to all of the major asset classes in the various regions, countries, and sectors around the globe. The Fund may invest up to 20% of its net assets in instruments that are not Underlying Vehicles, but which Cambria believes will help the Fund achieve its investment objective, including, but not limited to, futures, options, swap contracts, cash and cash equivalents, and money market funds.

    Cambria has discretion to actively manage the Fund's portfolio in accordance with the Fund's investment objective. The Fund may sell a security when Cambria believes that the security is overvalued or better investment opportunities are available, to invest in cash and cash equivalents, or to meet redemptions. Cambria expects to rebalance to target allocations at least annually.

    PRINCIPAL RISKS

    An investment in the Fund involves risk. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. The Fund's principal risks are presented in alphabetical order to facilitate investors' ability to identify particular risks and compare them with the risks of other funds. Some or all of these risks may adversely affect the Fund's net asset value per share ("NAV"), trading price, yield, total return, and/or ability to meet its objective. There is no assurance that the Fund will achieve its investment objective. An investor may lose money by investing in the Fund. For more information about the risks of investing in the Fund, see the sections titled "Additional Information About the Funds' Risks" and "Additional Non-Principal Risk Information."

    Commodity Investing Risk. The Fund may invest in commodity-related companies, commodity futures and physical commodities through the Underlying Vehicles. These investments may subject the Fund to greater volatility than investments in traditional securities. The commodities markets have experienced periods of extreme volatility. Similar future market conditions may result in rapid and substantial valuation increases or decreases in an Underlying Vehicle's holdings.

    Currency Strategies Risk. Currency exchange rates may fluctuate significantly over short periods of time and can be unpredictably affected by political developments or government intervention. Changes in currency exchange rates may affect the U.S. dollar value of the Fund's investments in Underlying Vehicles with exposure to global regions and foreign securities.

    Cyber Security Risk. The Fund may be susceptible to operational and information security risks resulting from a breach in the Fund's cyber security, including cyber-attacks against the Fund, third-party service providers, market makers, Authorized Participants, or issuers of securities in which the Fund invests. A breach in cyber security, intentional or unintentional, may adversely impact the Fund in many ways, including, but not limited to, disruption of the Fund's operational capacity, loss of proprietary information, theft or corruption of data, denial-of-service attacks on websites or network resources, and the unauthorized release of confidential information.

    Depositary Receipts Risk. The risks of investments in depositary receipts are substantially similar to the risks of investing directly in foreign securities. In addition, depositary receipts may not track the price of or may be less liquid than their underlying foreign securities, and the value of depositary receipts may change materially at times when the U.S. markets are not open for trading.

    Derivatives Risk. Derivatives, such as futures, options, and swaps, can be volatile, and a small investment in a derivative can have a large impact on the performance of the Fund as derivatives can result in losses in excess of the amount invested. Other risks of investments in derivatives include risks of default by the other party to the derivative transactions; risks that the transactions may result in losses that partially or completely offset gains in portfolio positions; and risks that the derivative transaction may not be liquid.

    Dividend Paying Security Risk. Underlying Vehicles may be comprised of dividend paying securities. Securities that pay high dividends as a group can fall out of favor with the market, causing these companies to underperform companies that do not pay high dividends. Also, changes in the dividend policies of companies owned by the Fund and the capital resources available for these companies' dividend payments may adversely affect the Fund.

    Emerging Markets Risk. Underlying Vehicles may be comprised of emerging market securities. Emerging market investments are subject to the same risks as foreign investments and to additional risks due to greater political and economic uncertainties as well as a relative lack of information about issuers in such markets. Securities of emerging market issuers may become illiquid and be subject to volatility and high transaction costs.

    Equity Investing Risk. Underlying Vehicles may be comprised of equities. The values of equity securities could decline generally or could underperform other investments due to factors affecting a specific issuer, market or securities markets generally.

    Exchange-Traded Funds, Exchange-Traded Products and Investment Companies Risk. The risks of investing in securities of ETFs, ETPs and investment companies typically reflect the risks of the types of instruments in which the underlying ETF, ETP or investment company invests. In addition, with such investments, the Fund bears its proportionate share of the fees and expenses of the underlying entity. As a result, the Fund's operating expenses may be higher and performance may be lower.

    Fixed Income Risk. Underlying Vehicles may be comprised of fixed income securities. A decline in an issuer's credit rating and/or financial condition may cause such issuer's fixed income securities to decrease in value while experiencing increased volatility and investment risk. During periods of falling interest rates, an issuer of a callable bond held by an Underlying Vehicle may "call" (or repay) the security before its stated maturity, and the Underlying Vehicle may have to reinvest the proceeds at lower interest rates, resulting in a decline in the Underlying Vehicle's and the Fund's income. The market value of a fixed income security generally changes in response to changes in interest rates and may change quickly and without warning in response to issuer defaults and changes in issuer credit ratings.

    Foreign Investment Risk. Underlying Vehicles may be comprised of foreign securities. Returns on investments in foreign securities could be more volatile than, or trail the returns on, investments in U.S. securities. Exposures to foreign securities entail special risks, including risks due to: (i) differences in information available about foreign issuers; (ii) differences in investor protection standards in other jurisdictions; (iii) capital controls risks, including the risk of a foreign jurisdiction imposing restrictions on the ability to repatriate or transfer currency or other assets; (iv) political, diplomatic and economic risks; (v) regulatory risks; and (vi) foreign market and trading risks, including the costs of trading and risks of settlement in foreign jurisdictions. In addition, an Underlying Vehicle's investments in securities denominated in other currencies could decline due to changes in local currency relative to the value of the U.S. dollar, which may affect the Underlying Vehicle's and the Fund's returns.

    Futures Contracts Risk. Risks associated with the use of futures contracts include the following: (i) an imperfect correlation between movements in prices of index futures contracts and movements in the value of the stock index that the instrument is designed to simulate; and (ii) the possibility of an illiquid secondary market for a futures contract and the resulting inability to close a position prior to its maturity date. Investments in futures may expose the Fund to leverage.

    Geographic Investment Risk. To the extent the Fund invests a significant portion of its assets in Underlying Vehicles that invest in securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region.

    Asia-Pacific Risk. Investments in securities of issuers in Asia-Pacific countries involve risks that are specific to the Asia-Pacific region, including certain legal, regulatory, political and economic risks. Certain Asia-Pacific countries have experienced expropriation and/or nationalization of assets, confiscatory taxation, political instability, armed conflict and social instability as a result of religious, ethnic, socio-economic and/or political unrest. Some economies in this region are dependent on a range of commodities, and are strongly affected by international commodity prices and particularly vulnerable to price changes for these products.

    Europe Risk. The Economic and Monetary Union of the European Union ("EU") requires compliance with restrictions on inflation rates, deficits, interest rates, debt levels and fiscal and monetary controls, each of which may significantly affect every country in Europe. Decreasing imports or exports, changes in governmental or EU regulations on trade, changes in the exchange rate of the euro, the default or threat of default by an EU member country on its sovereign debt, and/or an economic recession in an EU member country may have a significant adverse effect on the economies of EU member countries and their trading partners. In addition, the United Kingdom has voted in a referendum to leave the EU. Although it remains unclear what the potential consequences of Brexit may be, the economies of Europe and the United Kingdom, as well as the broader global economy, could be significantly impacted by Brexit, which may result in lower economic growth and increased volatility and illiquidity across global markets.

    High Yield Securities Risk. Underlying Vehicles may be comprised of high yield securities. High yield securities and unrated securities of comparable credit quality are subject to the increased risk of an issuer's inability to meet principal and interest payment obligations. High yield securities are subject to a greater risk of default and investments in them are inherently speculative. The secondary markets in which high yield securities are traded may be less liquid and more volatile than the market for higher grade securities.

    Inflation-Protected Security Risk. Underlying Vehicles may be comprised of inflation-protected securities, such as Treasury inflation-protected securities ("TIPS"), that provide protection against inflation. Inflation-protected securities typically decrease in value when real interest rates rise and increase in value when real interest rates fall.

    Interest Rate Risk. The market value of fixed income securities, and financial instruments related to fixed income securities, will change in response to changes in interest rates. As interest rates rise, the value of certain fixed income securities is likely to decrease. Similarly, if interest rates decline, the value of fixed income securities is likely to increase. Longer maturity securities tend to be more sensitive to changes in interest rates and more volatile; and thus an Underlying Vehicle with a longer portfolio maturity generally is subject to greater interest rate risk. As of the date of this Prospectus, interest rates are near historic lows, but risks associated with rising interest rates are heightened given the Federal Reserve's recent interest rate hikes, which could signal an end to the historically low interest rate environment. To the extent that rates increase substantially and/or rapidly, an Underlying Vehicle investing in fixed incomes securities, and the Fund, may be subject to significant losses.

    International Closed-Market Trading Risk. Because an Underlying Vehicle's investments may be traded in markets that are closed when the Underlying Vehicle's listing exchange is open, there are likely to be deviations between the current pricing of an Underlying Vehicle's underlying investment and stale investment pricing (i.e., the last quote from its closed foreign market), resulting in premiums or discounts to NAV that may be greater than those experienced by other ETFs.

    Investment Risk. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. When you sell your Shares, they could be worth less than what you paid for them.

    Large Capitalization Companies Risk. The Fund's investments in Underlying Vehicles that are comprised of large capitalization companies may underperform other segments of the market because large capitalization companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes, and may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.

    Liquidity Risk. Liquidity risk exists when a particular investment is difficult to purchase or sell. A significant, rapid rise in interest rates may result in a period of volatility and increased redemptions if Fund securities become illiquid and are forced to sell the illiquid securities at disadvantageous times or prices. This could have a negative effect on the Fund's ability to achieve its investment objective and may result in losses to Fund shareholders.

    Management Risk. The Fund is actively managed using proprietary investment strategies and processes. There can be no guarantee that these strategies and processes will be successful or that the Fund will achieve its investment objective.

    Market Events Risk. Turbulence in the financial markets and reduced liquidity in the equity, credit and fixed-income markets may negatively affect issuers, which could have an adverse effect on the Fund. In addition, there is a risk that policy changes by the U.S. Government, Federal Reserve and/or other government actors, such as increasing interest rates, could cause increased volatility in financial markets and higher levels of Fund redemptions, which could have a negative impact on the Fund. In a declining stock market, stock prices for all companies (including those in an Underlying Vehicle's portfolio) may decline, regardless of their long-term prospects.

    Momentum Investing Risk. Underlying Vehicles may pursue momentum and trend following strategies that seek to identify securities that have had higher recent price performance compared to other securities. These securities may be more volatile than a broad cross-section of securities. High momentum may also be a sign that the securities' prices have peaked. Momentum can turn quickly and cause significant variation from other types of investments. The Fund may experience significant losses if momentum stops, turns or otherwise behaves differently than predicted.

    Options Risk. The prices of options may change rapidly over time and do not necessarily move in tandem with the price of the underlying securities. Options may expire unexercised, causing the Fund to lose the premium paid for them.

    Premium-Discount Risk. Shares may trade above (premium) or below (discount) their NAV. The market prices of Shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of, and demand for, Shares on the Exchange. This risk is heightened in times of market volatility or periods of steep market declines.

    Real Estate Investments Risk. Underlying Vehicles may be comprised of real estate securities. The Fund is subject to the risks related to investments in real estate, including declines in the real estate market, decreases in property revenues, increases in interest rates, increases in property taxes and operating expenses, legal and regulatory changes, a lack of credit or capital, defaults by borrowers or tenants, environmental problems and natural disasters.

    REIT Risk. Underlying Vehicles may be comprised of REITs. In addition to the risks associated with the real estate industry, REITs are subject to additional risks, including those related to adverse governmental actions and the potential failure to qualify for tax-free pass through of income and exemption from registration as an investment company. REITs are dependent upon specialized management skills and may invest in relatively few properties, a small geographic area or a small number of property types. As a result, investments in REITs may be volatile. REITs are pooled investment vehicles with their own fees and expenses and the Underlying Vehicle, as well as the Fund, will indirectly bear a proportionate share of those fees and expenses.

    Secondary Market Trading Risk. Investors buying or selling Shares in the secondary market may pay brokerage commissions or other charges, which may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of Shares. Although the Shares are listed on the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted.

    Short Sale Risk. Underlying Vehicles may engage in short selling. If a security is sold short and subsequently has to be bought back at a higher price, the Underlying Vehicle will realize a loss on the transaction. The amount of loss on a short sale is potentially unlimited because there is no limit on the price a shorted security might attain (as compared to a long position, where the maximum loss is the amount invested). The use of short sales by Underlying Vehicles may increase the Fund's exposure to the market, and may increase losses and the volatility of returns.

    Small and Medium Capitalization Company Risk. The Fund's investments in Underlying Vehicles that are comprised of small and medium capitalization companies involve greater risk than customarily is associated with investing in larger, more established companies. These companies' securities may be more volatile and less liquid than those of more established companies. Often small and medium capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.

    Sovereign Debt Securities Risk. Underlying Vehicles may be comprised of sovereign debt securities. Investments in 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. During periods of economic uncertainty, the market prices of sovereign debt, and the Fund's NAV, may be more volatile than prices of U.S. debt obligations. In the past, certain non-U.S. markets have encountered difficulties in servicing their debt obligations, withheld payments of principal and interest and declared moratoria on the payment of principal and interest on their sovereign debts. These risks increase for lower-rated and high yield debt securities, as discussed in this Prospectus.

    Value Investment Risk. Value investments are subject to the risk that their intrinsic value may never be realized by the market. Value investments tend to underperform in growth markets.

    PERFORMANCE

    Performance information will be available in the Prospectus after the Fund has been in operation for one full calendar year. When provided, the information will provide some indication of the risks of investing in the Fund by showing how the Fund's average annual returns compare with a broad measure of market performance. As always, please note that the Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance will be available at www.cambriafunds.com.

