Cambria Investment Management LP

Item 5. Fees and Compensation

The Cambria Trust Funds

Pursuant to an advisory agreement between Cambria and the Cambria Trust, the Cabria Shareholder
Yield ETF, the Cambria Foreign Shareholder Yield ETF, the Cambria Global Value ETF, the Cambria Global
Momentum ETF, the Cambria Value and Momentum ETF, , the Cambria Emerging Shareholder Yield ETF,
the Cambria Tail Risk ETF, the Cambria Cannabis ETF, the Cambria Global Real Estate ETF, the Cambria
Micro and Small Cap ETF, the Cambria Tactical Yield ETF, and the Cambria Large Cap Shareholder Yield
ETF pay Cambria an advisory fee at an annualized rate of 0.59%. Cambria has agreed to waive 0.17% of
its management fee for the Cannabis ETF until at least August 31, 2025, and this agreement may be
terminated only by, or with the consent of, the Board of Trustees of the Cambria ETF Trust. The net
management fee received by Cambria from the Cannabis Fund resulting from this waiver is 0.42% per
annum. Cambria’s advisory fee from each respective Cambria Trust Fund is calculated daily and paid
monthly, based on its average daily net assets. Potential investors should review the appropriate
Cambria Trust Fund’s prospectus and Statement of Additional Information (“SAI”) for additional

information on Cambria’s compensation.

Pursuant to an advisory agreement between Cambria and the Cambria Trust, the Cambria Fixed Income
Trend ETF pay Cambria an advisory fee at an annualized rate of 0.49%.

Cambia does not receive a management fee from the Cambria Global Asset Allocation ETF and the
Cambria Trinity ETF, however it may receive management fees indirectly from the affiliated Cambria
Funds in which the Global Asset Allocation ETF and the Trinity ETF may invest.

Cambria Digital Advisor Accounts

With respect to accounts on the Betterment Platform, Cambria does not charge a management fee for
services provided to the Cambria Digital Advisor Accounts. Betterment charges a technology platform fee
equal to 0.15% per annum, to be charged and collected in accordance with the Advisory Agreement entered
into between the Custodian and the Cambria Digital Advisor Account client. Cambria Trust Funds account
for approximately 40%-75% of the composition of the Trinity Portfolios, depending upon which of the
six Trinity Portfolios is selected by the client. Cambria will receive its respective management fee as the
adviser to the Cambria Trust Funds, resulting from clients’ underlying investment allocations to Cambria
Trust Funds through each respective Trinity Portfolio.

Trinity for Advisors

With respect to the Trinity for Advisors program, Cambria provides model portfolios and does not charge
a portfolio management fee in connection with the Trinity portfolios. Investors who participate in the
Trinity for Advisors program may pay additional fees or expenses, depending on the underlying platform
through which they participate in the Trinity for Advisors program. Such additional fees and expenses
may include, but are not limited to, advisory fees assessed by their financial advisor, technology platform
fees that may be assessed by third-party advisors or investment platforms, trading fees (which may vary
depending on the investor’s choice of custodian, and fees on the underlying investments that comprise
the Trinity portfolios, some of which are Cambria Trust Funds (which is how Cambria receives revenue
under the arrangement). Cambria Trust Funds account for approximately 40%-75% of the composition
of the Trinity Portfolios offered through the Trinity for Advisors program, depending upon which of the six
Trinity Portfolios is selected by the advisor. Cambria will receive its respective management fee, as the
adviser to the Cambria Trust Funds, resulting from the underlying investment allocations to Cambria
Trust Funds in the Trinity Portfolio selected by the advisor.

Sub-Advisory Services

Where Cambria has entered into a sub-advisory investment agreement(s) with third-party or registered
open-end ETFs, the nature of the services provided by Cambria to such ETFs, as well as compensation
received from such ETFs for providing sub-advisory services, are described in the investment sub-
advisory agreements entered into with such ETFs as well as in the registration statements of each
respective third-party ETF.

General Disclosure

Accounts that invest in ETFs also pay, indirectly, investment advisory fees to the managers of those ETFs.
The management fees paid indirectly by clients investing in such ETFs are described further in each
underlying ETF’s registration statements.

Cambria believes that its fees are competitive with fees charged by other investment advisers for
comparable services. Comparable services may be available, however, from other sources for lower fees.

