Cambria Value & Momentum ETF
ALTAR
Score™		 7.7% info Recommen-
dation		 OVERWEIGHT
2020E    2021E
P/E
ratio		 13.2x P/Sales
ratio		 0.5x
P/BV
ratio		 1.4x Div.
yield		 1.8%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The Cambria Value and Momentum ETF is an actively managed portfolio of large-, mid- and small-cap US stocks selected by long-term value factors and midterm momentum factors. The managers have discretion to hedge up to 100% of the portfolio.

FUND BASICS
Category US Equities
Fund Sponsor Cambria
Website www.cambriafunds.com
Inception date Sep 08, 2015
Assets (mns) $11
Currency USD
Expense ratio 64 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-End Investment Company
Custodian
Weighting Proprietary
Index replication
Uses derivatives No
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 98
Wgt avg mkt cap (mns) $8,759
Large cap (>$10bn) 16.2%
Mid cap ($2-10bn) 45.0%
Small cap (<$2bn) 38.8%
Developed mkts 97.0%
Emerging mkts 3.0%

TOP TEN HOLDINGS
TECH DATA CORP 1.7 %
COSAN LTD-CLASS A SHARES 1.6 %
ULTRA CLEAN HOLDINGS 1.6 %
RENT-A-CENTER INC 1.5 %
OLD REPUBLIC INTL CORP 1.5 %
TARGET CORP 1.5 %
STAMPS.COM INC 1.4 %
RENAISSANCERE HOLDINGS LTD 1.4 %
KBR INC 1.4 %
FTI CONSULTING INC 1.3 %
Total 14.9 %

TOP COUNTRY EXPOSURE
UNITED STATES 83.7 %
BERMUDA 3.3 %
BRAZIL 1.6 %
CANADA 1.3 %
CAYMAN ISLANDS 1.1 %






HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru June 30)
Year-to-date 1 year 5 years 10 years Since Incep.
-20.8% -19.3% -- -- -7.7%

Market Correlations
versus... Beta R-squared
S&P500 0.48 47%
MSCI EAFE 0.54 54%
MSCI Emg. Mkts. 0.36 36%

Technical Indicators
Recent close $16.19
30d moving avg. $16.62
Annualized volatility 11.7%
Short interest (ETF) 0.0%
Relative strength (RSI) 50

Liquidity measures
Avg. volume (thou.) 1
Turnover 0.2%
Bid/Ask (% of price) 2.28%
ADV underlying (mns) $10,056

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 100 potential alternatives to the Cambria Value & Momentum ETF ETF based on the alternatives' overlap in portfolio holdings with VAMO. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: VAMO Expense: 64 bp ALTAR Score™: 7.7%


