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Tuesday, 12/08/2020 1:16:05 AM

Tuesday, December 08, 2020 1:16:05 AM

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Cambria Cannabis ETF (TOKE)

Summary Prospectus

September 1, 2020

Listed on CBOE BZX Exchange, Inc.

Before you invest, you may want to review the Fund’s Prospectus, which contains more information about the Fund and its
risks. You can find the Fund’s Prospectus, Statement of Additional Information, shareholder reports, and other information
about the Fund online at www.cambriafunds.com/toke. You can also get this information at no cost by calling 855-ETF-INFO
(383-4636) or by sending an e-mail request to info@cambriafunds.com. The Fund’s Prospectus and Statement of Additional
Information, both dated September 1, 2020, as each may be amended or supplemented, are incorporated by reference into this
Summary Prospectus.

Beginning on January 1, 2021, as permitted by regulations adopted by the SEC, paper copies of the Fund’s shareholder reports
will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary
(such as a broker-dealer or bank). Instead, the reports will be available on the Fund’s website (www.cambriafunds.com), and
you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not
take any action. You may elect to receive shareholder reports and other communications from the Fund electronically anytime
by contacting your financial intermediary.
You may elect to receive all future reports in paper free of charge. Please contact your financial intermediary to request to
continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds
held in your account.

FUND SUMMARY
Cambria Cannabis ETF
Investment Objective

The Fund seeks capital appreciation from investments in the global equity markets that have exposure to the broad cannabis
industry.

Fees and Expenses

This table describes the fees and expenses that you may pay if you buy, hold and sell Shares. You may pay other fees, such
as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.
Annual Fund Operating Expenses (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE
VALUE OF YOUR INVESTMENT)
Management Fee:......................................................................................................................................................... 0.59%
Distribution and/or Service (12b-1) fees: .................................................................................................................... 0.00%
Other Expenses: ........................................................................................................................................................... 0.00%
Total Annual Fund Operating Expenses: ..................................................................................................................... 0.59%
Less Fee Waiver: .......................................................................................................................................................... (0.17)%
Total Annual Fund Operating Expenses After Fee Waiver:* ....................................................................................... 0.42%

* The Fund’s investment adviser has agreed to waive 17 basis points (0.17%) of its management fees for the Fund until at least
August 31, 2021. This agreement may be terminated only by, or with the consent of, the Trust’s Board of Trustees.

Example

The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other
funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your
Shares at the end of those periods. The example also assumes that the Fund provides a return of 5% a year and that operating
expenses remain the same. The example does not reflect any brokerage commissions that you may pay on purchases and sales
of Shares.

Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
One Year: Three Years: Five Years: Ten Years:
$43 $189 $329 $738

Portfolio Turnover

The Fund may pay transaction costs, including commissions, when it buys and sells securities (or “turns over” its portfolio).
A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a
taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund’s
performance. For the fiscal period July 24, 2019 (commencement of operations) through April 30, 2020, the Fund’s portfolio
turnover rate was 4% of the average value of its portfolio.

Principal Investment Strategies

The Fund seeks to achieve its investment objective by investing, under normal market conditions, primarily in global equity
securities that provide a broad exposure to the cannabis industry. Equity securities that provide broad exposure to the cannabis
industry include companies that (i) engage in or support the legal production, cultivation, and/or sale of cannabis, including
marijuana and hemp, such as certain agrobusiness, biotechnology, life sciences, pharmaceutical, retail, finance, and real estate
companies, (ii) perform lawful research as to the medical and pharmaceutical applications of marijuana and cannabis extracts,
including cannabinoids, or (iii) produce and develop devices, goods, and equipment related to the cannabis industry, including
hemp and its legal derivatives (collectively, “Cannabis Companies”).

