Cambria ETF Trust Cambria Tactical Yield ETF(AMEX:TYLD)

TYLD utilizes a tactical allocation between global fixed income securities and US T-Bills. The fund uses a quantitative model that selects securities based on a comparison of their current yield spreads relative to T-Bills and their historical average yield spreads. The belief is that bonds with wider yield spreads often indicate higher risks. The fund may invest 100% of its net assets in T-bills if all fixed income categories have historically narrow yield spreads. However, if multiple categories in the bond universe demonstrate historically wide yield spreads, the fund may not invest in T-bills at all. The portfolio targets to allocate 10%-20% of its assets to each fixed income category. Although the fund seeks to weight each category equally, security weights may vary due to the models quarterly calculations and market conditions. The fund may invest up to 10% of its assets in ETFs and up to 20% in REITs, given that they have historically wide yield spreads relative to T-Bills.