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Trending ETFs

Name

As of 05/24/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Cambria Global Tail Risk ETF

FAIL | Active ETF

$16.47

$2.53 M

9.03%

$1.49

0.71%

Vitals

YTD Return

-6.9%

1 yr return

-12.0%

3 Yr Avg Return

-9.7%

5 Yr Avg Return

-6.2%

Net Assets

$2.53 M

Holdings in Top 10

97.7%

52 WEEK LOW AND HIGH

$16.6
$16.44
$19.78

Expenses

OPERATING FEES

Expense Ratio 0.71%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A


Min Investment

Standard (Taxable)

N/A

IRA

N/A


Fund Classification

Fund Type

Exchange Traded Fund


Name

As of 05/24/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Cambria Global Tail Risk ETF

FAIL | Active ETF

$16.47

$2.53 M

9.03%

$1.49

0.71%

FAIL - Profile

Distributions

  • YTD Total Return -6.9%
  • 3 Yr Annualized Total Return -9.7%
  • 5 Yr Annualized Total Return -6.2%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio N/A
DIVIDENDS
  • Dividend Yield 9.0%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name
    Cambria Global Tail Risk ETF
  • Fund Family Name
    CAMBRIA INVESTMENT MANAGEMENT, LP
  • Inception Date
    Feb 22, 2016
  • Shares Outstanding
    N/A
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Mebane Faber

Fund Description

The Fund is actively managed and seeks to achieve its investment objective by providing a hedge against a significant negative movement of global ex-U.S. equities. The Fund pursues its objective by (i) investing in cash, U.S. government bonds, including U.S. Treasuries and Treasury inflation-protected securities (TIPS), ex-U.S. sovereign bonds, and U.S.-listed exchange traded funds (“ETFs”) that invest primarily in U.S. Treasuries, TIPS or ex-U.S. sovereign bonds and (ii) utilizing a put option strategy to manage the risk of a significant negative movement in the value of global ex-U.S. equities (commonly referred to as tail risk) over rolling one-month periods. Under normal market conditions, the Fund’s bond portfolio invests at least 40% of its total assets in investment grade, intermediate U.S. treasuries and TIPS and at least 40% of its total assets in ex-U.S. sovereign bonds, including investment grade and non-investment grade bonds issued by developed and emerging market governments with short and intermediate durations. The Fund’s investment adviser, Cambria Investment Management, L.P. (“Cambria” or the “Adviser”), seeks to allocate assets in the Fund’s bond portfolio broadly across these various bond markets and hold a diversified bond portfolio that offsets the cost of option premiums, but does not actively manage the Fund’s bond portfolio. To hedge against sharp declines in the global ex-U.S. stock markets, each month, the Fund purchases U.S. exchange-listed protective “at the money” or “out of the money” put options on (i) stock indices that broadly cover developed ex-U.S. markets and emerging markets or (ii) U.S.-listed ETFs that track these broad global ex-U.S. equity markets.

Cambria intends to spend approximately one percent of the Fund’s total assets per month to purchase put options. Buying a put option provides the purchaser the right to sell the underlying asset (index or ETF) to the put seller at a specified price (the “strike price”) within a specified time period. Cambria generally targets put options in the 0% to 30% out of the money range. If a put option is 30% out of the money, the put option’s strike price is 30% below the value of the underlying asset. If a put option is at the money (i.e., 0% out of the money), the put option’s strike price is equal to the value of the underlying asset. If the value of the underlying asset is below the strike price, the put option is considered to be “in the money”.

There is an associated cost (premium) with the purchase of an option, but in the event the underlying asset declines in value below the strike price and the holder exercises the option, the holder will be entitled to receive the difference between the value of the underlying asset and the strike price (which gain is offset by the premium originally paid by the holder). Accordingly, if the underlying asset declines in value, ownership of the put option may reduce the downside risk associated with the underlying asset. In the event the value of the underlying asset closes above the strike price as of the expiration date, the put option may end up worthless and the premium paid for the option might be lost. For example, if the Fund purchases a put option on the MSCI Emerging Markets Index (“MXEF” and, its put option, a “MXEF Put”), the Fund pays a premium to the option seller, which decreases the Fund’s return. If, however, the price of the MXEF falls below the MXEF Put’s strike price, the option finishes in the money and the option seller pays the Fund the difference between the strike price of the MXEF Put and the price of the MXEF.

Cambria has implemented the put option strategy to attempt to provide protection from significant global ex-U.S. equity market declines on a month-by-month basis. The bulk of this protection comes in the form of put options on indices or ETFs that track the performance of global ex-U.S. equity markets. When selecting put options, Cambria does not seek out put options that cover specific ex-U.S. markets that it expects to underperform; rather, Cambria selects put options that broadly cover the stock markets of both ex-U.S. developed countries and emerging market nations. Cambria generally intends to re-initiate new options positions that make up the put option position each month and reinvest any gains from these activities into intermediate-term U.S. government bonds, including U.S. Treasuries and TIPS, ex-U.S. sovereign bonds, and ETFs that invest primarily in these types of bonds. Cambria also may, at its discretion, liquidate and establish new option positions intra-month, or liquidate option positions without establishing new positions when Cambria deems that doing so would be beneficial to the Fund, such as when an option is significantly in the money or significantly out of the money. The put option strategy only includes exchange-listed put options.