As the cannabis industry matures over time, Cambria
Investment Management, L.P., the Fund’s investment adviser (“Cambria”), expects that the industry will grow and crossover
with other established industries such as tobacco, food, alcohol, medicine, tourism, and personal care, and the definition of
Cannabis Company will evolve as new business lines and products develop. Under the Farm Bill of 2018, hemp is defined as
being derived from cannabis plants and plant parts that contain 0.3% or less of tetrahydrocannabinol (THC), the psychoactive
agent found in marijuana, in their leaves and flowering heads. Hemp is commonly used to produce textiles, paper products,
rope, and construction materials, and legal derivatives of hemp, such as hemp seeds, hemp seed oil and hemp seed protein, can
be used in food products, cosmetics, plastics, and biofuel.

Cannabinoids, such as THC and cannabidiol (CBD), are chemical
compounds found in the cannabis plant that may be used in lawful research and the development of prescription drugs.
To be identified as a Cannabis Company, Cambria must determine that a company derives a significant portion (i.e., at least
50%) of its revenue or profits from the legal sale, cultivation, production, or provision of cannabis-related products, services,
or research. The Fund will only invest in publicly-traded Cannabis Companies that operate in a jurisdiction where the Cannabis
Companies’ cannabis-related business activities are legal under the national and local laws of the relevant jurisdiction, including
U.S. federal and state laws. Further, the Fund will only invest in Cannabis Companies listed and traded on a national securities
exchange that requires compliance with all laws, rules and regulations applicable to their business, including U.S. federal
law.

Accordingly, the Fund does not currently (directly or indirectly) invest in Cannabis Companies located in the U.S. if
their cannabis-related business activities are illegal under U.S. federal law, even if such activities are legal under state law. If
U.S. federal law changes in the future and these cannabis-related business activities become legal at the federal level, the Fund
will begin investing in these U.S.-listed Cannabis Companies in accordance with the Fund’s investment objective and principal
investment strategy.

Under normal market conditions, at least 80% of the value of the Fund’s net assets (plus borrowings for investment purposes)
will be invested in Cannabis Companies. The Fund generally expects to invest in Cannabis Companies across a broad market
capitalization spectrum of micro-, small-, and mid-capitalization stocks. While the Fund will target investing in approximately
20 to 50 of the top Cannabis Companies based on Cambria’s determination as to their exposure to the cannabis industry, the
quantity of holdings in the Fund will be based on a number of factors, including the asset size of the Fund and the number
of companies that satisfy Cambria’s quantitative measurements at any one time.

Filters will be implemented to screen for
companies that pass various market capitalization, and liquidity requirements. The Fund expects to concentrate (hold more
than 25% of) its assets in Cannabis Companies domiciled or principally traded in Canada and invest a significant portion of
its assets in Cannabis Companies domiciled or principally traded in Australia, Europe or Asia.

The Fund’s portfolio will be rebalanced periodically, but no less frequently than annually, to meet Cambria’s internal target
allocations, which are developed pursuant to Cambria’s quantitative strategy. If, after acquiring a Cannabis Company’s securities,
Cambria identifies or becomes aware that the company no longer meets the Fund’s definition of Cannabis Companies, the
Fund will promptly sell that position. The Fund may sell a security when Cambria believes that the security is overvalued or
better investment opportunities are available, to invest in cash and cash equivalents, or to meet redemptions.

Principal Risks

An investment in the Fund involves risk. The Fund’s principal risks are presented below in alphabetical order to facilitate
investors’ ability to find particular risks and compare them with the risks of other funds. Each risk summarized below is
considered a “principal risk” of investing in the Fund, regardless of the order in which it appears. Some or all of these risks
may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield, total return, and/or ability to meet its
objective. There is no assurance that the Fund will achieve its investment objective. An investor may lose money by investing
in the Fund. For more information about the risks of investing in the Fund, see the sections titled “Additional Information