ALTERNATIVE ETFs BASED ON OVERLAP WITH VAMO
Ticker Fund
Name		 Overlap1
vs VAMO
(%)		 Expense
ratio
(bp)		 Savings
vs VAMO
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs VAMO
(%)
VUSE Vident Core US Equity Fund 19.2 48 16 8.4 +0.7
VFMF Vanguard U.S. Multifactor ETF 15.1 19 45 7.3 -0.4
ROGS Hartford Multifactor Global Small Cap ETF 15.0 34 30 8.0 +0.3
CALF Pacer US Small Cap Cash Cows 100 ETF 14.6 59 5 13.4 +5.7
BUY USCF SummerHaven SHPEI Index Fund 14.4 80 -16 10.4 +2.7
PXSG Invesco S&P SmallCap Momentum ETF 13.3 39 25 5.1 -2.7
XSVM Invesco S&P SmallCap Value with Momentum ETF 13.1 39 25 11.8 +4.1
XSHQ Invesco S&P SmallCap Quality ETF 12.5 29 35 6.7 -1.0
SPVM Invesco S&P 500 Value with Momentum ETF 12.1 39 25 9.2 +1.5
AFSM First Trust Active Factor Small Cap ETF 12.1 75 -11 5.7 -2.0
USVM VictoryShares USAA MSCI USA Small Cap Value Momentum ETF 11.9 24 40 7.3 -0.4
SYLD Cambria Shareholder Yield ETF 11.5 59 5 9.0 +1.3
RZG Invesco S&P Smallcap 600 Pure Growth ETF 11.2 35 29 6.0 -1.7
AVUV Avantis U.S. Small Cap Value ETF 11.1 25 39 9.5 +1.7
PXMV Invesco S&P MidCap Value with Momentum ETF 10.7 39 25 10.3 +2.6
SMLF iShares Edge MSCI Multifactor USA Small-Cap ETF 10.7 30 34 7.9 +0.1
SQLV Legg Mason Small-Cap Quality Value 10.2 62 2 8.0 +0.2
VIOG Vanguard S&P Small-Cap 600 Growth ETF 10.0 16 48 5.2 -2.5
VALQ American Century STOXX U.S. Quality Value ETF 9.9 29 35 9.2 +1.4
VTWV Vanguard Russell 2000 Value Index Fund 9.8 15 49 7.5 -0.2
RWJ Invesco S&P SmallCap 600 Revenue ETF 9.5 39 25 7.8 +0.1
COWZ Pacer US Cash Cows 100 ETF 9.2 49 15 10.9 +3.1
VLUE iShares Edge MSCI USA Value Factor ETF 9.2 15 49 11.5 +3.7
SDVY First Trust SMID Cap Rising Dividend Achievers ETF 9.1 60 4 8.6 +0.9
FCPI Fidelity Stocks for Inflation ETF 9.0 29 35 7.0 -0.8
JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF 8.9 29 35 5.7 -2.1
IFRA iShares U.S. Infrastructure ETF 8.8 40 24 6.1 -1.7
VIOO Vanguard S&P Small-Cap 600 ETF 8.7 10 54 7.3 -0.5
IJT iShares S&P Small-Cap 600 Growth ETF 8.7 25 39 5.2 -2.6
VFVA Vanguard U.S. Value Factor ETF 8.6 14 50 11.7 +4.0
SLYG SPDR S&P 600 Small Cap Growth ETF 8.6 15 49 5.3 -2.4
KIE SPDR S&P Insurance ETF 8.6 35 29 10.3 +2.6
OMFS Invesco Russell 2000 Dynamic Multifactor ETF 8.5 39 25 7.7 -0.0
ULVM VictoryShares USAA MSCI USA Value Momentum ETF 8.4 20 44 7.7 -0.1
TPSC Timothy Plan US Small Cap Core ETF 8.4 52 12 8.4 +0.6
ONEO SPDR Russell 1000 Momentum Focus ETF 8.3 20 44 6.5 -1.2
LRGF iShares Edge MSCI Multifactor USA ETF 8.3 20 44 7.4 -0.3
DEUS Xtrackers Russell 1000 Comprehensive Factor ETF 8.0 17 47 6.4 -1.3
FVAL Fidelity Value Factor ETF 8.0 29 35 8.1 +0.4
CSA VictoryShares US Small Cap Volatility Weighted Index ETF 7.9 35 29 8.4 +0.6
AFMC First Trust Active Factor Mid Cap ETF 7.8 65 -1 6.4 -1.4
SPSM SPDR Portfolio Small Cap ETF 7.7 5 59 7.2 -0.5
SLY SPDR S&P 600 Small Cap ETF 7.6 15 49 7.1 -0.6
IJR iShares Core S&P Small Cap ETF 7.6 7 57 7.2 -0.6
XRT SPDR S&P Retail ETF 7.6 35 29 6.9 -0.9
BFOR Barron's 400 ETF 7.5 65 -1 6.4 -1.3
VIOV Vanguard S&P Small-Cap 600 Value ETF 7.5 15 49 9.8 +2.0
RWK Invesco S&P MidCap 400 Revenue ETF 7.5 39 25 8.2 +0.5
IAK iShares U.S. Insurance ETF 7.4 43 21 9.9 +2.2
FTA First Trust Large Cap Value AlphaDEX Fund 7.3 60 4 9.3 +1.6
ISMD Inspire Small/Mid Cap Impact ETF 7.3 60 4 6.6 -1.2
FSMD Fidelity Small-Mid Factor ETF 7.2 29 35 7.1 -0.6
PSCD Invesco S&P SmallCap Consumer Discretionary ETF 7.1 29 35 9.5 +1.8
JVAL JPMorgan U.S. Value Factor ETF 7.1 12 52 8.8 +1.1
QVAL Alpha Architect U.S. Quantitative Value ETF 7.1 49 15 12.4 +4.7
PKB Invesco Dynamic Building & Construction ETF 7.1 60 4 6.8 -0.9
ITB iShares U.S. Home Construction ETF 6.9 42 22 8.6 +0.9
EES WisdomTree SmallCap Earnings Fund 6.9 38 26 11.8 +4.1
