Cambria Global Value ETF(AMEX:GVAL)

GVAL offers an unusual take on the global equity market as it attempts to identify and capture value opportunities on a country-by-country basis. Stocks selected must be domiciled, trade, or have exposure to a market that is undervalued as determined by various valuation metrics including the CAPE Shiller P/E ratio. During its annual reconstitution, Cambria selects positions by applying a quantitative screen (potentially including P/E, P/B, P/CF, P/S and dividend yield) to entire equity markets and includes caps to avoid concentration in any one country, sector or industry. This approach naturally carries it far afield from our neutral benchmark, and GVAL by its very nature makes heavy bets on individual countries. Prior to June 1, 2020, the fund provided similar exposure by tracking the Cambria Global Value Index.