About the Funds’ Risks” and “Additional Non-Principal Risk Information.”
Cannabis Industry Risk. Cannabis Companies are subject to various laws and regulations that may differ at the local and
federal level. These laws and regulations may significantly affect a Cannabis Company’s ability to secure financing, impact the
market for cannabis industry sales and services, and set limitations on marijuana use, production, transportation, and storage.
Cannabis Companies may also be required to secure permits and authorizations from government agencies to cultivate or
research marijuana. In addition, Cannabis Companies are subject to the risks associated with the agricultural, biotechnology,
and pharmaceutical industries. The Fund only invests in publicly-traded Cannabis Companies primarily listed and traded on a
national securities exchange that operates in a jurisdiction where the Cannabis Companies’ cannabis-related business activities
are legal under the national and local laws of the relevant jurisdiction, including U.S. federal and state laws.
U.S. Regulation of Marijuana. Although the medical use of marijuana is legal in more than half of the states as
well as the District of Columbia and non-medical use of marijuana is legal in ten states and the District of Columbia,
the possession and use of marijuana remains illegal under U.S. federal law.

In addition, pronouncements from the
current Administration suggest the Department of Justice (“DOJ”) may push back against states where marijuana use
and possession is legal, step up the enforcement of federal marijuana laws and the prosecution of nonviolent federal
drug crimes, and seek to overturn the Rohrabacher-Blumenauer amendment to the federal spending bill. Such actions
by the DOJ could produce a chilling effect on the industry’s growth and discourage banks from servicing Cannabis
Companies and/or serving as custodian for this Fund. This conflict between the regulation of marijuana under federal
and state law creates volatility and risk for all Cannabis Companies. In particular, the stepped up enforcement of
marijuana laws by the federal government would adversely affect the value of the Fund’s U.S. investments, if any,
as well as the Fund’s future ability to invest in Cannabis Companies primarily listed and traded on a U.S. national
securities exchange and/or engaged in cannabis-related businesses in the U.S. Cannabis Companies that engage in
medical or pharmaceutical research or the production and distribution of controlled substances such as marijuana
must be registered with the Drug Enforcement Administration (“DEA”) to perform such activities. Further, the DEA
has no obligation to ever issue such registration to cannabis or marijuana products.

Non-U.S. Regulation of Marijuana. Laws and regulations related to the possession, use (medical or recreational),
sale, transport and cultivation of marijuana vary throughout the world. These laws and regulations are subject to
change and may have a significant impact on the operations of a Cannabis Company.

Such operations may be legal
under current law, but may be illegal in the future if the applicable law changes to prohibit marijuana-related activities
vital to the company’s business.
Sector Risk. To the extent that the Fund invests a significant portion of its assets in a particular economic sector, the Fund may
be susceptible to loss due to adverse occurrences affecting that sector.
Consumer Staples Sector Risk. The consumer staples sector includes, for example, food and drug retail and
companies whose primary lines of business are food, beverage and other household items, including agricultural
products.

This sector can be significantly affected by, among other things, changes in price and availability of
underlying commodities, rising energy prices and global and economic conditions.

Health Care Sector Risk.

The health care sector includes, for example, biotechnology, pharmaceutical, health care
facilities, and health care equipment and supply companies. This sector can be significantly affected by, among other
things, lapsing patent protection, technological developments that make drugs obsolete, government regulation, price
controls, and approvals for drugs.

Cyber Security Risk.

The Fund, and its service providers, may be susceptible to operational and information security risks
resulting from a breach in cyber security, including cyber-attacks. A breach in cyber security, intentional or unintentional,
may adversely impact the Fund in many ways, including, but not limited to, disruption of the Fund’s operational capacity, loss
of proprietary information, theft or corruption of data, denial-of-service attacks on websites or network resources, and the
unauthorized release of confidential information. Cyber-attacks affecting the Fund’s third-party service providers, including
Cambria, the custodian, and the transfer agent, market makers, Authorized Participants, or the issuers of securities in which the
Fund invests may subject the Fund to many of the same risks associated with direct cyber security breaches.

Emerging Markets Risk.