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FAIL - Performance

Return Ranking - Trailing

Period FAIL Return Category Return Low Category Return High Rank in Category (%)
YTD -6.9% -52.9% 764.6% 24.82%
1 Yr -12.0% -78.3% 690.5% 52.17%
3 Yr -9.7%* -91.2% 68.1% 29.41%
5 Yr -6.2%* -71.9% 30.3% 26.36%
10 Yr N/A* -68.1% 2.7% N/A

* Annualized

Return Ranking - Calendar

Period FAIL Return Category Return Low Category Return High Rank in Category (%)
2023 -10.2% -91.3% 117.2% 88.97%
2022 -5.3% -100.0% 39.6% 11.68%
2021 -19.8% -78.2% 102.0% 19.71%
2020 5.4% -36.6% 351.8% 59.40%
2019 2.2% -11.7% 8.4% 9.38%

Total Return Ranking - Trailing

Period FAIL Return Category Return Low Category Return High Rank in Category (%)
YTD -6.9% -75.6% 764.6% 9.22%
1 Yr -12.0% -78.3% 690.5% 52.17%
3 Yr -9.7%* -91.2% 68.1% 29.41%
5 Yr -6.2%* -71.9% 30.3% 26.36%
10 Yr N/A* -68.1% 2.7% N/A

* Annualized

Total Return Ranking - Calendar

Period FAIL Return Category Return Low Category Return High Rank in Category (%)
2023 -8.8% -91.3% 117.2% 88.97%
2022 -5.3% -100.0% 39.6% 11.68%
2021 -19.8% -78.2% 102.0% 19.71%
2020 6.1% -36.6% 30.0% 59.40%
2019 7.5% -11.7% 8.4% 9.38%

FAIL - Holdings

Concentration Analysis

FAIL Category Low Category High FAIL % Rank
Net Assets 2.53 M 304 K 2.47 B 72.03%
Number of Holdings 13 3 602 23.08%
Net Assets in Top 10 2.63 M -7.43 B 447 M 38.46%
Weighting of Top 10 97.65% 7.7% 100.0% 34.62%

Top 10 Holdings

  1. iShares 7-10 Year Treasury Bond ETF 22.66%
  2. iShares TIPS Bond ETF 21.79%
  3. VanEck J. P. Morgan EM Local Currency Bond ETF 20.27%
  4. Vanguard Total International Bond ETF 19.44%
  5. First American Treasury Obligations Fund 9.67%
  6. MSCI EME PUT OPT 06/24 950 1.15%
  7. MSCI EME PUT OPT 09/24 900 0.78%
  8. MSCI EME PUT OPT 12/24 900 0.72%
  9. MSCI EAF PUT OPT 06/24 2000 0.68%
  10. MORGAN S PUT OPT 12/24 2000 0.50%

Asset Allocation

Weighting Return Low Return High FAIL % Rank
Stocks
84.17% -300.04% 200.58% 6.29%
Cash
11.41% -114.39% 361.39% 93.71%
Other
4.42% -207.14% 100.00% 55.94%
Preferred Stocks
0.00% 0.00% 0.00% 55.94%
Convertible Bonds
0.00% 0.00% 2.47% 11.19%
Bonds
0.00% -95.77% 114.58% 6.29%

Stock Sector Breakdown

Weighting Return Low Return High FAIL % Rank
Utilities
0.00% 0.00% 5.05% 26.67%
Technology
0.00% 0.00% 60.00% 73.33%
Real Estate
0.00% 0.00% 4.40% 26.67%
Industrials
0.00% 0.00% 26.80% 20.00%
Healthcare
0.00% 0.00% 20.66% 20.00%
Financial Services
0.00% 0.00% 100.00% 13.33%
Energy
0.00% 0.00% 100.00% 26.67%
Communication Services
0.00% 0.00% 40.00% 66.67%
Consumer Defense
0.00% 0.00% 7.68% 6.67%
Consumer Cyclical
0.00% 0.00% 30.00% 73.33%
Basic Materials
0.00% 0.00% 5.02% 6.67%

Stock Geographic Breakdown

Weighting Return Low Return High FAIL % Rank
US
84.17% -297.69% 184.76% 6.29%
Non US
0.00% -7.17% 20.00% 43.36%

FAIL - Expenses

Operational Fees

FAIL Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.71% 0.49% 5.20% 97.84%
Management Fee 0.59% 0.35% 1.50% 2.08%
12b-1 Fee N/A 0.00% 1.00% 28.24%
Administrative Fee N/A 0.03% 0.45% N/A

Sales Fees

FAIL Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 3.75% 5.75% N/A
Deferred Load N/A 1.00% 1.00% N/A

Trading Fees

FAIL Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

FAIL Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 459.00% 64.20%

FAIL - Distributions

Dividend Yield Analysis

FAIL Category Low Category High FAIL % Rank
Dividend Yield 9.03% 0.00% 1.59% 74.31%

Dividend Distribution Analysis

FAIL Category Low Category High Category Mod
Dividend Distribution Frequency Quarterly Annually Quarterly Annually

Net Income Ratio Analysis

FAIL Category Low Category High FAIL % Rank
Net Income Ratio N/A -7.24% 3.75% 1.60%

Capital Gain Distribution Analysis

FAIL Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

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FAIL - Fund Manager Analysis

Managers

Mebane Faber


Start Date

Tenure

Tenure Rank

Feb 23, 2016

6.27

6.3%

Mr. Faber is a co-founder and the Chief Investment Officer of Cambria Investment Management. Faber is a manager of Cambria's ETFs, separate accounts and private investment funds for accredited investors. Mr. Faber has authored numerous white papers and three books: Shareholder Yield, The Ivy Portfolio, and Global Value. He is a frequent speaker and writer on investment strategies and has been featured in Barron's, The New York Times, and The New Yorker. Mr. Faber graduated from the University of Virginia with a double major in Engineering Science and Biology.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.16 23.76 9.07 14.22