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    Label Element Value
    Prospectus [Line Items] rr_ProspectusLineItems  
    Document Type dei_DocumentType 485BPOS
    Document Period End Date dei_DocumentPeriodEndDate Apr. 30, 2019
    Entity Registrant Name dei_EntityRegistrantName Cambria ETF Trust
    Entity Central Index Key dei_EntityCentralIndexKey 0001529390
    Entity Inv Company Type dei_EntityInvCompanyType N-1A
    Amendment Flag dei_AmendmentFlag false
    Document Creation Date dei_DocumentCreationDate Aug. 27, 2019
    Document Effective Date dei_DocumentEffectiveDate Sep. 01, 2019
    Prospectus Date rr_ProspectusDate Sep. 01, 2019
    Cambria Shareholder Yield ETF | Cambria Shareholder Yield ETF  
    Prospectus [Line Items] rr_ProspectusLineItems  
    Trading Symbol dei_TradingSymbol SYLD
    Cambria Foreign Shareholder Yield ETF | Cambria Foreign Shareholder Yield ETF  
    Prospectus [Line Items] rr_ProspectusLineItems  
    Trading Symbol dei_TradingSymbol FYLD
    Cambria Emerging Shareholder Yield ETF | Cambria Emerging Shareholder Yield ETF  
    Prospectus [Line Items] rr_ProspectusLineItems  
    Trading Symbol dei_TradingSymbol EYLD
    Cambria Sovereign Bond ETF | Cambria Sovereign Bond ETF  
    Prospectus [Line Items] rr_ProspectusLineItems  
    Trading Symbol dei_TradingSymbol SOVB
    Cambria Global Value ETF | Cambria Global Value ETF  
    Prospectus [Line Items] rr_ProspectusLineItems  
    Trading Symbol dei_TradingSymbol GVAL
    Cambria Global Momentum ETF | Cambria Global Momentum ETF  
    Prospectus [Line Items] rr_ProspectusLineItems  
    Trading Symbol dei_TradingSymbol GMOM
    Cambria Value and Momentum ETF | Cambria Value and Momentum ETF  
    Prospectus [Line Items] rr_ProspectusLineItems  
    Trading Symbol dei_TradingSymbol VAMO
    Cambria Global Asset Allocation ETF | Cambria Global Asset Allocation ETF  
    Prospectus [Line Items] rr_ProspectusLineItems  
    Trading Symbol dei_TradingSymbol GAA
    Cambria Tail Risk ETF | Cambria Tail Risk ETF  
    Prospectus [Line Items] rr_ProspectusLineItems  
    Trading Symbol dei_TradingSymbol TAIL
    Cambria Core Equity ETF | Cambria Core Equity ETF  
    Prospectus [Line Items] rr_ProspectusLineItems  
    Trading Symbol dei_TradingSymbol CCOR
    Cambria Trinity ETF | Cambria Trinity ETF  
    Prospectus [Line Items] rr_ProspectusLineItems  
    Trading Symbol dei_TradingSymbol TRTY
    XML 41 R5.htm IDEA: XBRL DOCUMENT v3.19.2
    Label Element Value
    Cambria Foreign Shareholder Yield ETF  
    Prospectus [Line Items] rr_ProspectusLineItems  
    Risk/Return [Heading] rr_RiskReturnHeading Cambria Foreign Shareholder Yield ETF
    Objective [Heading] rr_ObjectiveHeading INVESTMENT OBJECTIVE
    Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

    The Fund seeks investment results that correspond (before fees and expenses) generally to the price and yield performance of its underlying index, the Cambria Foreign Shareholder Yield Index (the "Underlying Index").

    Expense [Heading] rr_ExpenseHeading FEES AND EXPENSES
    Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

    This table describes the fees and expenses that you may pay if you buy and hold Shares. You may also pay brokerage commissions on the purchase and sale of Shares, which are not reflected in the table.

    Operating Expenses Caption [Text] rr_OperatingExpensesCaption ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE VALUE OF YOUR INVESTMENT)
    Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading PORTFOLIO TURNOVER
    Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

    The Fund may pay transaction costs, including commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund's performance. For the fiscal year ended April 30, 2019, the Fund's portfolio turnover rate was 53% of the average value of its portfolio.

    Portfolio Turnover, Rate rr_PortfolioTurnoverRate 53.00%
    Expense Exchange Traded Fund Commissions [Text] rr_ExpenseExchangeTradedFundCommissions You may also pay brokerage commissions on the purchase and sale of Shares, which are not reflected in the table
    Expense Example [Heading] rr_ExpenseExampleHeading EXAMPLE
    Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

    The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The example also assumes that the Fund provides a return of 5% a year and that the operating expenses remain the same. The example does not reflect any brokerage commissions that you may pay on purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

    Strategy [Heading] rr_StrategyHeading PRINCIPAL INVESTMENT STRATEGIES
    Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

    Under normal market conditions, the Fund will invest at least 80% of its total assets in the components of the Underlying Index and in depositary receipts representing components of the Underlying Index. The Underlying Index is comprised of equity securities of issuers in developed foreign markets. The Underlying Index considers an issuer to be in a developed foreign market if it is domiciled or listed and traded in any of the following countries: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Italy, Japan, Jersey, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. The Underlying Index provider will update the list of developed foreign markets annually.

    An issuer must have a high ranking across a composite of the following characteristics to be eligible for inclusion in the Underlying Index:

    1.    Strong cash flows;

    2.    Payment of dividends to shareholders;

    3.    Net stock buybacks; and

    4.    Net debt paydown.

    Each of these characteristics will be measured on a one-month to 12-month basis by the Underlying Index methodology, and no single measurement will be dispositive. Pursuant to the methodology of the Underlying Index, the 100 issuers that have exhibited, in the aggregate, the strongest cash flows, the highest dividends paid to shareholders, and net stock buybacks and debt paydown will be included in the Underlying Index. Although securities in the Underlying Index may be denominated in either the U.S. dollar or other currencies and may include securities of companies in any industry and of any market capitalization, the Underlying Index is weighted based only on publicly available data and includes screens to limit its country and its sector and industry concentration to 30% and 25%, respectively, in order to seek to ensure its liquidity and investability. Other screens also will exclude as components any foreign issuers whose securities are highly restricted or illegal for U.S. persons to own, including due to the imposition of sanctions by the U.S. Government.

    The Fund may invest up to 20% of its net assets in instruments not included in the Underlying Index, but which the Fund's investment adviser, Cambria Investment Management, L.P. ("Cambria" or the "Adviser"), believes will help the Fund track the Underlying Index. For example, there may be instances in which Cambria may choose to purchase or sell securities not in the Underlying Index which Cambria believes are appropriate to substitute for one or more such securities.

    The Fund employs a "passive management"—or indexing— investment approach and seeks to track the performance of the Underlying Index. To track the performance of the Underlying Index, the Fund intends to employ a replication strategy, which means that the Fund will typically invest in substantially all of the components of the Underlying Index in approximately the same weights as they appear in the Underlying Index.

    The Underlying Index was developed by Cambria Indices, LLC, an affiliate of Cambria, and is calculated by Solactive, AG, which is not affiliated with the Fund or Cambria. The Underlying Index is rebalanced and reconstituted quarterly. To the extent that the Underlying Index concentrates (i.e., holds 25% or more of its total assets) in the securities of a particular industry or group of industries, the Fund is expected to concentrate to approximately the same extent. As of July 31, 2019, the Fund and the Underlying Index were concentrated in the financial services sector.

    Strategy Portfolio Concentration [Text] rr_StrategyPortfolioConcentration Under normal market conditions, the Fund will invest at least 80% of its total assets in the components of the Underlying Index and in depositary receipts representing components of the Underlying Index. In addition, to the extent that the Underlying Index concentrates (i.e., holds 25% or more of its total assets) in the securities of a particular industry or group of industries, the Fund is expected to concentrate to approximately the same extent. As of July 31, 2019, the Fund and the Underlying Index were concentrated in the financial services sector.
    Risk [Heading] rr_RiskHeading PRINCIPAL RISKS
    Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

    An investment in the Fund involves risk. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. The Fund's principal risks are presented in alphabetical order to facilitate investors' ability to identify particular risks and compare them with the risks of other funds. Some or all of these risks may adversely affect the Fund's net asset value per share ("NAV"), trading price, yield, total return, and/or ability to meet its objective. There is no assurance that the Fund will achieve its investment objective. An investor may lose money by investing in the Fund. For more information about the risks of investing in the Fund, see the sections titled "Additional Information About the Funds' Risks" and "Additional Non-Principal Risk Information."

    Concentration Risk. To the extent the Underlying Index is concentrated in a particular industry or group of industries, the Fund is also expected to be concentrated in that industry or group of industries. As a result, the Fund may be susceptible to loss due to adverse occurrences affecting that industry or group of industries. As of July 31, 2019, the Fund and the Underlying Index were concentrated in the financial services sector.

    Financial Services Sector Risk. Performance of companies in the financial services sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted.

    Cyber Security Risk. The Fund may be susceptible to operational and information security risks resulting from a breach in the Fund's cyber security, including cyber-attacks against the Fund, third-party service providers, market makers, Authorized Participants, or issuers of securities in which the Fund invests. A breach in cyber security, intentional or unintentional, may adversely impact the Fund in many ways, including, but not limited to, disruption of the Fund's operational capacity, loss of proprietary information, theft or corruption of data, denial-of-service attacks on websites or network resources, and the unauthorized release of confidential information.

    Depositary Receipts Risk. The risks of investments in depositary receipts are substantially similar to the risks of investing directly in foreign securities. In addition, depositary receipts may not track the price of or may be less liquid than their underlying foreign securities, and the value of depositary receipts may change materially at times when the U.S. markets are not open for trading.

    Dividend Paying Security Risk. Securities that pay high dividends as a group can fall out of favor with the market, causing these companies to underperform companies that do not pay high dividends.

    Equity Investing Risk. An investment in the Fund involves risks similar to those of investing in any fund holding equity securities, such as market fluctuations, changes in interest rates and perceived trends in stock prices. The values of equity securities could decline generally or could underperform other investments due to factors affecting a specific issuer, market or securities markets generally.

    Foreign Investment Risk. Returns on investments in foreign securities could be more volatile than, or trail the returns on, investments in U.S. securities. Exposures to foreign securities entail special risks, including risks due to: (i) differences in information available about foreign issuers; (ii) differences in investor protection standards in other jurisdictions; (iii) capital controls risks, including the risk of a foreign jurisdiction imposing restrictions on the ability to repatriate or transfer currency or other assets; (iv) political, diplomatic and economic risks; (v) regulatory risks; and (vi) foreign market and trading risks, including the costs of trading and risks of settlement in foreign jurisdictions. In addition, the Fund's investments in securities denominated in other currencies could decline due to changes in local currency relative to the value of the U.S. dollar, which may affect the Fund's returns.

    Geographic Investment Risk. To the extent the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region. As of July 31, 2019, the Fund invested a significant portion of its assets in securities of companies in Australia, Canada, Europe and Japan.

    Australia Risk. Australia's economy depends heavily on agricultural and mining sector exports as well as the economies of its key trading partners, including China, the United States, and Japan. Conditions that weaken the price and demand for its exports and/or natural resources and commodities, in general, could have a significant, negative impact on the Australian economy as a whole.

    Canada Risk. Changes to the U.S. economy may significantly affect the Canadian economy because the U.S. is Canada's largest trading partner and foreign investor. The economy of Canada is also heavily dependent on the demand for natural resources and agricultural products. Accordingly, a change in the supply and demand of these resources, both domestically and internationally, can have a significant effect on Canadian market performance. Conditions that weaken demand for its products worldwide could have a negative impact on the Canadian economy as a whole.

    Europe Risk. The Economic and Monetary Union of the European Union ("EU") requires compliance with restrictions on inflation rates, deficits, interest rates, debt levels and fiscal and monetary controls, each of which may significantly affect every country in Europe. Decreasing imports or exports, changes in governmental or EU regulations on trade, changes in the exchange rate of the euro, the default or threat of default by an EU member country on its sovereign debt, and/or an economic recession in an EU member country may have a significant adverse effect on the economies of EU member countries and their trading partners. In addition, the United Kingdom has voted in a referendum to leave the EU. Although it remains unclear what the potential consequences of Brexit may be, the economies of Europe and the United Kingdom, as well as the broader global economy, could be significantly impacted by Brexit, which may result in lower economic growth and increased volatility and illiquidity across global markets.

    Japan Risk. The economy of Japan is heavily dependent on international trade, government support, and consistent government policy supporting its export market. Slowdowns in the economies of key trading partners such as the United States, China and countries in Southeast Asia could have a negative impact on the Japanese economy as a whole. Trade tariffs and other protectionist measures could also have an adverse impact on the Japanese export market.

    International Closed-Market Trading Risk. Because the Fund's investments may be traded in markets that are closed when the Exchange is open, there are likely to be deviations between the current pricing of an underlying investment and stale investment pricing (i.e., the last quote from its closed foreign market), resulting in premiums or discounts to NAV that may be greater than those experienced by other ETFs.

    Investment Risk. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. When you sell your Shares, they could be worth less than what you paid for them.

    Large Capitalization Company Risk. The Fund's investments in large capitalization companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.

    Market Events Risk. Turbulence in the financial markets and reduced liquidity in the equity markets may negatively affect issuers, which could have an adverse effect on the Fund. In addition, there is a risk that policy changes by the U.S. Government, Federal Reserve and/or other government actors, such as increasing interest rates, could cause increased volatility in financial markets and higher levels of Fund redemptions, which could have a negative impact on the Fund. In a declining stock market, stock prices for all companies (including those in the Fund's portfolio) may decline, regardless of their long-term prospects.

    Passive Investment Risk. The Fund is managed with a passive investment strategy, attempting to track the performance of the Underlying Index. As a result, the Fund expects to hold components of the Underlying Index regardless of their current or projected performance. Maintaining investments regardless of market conditions or the performance of individual investments could cause the Fund's return to be lower than if the Fund employed an active strategy.

    Premium-Discount Risk. Shares may trade above (premium) or below (discount) their NAV. The market prices of Shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of, and demand for, Shares on the Exchange. This risk is heightened in times of market volatility or periods of steep market declines.

    Quantitative Security Selection Risk. The Underlying Index uses quantitative techniques to determine whether securities should be included in the Underlying Index, and the Underlying Index may not perform as intended if it relies on erroneous or outdated data from one or more third parties. Errors in data used in the quantitative model may occur from time to time and may not be identified and/or corrected before having an adverse impact on the Fund and its shareholders.

    Secondary Market Trading Risk. Investors buying or selling Shares in the secondary market may pay brokerage commissions, which may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of Shares. Although the Shares are listed on the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted.

    Small and Medium Capitalization Company Risk.  Investing in securities of small and medium capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies' securities may be more volatile and less liquid than those of more established companies, and they may be more sensitive to market conditions.

    Tracking Error Risk. Although the Fund attempts to track the performance of the Underlying Index, the Fund may not be able to duplicate its exact composition or return due to, among other things, fees and expenses paid by the Fund that are not reflected in the Underlying Index. If the Fund is small, it may experience greater tracking error to its Underlying Index than it otherwise would at higher asset levels.

    Value Investment Risk. The Fund's shareholder yield strategy is a value investment strategy that should be expected to underperform in growth markets. Value investments are subject to the risk that their intrinsic value may never be realized by the market.

