Cambria Launches Two New ETFs: Micro and Small Cap Shareholder Yield and Fixed Income-Focused Tactical Yield

Launch Expands Lineup with Fixed Income-Focused ETF and Adds Small Cap Exposure to Shareholder Yield ETF Suite

Cambria Investment Management, an independent, privately owned investment advisory firm and ETF provider focused on quantitative asset management and alternative investments, today announced the launch of two new active ETFs: Cambria Micro and Small Cap Shareholder Yield ETF (MYLD) and Cambria Tactical Yield ETF (TYLD).

“The Cambria Micro and Small Cap Shareholder Yield ETF (MYLD) provides exposure to smaller market cap stocks by ranking dividend yield and net shareholder buybacks along with value and quality factors,” said Meb Faber, co-founder and CIO of Cambria. “MYLD joins the original Cambria Shareholder Yield ETF (SYLD), Cambria Foreign Shareholder Yield ETF (FYLD) and Cambria Emerging Shareholder Yield ETF (EYLD) in rounding out Cambria’s shareholder yield suite. Its focus on potentially inefficient and generally under-covered small and micro-cap stocks with quality characteristics make it a compelling proposition for investors interested in both value exposure and yield alike.”

Cambria Micro and Small Cap Shareholder Yield ETF (MYLD) systematically focuses on high-cash distribution companies that are returning cash to investors through three attributes - dividends, buybacks, and debt paydown - collectively known as shareholder yield. The fund’s process further emphasizes valuation and quality metrics. MYLD’s universe consists of U.S.-based companies with a market capitalization range of $100 million to $5 billion.

“The Cambria Tactical Yield ETF (TYLD) is a dynamic approach to traditional fixed income that makes conservative exposure to Treasuries its baseline but increases exposure to other bond sectors when spreads relative to U.S. Treasury Bills are wide. With rates where they are and bond yields back in focus, it’s an excellent tool for investors looking for core bond exposure,” discussed Faber.

Cambria Tactical Yield ETF (TYLD) focuses on fixed income securities based on yield spreads. TYLD targets a universe that includes U.S. Treasury Bonds, Treasury Notes and Treasury Bills, intermediate term U.S. investment grade bonds, corporate bonds, high yield bonds, residential and commercial mortgage-backed securities (MBS), Treasury Inflation-Protected Securities (TIPS), emerging market government bonds (i.e., sovereign debt), as well as REITs to the extent that REIT yields have historically wide spreads relative to Treasury Bills.

Cambria Shareholder Yield ETF (SYLD), Cambria’s first shareholder yield ETF, exceeded $1 billion in assets under management as of 12/31/2023, and was ranked by Morningstar as the #1 ranked fund on an absolute, total return basis in Morningstar’s Mid-Cap Value Category over the past 10-year period as of 12/31/2023.

The Cambria Shareholder Yield ETF ranked #1 out of 334 funds in the Morningstar Mid-Cap Value Category on an absolute, total return basis over the 10-year period as of 12/31/2023.

The Cambria Shareholder Yield ETF ranked #1 out of 382 funds in the Morningstar Mid-Cap Value Category on an absolute, total return basis over the 5-year period as of 12/31/2023.

The Cambria Shareholder Yield ETF ranked #7 out of 393 funds in the Morningstar Mid-Cap Value Category on an absolute, total return basis over the 3-year period as of 12/31/2023.

The Cambria Shareholder Yield ETF ranked #86 out of 400 funds in the Morningstar Mid-Cap Value Category on an absolute, total return basis over the 1-year period as of 12/31/2023.

“Like all Cambria ETFs, these new ETFs provide investors with low-fee, compelling value propositions with multiple applications across different types of portfolios,” summed up Faber. “The Cambria team is thrilled to add them to our roster.”

In addition to Cambria’s family of ETFs, Faber also puts out a range of content for investors, including a popular investment podcast, The Meb Faber Show, along with white papers and books on investing.

About Cambria

Cambria Investment Management, LP ("Cambria" or the "Company") is a SEC 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 14 different ETFs and had roughly $2.1 billion in assets under management as of 12/31/2023: 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 Global Tail Risk ETF (FAIL), 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), and Cambria Tactical Yield ETF (TYLD).

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.

On June 1, 2020 the Cambria Shareholder Yield ETF, changed its investment objective and investment strategy. The fund also changed from being passively managed to actively managed on that date.

ETFs are subject to commission costs each time a “buy” or “sell” is executed. Depending on the amount of trading activity, the low costs of ETFs may be outweighed by commissions and related trading costs.

Shares are bought and sold at market price (closing price) not net asset value (NAV) are not individually redeemed from the Fund. Market price returns are based on the midpoint of the bid/ask spread at 4:00 pm Eastern Time (when NAV is normally determined), and do not represent the return you would receive if you traded at other times. Buying and selling shares will result in brokerage commissions. Brokerage commissions will reduce returns.

There is no guarantee that the Fund will achieve its investment goal. Investing involves risk, including the possible loss of principal. High yielding stocks are often speculative, high risk investments. The underlying holdings of the fund may be leveraged, which will expose the holdings to higher volatility and may accelerate the impact of any losses. These companies can be paying out more than they can support and may reduce their dividends or stop paying dividends at any time, which could have a material adverse effect on the stock price of these companies and the Fund’s performance. 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. Emerging markets involve heightened risks related to the same factors as well as increased volatility and lower trading volume. Investments in smaller companies typically exhibit higher volatility. Narrowly focused funds typically exhibit higher volatility.

The Fund is managed using proprietary investment strategies and processes. There can be no guarantee that these strategies and processes will produce the intended results and no guarantee that the Fund will achieve its investment objective. This could result in the Fund’s underperformance compared to other funds with similar investment objectives.

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

There are special risks associated with margin investing. As with stocks, you may be called upon to deposit additional cash or securities if your account equity declines.

Indicative value (iNAV) is a measure of the intraday net asset value (NAV) of an investment. It is reported approximately every 15 seconds and gives investors a measure of the value of the investment throughout the day.

© 2024 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

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