Cambria Global Asset Allocation ETF

Cambria Global Asset Allocation ETF (GAA) is an actively managed fund of funds. It owns about 29 other exchange-traded funds that together aim for roughly 45% stocks, 45% bonds and 10% commodities and currencies from around the world. It leans toward cheaply valued foreign markets and trend-following strategies, and most of its money sits in Cambria's own funds. Its total expense ratio is 0.32%.

• Over the year to Oct 27, 2026, GAA returned +13.3%, 1st of 8 among similar funds.
• Its 5-year annualized return was +6.4% and its 10-year +7.5%.
• In the 2020 COVID crash it fell 26.1% and regained its old high 7.8 months after the low.
• Its worst full calendar year was 2022 (-8.4%); its best was 2025 (+18.7%).
• The deepest fall in its price history was 26.6% (Jan 17, 2020 to Mar 19, 2020), recovered by Nov 10, 2020.

As of Jul 31, 2026, the fund held 29 securities; the ten largest made up 57.66% of assets.

• Over the three months to Jul 31, 2026, investors added a net $3.5M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +0.48%, -1.16%, +1.47%.

GAA does not track an index. Its adviser, Cambria Investment Management, decides what to own. It must keep at least 80% of its assets in other exchange-traded funds and products. Under normal conditions it aims for about 45% stocks, 45% bonds and 10% other assets such as commodities and currencies. About 40% goes to stocks or bonds of foreign companies, or to foreign currencies.

Cambria picks funds using two ideas. The first is value. Screens such as the CAPE ratio compare a market's price with its long-run average earnings after inflation, and the fund uses them to favor cheap markets and avoid expensive ones. The second is momentum and trend following. These rule-based models buy assets whose prices are rising and sell those whose prices are falling. As of July 31, 2026, the largest holdings were Cambria Emerging Shareholder Yield ETF (10.4%), Cambria Foreign Shareholder Yield ETF (7.3%) and Cambria Global Value ETF (7.2%).

Cambria expects to bring holdings back to their target weights at least once a year. Portfolio turnover was 7% in the latest prospectus. Up to 20% of assets may go into futures, options, swaps or cash, but the fund held no derivatives as of July 31, 2026. Because it is a fund of funds, holders also pay a share of the underlying funds' fees.

• GAA charges 0.32% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
• Of that, 0% is the management fee; the rest covers other fund expenses.
• Using the prospectus's standard example, $10,000 invested would cost about $33 in the first year and $406 over 10 years (assuming a 5% annual return).

GAA puts foreign value stocks, emerging-market bonds, real estate, gold and commodities into one fund, which may balance a portfolio built mostly on US stocks.

GAA spreads money across many asset types, and its record shows both how much that has cushioned losses and where the cushion ran out. The fund launched in December 2014, so it has no record from the 2008 crisis. In the 2020 COVID crash it fell 26.1% and took 7.8 months to recover. In the 2022 bear market it fell 17.5% and needed 17.3 months to get back to its old high. Its worst calendar year was 2022, when it lost 8.69%. Anyone who had to sell shares during those stretches would have locked in losses. Over the 12 months to October 27, 2026, it yielded 3.49%, with payments every quarter. The expense ratio is 0.32%. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.

Matched by other buffer (defined-outcome) funds, largest first.