    Risk Lose Money [Text] rr_RiskLoseMoney An investor may lose money by investing in the Fund.
    Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
    Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading PERFORMANCE
    Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

    The following bar chart and table indicate the risks of investing in the Fund by showing how the Fund's average annual total returns compare with those of the Index as well as a relevant index that provides a broad measure of market performance. All returns include the reinvestment of dividends and distributions. As always, please note that the Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available at www.cambriafunds.com.

    Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following bar chart and table indicate the risks of investing in the Fund by showing how the Fund's average annual total returns compare with those of the Index as well as a relevant index that provides a broad measure of market performance.
    Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.cambriafunds.com.
    Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture As always, please note that the Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.
    Bar Chart [Heading] rr_BarChartHeading Total Annual Returns for Calendar Year Ended December 31
    Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

    As of July 31, 2019, the Fund's year-to-date total return was 5.91%.

    Best and Worst Quarter Returns (for the period reflected in the bar chart above)

    Best: 8.46%, for the quarter ended 9/30/2017

    Worst: -12.79%, for the quarter ended 12/31/2018

    Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns for the period ending December 31, 2018
    Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate Average annual total returns are shown on a before- and after-tax basis for the Fund. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
    Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans.
    Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock

    Average annual total returns are shown on a before- and after-tax basis for the Fund. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans.

    Cambria Foreign Shareholder Yield ETF | Cambria Foreign Shareholder Yield ETF  
    Prospectus [Line Items] rr_ProspectusLineItems  
    Management Fee: rr_ManagementFeesOverAssets 0.59%
    Distribution and/or Service (12b-1) fees: rr_DistributionAndService12b1FeesOverAssets none
    Other Expenses rr_OtherExpensesOverAssets none
    Total Annual Fund Operating Expenses: rr_ExpensesOverAssets 0.59%
    One Year: rr_ExpenseExampleYear01 $ 60
    Three Years: rr_ExpenseExampleYear03 189
    Five Years: rr_ExpenseExampleYear05 329
    Ten Years: rr_ExpenseExampleYear10 $ 738
    Annual Return 2014 rr_AnnualReturn2014 (7.69%)
    Annual Return 2015 rr_AnnualReturn2015 (6.68%)
    Annual Return 2016 rr_AnnualReturn2016 6.52%
    Annual Return 2017 rr_AnnualReturn2017 28.46%
    Annual Return 2018 rr_AnnualReturn2018 (13.66%)
    Year to Date Return, Label rr_YearToDateReturnLabel year-to-date total return
    Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Jul. 31, 2019
    Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 5.91%
    Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter
    Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Sep. 30, 2017
    Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 8.46%
    Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter
    Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2018
    Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (12.79%)
    Label rr_AverageAnnualReturnLabel Return Before Taxes
    1 Year rr_AverageAnnualReturnYear01 (13.66%)
    5 Years rr_AverageAnnualReturnYear05 0.33%
    Since Inception rr_AverageAnnualReturnSinceInception 0.89%
    Inception Date rr_AverageAnnualReturnInceptionDate Dec. 02, 2013
    Cambria Foreign Shareholder Yield ETF | MSCI EAFE Index  
    Prospectus [Line Items] rr_ProspectusLineItems  
    Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes Reflects no deduction for fees, expenses or taxes
    Label rr_AverageAnnualReturnLabel MSCI EAFE Index (Reflects no deduction for fees, expenses or taxes)
    1 Year rr_AverageAnnualReturnYear01 (13.36%)
    5 Years rr_AverageAnnualReturnYear05 1.00%
    Since Inception rr_AverageAnnualReturnSinceInception 1.42%
    Inception Date rr_AverageAnnualReturnInceptionDate Dec. 02, 2013
    Cambria Foreign Shareholder Yield ETF | Cambria Foreign Shareholder Yield Index  
    Prospectus [Line Items] rr_ProspectusLineItems  
    Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes Reflects no deduction for fees, expenses or taxes
    Label rr_AverageAnnualReturnLabel Cambria Foreign Shareholder Yield Index (Reflects no deduction for fees, expenses or taxes)
    1 Year rr_AverageAnnualReturnYear01 (14.14%)
    5 Years rr_AverageAnnualReturnYear05 0.62%
    Since Inception rr_AverageAnnualReturnSinceInception 1.18%
    Inception Date rr_AverageAnnualReturnInceptionDate Dec. 02, 2013
    Cambria Foreign Shareholder Yield ETF | Return After Taxes on Distributions | Cambria Foreign Shareholder Yield ETF  
    Prospectus [Line Items] rr_ProspectusLineItems  
    Label rr_AverageAnnualReturnLabel Return After Taxes on Distributions
    1 Year rr_AverageAnnualReturnYear01 (14.13%)
    5 Years rr_AverageAnnualReturnYear05 (0.64%)
    Since Inception rr_AverageAnnualReturnSinceInception (0.08%)
    Inception Date rr_AverageAnnualReturnInceptionDate Dec. 02, 2013
    Cambria Foreign Shareholder Yield ETF | Return After Taxes on Distributions and Sale of Fund Shares | Cambria Foreign Shareholder Yield ETF  
    Prospectus [Line Items] rr_ProspectusLineItems  
    Label rr_AverageAnnualReturnLabel Return After Taxes on Distributions and Sale of Fund Shares
    1 Year rr_AverageAnnualReturnYear01 (7.52%)
    5 Years rr_AverageAnnualReturnYear05 0.04%
    Since Inception rr_AverageAnnualReturnSinceInception 0.49%
    Inception Date rr_AverageAnnualReturnInceptionDate Dec. 02, 2013
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    Label Element Value
    Cambria Sovereign Bond ETF  
    Prospectus [Line Items] rr_ProspectusLineItems  
    Risk/Return [Heading] rr_RiskReturnHeading Cambria Sovereign Bond ETF
    Objective [Heading] rr_ObjectiveHeading INVESTMENT OBJECTIVE
    Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

    The Fund seeks income and capital appreciation from investments in securities and instruments that provide exposure to sovereign and quasi-sovereign bonds.

    Expense [Heading] rr_ExpenseHeading FEES AND EXPENSES
    Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

    This table describes the fees and expenses that you may pay if you buy and hold Shares. You may also pay brokerage commissions on the purchase and sale of Shares, which are not reflected in the table.

    Operating Expenses Caption [Text] rr_OperatingExpensesCaption ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE VALUE OF YOUR INVESTMENT)
    Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading PORTFOLIO TURNOVER
    Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

    The Fund may pay transaction costs, including commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund's performance. For the fiscal year ended April 30, 2019, the Fund's portfolio turnover rate was 37% of the average value of its portfolio.

    Portfolio Turnover, Rate rr_PortfolioTurnoverRate 37.00%
    Expense Exchange Traded Fund Commissions [Text] rr_ExpenseExchangeTradedFundCommissions You may also pay brokerage commissions on the purchase and sale of Shares, which are not reflected in the table.
    Expense Example [Heading] rr_ExpenseExampleHeading EXAMPLE
    Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

    The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The example also assumes that the Fund provides a return of 5% a year and that the operating expenses remain the same. The example does not reflect any brokerage commissions that you may pay on purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

    Strategy [Heading] rr_StrategyHeading PRINCIPAL INVESTMENT STRATEGIES
    Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

    Under normal market conditions, at least 80% of the value of the Fund's net assets (plus borrowings for investment purposes) will be invested in sovereign and quasi-sovereign bonds. For the purposes of this policy, sovereign and quasi-sovereign bonds include such securities and instruments that provide exposure to securities that invest in or have exposure to such bonds, including exchange-traded products ("ETPs") such as exchange-traded funds ("ETFs") and exchange-traded notes ("ETNs"). The Fund will invest in emerging and developed countries, including countries located in the G-20 and other countries. Potential issuer countries include, but are not limited to, Argentina, Australia, Brazil, Canada, Chile, China, Colombia, members of the European Union, including Croatia, Greece, Hungary, Italy, Poland, and Romania, Hong Kong, India, Israel, Indonesia, Japan, Malaysia, Mexico, New Zealand, Norway, Peru, the Philippines, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Sweden, Switzerland, Taiwan, Thailand, Turkey, the United Kingdom and the United States.

    Sovereign bonds include debt securities issued by a national government, instrument or political sub-division. Quasi-sovereign bonds include debt securities issued by a supra-national government or a state-owned enterprise or agency. The sovereign and quasi-sovereign bonds that the Fund invests in may be denominated in local and foreign currencies. The Fund may invest in securities of any duration or maturity.

    The Fund may invest up to 20% of its net assets in ETPs, including ETFs and ETNs, that invest in or provide exposure to sovereign and quasi-sovereign bonds, money market instruments or other high quality debt securities, cash or cash equivalents.

    The Fund's investment adviser, Cambria Investment Management, L.P. ("Cambria" or the "Adviser"), utilizes a quantitative model to select sovereign and quasi-sovereign bond exposures for the Fund. The model reviews various characteristics of potential investments, with yield as the largest determinant. Accordingly, the Fund may invest in high yield bonds rated below investment grade by Moody's Investors Service, Standard & Poor's or Fitch Ratings (commonly referred to as "junk bonds"), or unrated bonds that are determined by Cambria to be of such credit quality. By considering together the various characteristics of potential investments, the model identifies potential allocations for the Fund, as well as opportune times to make such allocations. A screen excludes foreign issuers whose securities are highly restricted or illegal for U.S. persons to own, including due to the imposition of sanctions by the U.S. Government.

    Cambria has discretion on a daily basis to actively manage the Fund's portfolio in accordance with the Fund's investment objective. The Fund may sell a security when Cambria believes that the security is overvalued or better investment opportunities are available, to invest in cash and cash equivalents, or to meet redemptions. Cambria expects to rebalance to target allocations at least quarterly. As a result, the Fund may experience high portfolio turnover.

    The Fund is non-diversified.

    Strategy Portfolio Concentration [Text] rr_StrategyPortfolioConcentration Under normal market conditions, at least 80% of the value of the Fund’s net assets (plus borrowings for investment purposes) will be invested in sovereign and quasi-sovereign bonds.
    Risk [Heading] rr_RiskHeading PRINCIPAL RISKS
    Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

    An investment in the Fund involves risk. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. The Fund's principal risks are presented in alphabetical order to facilitate investors' ability to identify particular risks and compare them with the risks of other funds. Some or all of these risks may adversely affect the Fund's net asset value per share ("NAV"), trading price, yield, total return, and/or ability to meet its objective. There is no assurance that the Fund will achieve its investment objective. An investor may lose money by investing in the Fund. For more information about the risks of investing in the Fund, see the sections titled "Additional Information About the Funds' Risks" and "Additional Non-Principal Risk Information."

    Cash Redemption Risk. The Fund's investment strategy will require it to effect redemptions, in whole or in part, for cash. As a result, the Fund may pay out higher annual capital gain distributions and be less tax-efficient than if the in-kind redemption process was used exclusively. In addition, cash redemptions may incur higher brokerage costs than in-kind redemptions and these added costs may be borne by the Fund and negatively impact Fund performance.

    Cyber Security Risk. The Fund may be susceptible to operational and information security risks resulting from a breach in the Fund's cyber security, including cyber-attacks against the Fund, third-party service providers, market makers, Authorized Participants, or issuers of securities in which the Fund invests. A breach in cyber security, intentional or unintentional, may adversely impact the Fund in many ways, including, but not limited to, disruption of the Fund's operational capacity, loss of proprietary information, theft or corruption of data, denial-of-service attacks on websites or network resources, and the unauthorized release of confidential information.

    Emerging Markets Risk. Emerging market investments are subject to the same risks as foreign investments and to additional risks due to greater political and economic uncertainties as well as a relative lack of information about issuers in such markets. Securities of emerging market issuers may become illiquid and be subject to volatility and high transaction costs.

    Exchange-Traded Funds and Exchange-Traded Products and Investment Companies Risk. The risks of investing in securities of ETFs, ETPs and investment companies typically reflect the risks of the types of instruments in which the underlying ETF, ETP or investment company invests. In addition, with such investments, the Fund bears its proportionate share of the fees and expenses of the underlying entity. As a result, the Fund's operating expenses may be higher and performance may be lower.

    Exchange-Traded Notes Risk. Because ETNs are unsecured, unsubordinated debt securities, an investment in an ETN exposes the Fund to the risk that an ETN's issuer may be unable to pay. In addition, as with investments in other ETPs, the Fund will bear its proportionate share of the fees and expenses of the ETN, which may cause the Fund's operating expenses to be higher and its performance to be lower.

    Fixed Income Risk. A decline in an issuer's credit rating and/or financial condition may cause such issuer's fixed income securities to decrease in value while experiencing increased volatility and investment risk. During periods of falling interest rates, an issuer of a callable bond held by the Fund may "call" (or repay) the security before its stated maturity, and the Fund may have to reinvest the proceeds at lower interest rates, resulting in a decline in the Fund's income. The market value of a fixed income security generally changes in response to changes in interest rates and may change quickly and without warning in response to issuer defaults and changes in issuer credit ratings.

    Foreign Investment Risk. Returns on investments in foreign securities could be more volatile than, or trail the returns on, investments in U.S. securities. Exposures to foreign securities entail special risks, including risks due to: (i) differences in information available about foreign issuers; (ii) differences in investor protection standards in other jurisdictions; (iii) capital controls risks, including the risk of a foreign jurisdiction imposing restrictions on the ability to repatriate or transfer currency or other assets; (iv) political, diplomatic and economic risks; (v) regulatory risks; and (vi) foreign market and trading risks, including the costs of trading and risks of settlement in foreign jurisdictions. In addition, the Fund's investments in securities denominated in other currencies could decline due to changes in local currency relative to the value of the U.S. dollar, which may affect the Fund's returns.

    Geographic Investment Risk. To the extent the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region. As of July 31, 2019, the Fund invested a significant portion of its assets in securities of companies in the Asia-Pacific region and South America.

    Asia-Pacific Risk. Investments in securities of issuers in Asia-Pacific countries involve risks that are specific to the Asia-Pacific region, including certain legal, regulatory, political and economic risks. Certain Asia-Pacific countries have experienced expropriation and/or nationalization of assets, confiscatory taxation, political instability, armed conflict and social instability as a result of religious, ethnic, socio-economic and/or political unrest. Some economies in this region are dependent on a range of commodities, and are strongly affected by international commodity prices and particularly vulnerable to price changes for these products.

    South America Risk. The economies and financial sectors of certain emerging markets countries are affected by the economies of South American countries, some of which have experienced high interest rates, economic volatility, inflation, currency devaluations, government defaults, high unemployment rates, and expropriation and/or nationalization of assets. In addition, commodities (such as oil, gas and minerals) represent a significant percentage of the region's exports and many economies in this region are particularly sensitive to fluctuations in commodity prices. Adverse economic events in one country may have a significant adverse effect on other countries in this region and on the financial sectors of emerging markets countries.

