Cambria Global Tail Risk ETF

Cboe: FAIL

The Cambria Global Tail Risk ETF seeks to mitigate significant downside market risk. The Fund intends to invest in a portfolio of out of the money put options purchased on broad ex-U.S. stock markets. FAILs strategy offers the potential advantage of buying more puts when volatility is low and fewer puts when volatility is high. While a portion of the funds assets will be invested in the basket of long put option premiums, the majority of fund assets will be invested in intermediate term US Treasuries and TIPS, as well as short and intermediate term ex-U.S. sovereign bonds. As the fund is designed to be a hedge against market declines and rising volatility, Cambria expects the fund to produce negative returns in most years with rising markets or declining volatility.

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About Cambria Investment Management

Cambria Investment Management, LP ("Cambria" or the "Company") is a SEC registered investment advisor that was formed in 2006. Cambria is an independent, privately owned investment advisory firm focused on quantitative asset management and alternative investments. The Company's mission is to preserve and grow capital by producing above-average absolute returns with low correlation to traditional assets and manageable risk. The investment portfolios span from conservative low volatility to aggressive high volatility market products.

Cambria believes that any single style or approach that relies on subjective methods can be inconsistent over time, may bias the investment process, and potentially hinder performance. Global diversification through asset allocation, coupled with prudent risk management, is the foundation of Cambria's investment philosophy.

http://www.cambriafunds.com/