Cambria Investment Management is to transfer the listings of three Cambria ETFs from NYSE Arca to Cboe BZX Exchange around 17 December 2018.
Cambria to transfer three ETFs to Cboe BZX
Current shareholders of the ETFs are not required to take any action, nor is the transfer expected to have any effect on the trading of fund shares.
The three funds each have between $100 million and $140 million in assets under management, and collectively account for around 60% of the firm’s total ETF AUM.
The ETFs affected are as follows:
The Cambria Shareholder Yield ETF (SYLD US) tracks a proprietary index that covers small, mid, and large-cap US firms with the best combined rank of dividend payments and net stock buybacks, which are the key components of shareholder yield. The Index also screens for value and quality factors, including low financial leverage. SYLD houses $116 million in AUM and comes with an expense ratio of 0.59%.
The Cambria Global Value ETF (GVAL US) also tracks an in-house index that uses both developed and emerging market countries as its starting universe. Each country is evaluated based on Cambria’s proprietary long term valuation metrics with the top 25% of countries by aggregate value exposure passing through to the next phase. The methodology then evaluates stocks within the remaining countries to construct an index of 100 stocks with the strongest value characteristics. GVAL has $143 million in AUM and comes with an expense ratio of 0.69%.
The Cambria Global Momentum ETF (GMOM US) is an actively managed multi-asset fund although its investment process is heavily rules-based. The fund generally invests in the top 33% of a target universe of approximately 50 ETFs based on measures of trailing momentum and trend. These ETFs include exposures to US and international stocks, fixed income, real estate, commodities, and currencies. GMOM has $108 million in AUM and comes with a punchy expense ratio of 1.03%.
Cambria currently offers a suite of 11 ETFs; following the transfer, ten of these will be listed on Cboe BZX.