Cambria Launches Foreign 'Shareholder Yield' ETF
State Street brings a "beyond BRIC" ETF to market, PowerShares proposes an actively managed, multistrategy alts ETF, and ProShares drafts a rate-hedged, emerging-markets bond fund.
On Tuesday, Dec. 3, Cambria Investment Management rolled out another exchange-traded fund in its series of "shareholder yield" ETFs, devoted to foreign stocks.
The passively managed Cambria Foreign Shareholder Yield ETF (FYLD) is the second ETF that the firm issues, although Cambria also is the subadvisor on the actively managed AdvisorShares Cambria Global Tactical ETF (GTAA). Last week's launch of FYLD follows the $170 million, actively managed Cambria Shareholder Yield ETF (SYLD), which debuted in May and holds U.S. stocks offering significant shareholder yield through dividend payments, share repurchases, and price appreciation. The new foreign shareholder yield fund, however, holds stocks from foreign developed-markets countries and is passively managed. As a result, FYLD tracks a Cambria-managed index of 100 companies with the best combined rank of dividend payments and net stock buybacks. The index also screens for value and quality factors and for companies demonstrating low financial leverage.
Robert Goldsborough does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.