Cambria Tax Aware 

TAX used the IRS code 351 conversion to initially seed the ETF, allowing investors to diversify their exposure without experiencing a capital gain. TAX is an actively managed ETF investing in US stocks with a market capitalization over $5 billion. The fund targets value stocks with lower to no dividend distributions, aiming to enhance after-tax returns. Utilizing a quantitative model, Cambria evaluates stocks using traditional value metrics, such as price-to-sales, price-to-earnings, and enterprise multiples. The fund avoids high dividend stocks to optimize after-tax returns, benefiting investors in higher tax brackets. Eligible stocks must satisfy certain market capitalization, sector concentration, and liquidity criteria, starting with the largest 1,000 US equities. Cambria compiles a portfolio of 50 to 500 stocks showcasing the best blend of low dividend yield and value metrics, with holdings equal-weighted but adaptable to market changes. Stocks may be sold if deemed overvalued or if superior opportunities arise, with portfolio adjustments expected annually.