One-Time Opportunity to Contribute Appreciated Securities Ahead of Launch

Cambria Investment Management, an innovator in quantitative investment strategies and tax-aware solutions, and ETF Architect, a trusted partner for fund managers launching ETFs and known for its operational excellence, today announced the anticipated launch of the Cambria US EW ETF (USEW), anticipated to begin trading on December 18, 2025, on NASDAQ.

USEW will offer investors exposure to large capitalization US equities with an expense ratio of 0.25%. By avoiding market-capitalization weighting, which can result in overconcentration in the largest and often most expensive companies, the fund takes a balanced approach designed to reduce concentration risk and enhance diversification. Building on the success of Cambria's existing ETF lineup, USEW represents Cambria's latest solution for long-term investors seeking diversified, tax-aware, and transparent public market access.

The fund will also feature a unique 351 ETF exchange component, enabling investors to contribute highly appreciated securities to USEW in exchange for ETF shares, without triggering immediate capital gains taxes. Structured under Section 351 of the Internal Revenue Code, the transaction can allow for tax-deferred portfolio reallocation, providing an efficient way for investors to transition concentrated holdings into a broadly diversified US equity vehicle while preserving unrealized gains.

"Due to the market’s run-up over the last several years, many investors are trapped in concentrated positions in stocks that have become too large a portion of their portfolios," said Meb Faber, Founder and Chief Investment Officer of Cambria. "The USEW 351 ETF Exchange solves this problem by enabling investors to rebalance into diversified large-cap exposure tax-efficiently. It's a compelling vehicle for investors looking to reduce concentration risk without triggering immediate, unnecessary tax consequences."

Participation in the 351 ETF exchange window closes November 19, 2025, and requires advance coordination and documentation. Additional resources, the contribution window, onboarding schedule, and key documentation deadlines are detailed at www.cambriafunds.com/351 and interested investors can reach out to Cambria's team at 351@cambriainvestments.com for more information.

USEW will join Cambria's growing family of ETFs, which includes ENDW, TAX, and GEW, all launched in partnership with ETF Architect and featuring the 351 structure. Cambria currently manages 19 ETFs with over $3.2 billion in assets under management as of 10/31/2025.

About Cambria

Cambria Investment Management, LP ("Cambria" or the "Company") is a 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. Cambria investment portfolios and ETFs cover equity-focused strategies, global asset allocation, tail risk, hedged equity, and thematic strategies. The firm manages multiple ETFs with over $3 billion in assets under management including Cambria Shareholder Yield ETF (SYLD), Cambria Foreign Shareholder Yield ETF (FYLD), Cambria Global Value ETF (GVAL), Cambria Global Momentum ETF (GMOM), Cambria Global Asset Allocation ETF (GAA), Cambria Emerging Shareholder Yield ETF (EYLD), Cambria Value and Momentum ETF (VAMO), Cambria Tail Risk ETF (TAIL), Cambria Trinity ETF (TRTY), Cambria Cannabis ETF (TOKE), Cambria Global Real Estate ETF (BLDG), Cambria Micro and Small Cap Shareholder Yield ETF (MYLD), Cambria Tactical Yield ETF (TYLD), Cambria Chesapeake Pure Trend ETF (MFUT), Cambria Large Cap Shareholder Yield ETF (LYLD), Cambria Tax Aware ETF (TAX), Cambria Fixed Income Trend ETF (CFIT), Cambria Endowment Style ETF (ENDW), Cambria Global EW ETF (GEW), and Cambria US Equal Weight ETF (USEW).

About ETF Architect

ETF Architect is on a mission to help ETF sponsors win by delivering an affordable, easy-to-use, and transparent solution. Via their EA Series Trust, the firm partners with fund managers (hedge, mutual, SMA), registered investment advisors (RIAs), and family offices who want to leverage the material tax and operational efficiencies of the ETF structure. The firm currently manages over $22.5 billion in assets across 86 different ETFs.

To determine if this Fund is an appropriate investment for you, carefully consider the Fund's investment objectives, risk factors, charges and expense before investing. This and other information can be found in the Fund's full or summary prospectus which may be obtained by calling 855-383-4636 (ETF INFO) or visiting our website at www.cambriafunds.com. Read the prospectus carefully before investing or sending money.

The Cambria ETFs are distributed by ALPS Distributors Inc., 1290 Broadway, Suite 1000, Denver, CO 80203, which is not affiliated with Cambria Investment Management, LP, the Investment Adviser for the Fund.

Investing involves risk, including potential loss of capital.

There is no guarantee that a Fund will achieve its investment goal. Investing involves risk, including the possible loss of principal. The Fund employs an equal-weighted investment strategy, which may result in higher portfolio turnover and increased transaction costs compared to market-capitalization-weighted strategies. This approach may also lead to greater exposure to smaller companies within the large cap universe, which typically exhibit higher volatility and may be less liquid than the largest companies. International investing may involve risk of capital loss from unfavorable fluctuations in currency values, from differences in generally accepted accounting principles, or from economic or political instability in other nations. Investments in smaller companies typically exhibit higher volatility. Narrowly focused funds typically exhibit higher volatility.

There is no guarantee dividends will be paid. Diversification may not protect against market loss.

USEW is actively managed.

USEW is not currently available, the anticipated launch date is December 18, 2025.

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