    High Yield Securities Risk. High yield securities and unrated securities of comparable credit quality are subject to the increased risk of an issuer's inability to meet principal and interest payment obligations. High yield securities are subject to a greater risk of default and investments in them are inherently speculative. The secondary markets in which high yield securities are traded may be less liquid and more volatile than the market for higher grade securities.

    Interest Rate Risk. The market value of fixed income securities generally changes in response to changes in interest rates. As interest rates rise, the value of certain fixed income securities is likely to decrease. Similarly, if interest rates decline, the value of fixed income securities is likely to increase. Interest rate risk is generally lower for shorter-term investments and higher for longer-term investments. As of the date of this Prospectus, interest rates are near historic lows, but risks associated with rising interest rates are heightened given the Federal Reserve's recent interest rate hikes, which could signal an end to the historically low interest rate environment. To the extent that rates increase substantially and/or rapidly, the Fund may be subject to significant losses.

    International Closed-Market Trading Risk. Because the Fund's investments may be traded in markets that are closed when the Exchange is open, there are likely to be deviations between the current pricing of an underlying investment and stale investment pricing (i.e., the last quote from its closed foreign market), resulting in premiums or discounts to NAV that may be greater than those experienced by other ETFs.

    Investment Risk. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. When you sell your Shares they could be worth less than what you paid for them.

    Liquidity Risk. Liquidity risk exists when a particular investment is difficult to purchase or sell. A significant, rapid rise in interest rates may result in a period of volatility and increased redemptions if Fund securities become illiquid and are forced to sell the illiquid securities at disadvantageous times or prices. This could have a negative effect on the Fund's ability to achieve its investment objective and may result in losses to Fund shareholders.

    Management Risk. The Fund is actively managed using proprietary investment strategies and processes. There can be no guarantee that these strategies and processes will be successful or that the Fund will achieve its investment objective.

    Market Events Risk. Turbulence in the financial markets and reduced liquidity in the credit and fixed-income markets may negatively affect issuers, which could have an adverse effect on the Fund. In addition, there is a risk that policy changes by the U.S. Government, Federal Reserve and/or other government actors, such as increasing interest rates, could cause increased volatility in financial markets and higher levels of Fund redemptions, which could have a negative impact on the Fund.

    Non-Diversification Risk. The Fund is non-diversified. Investment by the Fund in securities of a limited number of issuers may expose it to greater market risk and potential monetary losses than if its assets were diversified among the securities of a greater number of issuers. However, the Fund intends to satisfy the asset diversification requirements under Subchapter M of the Internal Revenue Code of 1986, as amended, for qualification as a regulated investment company.

    Portfolio Turnover Risk. The Fund's strategy may result in high portfolio turnover rates, which may increase the Fund's brokerage commission costs and negatively impact the Fund's performance. Such portfolio turnover also may generate net short-term capital gains.

    Premium-Discount Risk. Shares may trade above (premium) or below (discount) their NAV. The market prices of Shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of, and demand for, Shares on the Exchange. This risk is heightened in times of market volatility or periods of steep market declines.

    Quantitative Security Selection Risk. Cambria uses quantitative techniques to generate investment decisions and its processes and stock selection, and the Fund may not perform as intended if it relies on erroneous or outdated data from one or more third parties. Errors in data used in the quantitative model may occur from time to time and may not be identified and/or corrected before having an adverse impact on the Fund and its shareholders.

    Secondary Market Trading Risk. Investors buying or selling Shares in the secondary market may pay brokerage commissions or other charges, which may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of Shares. Although the Shares are listed on the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted.

    Sovereign Debt Securities Risk. 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. During periods of economic uncertainty, the market prices of sovereign debt, and the Fund's net asset value, may be more volatile than prices of U.S. debt obligations. In the past, certain non-U.S. markets have encountered difficulties in servicing their debt obligations, withheld payments of principal and interest and declared moratoria on the payment of principal and interest on their sovereign debts. These risks increase for lower-rated and high yield debt securities, as discussed in this Prospectus.

    Risk Lose Money [Text] rr_RiskLoseMoney An investment in the Fund involves risk
    Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
    Risk Nondiversified Status [Text] rr_RiskNondiversifiedStatus The Fund is non-diversified.
    Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading PERFORMANCE
    Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

    The following bar chart and table indicate the risks of investing in the Fund by showing how the Fund's average annual total returns compare with those of a relevant index that provides a broad measure of market performance. All returns include the reinvestment of dividends and distributions. As always, please note that the Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available at www.cambriafunds.com.

    Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following bar chart and table indicate the risks of investing in the Fund by showing how the Fund’s average annual total returns compare with those of a relevant index that provides a broad measure of market performance.
    Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.cambriafunds.com
    Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture As always, please note that the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.
    Bar Chart [Heading] rr_BarChartHeading Total Annual Returns for Calendar Year Ended December 31
    Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

    As of July 31, 2019, the Fund's year-to-date total return was 7.37%.

    Best and Worst Quarter Returns (for the period reflected in the bar chart above)

    Best: 4.69%, for the quarter ended 6/30/2017

    Worst: -9.62%, for the quarter ended 6/30/2018

    Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns for the period ending December 31, 2018
    Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate Average annual total returns are shown on a before- and after-tax basis for the Fund. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
    Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans.
    Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock

    Average annual total returns are shown on a before- and after-tax basis for the Fund. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans.

    Cambria Sovereign Bond ETF | Cambria Sovereign Bond ETF  
    Prospectus [Line Items] rr_ProspectusLineItems  
    Management Fee: rr_ManagementFeesOverAssets 0.59%
    Distribution and/or Service (12b-1) fees: rr_DistributionAndService12b1FeesOverAssets none
    Other Expenses: rr_OtherExpensesOverAssets none
    Total Annual Fund Operating Expenses: rr_ExpensesOverAssets 0.59%
    One Year: rr_ExpenseExampleYear01 $ 60
    Three Years: rr_ExpenseExampleYear03 189
    Five Years: rr_ExpenseExampleYear05 329
    Ten Years: rr_ExpenseExampleYear10 $ 738
    Annual Return 2017 rr_AnnualReturn2017 13.76%
    Annual Return 2018 rr_AnnualReturn2018 (6.90%)
    Year to Date Return, Label rr_YearToDateReturnLabel year-to-date total return
    Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Jul. 31, 2019
    Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 7.37%
    Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter
    Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2017
    Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 4.69%
    Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter
    Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Jun. 30, 2018
    Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (9.62%)
    Label rr_AverageAnnualReturnLabel Return Before Taxes
    1 Year rr_AverageAnnualReturnYear01 (6.90%)
    Since Inception rr_AverageAnnualReturnSinceInception 4.32%
    Inception Date rr_AverageAnnualReturnInceptionDate Feb. 22, 2016
    Cambria Sovereign Bond ETF | FTSE/Citi World Government Bond Index  
    Prospectus [Line Items] rr_ProspectusLineItems  
    Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes Reflects no deduction for fees, expenses or taxes
    Label rr_AverageAnnualReturnLabel FTSE/Citi World Government Bond Index (Reflects no deduction for fees, expenses or taxes)
    1 Year rr_AverageAnnualReturnYear01 (0.84%)
    Since Inception rr_AverageAnnualReturnSinceInception 1.27%
    Inception Date rr_AverageAnnualReturnInceptionDate Feb. 22, 2016
    Cambria Sovereign Bond ETF | Return After Taxes on Distributions | Cambria Sovereign Bond ETF  
    Prospectus [Line Items] rr_ProspectusLineItems  
    Label rr_AverageAnnualReturnLabel Return After Taxes on Distributions
    1 Year rr_AverageAnnualReturnYear01 (8.39%)
    Since Inception rr_AverageAnnualReturnSinceInception 2.34%
    Inception Date rr_AverageAnnualReturnInceptionDate Feb. 22, 2016
    Cambria Sovereign Bond ETF | Return After Taxes on Distributions and Sale of Fund Shares | Cambria Sovereign Bond ETF  
    Prospectus [Line Items] rr_ProspectusLineItems  
    Label rr_AverageAnnualReturnLabel Return After Taxes on Distributions and Sale of Fund Shares
    1 Year rr_AverageAnnualReturnYear01 (4.28%)
    Since Inception rr_AverageAnnualReturnSinceInception 2.48%
    Inception Date rr_AverageAnnualReturnInceptionDate Feb. 22, 2016
    XML 44 R23.htm IDEA: XBRL DOCUMENT v3.19.2
    Label Element Value
    Cambria Trinity ETF  
    Prospectus [Line Items] rr_ProspectusLineItems  
    Risk/Return [Heading] rr_RiskReturnHeading Cambria Trinity ETF
    Objective [Heading] rr_ObjectiveHeading INVESTMENT OBJECTIVE
    Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

    The Fund seeks income and capital appreciation.

    Expense [Heading] rr_ExpenseHeading FEES AND EXPENSES
    Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

    This table describes the fees and expenses that you may pay if you buy and hold Shares. You may also pay brokerage commissions on the purchase and sale of Shares, which are not reflected in the table.

    Operating Expenses Caption [Text] rr_OperatingExpensesCaption ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE VALUE OF YOUR INVESTMENT)
    Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading PORTFOLIO TURNOVER
    Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

    The Fund may pay transaction costs, including commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund's performance. For the fiscal period September 10, 2018 (commencement of operations) through April 30, 2019, the Fund's portfolio turnover rate was 0% of the average value of its portfolio.

    Portfolio Turnover, Rate rr_PortfolioTurnoverRate none
    Expense Exchange Traded Fund Commissions [Text] rr_ExpenseExchangeTradedFundCommissions You may also pay brokerage commissions on the purchase and sale of Shares, which are not reflected in the table.
    Expense Example [Heading] rr_ExpenseExampleHeading EXAMPLE
    Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

    The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The example also assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. The example does not reflect any brokerage commissions that you may pay on purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

    Strategy [Heading] rr_StrategyHeading PRINCIPAL INVESTMENT STRATEGIES
    Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

    The Fund is designed to provide diversified exposure to all of the major asset classes in the various regions, countries and sectors around the globe and absolute positive returns with lower volatility and risk compared to global equity markets. The major asset classes represented in the Fund are equity and fixed income securities, real estate, commodities, listed derivatives, and currencies.

    Under normal market conditions, the Fund invests at least 80% of its total assets in affiliated and unaffiliated exchange-traded funds ("ETFs") and other exchange-traded products ("ETPs") (collectively, "Underlying Vehicles") that provide exposure to various (i) investment asset classes, including equity and fixed income securities, real estate, commodities, and currencies, and (ii) factors such as value, momentum, and trend investing. The Fund invests in Underlying Vehicles that seek exposure to undervalued markets, according to various valuation metrics, such as the cyclically adjusted price-to-earnings ratio, commonly known as the "CAPE Shiller P/E ratio, while seeking to avoid overvalued markets through the use of systematic quantitative screens. The Fund also invests in Underlying Vehicles with momentum and trend following strategies. Momentum and trend following strategies, both of which are based on quantitative and algorithmic models, attempt to (1) invest in assets when their prices are in an uptrend (i.e., prices are increasing over a specified time period) and/or increasing relative to the prices of other assets, and (2) sell or short assets when their prices are in a downtrend (i.e., prices are decreasing over a specified time period) and/or decreasing relative to the prices of other assets. The Fund also invests in other Underlying Vehicles that pursue shareholder yield and managed futures strategies, which involve dividend investing and short sales, respectively.

    Under normal market conditions, the Fund's investment adviser, Cambria Investment Management, L.P. ("Cambria" or the "Adviser"), selects Underlying Vehicles that provide the Fund with a targeted allocation of approximately 25% of its portfolio to equity securities, 25% to fixed income securities, 35% to trend following strategies, and 10% to other asset classes such as currencies and real assets, including commodities, listed derivatives, and real estate. As of August 21, 2019, the Fund invests in 17 Underlying Vehicles that provide investment exposure to these various asset classes and strategies.

    The Fund defines equity securities to include exposure through Underlying Vehicles to equity securities, including, but not limited to, REITs and common stocks of issuers of any market capitalization. The Fund defines fixed income securities to include exposure through Underlying Vehicles to securities issued by the U.S. Government and its agencies, treasury inflation-protected securities (TIPS), sovereign debt and corporate bonds of any credit quality, including high yield (or "junk") bonds. The equity securities and fixed income securities may be issued by governments or companies located in developed or emerging markets.

    The Fund is considered a "fund of funds" that seeks to achieve its investment objective by primarily investing in Underlying Vehicles, including affiliated ETFs, that offer diversified exposure to all of the major asset classes in the various regions, countries, and sectors around the globe. The Fund may invest up to 20% of its net assets in instruments that are not Underlying Vehicles, but which Cambria believes will help the Fund achieve its investment objective, including, but not limited to, futures, options, swap contracts, cash and cash equivalents, and money market funds.

    Cambria has discretion to actively manage the Fund's portfolio in accordance with the Fund's investment objective. The Fund may sell a security when Cambria believes that the security is overvalued or better investment opportunities are available, to invest in cash and cash equivalents, or to meet redemptions. Cambria expects to rebalance to target allocations at least annually.

    Risk [Heading] rr_RiskHeading PRINCIPAL RISKS
    Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

    An investment in the Fund involves risk. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. The Fund's principal risks are presented in alphabetical order to facilitate investors' ability to identify particular risks and compare them with the risks of other funds. Some or all of these risks may adversely affect the Fund's net asset value per share ("NAV"), trading price, yield, total return, and/or ability to meet its objective. There is no assurance that the Fund will achieve its investment objective. An investor may lose money by investing in the Fund. For more information about the risks of investing in the Fund, see the sections titled "Additional Information About the Funds' Risks" and "Additional Non-Principal Risk Information."

    Commodity Investing Risk. The Fund may invest in commodity-related companies, commodity futures and physical commodities through the Underlying Vehicles. These investments may subject the Fund to greater volatility than investments in traditional securities. The commodities markets have experienced periods of extreme volatility. Similar future market conditions may result in rapid and substantial valuation increases or decreases in an Underlying Vehicle's holdings.

    Currency Strategies Risk. Currency exchange rates may fluctuate significantly over short periods of time and can be unpredictably affected by political developments or government intervention. Changes in currency exchange rates may affect the U.S. dollar value of the Fund's investments in Underlying Vehicles with exposure to global regions and foreign securities.

    Cyber Security Risk. The Fund may be susceptible to operational and information security risks resulting from a breach in the Fund's cyber security, including cyber-attacks against the Fund, third-party service providers, market makers, Authorized Participants, or issuers of securities in which the Fund invests. A breach in cyber security, intentional or unintentional, may adversely impact the Fund in many ways, including, but not limited to, disruption of the Fund's operational capacity, loss of proprietary information, theft or corruption of data, denial-of-service attacks on websites or network resources, and the unauthorized release of confidential information.

