Cambria Trinity ETF

Cambria Trinity ETF (TRTY) is a fund of funds: it owns other ETFs instead of individual stocks and bonds. As of July 31, 2026, it held 29 of them, many run by Cambria, spread across stocks, bonds, trend-following strategies, commodities, currencies and real estate. It stands out for the 35% it aims to put into trend following and for its tilt toward cheaper markets. Its expense ratio is 0.39%.

• Over the year to Oct 27, 2026, TRTY returned +15.4%, 1st of 8 among similar funds.
• Its 5-year annualized return was +6.6%.
• Its worst full calendar year was 2022 (-3.3%); its best was 2025 (+16.3%).
• The deepest fall in its price history was 13.7% (Mar 18, 2022 to Sep 26, 2022), recovered by May 15, 2024.

As of Jul 31, 2026, the fund held 29 securities; the ten largest made up 64.4% of assets. It also reported 6.33% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.

• Over the three months to Jul 31, 2026, investors added a net $914K (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: -0.36%, -1.86%, +2.54%.

TRTY does not track an index. Its adviser, Cambria Investment Management, actively picks the funds it holds. Under normal conditions, at least 80% of assets go into ETFs and other exchange-traded products, both Cambria's own and other issuers'. The target mix is about 25% stocks, 25% bonds, 35% trend-following strategies and 10% other assets such as currencies, commodities and real estate. Cambria expects to rebalance back to these targets at least once a year.

For stocks, Cambria favors cheaper markets. It uses measures such as the CAPE ratio, a price-to-earnings ratio based on 10 years of average earnings, along with screens meant to avoid expensive markets. It also holds shareholder yield funds, which focus on companies that pay out cash to shareholders. Trend and momentum funds buy assets whose prices are rising and sell or short those that are falling. Managed futures funds, such as the Cambria Chesapeake Pure Trend ETF, can also bet on falling prices.

As of July 31, 2026, the largest positions were Cambria Foreign Shareholder Yield ETF (8.6%), Cambria Global Value ETF (8.5%), Cambria Value and Momentum ETF (7.8%) and Cambria Emerging Shareholder Yield ETF (7.8%). The top 10 made up 64.4% of assets. The fund may put up to 20% into futures, options, swaps or cash, but it reported no derivatives on that date.

• TRTY charges 0.39% 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 $40 in the first year and $493 over 10 years (assuming a 5% annual return).

It mixes stocks, bonds and trend-following strategies, and its one-year beta (how much it moves with the stock market) was 0.47 as of October 27, 2026.

TRTY could add a mix of assets that has not moved in lockstep with stocks. During the 2022 bear market, from January 3 to October 12, 2022, it fell 5.6%. Its prospectus shows a 3.66% loss for calendar 2022, its worst year. Even so, its deepest price drop was 13.7%, from March 18 to September 26, 2022, and it took about 19.6 months to recover, until May 15, 2024. Its weakest quarter was the first quarter of 2020, down 14.96%. Selling shares during stretches like these would have locked in losses. The fund launched in 2018, so it has no record from 2008. Its trailing yield was 2.78% as of October 27, 2026, paid quarterly, and its expense ratio is 0.39%. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.

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