WLDR Affinity World Leaders Equity ETF 6.9 47 17 9.7 +1.9
FLQS Franklin LibertyQ U.S. Small Cap Equity ETF 6.8 35 29 6.4 -1.3
ROUS Hartford Multifactor US Equity ETF 6.8 19 45 7.3 -0.4
IWN iShares Russell 2000 Value ETF 6.8 24 40 7.4 -0.4
SYG SPDR MFS Systematic Growth Equity ETF 6.8 60 4 4.3 -3.4
ONEV SPDR Russell 1000 Low Volatility Focus ETF 6.8 20 44 7.1 -0.6
JKL iShares Morningstar Small Cap Value ETF 6.7 30 34 10.5 +2.8
RFG Invesco S&P Midcap 400 Pure Growth ETF 6.7 35 29 4.0 -3.8
RZV Invesco S&P Smallcap 600 Pure Value ETF 6.7 35 29 10.2 +2.5
VFMO Vanguard U.S. Momentum Factor ETF 6.5 13 51 1.2 -6.6
IJS iShares S&P Small-cap 600 Value ETF 6.5 25 39 9.3 +1.6
SLYV SPDR S&P 600 Small Cap Value ETF 6.4 15 49 9.4 +1.7
KLCD KFA Large Cap Quality Dividend Index ETF 6.4 41 23 5.4 -2.3
VBR Vanguard Small Cap Value Index Fund 6.4 7 57 8.5 +0.8
HOMZ Hoya Capital Housing ETF 6.4 45 19 7.8 +0.1
PLCY EventShares U.S. Legislative Opportunities ETF 6.4 75 -11 3.7 -4.0
MFUS PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF 6.3 29 35 6.3 -1.4
RYJ Invesco Raymond James SB-1 Equity ETF 6.3 82 -18 3.5 -4.2
FAB First Trust Multi Cap Value AlphaDEX Fund 6.3 71 -7 9.7 +1.9
GSSC Goldman Sachs Activebeta U.S. Small Cap Equity ETF 6.3 20 44 6.0 -1.7
ACWF iShares FactorSelect MSCI Global ETF 6.2 35 29 8.1 +0.3
EZM WisdomTree U.S. MidCap Earnings Fund 6.2 38 26 9.3 +1.6
EWSC Invesco S&P Smallcap 600 Equal Weight ETF 6.1 40 24 6.8 -0.9
CSF VictoryShares US Discovery Enhanced Volatility Weighted Idx 6.1 35 29 8.3 +0.6
SYE SPDR MFS Systematic Core Equity ETF 6.1 60 4 5.7 -2.1
CLRG IQ Chaikin U.S. Large Cap ETF 6.1 25 39 6.1 -1.7
FDM First Trust Dow Jones Select Microcap Index Fund 6.1 60 4 7.4 -0.3
VFQY Vanguard U.S. Quality Factor ETF 6.1 13 51 6.1 -1.6
SYV SPDR MFS Systematic Value Equity ETF 6.1 60 4 7.5 -0.2
QSY WisdomTree U.S. LargeCap Value Fund 6.0 38 26 6.9 -0.8
PWV Invesco Dynamic Large Cap Value ETF 6.0 55 9 8.9 +1.2
KBWP Invesco KBW Property & Casualty Insurance ETF 5.9 35 29 7.4 -0.3
PSCT Invesco S&P SmallCap Information Technology ETF 5.9 29 35 5.6 -2.1
FYT First Trust Small Cap Value AlphaDEX Fund 5.9 72 -8 9.7 +1.9
OUSM O'Shares FTSE Russell Small Cap Quality Dividend ETF 5.9 48 16 5.8 -2.0
FNDA Schwab Fundamental U.S. Small Co. Index ETF 5.9 25 39 6.8 -0.9
SPGP Invesco S&P 500 GARP ETF 5.8 35 29 7.3 -0.5
PAVE Global X U.S. Infrastructure Development ETF 5.8 47 17 5.8 -1.9
XMLV Invesco S&P MidCap Low Volatility ETF 5.8 25 39 5.6 -2.1
FYX First Trust Small Cap Core AlphaDEX Fund 5.8 63 1 6.7 -1.1
REVS Columbia Research Enhanced Value ETF 5.8 19 45 7.8 +0.1
JHMI John Hancock Multifactor Industrials ETF 5.7 40 24 6.1 -1.7

1Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

  2015 2016 2017 2018 2019 2020E 2021E
Sales per share ** ** ** ** ** ** **
Earnings per share ** ** ** ** ** ** **
Dividends per share info ** ** ** ** ** ** **
Book value per share ** ** ** ** ** ** **

 

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est. **%   Debt-to-equity **x
Asset turnover **%   Assets-to-equity **x

Return on equity

Revision activity*
*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS
  2019 2020E 2021E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:		 Cambria Value & Momentum ETF
Relative
to:		 S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

OVERWEIGHT
Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 10.9 %
Divided by: Fwd. P/BV 1.3 x
Less: Expense ratio 64 bp
Equals: ALTAR Score 7.7 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.52 CATEGORY
AVERAGE		 1.52
 
The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale:

BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3.

Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.