    Depositary Receipts Risk. The risks of investments in depositary receipts are substantially similar to the risks of investing directly in foreign securities. In addition, depositary receipts may not track the price of or may be less liquid than their underlying foreign securities, and the value of depositary receipts may change materially at times when the U.S. markets are not open for trading.

    Derivatives Risk. Derivatives, such as futures, options, and swaps, can be volatile, and a small investment in a derivative can have a large impact on the performance of the Fund as derivatives can result in losses in excess of the amount invested. Other risks of investments in derivatives include risks of default by the other party to the derivative transactions; risks that the transactions may result in losses that partially or completely offset gains in portfolio positions; and risks that the derivative transaction may not be liquid.

    Dividend Paying Security Risk. Underlying Vehicles may be comprised of dividend paying securities. Securities that pay high dividends as a group can fall out of favor with the market, causing these companies to underperform companies that do not pay high dividends. Also, changes in the dividend policies of companies owned by the Fund and the capital resources available for these companies' dividend payments may adversely affect the Fund.

    Emerging Markets Risk. Underlying Vehicles may be comprised of emerging market securities. Emerging market investments are subject to the same risks as foreign investments and to additional risks due to greater political and economic uncertainties as well as a relative lack of information about issuers in such markets. Securities of emerging market issuers may become illiquid and be subject to volatility and high transaction costs.

    Equity Investing Risk. Underlying Vehicles may be comprised of equities. The values of equity securities could decline generally or could underperform other investments due to factors affecting a specific issuer, market or securities markets generally.

    Exchange-Traded Funds, Exchange-Traded Products and Investment Companies Risk. The risks of investing in securities of ETFs, ETPs and investment companies typically reflect the risks of the types of instruments in which the underlying ETF, ETP or investment company invests. In addition, with such investments, the Fund bears its proportionate share of the fees and expenses of the underlying entity. As a result, the Fund's operating expenses may be higher and performance may be lower.

    Fixed Income Risk. Underlying Vehicles may be comprised of fixed income securities. A decline in an issuer's credit rating and/or financial condition may cause such issuer's fixed income securities to decrease in value while experiencing increased volatility and investment risk. During periods of falling interest rates, an issuer of a callable bond held by an Underlying Vehicle may "call" (or repay) the security before its stated maturity, and the Underlying Vehicle may have to reinvest the proceeds at lower interest rates, resulting in a decline in the Underlying Vehicle's and the Fund's income. The market value of a fixed income security generally changes in response to changes in interest rates and may change quickly and without warning in response to issuer defaults and changes in issuer credit ratings.

    Foreign Investment Risk. Underlying Vehicles may be comprised of foreign securities. Returns on investments in foreign securities could be more volatile than, or trail the returns on, investments in U.S. securities. Exposures to foreign securities entail special risks, including risks due to: (i) differences in information available about foreign issuers; (ii) differences in investor protection standards in other jurisdictions; (iii) capital controls risks, including the risk of a foreign jurisdiction imposing restrictions on the ability to repatriate or transfer currency or other assets; (iv) political, diplomatic and economic risks; (v) regulatory risks; and (vi) foreign market and trading risks, including the costs of trading and risks of settlement in foreign jurisdictions. In addition, an Underlying Vehicle's investments in securities denominated in other currencies could decline due to changes in local currency relative to the value of the U.S. dollar, which may affect the Underlying Vehicle's and the Fund's returns.

    Futures Contracts Risk. Risks associated with the use of futures contracts include the following: (i) an imperfect correlation between movements in prices of index futures contracts and movements in the value of the stock index that the instrument is designed to simulate; and (ii) the possibility of an illiquid secondary market for a futures contract and the resulting inability to close a position prior to its maturity date. Investments in futures may expose the Fund to leverage.

    Geographic Investment Risk. To the extent the Fund invests a significant portion of its assets in Underlying Vehicles that invest in securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region.

    Asia-Pacific Risk. Investments in securities of issuers in Asia-Pacific countries involve risks that are specific to the Asia-Pacific region, including certain legal, regulatory, political and economic risks. Certain Asia-Pacific countries have experienced expropriation and/or nationalization of assets, confiscatory taxation, political instability, armed conflict and social instability as a result of religious, ethnic, socio-economic and/or political unrest. Some economies in this region are dependent on a range of commodities, and are strongly affected by international commodity prices and particularly vulnerable to price changes for these products.

    Europe Risk. The Economic and Monetary Union of the European Union ("EU") requires compliance with restrictions on inflation rates, deficits, interest rates, debt levels and fiscal and monetary controls, each of which may significantly affect every country in Europe. Decreasing imports or exports, changes in governmental or EU regulations on trade, changes in the exchange rate of the euro, the default or threat of default by an EU member country on its sovereign debt, and/or an economic recession in an EU member country may have a significant adverse effect on the economies of EU member countries and their trading partners. In addition, the United Kingdom has voted in a referendum to leave the EU. Although it remains unclear what the potential consequences of Brexit may be, the economies of Europe and the United Kingdom, as well as the broader global economy, could be significantly impacted by Brexit, which may result in lower economic growth and increased volatility and illiquidity across global markets.

    High Yield Securities Risk. Underlying Vehicles may be comprised of high yield securities. High yield securities and unrated securities of comparable credit quality are subject to the increased risk of an issuer's inability to meet principal and interest payment obligations. High yield securities are subject to a greater risk of default and investments in them are inherently speculative. The secondary markets in which high yield securities are traded may be less liquid and more volatile than the market for higher grade securities.

    Inflation-Protected Security Risk. Underlying Vehicles may be comprised of inflation-protected securities, such as Treasury inflation-protected securities ("TIPS"), that provide protection against inflation. Inflation-protected securities typically decrease in value when real interest rates rise and increase in value when real interest rates fall.

    Interest Rate Risk. The market value of fixed income securities, and financial instruments related to fixed income securities, will change in response to changes in interest rates. As interest rates rise, the value of certain fixed income securities is likely to decrease. Similarly, if interest rates decline, the value of fixed income securities is likely to increase. Longer maturity securities tend to be more sensitive to changes in interest rates and more volatile; and thus an Underlying Vehicle with a longer portfolio maturity generally is subject to greater interest rate risk. As of the date of this Prospectus, interest rates are near historic lows, but risks associated with rising interest rates are heightened given the Federal Reserve's recent interest rate hikes, which could signal an end to the historically low interest rate environment. To the extent that rates increase substantially and/or rapidly, an Underlying Vehicle investing in fixed incomes securities, and the Fund, may be subject to significant losses.

    International Closed-Market Trading Risk. Because an Underlying Vehicle's investments may be traded in markets that are closed when the Underlying Vehicle's listing exchange is open, there are likely to be deviations between the current pricing of an Underlying Vehicle's underlying investment and stale investment pricing (i.e., the last quote from its closed foreign market), resulting in premiums or discounts to NAV that may be greater than those experienced by other ETFs.

    Investment Risk. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. When you sell your Shares, they could be worth less than what you paid for them.

    Large Capitalization Companies Risk. The Fund's investments in Underlying Vehicles that are comprised of large capitalization companies may underperform other segments of the market because large capitalization companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes, and may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.

    Liquidity Risk. Liquidity risk exists when a particular investment is difficult to purchase or sell. A significant, rapid rise in interest rates may result in a period of volatility and increased redemptions if Fund securities become illiquid and are forced to sell the illiquid securities at disadvantageous times or prices. This could have a negative effect on the Fund's ability to achieve its investment objective and may result in losses to Fund shareholders.

    Management Risk. The Fund is actively managed using proprietary investment strategies and processes. There can be no guarantee that these strategies and processes will be successful or that the Fund will achieve its investment objective.

    Market Events Risk. Turbulence in the financial markets and reduced liquidity in the equity, credit and fixed-income markets may negatively affect issuers, which could have an adverse effect on the Fund. In addition, there is a risk that policy changes by the U.S. Government, Federal Reserve and/or other government actors, such as increasing interest rates, could cause increased volatility in financial markets and higher levels of Fund redemptions, which could have a negative impact on the Fund. In a declining stock market, stock prices for all companies (including those in an Underlying Vehicle's portfolio) may decline, regardless of their long-term prospects.

    Momentum Investing Risk. Underlying Vehicles may pursue momentum and trend following strategies that seek to identify securities that have had higher recent price performance compared to other securities. These securities may be more volatile than a broad cross-section of securities. High momentum may also be a sign that the securities' prices have peaked. Momentum can turn quickly and cause significant variation from other types of investments. The Fund may experience significant losses if momentum stops, turns or otherwise behaves differently than predicted.

    Options Risk. The prices of options may change rapidly over time and do not necessarily move in tandem with the price of the underlying securities. Options may expire unexercised, causing the Fund to lose the premium paid for them.

    Premium-Discount Risk. Shares may trade above (premium) or below (discount) their NAV. The market prices of Shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of, and demand for, Shares on the Exchange. This risk is heightened in times of market volatility or periods of steep market declines.

    Real Estate Investments Risk. Underlying Vehicles may be comprised of real estate securities. The Fund is subject to the risks related to investments in real estate, including declines in the real estate market, decreases in property revenues, increases in interest rates, increases in property taxes and operating expenses, legal and regulatory changes, a lack of credit or capital, defaults by borrowers or tenants, environmental problems and natural disasters.

    REIT Risk. Underlying Vehicles may be comprised of REITs. In addition to the risks associated with the real estate industry, REITs are subject to additional risks, including those related to adverse governmental actions and the potential failure to qualify for tax-free pass through of income and exemption from registration as an investment company. REITs are dependent upon specialized management skills and may invest in relatively few properties, a small geographic area or a small number of property types. As a result, investments in REITs may be volatile. REITs are pooled investment vehicles with their own fees and expenses and the Underlying Vehicle, as well as the Fund, will indirectly bear a proportionate share of those fees and expenses.

    Secondary Market Trading Risk. Investors buying or selling Shares in the secondary market may pay brokerage commissions or other charges, which may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of Shares. Although the Shares are listed on the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted.

    Short Sale Risk. Underlying Vehicles may engage in short selling. If a security is sold short and subsequently has to be bought back at a higher price, the Underlying Vehicle will realize a loss on the transaction. The amount of loss on a short sale is potentially unlimited because there is no limit on the price a shorted security might attain (as compared to a long position, where the maximum loss is the amount invested). The use of short sales by Underlying Vehicles may increase the Fund's exposure to the market, and may increase losses and the volatility of returns.

    Small and Medium Capitalization Company Risk. The Fund's investments in Underlying Vehicles that are comprised of small and medium capitalization companies involve greater risk than customarily is associated with investing in larger, more established companies. These companies' securities may be more volatile and less liquid than those of more established companies. Often small and medium capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.

    Sovereign Debt Securities Risk. Underlying Vehicles may be comprised of sovereign debt securities. Investments in 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. During periods of economic uncertainty, the market prices of sovereign debt, and the Fund's NAV, may be more volatile than prices of U.S. debt obligations. In the past, certain non-U.S. markets have encountered difficulties in servicing their debt obligations, withheld payments of principal and interest and declared moratoria on the payment of principal and interest on their sovereign debts. These risks increase for lower-rated and high yield debt securities, as discussed in this Prospectus.

    Value Investment Risk. Value investments are subject to the risk that their intrinsic value may never be realized by the market. Value investments tend to underperform in growth markets.

    Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
    Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading PERFORMANCE
    Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

    Performance information will be available in the Prospectus after the Fund has been in operation for one full calendar year. When provided, the information will provide some indication of the risks of investing in the Fund by showing how the Fund's average annual returns compare with a broad measure of market performance. As always, please note that the Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance will be available at www.cambriafunds.com.

    Performance One Year or Less [Text] rr_PerformanceOneYearOrLess Performance information will be available in the Prospectus after the Fund has been in operation for one full calendar year.
    Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.cambriafunds.com.
    Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture As always, please note that the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.
    Cambria Trinity ETF | Cambria Trinity ETF  
    Prospectus [Line Items] rr_ProspectusLineItems  
    Management Fee: rr_ManagementFeesOverAssets none
    Distribution and/or Service (12b-1) fees: rr_DistributionAndService12b1FeesOverAssets none
    Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.48%
    Other Expenses: rr_OtherExpensesOverAssets none
    Total Annual Fund Operating Expenses: rr_ExpensesOverAssets 0.48%
    One Year: rr_ExpenseExampleYear01 $ 49
    Three Years: rr_ExpenseExampleYear03 154
    Five Years: rr_ExpenseExampleYear05 269
    Ten Years: rr_ExpenseExampleYear10 $ 604
    XML 45 R19.htm IDEA: XBRL DOCUMENT v3.19.2
    Label Element Value
    Cambria Tail Risk ETF  
    Prospectus [Line Items] rr_ProspectusLineItems  
    Risk/Return [Heading] rr_RiskReturnHeading Cambria Tail Risk ETF
    Objective [Heading] rr_ObjectiveHeading INVESTMENT OBJECTIVE
    Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

    The Fund seeks to provide income and capital appreciation from investments in the U.S. market while protecting against significant downside risk.

    Expense [Heading] rr_ExpenseHeading FEES AND EXPENSES
    Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

    This table describes the fees and expenses that you may pay if you buy and hold Shares. You may also pay brokerage commissions on the purchase and sale of Shares, which are not reflected in the table.

    Operating Expenses Caption [Text] rr_OperatingExpensesCaption ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE VALUE OF YOUR INVESTMENT)
    Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading PORTFOLIO TURNOVER
    Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

    The Fund may pay transaction costs, including commissions when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund's performance. For the fiscal year ended April 30, 2019, the Fund's portfolio turnover rate was 56% of the average value of its portfolio.

    Portfolio Turnover, Rate rr_PortfolioTurnoverRate 56.00%
    Expense Exchange Traded Fund Commissions [Text] rr_ExpenseExchangeTradedFundCommissions You may also pay brokerage commissions on the purchase and sale of Shares, which are not reflected in the table.
    Expense Example [Heading] rr_ExpenseExampleHeading EXAMPLE
    Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

    The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The example also assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. The example does not reflect any brokerage commissions that you may pay on purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

    Strategy [Heading] rr_StrategyHeading PRINCIPAL INVESTMENT STRATEGIES
    Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

    The Fund is actively managed and seeks to achieve its investment objective by investing in cash and U.S. government bonds, and utilizing a put option strategy to manage the risk of a significant negative movement in the value of domestic equities (commonly referred to as tail risk) over rolling one-month periods. To hedge against sharp declines in the U.S. stock market, each month, the Fund purchases U.S. exchange-listed protective "out of the money" put options on U.S. stock indices. The Fund's investment adviser, Cambria Investment Management, L.P. ("Cambria" or the "Adviser"), intends to spend approximately one percent of the Fund's total assets per month to purchase put options. Cambria generally targets put options in the 0% to 30% out of the money range. Buying a put option provides the purchaser the right to sell the underlying index to the put seller at a specified price within a specified time period. There is an associated cost (premium), but in the event the underlying index declines in value, ownership of the put may reduce the downside risk. In the event the market rises, the cost of the option might be lost. For example, if the Fund purchases a put option on the S&P 500 Index ("SPX Put"), the Fund pays a premium to the option seller, which decreases the Fund's return. If, however, the value of the S&P 500 Index falls below the SPX Put's strike price, the option finishes "in-the-money" and the option seller pays the Fund the difference between the strike price and the value of the S&P 500 Index. By employing the put option strategy, Cambria seeks growth with reduced volatility as compared to the cash and U.S. bonds.

