Cambria Large Cap Shareholder Yield ETF

Cambria Large Cap Shareholder Yield ETF (LYLD) is an actively managed fund that uses Cambria's computer model to pick 50 to 100 large US companies returning cash through dividends, share buybacks and debt paydowns, with a tilt toward cheap valuations. It aims to weight stocks equally, charges 0.59% a year versus 0.13% for Invesco's QVMT, the closest match by holdings, and is tiny, with $7.2 million in assets as of July 31, 2026.

• Over the year to Oct 27, 2026, LYLD returned +26.4%.
• Its worst full calendar year was 2025 (+12.9%); its best was 2025 (+12.9%).
• The deepest fall in its price history was 18.6% (Nov 29, 2024 to Apr 8, 2025), recovered by Aug 22, 2025.

As of Jul 31, 2026, the fund held 50 securities; the ten largest made up 22.95% of assets.

By sector

• Over the three months to Jul 31, 2026, investors added a net $759K (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: -0.34%, -0.04%, +7.85%.

LYLD does not track an index. Cambria Investment Management runs it actively, using its own quantitative model: computer rules that rank stocks on financial data. At least 80% of net assets goes into US-based large companies (worth at least $10 billion on the stock market) with high “shareholder yield.” That is the cash a company returns through dividends, share buybacks (a company repurchasing its own stock, which gives remaining owners a bigger slice) and debt paydowns.

At least once a quarter, the model ranks the eligible companies on dividends and net buybacks and keeps the top 20%. It then scores those stocks on debt paydowns and on valuation. That means comparing share price with earnings, book value, sales and free cash flow, and comparing total company value, including debt, with operating profit (EV/EBITDA). The 50 to 100 stocks with the strongest combined score make the cut. Cambria aims to hold them in equal amounts, though weights drift between quarterly updates as prices move.

As of July 31, 2026, the fund held 50 stocks, no derivatives and 0.29% in cash. The largest holding, Tenet Healthcare, was 2.6%. Cambria may trade between updates when markets move or drop stocks it views as overvalued. Portfolio turnover of 43% (the share of holdings replaced in a year) can add trading costs not included in the 0.59% expense ratio.

• LYLD charges 0.59% a year, versus an average of 0.13% for the similar funds below.
• Using the prospectus's standard example, $10,000 invested would cost about $60 in the first year and $738 over 10 years (assuming a 5% annual return).

A young, very small, model-driven fund with a value tilt and significant financials and energy exposure fits better as a smaller complement to a broad core holding than as the center of a portfolio.

As a side holding, LYLD could add a slice of cheaply valued large US companies that return cash to their owners. It launched in July 2024, so it has no record from the 2008, 2020 or 2022 downturns. Its deepest drop was 18.6%, from November 29, 2024, to April 8, 2025. It recovered by August 22, 2025, 4.5 months after the low. Cashing out near the bottom would have locked in a loss. Its only full calendar year, 2025, gained 12.84%.

Over the 12 months to October 27, 2026, it yielded 2.07%, paid quarterly. Its 0.59% fee is well above the 0.13% of its closest match by holdings. The SEC's standard example puts costs on $10,000 at $738 over 10 years. With $7.2 million in assets as of July 31, 2026, the fund is small enough that it could close. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.

Matched by holdings overlap from the latest N-PORT reports.