Each account is responsible for its own costs and expenses, including trading costs and expenses (such
as brokerage commissions, clearing and settlement charges), ongoing legal, accounting and
bookkeeping fees and expenses, and the fees and expenses charged by any fund administrator for its
accounting, bookkeeping and other services. Cambria bears its own operating, general, administrative

and overhead costs and expenses, other than the expenses described above.

Item 7. Types of Clients

Cambria provides investment advice to the Cambria Trust Funds and Cambria Digital Advisor
Accounts. Cambria requires a minimum of $100,000 to open a Cambria Digital Advisor Account,
however Cambria, at its sole discretion, may waive this minimum.

Cambria Digital Advisor Account Management Agreements require:

    •   Cambria Digital Advisor Account clients that are subject to the Employee Retirement Income Security
        Act of 1974, as amended (“ERISA”), will obtain and maintain for the period of their Agreement any
        bond for fiduciaries required by ERISA section 412, and will include Cambria among those covered by
        such bond.

    •   If a Cambria Digital Advisor Account client is subject to ERISA, the client has independently
        determined that the retention of Cambria by the client satisfies all applicable requirements of
        ERISA section 404(a)(1), if any, including the “prudent man” standards of ERISA section
        404(a)(1)(B) and the “diversification” standard of ERISA section 404(a)(1)(C).

    •   If a Cambria Digital Advisor Account client is subject to ERISA or is an owner-only retirement plan
        or account, client has independently determined that the retention of Cambria by client will not
        be a non-exempt prohibited transaction under any provision of ERISA section 406, if applicable, or
        section 4975(c)(1) of the Internal Revenue Code of 1986, as amended. The undersigned
        authorized signatory for client has requested and received all information from Cambria that the
        undersigned, after due inquiry, considered relevant to such determinations. The undersigned has
        taken into account that (A) there is a risk of a loss of the Cambria Digital Advisor Account, (B) the
        Cambria Digital Advisor Account may be relatively illiquid, and (C) funds so invested may not be
        readily available for the payment of employee benefits (if client is an employee benefit plan) or to
        client's beneficial owner (if client is an owner-only retirement plan or account). Taking into account
        these and all other factors relating to retention of Cambria by client, the undersigned has concluded
        that the retention of Cambria by client constitutes an appropriate part of client’s overall investment
        program.

    •   If a Cambria Digital Advisor Account client is subject to ERISA or is an owner-only retirement plan
        or account, client will notify Cambria, in writing, of (A) any termination, substantial contraction,
        merger or consolidation of client, or transfer of its assets to any other employee benefit plan or
        retirement account, (B) any amendment to the organizing documents of client or any related
        instrument that materially affects the activities of Cambria contemplated hereunder or the
        authority of any named fiduciary or investment manager to authorize client investments or
        retention of investment advisers and (C) any alteration in the identity of any named fiduciary
        or investment manager, including itself, who has the authority to approve client investments.

    •   If a Cambria Digital Advisor Account client is subject to ERISA, and in accordance with ERISA
        sections 405(c)(1), 405(c)(2) and 405(d), or is an owner-only retirement plan or account, client
        acknowledges that the fiduciary responsibilities of Cambria and any officer, director, employee
        or agent of Cambria shall be limited to his, her or its duties in managing the Cambria Digital
        Advisor Account, and Cambria shall not be responsible for any other duties with respect to client
        (specifically including evaluating the initial or continued appropriateness of client’s retention
        of Advisor, including under ERISA section 404(a)(1)), if applicable.

With respect to the Trinity for Advisors program, Cambria provides investment models to unaffiliated third-
party investment advisors, who in turn, may recommend that their underlying clients invest in one of the

Cambria Trinity portfolios, represented by the models provided by Cambria. Underlying clients of the
unaffiliated third-party advisors who invest through the Trinity for Advisors program are not clients of
Cambria. The management of the underlying client account will be handled by each investor’s respective
investment advisor, not by Cambria.

As noted above, with respect to Sub-Advisory Services, Cambria provides services to third-party
exchange-traded funds ("ETFs) where the Cambria contracts with an unaffiliated investment adviser or
investment fund manager (“Primary Adviser”) to provide investment advice on a discretionary or non-
discretionary basis. These services can be provided through pooled investment vehicles, model
portfolios, and separately managed accounts. The specific services are defined in the sub-advisory
contracts. As sub-adviser, Cambria is subject to the on-going oversight of the Primary Adviser and the
approval and oversight of the ETF’s Board, as applicable.