    Cambria has implemented the put option strategy to attempt to provide protection from significant market declines on a month-by-month basis. The bulk of this protection comes in the form of put options on indices that track the performance of U.S. equity securities. Cambria generally intends to re-initiate new options positions that make up the put option position each month and reinvest any gains from these activities into U.S. bonds. Cambria also may, at its discretion, liquidate and establish new option positions intra-month, or liquidate option positions without establishing new positions. The put option strategy only includes exchange-listed put options.

    Risk [Heading] rr_RiskHeading PRINCIPAL RISKS
    Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

    An investment in the Fund involves risk. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. The Fund's principal risks are presented in alphabetical order to facilitate investors' ability to identify particular risks and compare them with the risks of other funds. Some or all of these risks may adversely affect the Fund's net asset value per share ("NAV"), trading price, yield, total return, and/or ability to meet its objective. There is no assurance that the Fund will achieve its investment objective. An investor may lose money by investing in the Fund. For more information about the risks of investing in the Fund, see the sections titled "Additional Information About the Funds' Risks" and "Additional Non-Principal Risk Information."

    Cash Redemption Risk. The Fund's investment strategy may require it to effect redemptions, in whole or in part, for cash. As a result, the Fund may pay out higher annual capital gain distributions and be less tax-efficient than if the in-kind redemption process was used exclusively. In addition, cash redemptions may incur higher brokerage costs than in-kind redemptions and these added costs may be borne by the Fund and negatively impact Fund performance.

    Cyber Security Risk. The Fund may be susceptible to operational and information security risks resulting from a breach in the Fund's cyber security, including cyber-attacks against the Fund, third-party service providers, market makers, Authorized Participants, or issuers of securities in which the Fund invests. A breach in cyber security, intentional or unintentional, may adversely impact the Fund in many ways, including, but not limited to, disruption of the Fund's operational capacity, loss of proprietary information, theft or corruption of data, denial-of-service attacks on websites or network resources, and the unauthorized release of confidential information.

    Derivatives Risk. Derivatives, such as put options, can be volatile, and a small investment in a derivative can have a large impact on the performance of the Fund as derivatives can result in losses in excess of the amount invested. Derivatives are financial instruments that derive their performance from an underlying reference asset, such as an index. The return on a derivative instrument may not correlate with the return of its underlying reference asset. Other risks of investments in derivatives include risks of default by the other party to the derivative transactions; risks that the transactions may result in losses that partially or completely offset gains in portfolio positions; and risks that the derivative transaction may not be liquid.

    Hedging Risk. Options used by the Fund to offset its exposure to tail risk or reduce volatility may not perform as intended. There can be no assurance that the Fund's put option strategy will be effective. It may expose the Fund to losses, e.g., option premiums, to which it would not have otherwise been exposed if it only invested in U.S. government bonds or U.S. government bond ETFs. Further, the put option strategy may not fully protect the Fund against declines in the value of its portfolio securities.

    Investment Risk. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. When you sell your Shares, they could be worth less than what you paid for them.

    Liquidity Risk. The Fund may purchase options and invest in other instruments that may be less liquid than other types of investments. The options purchased by the Fund may not always be liquid. This could have a negative effect on the Fund's ability to achieve its investment objective and may result in losses to Fund shareholders.

    Management Risk. The Fund is actively managed using proprietary investment strategies and processes. There can be no guarantee that these strategies and processes will be successful or that the Fund will achieve its investment objective.

    Options Risk. The value of the Fund's positions in options fluctuates in response to changes in the value of the underlying index. The Fund also risks losing all or part of the cash paid for purchasing put options. Because the Fund only purchases put options, the Fund's losses from its exposure to put options is limited to the amount of premiums paid to the option seller.

    Portfolio Turnover Risk. Because the Fund "turns over" its put options every month, the Fund will incur high levels of transaction costs from commissions or mark-ups in the bid/offer spread. Higher portfolio turnover may result in the Fund paying higher levels of transaction costs and generating greater tax liabilities for shareholders. Portfolio turnover risk may cause the Fund's performance to be less than you expect. While the turnover of the put options is not deemed "portfolio turnover" for accounting purposes, the economic impact to the Fund is similar to what could occur if the Fund experienced high portfolio turnover (e.g., in excess of 100% per year).

    Premium-Discount Risk. Shares may trade above (premium) or below (discount) their NAV. The market prices of Shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of, and demand for, Shares on the Exchange. This risk is heightened in times of market volatility or periods of steep market declines.

    Secondary Market Trading Risk. Investors buying or selling Shares in the secondary market may pay brokerage commissions or other charges, which may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of Shares. Although the Shares are listed on the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted.

    Risk Lose Money [Text] rr_RiskLoseMoney An investment in the Fund involves risk
    Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency
    Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading PERFORMANCE
    Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

    The following bar chart and table indicate the risks of investing in the Fund by showing how the Fund's average annual total returns compare with those of a relevant index that provides a broad measure of market performance. All returns include the reinvestment of dividends and distributions. As always, please note that the Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available at www.cambriafunds.com.

    Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following bar chart and table indicate the risks of investing in the Fund by showing how the Fund’s average annual total returns compare with those of a relevant index that provides a broad measure of market performance.
    Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.cambriafunds.com.
    Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture As always, please note that the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future
    Bar Chart [Heading] rr_BarChartHeading Total Annual Returns for Calendar Year Ended December 31
    Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

    As of July 31, 2019, the Fund's year-to-date total return was -10.78%.

    Best and Worst Quarter Returns (for the period reflected in the bar chart above)

    Best: 14.56%, for the quarter ended 12/31/2018

    Worst: -5.86%, for the quarter ended 9/30/2018

    Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns for the period ending December 31, 2018
    Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate Average annual total returns are shown on a before- and after-tax basis for the Fund. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
    Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans.
    Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock

    Average annual total returns are shown on a before- and after-tax basis for the Fund. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans.

    Cambria Tail Risk ETF | Cambria Tail Risk ETF  
    Prospectus [Line Items] rr_ProspectusLineItems  
    Management Fee: rr_ManagementFeesOverAssets 0.59%
    Distribution and/or Service (12b-1) fees: rr_DistributionAndService12b1FeesOverAssets none
    Other Expenses rr_OtherExpensesOverAssets none
    Total Annual Fund Operating Expenses: rr_ExpensesOverAssets 0.59%
    One Year: rr_ExpenseExampleYear01 $ 60
    Three Years: rr_ExpenseExampleYear03 189
    Five Years: rr_ExpenseExampleYear05 329
    Ten Years: rr_ExpenseExampleYear10 $ 738
    Annual Return 2018 rr_AnnualReturn2018 2.33%
    Year to Date Return, Label rr_YearToDateReturnLabel year-to-date total return
    Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Jul. 31, 2019
    Bar Chart, Year to Date Return rr_BarChartYearToDateReturn (10.78%)
    Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter
    Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Dec. 31, 2018
    Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 14.56%
    Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter
    Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2018
    Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (5.86%)
    Label rr_AverageAnnualReturnLabel Return Before Taxes
    1 Year rr_AverageAnnualReturnYear01 2.33%
    Since Inception rr_AverageAnnualReturnSinceInception (3.90%)
    Inception Date rr_AverageAnnualReturnInceptionDate Apr. 05, 2017
    Cambria Tail Risk ETF | Bloomberg Barclays U.S. Short Treasury Index  
    Prospectus [Line Items] rr_ProspectusLineItems  
    Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes Reflects no deduction for fees, expenses or taxes
    Label rr_AverageAnnualReturnLabel Bloomberg Barclays U.S. Short Treasury Index (Reflects no deduction for fees, expenses or taxes)
    1 Year rr_AverageAnnualReturnYear01 1.88%
    Since Inception rr_AverageAnnualReturnSinceInception 1.47%
    Inception Date rr_AverageAnnualReturnInceptionDate Apr. 05, 2017
    Cambria Tail Risk ETF | Return After Taxes on Distributions | Cambria Tail Risk ETF  
    Prospectus [Line Items] rr_ProspectusLineItems  
    Label rr_AverageAnnualReturnLabel Return After Taxes on Distributions
    1 Year rr_AverageAnnualReturnYear01 1.73%
    Since Inception rr_AverageAnnualReturnSinceInception (4.44%)
    Inception Date rr_AverageAnnualReturnInceptionDate Apr. 05, 2017
    Cambria Tail Risk ETF | Return After Taxes on Distributions and Sale of Fund Shares | Cambria Tail Risk ETF  
    Prospectus [Line Items] rr_ProspectusLineItems  
    Label rr_AverageAnnualReturnLabel Return After Taxes on Distributions and Sale of Fund Shares
    1 Year rr_AverageAnnualReturnYear01 1.45%
    Since Inception rr_AverageAnnualReturnSinceInception (3.38%)
    Inception Date rr_AverageAnnualReturnInceptionDate Apr. 05, 2017
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    Label Element Value
    Cambria Global Value ETF  
    Prospectus [Line Items] rr_ProspectusLineItems  
    Risk/Return [Heading] rr_RiskReturnHeading Cambria Global Value ETF
    Objective [Heading] rr_ObjectiveHeading INVESTMENT OBJECTIVE
    Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Fund seeks investment results that correspond (before fees and expenses) generally to the price and yield performance of its underlying index, the Cambria Global Value Index (the "Underlying Index").
    Expense [Heading] rr_ExpenseHeading FEES AND EXPENSES
    Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

    This table describes the fees and expenses that you may pay if you buy and hold Shares. You may also pay brokerage commissions on the purchase and sale of Shares, which are not reflected in the table.

    Operating Expenses Caption [Text] rr_OperatingExpensesCaption ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE VALUE OF YOUR INVESTMENT)
    Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading PORTFOLIO TURNOVER
    Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

    The Fund may pay transaction costs, including commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund's performance. For the fiscal year ended April 30, 2019, the Fund's portfolio turnover rate was 20% of the average value of its portfolio.

    Portfolio Turnover, Rate rr_PortfolioTurnoverRate 20.00%
    Expense Exchange Traded Fund Commissions [Text] rr_ExpenseExchangeTradedFundCommissions You may also pay brokerage commissions on the purchase and sale of Shares, which are not reflected in the table.
    Expense Example [Heading] rr_ExpenseExampleHeading EXAMPLE
    Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

    The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The example also assumes that the Fund provides a return of 5% a year and that the operating expenses remain the same. The example does not reflect any brokerage commissions that you may pay on purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

    Strategy [Heading] rr_StrategyHeading PRINCIPAL INVESTMENT STRATEGIES
    Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

    Under normal market conditions, the Fund will invest at least 80% of its total assets in the components of the Underlying Index and in depositary receipts representing components of the Underlying Index. The Underlying Index is comprised of equity securities of issuers located in developed and emerging countries, as well as exchange-traded funds composed of issuers located in such countries.

    To be eligible for inclusion in the Underlying Index, an issuer must be domiciled, trade in or have exposure to a market that is undervalued, according to various valuation metrics including the cyclically adjusted price-to-earnings ratio, commonly known as the "CAPE Shiller P/E ratio." These valuation metrics are derived by dividing the current market value of a reference index or asset by an inflation-adjusted normalized factor (typically earnings, book value, dividends, cash flows or sales) over the past seven to 10 years. The Underlying Index uses systematic quantitative screens to attempt to avoid overvalued markets on both a relative and absolute level. Although securities in the Underlying Index may be denominated in either the U.S. dollar or other currencies and may include securities of companies in any industry and may be of any market capitalization, the Underlying Index is weighted based only on publicly available data and includes screens to limit its country, sector and industry concentration to seek to ensure its liquidity and investability. Other screens also will exclude as components any foreign issuers whose securities are highly restricted or illegal for U.S. persons to own, including due to the imposition of sanctions by the U.S. Government. At least 40% of the Underlying Index is expected to be composed of securities of issuers located in at least three countries (including the United States).

    The Fund employs a "passive management" — or indexing — investment approach and seeks to track the performance of the Underlying Index. To track the performance of the Underlying Index, the Fund intends to employ a replication strategy, which means that the Fund will typically invest in substantially all of the components of the Underlying Index in approximately the same weights as they appear in the Underlying Index.

    The Fund may invest up to 20% of its net assets in instruments not included in the Underlying Index, but which the Fund's investment adviser, Cambria Investment Management, L.P. ("Cambria" or the "Adviser"), believes will help the Fund track the Underlying Index. For example, there may be instances in which Cambria may choose to purchase or sell securities not in the Underlying Index which Cambria believes are appropriate to substitute for one or more such securities.

    The Underlying Index was developed by Cambria Indices, LLC (the "Index Provider"), an affiliate of Cambria, and is calculated by Solactive, AG, which is not affiliated with the Fund or Cambria. The Index Provider rebalances and reconstitutes the Underlying Index yearly. To the extent that the Underlying Index concentrates (i.e., holds 25% or more of its total assets) in the securities of a particular industry or group of industries, the Fund is expected to concentrate to approximately the same extent. As of July 31, 2019, the Fund and the Underlying Index were concentrated in the financial services sector and had significant exposure to companies in the energy and materials sectors.

    Strategy Portfolio Concentration [Text] rr_StrategyPortfolioConcentration Under normal market conditions, the Fund will invest at least 80% of its total assets in the components of the Underlying Index and in depositary receipts representing components of the Underlying Index. In addition, to the extent that the Underlying Index concentrates (i.e., holds 25% or more of its total assets) in the securities of a particular industry or group of industries, the Fund is expected to concentrate to approximately the same extent. As of July 31, 2019, the Fund and the Underlying Index were concentrated in the financial services sector and had significant exposure to companies in the energy and materials sectors.
    Risk [Heading] rr_RiskHeading PRINCIPAL RISKS
    Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

    An investment in the Fund involves risk. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. The Fund's principal risks are presented in alphabetical order to facilitate investors' ability to identify particular risks and compare them with the risks of other funds. Some or all of these risks may adversely affect the Fund's net asset value per share ("NAV"), trading price, yield, total return, and/or ability to meet its objective. There is no assurance that the Fund will achieve its investment objective. An investor may lose money by investing in the Fund. For more information about the risks of investing in the Fund, see the sections titled "Additional Information About the Funds' Risks" and "Additional Non-Principal Risk Information."

