FYLD

The investment 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"). 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 fund may invest up to 20% of its net assets in instruments not included in the underlying index. The underlying index is comprised of equity securities of issuers in developed foreign markets.