CAMBRIA ETF TRUST TACTICAL YIELD ETF

Cambria Tactical Yield ETF targets a universe of global fixed income securities and REITs, and seeks to invest based on yield spreads relative to U.S. Treasury Bills. When various sectors of the universe have historically narrow yield spreads relative to U.S. Treasury Bills, TYLD intends to invest up to 100% of its portfolio in U.S. Treasury Bills. When certain sectors of the universe demonstrate historically high wide yield spreads, TYLD intends to invest in those various fixed income sectors.