    Cash Redemption Risk. The Fund's investment strategy may require it to effect redemptions, in whole or in part, for cash. As a result, the Fund may pay out higher annual capital gain distributions and be less tax-efficient than if the in-kind redemption process was used exclusively. In addition, cash redemptions may incur higher brokerage costs than in-kind redemptions and these added costs may be borne by the Fund and negatively impact Fund performance.

    Concentration Risk. To the extent the Underlying Index is concentrated in a particular industry or group of industries, the Fund is also expected to be concentrated in that industry or group of industries. As a result, the Fund may be susceptible to loss due to adverse occurrences affecting that industry or group of industries. As of July 31, 2019, the Fund and the Underlying Index were concentrated in the financial services sector and had significant exposure to companies in the energy and materials sectors.

    Energy Sector Risk. The energy sector includes, for example, oil, gas, and consumable fuel companies. Energy companies can be substantially impacted by, among other things, the volatility of oil prices, worldwide supply and demand, worldwide economic growth, and political instability in oil or gas producing regions such as the Middle East and Eastern Europe.

    Financial Services Sector Risk. Performance of companies in the financial services sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted.

    Materials Sector Risk. Issuers in the materials sector may be adversely affected by commodity price volatility, exchange rates, import controls, increased competition, depletion of resources, technical progress, labor relations and government regulations, among other factors. Issuers in the materials sector may be liable for environmental damage and product liability claims. Production of materials may exceed demand as a result of market imbalances or economic downturns, leading to poor investment returns.

    Cyber Security Risk. The Fund may be susceptible to operational and information security risks resulting from a breach in the Fund's cyber security, including cyber-attacks against the Fund, third-party service providers, market makers, Authorized Participants, or issuers of securities in which the Fund invests. A breach in cyber security, intentional or unintentional, may adversely impact the Fund in many ways, including, but not limited to, disruption of the Fund's operational capacity, loss of proprietary information, theft or corruption of data, denial-of-service attacks on websites or network resources, and the unauthorized release of confidential information.

    Depositary Receipts Risk. The risks of investments in depositary receipts are substantially similar to the risks of investing directly in foreign securities. In addition, depositary receipts may not track the price of or may be less liquid than their underlying foreign securities, and the value of depositary receipts may change materially at times when the U.S. markets are not open for trading.

    Dividend Paying Security Risk. Securities that pay high dividends as a group can fall out of favor with the market, causing these companies to underperform companies that do not pay high dividends. Also, changes in the dividend policies of companies owned by the Fund and the capital resources available for these companies' dividend payments may adversely affect the Fund.

    Emerging Markets Risk. Emerging market investments are subject to the same risks as foreign investments and to additional risks due to greater political and economic uncertainties as well as a relative lack of information about issuers in such markets. Securities of emerging market issuers may become illiquid and be subject to volatility and high transaction costs.

    Equity Investing Risk. The values of equity securities could decline generally or could underperform other investments due to factors affecting a specific issuer, market or securities markets generally.

    Exchange-Traded Funds and Investment Companies Risk. The risks of investing in securities of ETFs and investment companies typically reflect the risks of the types of instruments in which the underlying ETF or investment company invests. In addition, with such investments, the Fund bears its proportionate share of the fees and expenses of the underlying entity. As a result, the Fund's operating expenses may be higher and performance may be lower.

    Foreign Investment Risk. Returns on investments in foreign securities could be more volatile than, or trail the returns on, investments in U.S. securities. Exposures to foreign securities entail special risks, including risks due to: (i) differences in information available about foreign issuers; (ii) differences in investor protection standards in other jurisdictions; (iii) capital controls risks, including the risk of a foreign jurisdiction imposing restrictions on the ability to repatriate or transfer currency or other assets; (iv) political, diplomatic and economic risks; (v) regulatory risks; and (vi) foreign market and trading risks, including the costs of trading and risks of settlement in foreign jurisdictions. In addition, the Fund's investments in securities denominated in other currencies could decline due to changes in local currency relative to the value of the U.S. dollar, which may affect the Fund's returns.

    Geographic Investment Risk. To the extent the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region. As of July 31, 2019, the Fund invested a significant portion of its assets in securities of companies in Europe.

    Europe Risk. The Economic and Monetary Union of the European Union ("EU") requires compliance with restrictions on inflation rates, deficits, interest rates, debt levels and fiscal and monetary controls, each of which may significantly affect every country in Europe. Decreasing imports or exports, changes in governmental or EU regulations on trade, changes in the exchange rate of the euro, the default or threat of default by an EU member country on its sovereign debt, and/or an economic recession in an EU member country may have a significant adverse effect on the economies of EU member countries and their trading partners. In addition, the United Kingdom has voted in a referendum to leave the EU. Although it remains unclear what the potential consequences of Brexit may be, the economies of Europe and the United Kingdom, as well as the broader global economy, could be significantly impacted by Brexit, which may result in lower economic growth and increased volatility and illiquidity across global markets.

    International Closed-Market Trading Risk. Because the Fund's investments may be traded in markets that are closed when the Exchange is open, there are likely to be deviations between the current pricing of an underlying investment and stale investment pricing (i.e., the last quote from its closed foreign market), resulting in premiums or discounts to NAV that may be greater than those experienced by other ETFs.

    Investment Risk. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. When you sell your Shares they could be worth less than what you paid for them.

    Large Capitalization Company Risk. The Fund's investments in large capitalization companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.

    Market Events Risk. Turbulence in the financial markets and reduced liquidity in the equity markets may negatively affect issuers, which could have an adverse effect on the Fund. In addition, there is a risk that policy changes by the U.S. Government, Federal Reserve and/or other government actors, such as increasing interest rates, could cause increased volatility in financial markets and higher levels of Fund redemptions, which could have a negative impact on the Fund. In a declining stock market, stock prices for all companies (including those in the Fund's portfolio) may decline, regardless of their long-term prospects.

    Passive Investment Risk. The Fund is managed with a passive investment strategy, attempting to track the performance of the Underlying Index. As a result, the Fund expects to hold components of the Underlying Index regardless of their current or projected performance. Maintaining investments regardless of market conditions or the performance of individual investments could cause the Fund's return to be lower than if the Fund employed an active strategy.

    Premium-Discount Risk. Shares may trade above (premium) or below (discount) their NAV. The market prices of Shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of, and demand for, Shares on the Exchange. This risk is heightened in times of market volatility or periods of steep market declines.

    Quantitative Security Selection Risk. The Underlying Index's use of quantitative techniques to determine whether securities should be included in the Underlying Index can be adversely affected if it relies on erroneous or outdated data. In addition, the quantitative model may be or become flawed, and factors that affect a security's value can change over time and these changes may not be reflected in the quantitative model. The Underlying Index uses quantitative techniques to determine whether securities should be included in the Underlying Index, and the Underlying Index may not perform as intended if it relies on erroneous or outdated data from one or more third parties. Errors in data used in the quantitative model may occur from time to time and may not be identified and/or corrected before having an adverse impact on the Fund and its shareholders.

    Secondary Market Trading Risk. Investors buying or selling Shares in the secondary market may pay brokerage commissions, which may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of Shares. Although the Shares are listed on the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted.

    Small and Medium Capitalization Company Risk. Investing in securities of small and medium capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies' securities may be more volatile and less liquid than those of more established companies, and they may be more sensitive to market conditions.

    Tracking Error Risk. Although the Fund attempts to track the performance of the Underlying Index, the Fund may not be able to duplicate its exact composition or return due to, among other things, fees and expenses paid by the Fund that are not reflected in the Underlying Index. If the Fund is small, it may experience greater tracking error to its Underlying Index than it otherwise would at higher asset levels.

    Value Investment Risk. Value investments are subject to the risk that their intrinsic value may never be realized by the market. Value investments tend to underperform in growth markets.

    Risk Lose Money [Text] rr_RiskLoseMoney An investment in the Fund involves risk
    Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency
    Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading PERFORMANCE
    Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

    The following bar chart and table indicate the risks of investing in the Fund by showing how the Fund's average annual total returns compare with those of the Index as well as a relevant index that provides a broad measure of market performance. All returns include the reinvestment of dividends and distributions. As always, please note that the Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available at www.cambriafunds.com.

    Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following bar chart and table indicate the risks of investing in the Fund by showing how the Fund’s average annual total returns compare with those of the Index as well as a relevant index that provides a broad measure of market performance.
    Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.cambriafunds.com
    Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture As always, please note that the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.
    Bar Chart [Heading] rr_BarChartHeading Total Annual Returns for Calendar Year Ended December 31
    Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

    As of July 31, 2019, the Fund's year-to-date total return was 11.83%.

    Best and Worst Quarter Returns (for the period reflected in the bar chart above)

    Best: 9.01%, for the quarter ended 9/30/2016

    Worst: -9.03%, for the quarter ended 9/30/2015

    Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns for the period ending December 31, 2018
    Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate Average annual total returns are shown on a before- and after-tax basis for the Fund. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
    Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans.
    Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock

    Average annual total returns are shown on a before- and after-tax basis for the Fund. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans.

    Cambria Global Value ETF | Cambria Global Value ETF  
    Prospectus [Line Items] rr_ProspectusLineItems  
    Management Fee: rr_ManagementFeesOverAssets 0.59%
    Distribution and/or Service (12b-1) fees: rr_DistributionAndService12b1FeesOverAssets none
    Other Expenses rr_OtherExpensesOverAssets 0.10%
    Custodial Expenses: rr_Component1OtherExpensesOverAssets 0.10%
    Total Annual Fund Operating Expenses: rr_ExpensesOverAssets 0.69%
    One Year: rr_ExpenseExampleYear01 $ 70
    Three Years: rr_ExpenseExampleYear03 221
    Five Years: rr_ExpenseExampleYear05 384
    Ten Years: rr_ExpenseExampleYear10 $ 859
    Annual Return 2015 rr_AnnualReturn2015 (7.44%)
    Annual Return 2016 rr_AnnualReturn2016 16.14%
    Annual Return 2017 rr_AnnualReturn2017 28.75%
    Annual Return 2018 rr_AnnualReturn2018 (13.46%)
    Year to Date Return, Label rr_YearToDateReturnLabel year-to-date total return
    Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Jul. 31, 2019
    Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 11.83%
    Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter
    Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Sep. 30, 2016
    Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 9.01%
    Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter
    Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2015
    Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (9.03%)
    Label rr_AverageAnnualReturnLabel Return Before Taxes
    1 Year rr_AverageAnnualReturnYear01 (13.46%)
    Since Inception rr_AverageAnnualReturnSinceInception (0.67%)
    Inception Date rr_AverageAnnualReturnInceptionDate Mar. 11, 2014
    Cambria Global Value ETF | Cambria Global Value Index  
    Prospectus [Line Items] rr_ProspectusLineItems  
    Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes Reflects no deduction for fees, expenses or taxes
    Label rr_AverageAnnualReturnLabel Cambria Global Value Index (Reflects no deduction for fees, expenses or taxes)
    1 Year rr_AverageAnnualReturnYear01 (12.07%)
    Since Inception rr_AverageAnnualReturnSinceInception 0.46%
    Inception Date rr_AverageAnnualReturnInceptionDate Mar. 11, 2014
    Cambria Global Value ETF | MSCI ACWI Index  
    Prospectus [Line Items] rr_ProspectusLineItems  
    Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes Reflects no deduction for fees, expenses or taxes
    Label rr_AverageAnnualReturnLabel MSCI ACWI Index (Reflects no deduction for fees, expenses or taxes)
    1 Year rr_AverageAnnualReturnYear01 (8.93%)
    Since Inception rr_AverageAnnualReturnSinceInception 4.91%
    Inception Date rr_AverageAnnualReturnInceptionDate Mar. 11, 2014
    Cambria Global Value ETF | Return After Taxes on Distributions | Cambria Global Value ETF  
    Prospectus [Line Items] rr_ProspectusLineItems  
    Label rr_AverageAnnualReturnLabel Return After Taxes on Distributions
    1 Year rr_AverageAnnualReturnYear01 (13.52%)
    Since Inception rr_AverageAnnualReturnSinceInception (1.17%)
    Inception Date rr_AverageAnnualReturnInceptionDate Mar. 11, 2014
    Cambria Global Value ETF | Return After Taxes on Distributions and Sale of Fund Shares | Cambria Global Value ETF  
    Prospectus [Line Items] rr_ProspectusLineItems  
    Label rr_AverageAnnualReturnLabel Return After Taxes on Distributions and Sale of Fund Shares
    1 Year rr_AverageAnnualReturnYear01 (7.12%)
    Since Inception rr_AverageAnnualReturnSinceInception (0.50%)
    Inception Date rr_AverageAnnualReturnInceptionDate Mar. 11, 2014
    XML 48 R15.htm IDEA: XBRL DOCUMENT v3.19.2
    Label Element Value
    Cambria Value and Momentum ETF  
    Prospectus [Line Items] rr_ProspectusLineItems  
    Risk/Return [Heading] rr_RiskReturnHeading Cambria Value and Momentum ETF
    Objective [Heading] rr_ObjectiveHeading INVESTMENT OBJECTIVE
    Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

    The Fund seeks income and capital appreciation from investments in the U.S. equity market.

    Expense [Heading] rr_ExpenseHeading FEES AND EXPENSES
    Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

    This table describes the fees and expenses that you may pay if you buy and hold Shares. You may also pay brokerage commissions on the purchase and sale of Shares, which are not reflected in the table.

    Operating Expenses Caption [Text] rr_OperatingExpensesCaption ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE VALUE OF YOUR INVESTMENT)
    Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading PORTFOLIO TURNOVER
    Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

    The Fund may pay transaction costs, including commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. For the fiscal year ended April 30, 2019, the Fund's portfolio turnover rate was 89% of the average value of its portfolio.

    Expense Exchange Traded Fund Commissions [Text] rr_ExpenseExchangeTradedFundCommissions You may also pay brokerage commissions on the purchase and sale of Shares, which are not reflected in the table.
    Expense Example [Heading] rr_ExpenseExampleHeading EXAMPLE
    Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

    The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The example also assumes that the Fund provides a return of 5% a year and that the operating expenses remain the same. The example does not reflect any brokerage commissions that you may pay on purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

    Strategy [Heading] rr_StrategyHeading PRINCIPAL INVESTMENT STRATEGIES
    Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

    The Fund will seek to achieve its investment objective by investing, under normal market conditions, at least 80% of the value of the Fund's net assets in U.S. exchange-listed equity securities that are undervalued according to various valuation metrics, including the cyclically adjusted price-to-earnings ratio, commonly known as the "CAPE Shiller P/E ratio." For the purposes of this policy, the Fund may invest in investments that provide exposure to such securities. These valuation metrics are derived by dividing the current market value of a reference index or asset by an inflation-adjusted normalized factor (typically earnings, book value, dividends, cash flows or sales) over the past seven to ten years. The Fund's investment adviser, Cambria Investment Management, L.P. ("Cambria" or the "Adviser"), intends to employ systematic quantitative strategies in an effort to avoid overvalued and downtrending markets.

