ETF Intel Q&A: Cambria Investment Management

Gabrielle Vennitti, Lead Product Manager of ETF Listings at Nasdaq, speaks with Meb Faber, CIO and CEO of Cambria Investment Management, about the firm’s ETF lineup, tax-aware diversification, and new launches ENDW and GEW.

1. Can you tell us a little bit about your current funds and overall strategy when it comes to launching new products?

At Cambria, our goal is simple: solve real problems for investors with world-class, research based, data-driven solutions. We currently offer 18 ETFs emphasizing systematic, quantitative approaches informed by our own research as well as insights from academia and industry leaders. Our fund lineup spans multiple asset classes and emphasizes global diversification, disciplined risk management, and factor-based strategies including shareholder yield, value, momentum, and trend following. We are committed to delivering innovative, cost-efficient investment solutions designed to support long-term investing while helping to minimize emotional decision-making.

When it comes to launching new funds, we pursue opportunities where our ideas and thinking converge with research that reveals compelling results or insights. Then we focus on three key questions:

1. Does this already exist?
2. If it does, can we execute better or cheaper?
3. Would we invest our own money in it?

It’s not just about the ETFs themselves either. We’re thinking more holistically about other features we can implement with the ETF structure. Today, many investors are sitting on highly appreciated positions but can hesitate to sell and diversify due to potential tax consequences.

To address this, in late 2024, we partnered with ETF Architect to launch our first ETF with a 351 ETF exchange component. 351 ETF exchanges allow investors to contribute highly appreciated securities to a newly formed ETF in exchange for ETF shares, without triggering immediate capital gains taxes, assuming special rules and diversification requirements are met. Ultimately, investors are able to achieve diversification while preserving and deferring unrealized gains.

We see the 351 ETF exchange as a great tool for tax aware diversification that complements our goal of delivering high quality investment solutions. It’s another way we aim to create long-term value for investors, especially when it’s paired with funds we’re excited to launch.

2. This year you launched the Cambria Endowment Style ETF (ENDW), what is the investment strategy behind this ETF?

We launched the Cambria Endowment Style ETF (ENDW) in April 2025 with the goal of bringing an endowment-inspired investment strategy to a broader audience. Often, many U.S. investors lack exposure to many of the key asset classes that institutions like endowments often utilize such as global equities, real assets, value, and trend following strategies. ENDW incorporates these to provide a comprehensive portfolio solution designed navigate effectively across economic cycles. ENDW was the second fund we launched with a 351 ETF exchange feature, following the Cambria Tax Aware ETF (TAX) and we have been encouraged by the receptivity so far.

We anticipate launching our third, the Cambria Global Equal Weight ETF (GEW) in late September 2025 with an expense ratio of 0.25%. GEW will seek to provide diversified exposure to global equities through an equal-weighted portfolio. By avoiding traditional market-cap weighting, which can result in overconcentration in the largest companies, and leveraging a global portfolio, GEW will seek to deliver a more balanced approach designed to reduce concentration risk and enhance diversification across global markets, an area we think is underrepresented in many investors’ portfolios.

3. Where does it fit into investors’ portfolios?

The U.S. market has become increasingly concentrated, and recent returns have been driven in large part by a handful of stocks. At the same time, valuations are at some of the highest levels since the early 2000s. While ENDW is designed as a comprehensive, multi-asset class solution, GEW offers exposure we think is particularly timely given the current market backdrop.

For investors who look around today, and like us, see broad market-cap weighted U.S. market exposure as increasingly risky, we think there are a couple of meaningful things investors can do to address this. Investors can break the market-capitalization link in favor of equally weighted portfolio construction methodologies and also look for diversification internationally, where valuations are far more reasonable, if not outright inexpensive, relative to U.S. stocks.

GEW incorporates both of those features. We think it can be a great solution for investors who are looking for a low-cost alternative to existing global equity strategies or need an idea for an alternative to a U.S. centric, market-cap weighted portfolio. With its broad, global focus, we think it can be considered a core equity holding or even fit right in with existing international equity positions if that’s the way an investor prefers to build their portfolio.

4. What is next for Cambria?

At Cambria, we’re always exploring new ideas to bring innovative solutions to investors, but we remain disciplined in our approach. We stay true to our core philosophy and pursue opportunities where we believe we can deliver meaningful value and differentiation. We have several ideas in the pipeline and are excited about what’s ahead. We encourage investors to stay tuned for future announcements as we continue building solutions designed to meet the evolving needs of investors in today’s market environment.