As Cambria Investment Management continues to expand, the specialized exchange-traded fund provider maintains an Average Parent rating.
Cambria remains a relatively small, specialized ETF firm. With USD 4.4 billion in assets under management as of June 2026, Cambria’s lineup includes 20 ETFs. The majority of its AUM sits in five shareholder-yield ETFs, the largest and oldest of which holds nearly USD 1 billion, while others apply the same concept to other parts of the equity market.
Still, the firm has also introduced more-niche options like Cambria Tail Risk ETF, which hedges stock market losses with put options, and a managed-futures ETF, which uses futures contracts to follow market trends. And Cambria continues to innovate. For instance, it has been an early adopter of strategies funded through Section 351 conversions—a new concept for ETFs that allows in-kind transfers of appreciated securities to a broader portfolio to defer tax consequences. Not all of its ideas have survived: Cambria Global Tail Risk and Cambria Cannabis were liquidated in 2025 and 2026, respectively, having not gained traction with investors.
Through its expansion, Cambria maintains a lean but growing investment squad: CEO and CIO Meb Faber manages all of the firm’s funds with support from comanager and COO Jonathan Keetz and a small team of analysts. In 2023, Cambria added Tidal Investments as subadvisor to most of its ETFs. Tidal supports implementation, trading, and monitoring, while Cambria retains full control over portfolio construction and maintains independent oversight of the funds. Considering Cambria’s lineup of systematic strategies, which rely on quantitative tools and research, a small investment team plus Tidal’s implementation capabilities should adequately support the ETFs.
Note: This share class' Parent Pillar rating is analyst-driven, as its Branding Name, Cambria (Branding Name ID: BN00000QD3), is covered by Morningstar Manager Research.
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