    In attempting to avoid overvalued and downtrending markets, the Fund may hedge up to 100% of the value of the Fund's long portfolio. The Fund may use derivatives, including U.S. exchange-traded stock index futures or options thereon, to attempt to effectuate such hedging during times when Cambria believes that the U.S. equity market is overvalued from a valuation standpoint, or Cambria's models identify unfavorable trends and momentum in the U.S. equity market. During certain periods, including to collateralize the Fund's investments in futures contracts, the Fund may invest up to 20% of the value of its net assets in U.S. dollar and non-U.S. dollar denominated money market instruments or other high quality debt securities, or ETFs that invest in these instruments.

    The Fund may invest in securities of companies in any industry, but will limit the maximum allocation to any particular sector to 25%. Although the Fund generally expects to invest in companies with larger market capitalizations, the Fund may also invest in small- and mid-capitalization companies. Filters will be implemented to screen for companies that pass sector concentration and liquidity requirements. Screens also will exclude foreign issuers whose securities are highly restricted or illegal for U.S. persons to own, including due to the imposition of sanctions by the U.S. Government.

    Cambria will utilize a quantitative model that combines value and momentum factors to identify which securities the Fund may purchase and sell and opportune times for purchases and sales. The Fund will look to allocate to the top performing value stocks based on value factors as well as absolute and relative momentum. Value will typically be measured on a longer time horizon (five to ten years) than momentum (typically less than one year).

    The Fund may invest in U.S. exchange-listed preferred stocks. Preferred stocks include convertible and non-convertible preferred and preference stocks that are senior to common stock. The Fund may also invest in U.S. exchange-listed real estate investment trusts ("REITs") and engage in short sales of securities.

    Cambria has discretion on a daily basis to actively manage the Fund's portfolio in accordance with the Fund's investment objective. The Fund may sell a security when Cambria believes that the security is overvalued or better investment opportunities are available, to invest in cash and cash equivalents, or to meet redemptions. Cambria expects to rebalance to target allocations monthly. As a result, the Fund may experience high portfolio turnover.

    As of July 31, 2019, the Fund was concentrated in the financial services sector and had significant exposure to companies in the consumer discretionary sector.

    Strategy Portfolio Concentration [Text] rr_StrategyPortfolioConcentration Under normal market conditions, at least 80% of the value of the Fund's net assets in U.S. exchange-listed equity securities that are undervalued according to various valuation metrics, including the cyclically adjusted price-to-earnings ratio, commonly known as the "CAPE Shiller P/E ratio." For the purposes of this policy, the Fund may invest in investments that provide exposure to such securities. As of July 31, 2019, the Fund was concentrated in the financial services sector and had significant exposure to companies in the consumer discretionary sector.
    Risk [Heading] rr_RiskHeading PRINCIPAL RISKS
    Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

    An investment in the Fund involves risk. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. The Fund's principal risks are presented in alphabetical order to facilitate investors' ability to identify particular risks and compare them with the risks of other funds. Some or all of these risks may adversely affect the Fund's net asset value per share ("NAV"), trading price, yield, total return, and/or ability to meet its objective. There is no assurance that the Fund will achieve its investment objective. An investor may lose money by investing in the Fund. For more information about the risks of investing in the Fund, see the sections titled "Additional Information About the Funds' Risks" and "Additional Non-Principal Risk Information."

    Cash Redemption Risk. The Fund's investment strategy may require it to effect redemptions, in whole or in part, for cash. As a result, the Fund may pay out higher annual capital gain distributions and be less tax-efficient than if the in-kind redemption process was used exclusively. In addition, cash redemptions may incur higher brokerage costs than in-kind redemptions and these added costs may be borne by the Fund and negatively impact Fund performance.

    Cyber Security Risk. The Fund may be susceptible to operational and information security risks resulting from a breach in the Fund's cyber security, including cyber-attacks against the Fund, third-party service providers, market makers, Authorized Participants, or issuers of securities in which the Fund invests. A breach in cyber security, intentional or unintentional, may adversely impact the Fund in many ways, including, but not limited to, disruption of the Fund's operational capacity, loss of proprietary information, theft or corruption of data, denial-of-service attacks on websites or network resources, and the unauthorized release of confidential information.

    Derivatives Risk. Derivatives, such as futures and options, can be volatile, and a small investment in a derivative can have a large impact on the performance of the Fund as derivatives can result in losses in excess of the amount invested. Other risks of investments in derivatives include that the transactions may result in losses that partially or completely offset gains in portfolio positions and that the derivative transaction may not be liquid.

    Dividend Paying Security Risk. Securities that pay high dividends as a group can fall out of favor with the market, causing these companies to underperform companies that do not pay high dividends. Also, changes in the dividend policies of companies owned by the Fund and the capital resources available for these companies' dividend payments may adversely affect the Fund.

    Equity Investing Risk. The values of equity securities could decline generally or could underperform other investments due to factors affecting a specific issuer, market or securities markets generally.

    Exchange-Traded Funds and Investment Companies Risk. The risks of investing in securities of ETFs and other investment companies typically reflect the risks of the types of instruments in which the underlying ETF or investment company invests. In addition, with such investments, the Fund bears its proportionate share of the fees and expenses of the underlying entity. As a result, the Fund's operating expenses may be higher and performance may be lower.

    Futures Contracts Risk. Risks associated with the use of futures contracts include the following: (i) an imperfect correlation between movements in prices of index futures contracts and movements in the value of the stock index that the instrument is designed to simulate; and (ii) the possibility of an illiquid secondary market for a futures contract and the resulting inability to close a position prior to its maturity date. Investments in futures may expose the Fund to leverage.

    Investment Risk. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. When you sell your Shares, they could be worth less than what you paid for them.

    Large Capitalization Company Risk. The Fund's investments in large capitalization companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.

    Leveraging Risk. Certain of Fund's investments may expose the Fund to leverage, causing the Fund's value to be more volatile.

    Management Risk. The Fund is actively managed using proprietary investment strategies and processes. There can be no guarantee that these strategies and processes will be successful or that the Fund will achieve its investment objective.

    Market Events Risk. Turbulence in the financial markets and reduced liquidity in the equity markets may negatively affect issuers, which could have an adverse effect on the Fund. In addition, there is a risk that policy changes by the U.S. Government, Federal Reserve and/or other government actors, such as increasing interest rates, could cause increased volatility in financial markets and higher levels of Fund redemptions, which could have a negative impact on the Fund. In a declining stock market, stock prices for all companies (including those in the Fund's portfolio) may decline, regardless of their long-term prospects.

    Momentum Investing Risk. 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. High momentum may also be a sign that the securities' prices have peaked. Momentum can turn quickly and cause significant variation from other types of investments. The Fund may experience significant losses if momentum stops, turns or otherwise behaves differently than predicted.

    Options Risk. The prices of options may change rapidly over time and do not necessarily move in tandem with the price of the underlying securities. Options may expire unexercised, causing the Fund to lose the premium paid for them.

    Portfolio Turnover Risk. The Fund's strategy may result in high portfolio turnover rates, which may increase the Fund's brokerage commission costs and negatively impact the Fund's performance. Such portfolio turnover also may generate net short-term capital gains.

    Premium-Discount Risk. Shares may trade above (premium) or below (discount) their NAV. The market prices of Shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of, and demand for, Shares on the Exchange. This risk is heightened in times of market volatility or periods of steep market declines.

    Quantitative Security Selection Risk. Cambria uses quantitative techniques to generate investment decisions and its processes and stock selection, and the Fund may not perform as intended if it relies on erroneous or outdated data from one or more third parties. Errors in data used in the quantitative model may occur from time to time and may not be identified and/or corrected before having an adverse impact on the Fund and its shareholders.

    Real Estate Investments Risk. The Fund is subject to the risks related to investments in real estate, including declines in the real estate market, decreases in property revenues, increases in interest rates, increases in property taxes and operating expenses, legal and regulatory changes, a lack of credit or capital, defaults by borrowers or tenants, environmental problems and natural disasters.

    REIT Risk. In addition to the risks associated with the real estate industry, REITs are subject to additional risks, including those related to adverse governmental actions and the potential failure to qualify for tax-free pass through of income and exemption from registration as an investment company. REITs are dependent upon specialized management skills and may invest in relatively few properties, a small geographic area or a small number of property types. As a result, investments in REITs may be volatile. REITs are pooled investment vehicles with their own fees and expenses and the Fund will indirectly bear a proportionate share of those fees and expenses.

    Secondary Market Trading Risk. Investors buying or selling Shares in the secondary market may pay brokerage commissions, which may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of Shares. Although the Shares are listed on the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted.

    Sector Concentration Risk. To the extent that the Fund's investments are concentrated in a particular sector, the Fund may be susceptible to loss due to adverse occurrences affecting that sector. As of July 31, 2019, the Fund was concentrated in the financial services sector and had significant exposure to companies in the consumer discretionary sector.

    Consumer Discretionary Sector Risk. The success of consumer product manufacturers and retailers is tied closely to the performance of the overall domestic and international economy, interest rates, competitive and consumer confidence. Success depends heavily on disposable household income and consumer spending. Changes in demographics and consumer tastes can also affect the demand for, and success of, consumer products in the marketplace.

    Financial Services Sector Risk. Performance of companies in the financial services sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted.

    Short Sale Risk. If a security is sold short and subsequently has to be bought back at a higher price, the Fund will realize a loss on the transaction. The amount of loss on a short sale is potentially unlimited because there is no limit on the price a shorted security might attain (as compared to a long position, where the maximum loss is the amount invested). The use of short sales may increase the Fund's exposure to the market, and may increase losses and the volatility of returns.

    Small and Medium Capitalization Company Risk. Investing in securities of small and medium capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies' securities may be more volatile and less liquid than those of more established companies, and they may be more sensitive to market conditions.

    Value Investment Risk. Value investments are subject to the risk that their intrinsic value may never be realized by the market. Value investments tend to underperform in growth markets.

    Risk Lose Money [Text] rr_RiskLoseMoney An investment in the Fund involves risk
    Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency
    Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading PERFORMANCE
    Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

    The following bar chart and table indicate the risks of investing in the Fund by showing how the Fund's average annual total returns compare with those of a relevant index that provides a broad measure of market performance. All returns include the reinvestment of dividends and distributions. As always, please note that the Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available at www.cambriafunds.com.

    Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following bar chart and table indicate the risks of investing in the Fund by showing how the Fund’s average annual total returns compare with those of a relevant index that provides a broad measure of market performance.
    Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.cambriafunds.com.
    Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture As always, please note that the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.
    Bar Chart [Heading] rr_BarChartHeading Total Annual Returns for Calendar Year Ended December 31
    Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

    As of July 31, 2019, the Fund's year-to-date total return was -6.70%.

    Best and Worst Quarter Returns (for the period reflected in the bar chart above)

    Best: 6.25%, for the quarter ended 9/30/2017

    Worst: -12.26%, for the quarter ended 12/31/2018

    Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns for the period ending December 31, 2018
    Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate Average annual total returns are shown on a before- and after-tax basis for the Fund. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
    Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans.
    Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock

    Average annual total returns are shown on a before- and after-tax basis for the Fund. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans.

    Cambria Value and Momentum ETF | Cambria Value and Momentum ETF  
    Prospectus [Line Items] rr_ProspectusLineItems  
    Management Fee: rr_ManagementFeesOverAssets 0.59%
    Distribution and/or Service (12b-1) fees: rr_DistributionAndService12b1FeesOverAssets none
    Other Expenses rr_OtherExpensesOverAssets 0.05%
    Total Annual Fund Operating Expenses: rr_ExpensesOverAssets 0.64%
    One Year: rr_ExpenseExampleYear01 $ 65
    Three Years: rr_ExpenseExampleYear03 205
    Five Years: rr_ExpenseExampleYear05 357
    Ten Years: rr_ExpenseExampleYear10 $ 798
    Annual Return 2016 rr_AnnualReturn2016 3.79%
    Annual Return 2017 rr_AnnualReturn2017 5.69%
    Annual Return 2018 rr_AnnualReturn2018 (11.56%)
    Year to Date Return, Label rr_YearToDateReturnLabel year-to-date total return
    Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Jul. 31, 2019
    Bar Chart, Year to Date Return rr_BarChartYearToDateReturn (6.70%)
    Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter
    Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Sep. 30, 2017
    Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 6.25%
    Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter
    Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2018
    Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (12.26%)
    Label rr_AverageAnnualReturnLabel Return Before Taxes
    1 Year rr_AverageAnnualReturnYear01 (11.56%)
    Since Inception rr_AverageAnnualReturnSinceInception (3.06%)
    Inception Date rr_AverageAnnualReturnInceptionDate Sep. 08, 2015
    Cambria Value and Momentum ETF | S&P 500 Index  
    Prospectus [Line Items] rr_ProspectusLineItems  
    Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes Reflects no deduction for fees, expenses or taxes
    Label rr_AverageAnnualReturnLabel S&P 500 Index (Reflects no deduction for fees, expenses or taxes)
    1 Year rr_AverageAnnualReturnYear01 (4.38%)
    Since Inception rr_AverageAnnualReturnSinceInception 9.79%
    Inception Date rr_AverageAnnualReturnInceptionDate Sep. 08, 2015
    Cambria Value and Momentum ETF | Return After Taxes on Distributions | Cambria Value and Momentum ETF  
    Prospectus [Line Items] rr_ProspectusLineItems  
    Label rr_AverageAnnualReturnLabel Return After Taxes on Distributions
    1 Year rr_AverageAnnualReturnYear01 (11.72%)
    Since Inception rr_AverageAnnualReturnSinceInception (3.21%)
    Inception Date rr_AverageAnnualReturnInceptionDate Sep. 08, 2015
    Cambria Value and Momentum ETF | Return After Taxes on Distributions and Sale of Fund Shares | Cambria Value and Momentum ETF  
    Prospectus [Line Items] rr_ProspectusLineItems  
    Label rr_AverageAnnualReturnLabel Return After Taxes on Distributions and Sale of Fund Shares
    1 Year rr_AverageAnnualReturnYear01 (7.12%)
    Since Inception rr_AverageAnnualReturnSinceInception (2.45%)
    Inception Date rr_AverageAnnualReturnInceptionDate Sep. 08, 2015
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