Emerging market investments are subject to the same risks as foreign investments and to additional
risks due to greater political and economic uncertainties as well as a relative lack of information about issuers in such markets.
Securities of emerging market issuers may become illiquid and be subject to volatility and high transaction costs.
Equity Investing Risk. The values of equity securities could decline generally or could underperform other investments due
to factors affecting a specific issuer, market or securities markets generally.

Foreign Investment Risk.

Returns on investments in foreign securities could be more volatile than, or trail the returns on,
investments in U.S. securities. Exposures to foreign securities entail special risks, including risks due to: (i) differences in
information available about foreign issuers; (ii) differences in investor protection standards in other jurisdictions; (iii) capital
controls risks, including the risk of a foreign jurisdiction imposing restrictions on the ability to repatriate or transfer currency
or other assets; (iv) political, diplomatic and economic risks; (v) regulatory risks; and (vi) foreign market and trading risks,
including the costs of trading and risks of settlement in foreign jurisdictions. In addition, the Fund’s investments in securities
denominated in other currencies could decline due to changes in local currency relative to the value of the U.S. dollar, which
may affect the Fund’s returns.

Geographic Investment Risk.

To the extent the Fund invests a significant portion of its assets in the securities of companies
of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region. The Fund
expects to invest a significant portion of its assets in the securities of companies in Canada and the United Kingdom.

Canada Risk.

Changes to the U.S. economy may significantly affect the Canadian economy because the U.S. is
Canada’s largest trading partner and foreign investor. The economy of Canada is also heavily dependent on the
demand for natural resources and agricultural products. Accordingly, a change in the supply and demand of these
resources, both in Canada and worldwide, can have a significant effect on Canadian market performance. Conditions
that weaken demand for its products worldwide could have a negative impact on the Canadian economy as a whole.

United Kingdom Risk.

The United Kingdom trades heavily with other European countries and the United States and
may be impacted by changes to the economic health of their key trading partners. The United Kingdom also relies
heavily on the export of financial services. Accordingly, a downturn in the financial services sector may have an
adverse impact on the United Kingdom’s economy. In January 2020, the United Kingdom formally exited the EU. It
remains unclear how withdrawal negotiations will be concluded and what the potential consequences of Brexit may
be, but the economies of the UK and Europe, as well as the broader global economy, could be significantly impacted
by Brexit, which may result in lower economic growth and increased volatility and illiquidity across global markets.

International Closed-Market Trading Risk.

Because the Fund’s investments may be traded in markets that are closed when
the Exchange is open, there are likely to be deviations between the current pricing of an underlying investment and stale
investment pricing (i.e., the last quote from its closed foreign market), resulting in premiums or discounts to NAV that may be
greater than those experienced by other ETFs.

Investment Risk.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit
Insurance Corporation or any other government agency. When you sell your Shares, they could be worth less than what you
paid for them.

Management Risk.

The Fund is actively managed using proprietary investment strategies and processes. There can be no
guarantee that these strategies and processes will be successful or that the Fund will achieve its investment objective.

Market Events Risk.

Turbulence in the financial markets, reduced liquidity in the equity markets, and/or the advent of
certain economic or political events, including global events such as war, acts of terrorism or a public health crisis, may
negatively affect issuers, which could have an adverse effect on the Fund. In addition, there is a risk that policy changes by
the U.S. Government, Federal Reserve and/or other government actors, such as increasing interest rates, could cause increased
volatility in financial markets and higher levels of Fund redemptions, which could have a negative impact on the Fund.
Recent Events. The respiratory illness COVID-19 caused by a novel coronavirus has resulted in a global pandemic
and major disruption to economies and markets around the world, including the United States. Financial markets have
experienced extreme volatility and severe losses, and trading in many instruments has been disrupted. Liquidity for
many instruments has been greatly reduced for periods of time. Some interest rates are very low and in some cases
yields are negative. Some sectors of the economy and individual issuers have experienced particularly large losses.
These circumstances may continue for an extended period of time, and may continue to affect adversely the value and
liquidity of the Fund’s investments.

