SYLD

The fund is actively managed and seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its total assets in equity securities, including common stock, issued by U. S.-based publicly listed companies that provide high "shareholder yield." Its investment adviser, Cambria Investment Management, L. P. ("Cambria" or the "Adviser"), defines "shareholder yield" as the totality of returns realized by an investor from a company’s cash payments for dividends, buybacks and debt paydowns.