Cambria Global Momentum ETF

Cambria Global Momentum ETF (GMOM) is a fund of funds. It owns about a dozen other exchange-traded funds, and a quantitative model picks them each month by favoring whatever is trending up across global stocks, bonds, commodities, real estate and currencies. A fixed-mix allocation fund keeps the same blend, but GMOM's holdings can shift sharply between asset classes. Its 0.95% expense ratio is high for a broad multi-asset fund.

• Over the year to Oct 27, 2026, GMOM returned +18.5%, 1st of 8 among similar funds.
• Its 5-year annualized return was +7.8% and its 10-year +7.8%.
• In the 2020 COVID crash it fell 19.9% and regained its old high 9 months after the low.
• Its worst full calendar year was 2018 (-9.6%); its best was 2017 (+20.7%).
• The deepest fall in its price history was 25% (Jan 26, 2018 to Mar 19, 2020), recovered by Feb 9, 2021.

As of Jul 31, 2026, the fund held 13 securities; the ten largest made up 83.32% of assets.

• Over the three months to Jul 31, 2026, investors withdrew a net $67.9M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: -0.71%, -3.87%, +3.24%.

GMOM does not track an index. Its adviser, Cambria Investment Management, runs a quantitative model that combines momentum (how strongly a fund's price has been rising) with trend (whether that price sits above a long-term trend indicator). A fund qualifies if it is above that trend line and ranks highly, both alone and against rivals, on a mix of short-, medium- and long-term momentum measures. Under normal conditions, at least 80% of net assets goes into funds that qualify.

The list of possible holdings is wide. It includes ETFs, exchange-traded notes, currency trusts, closed-end funds and REITs, covering stocks, bonds (including junk bonds), real estate, commodities and currencies. It also includes inverse funds, which rise when a market falls. Up to 20% can go directly into futures and cash. Cambria resets the portfolio to its target weights each month, and the prospectus lists portfolio turnover of 81%.

As of July 31, 2026, the fund held 13 funds. The four largest, each 11% to 13% of assets, were Cambria's own Global Value (GVAL), Foreign Shareholder Yield (FYLD), Emerging Shareholder Yield (EYLD) and Micro and SmallCap Shareholder Yield (MYLD) ETFs. Most of the rest were near 5% to 6%. They included commodity funds such as Invesco DB Base Metals (DBB) and Invesco DB Energy (DBE). Holders bear a share of the underlying funds' expenses. Any exchange-traded notes it owns also carry the credit risk of the bank that issued them.

• GMOM charges 0.95% a year, versus an average of 0.86% for the similar funds below (6th of 8, cheapest first).
• Of that, 0.59% is the management fee; the rest covers other fund expenses.
• Using the prospectus's standard example, $10,000 invested would cost about $97 in the first year and $1,166 over 10 years (assuming a 5% annual return).

Its momentum model moves among stock, commodity and other funds, so it can behave differently from a fixed stock-and-bond mix, though it is not a reliable hedge against crashes.

GMOM tries to lean toward what is rising and away from what is falling. It launched in November 2014, so it has no 2008 record. In the 2020 crash it fell 19.9% between February 20 and March 19 and took about nine months to recover, because a monthly model can react slowly to a sudden drop. In 2022 it lost only 2.76% for the full year. Still, a 16.1% slide from April to September that year did not fully recover until August 12, 2025. Its worst calendar year was 2018 (down 8.72%), and its deepest drop was 25%, from January 2018 to March 2020. Anyone forced to sell during those stretches would have locked in losses. It yielded 1.49% as of October 27, 2026, paid quarterly, and costs 0.95% a year. 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.