Micro Capitalization Company Risk.

In addition to the risks associated with investing in small and medium capitalization companies, set forth below, micro capitalization companies are more vulnerable to adverse economic events and poor business
conditions than larger, more established companies. The earnings and revenue of micro capitalization companies tend to be
less predictable, and their securities are generally less liquid and subject to greater and more unpredictable price changes.
Premium-Discount Risk. The Shares may trade above (premium) or below (discount) their net asset value (or “NAV”). The
market prices of Shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of, and
demand for, Shares on the Exchange. This risk is heightened in times of market volatility or periods of steep market declines.

Quantitative Security Selection Risk.

Cambria uses quantitative techniques to generate investment decisions and its processes
and stock selection, and the Fund may not perform as intended if it relies on erroneous or outdated data from one or more third
parties. Errors in data used in the quantitative model may occur from time to time and may not be identified and/or corrected
before having an adverse impact on the Fund and its shareholders.

Secondary Market Trading Risk.

Investors buying or selling Shares in the secondary market may pay brokerage commissions
or other charges, which may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of
Shares. In addition, secondary market investors will also incur a bid/ask spread, which varies over time for Shares based on
trading volume and market liquidity and is generally higher if Shares have little trading volume and market liquidity. Although
the Shares are listed on the Exchange, there can be no assurance that an active or liquid trading market for them will develop or
be maintained. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying
portfolio holdings, which can be significantly less liquid than Shares. In addition, trading in Shares on the Exchange may be
halted.

Small and Medium Capitalization Company Risk.

Investing in securities of small and medium capitalization companies
involves greater risk than customarily is associated with investing in larger, more established companies. These companies’
securities may be more volatile and less liquid than those of more established companies, and they may be more sensitive to
market conditions.

Performance

Performance information will be available in the Prospectus after the Fund has been in operation for one full calendar year.
When provided, the information will provide some indication of the risks of investing in the Fund by showing how the
Fund’s average annual returns compare with a broad measure of market performance. As always, please note that the Fund’s
past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated
performance will be available at www.cambriafunds.com.
Investment Adviser

Cambria Investment Management, L.P. serves as the investment adviser of the Fund.

Portfolio Manager

Mebane T. Faber is the portfolio manager for the Fund and has managed the Fund since its inception in July 2019.

Purchase and Sale of Fund Shares

Individual Shares are listed on a national securities exchange and may only be purchased and sold in the secondary market
through a broker-dealer at a market price. Because Shares trade at market prices rather than NAV, Shares may trade at a
price greater than NAV (at a “premium”) or less than NAV (at a “discount”). An investor may incur costs attributable to the
difference between the highest price a buyer is willing to pay to purchase Shares (bid) and the lowest price a seller is willing
to accept for Shares (ask) when buying and selling Shares in the secondary market (the “bid/ask spread”). Recent information
regarding the Fund, including its NAV, market price, premiums and discounts, and bid/ask spreads, is available on the Fund’s
website at www.cambriafunds.com.

Tax Information

Distributions you receive from the Fund are generally taxable to you as ordinary income for federal income tax purposes,
except that distributions will be taxed to you at long-term capital gain rates to the extent reported by the Fund as “capital
gain dividends” or “qualified dividend income,” and may also be subject to state or local taxes. Fund distributions may not be
taxable to you if you are investing through a tax-advantaged retirement plan account or are a tax-exempt investor, although you
may be taxed on withdrawals from your tax-advantaged account.
Purchases Through Broker-Dealers and Other Financial Intermediaries
If you purchase Shares through a broker-dealer or other financial intermediary, the Fund and its related companies may pay
the intermediary for the sale of Shares and related services. These payments may create a conflict of interest by influencing the
broker-dealer or other intermediary and your salesperson to recommend Shares over another investment. Ask your salesperson
or visit your financial intermediary’s website for more information.