What Is the GAA ETF? — A Complete Guide to Returns, Expense Ratio, Holdings, and Alternative ETFs
The Cambria Global Asset Allocation ETF (GAA) is an active multi-asset product that spans global equities, bonds, commodities, and currencies. It does not track a benchmark, offering flexible allocation, diversification benefits, and quarterly distributions. This guide also covers the outlook for asset-allocation ETFs and how to use them.
SubscribeWhat Is the Cambria Global Asset Allocation ETF?
It is an active asset-allocation ETF that broadly holds global equities, bonds, commodities, and currencies to pursue both capital preservation and growth. Rather than replicating an index, it tactically allocates across multiple asset classes.
It is well suited for long-term, multi-asset investors who want to diversify across global asset classes through a single product.
It is an actively managed ETF run by Cambria.
How to Invest in the Cambria Global Asset Allocation ETF
| Item | Details |
|---|---|
| Management Style | Active (tactical asset allocation) |
| Underlying Assets | Global equities, bonds, commodities, currencies |
| Portfolio Construction | Fund-of-funds structure holding multiple ETFs |
| Rebalancing Frequency | Periodic rebalancing |
| Distribution Frequency | Quarterly distributions |
| Total Expense Ratio | 0.32% |
It uses a fund-of-funds structure that allocates globally with equities and bonds as the core, supplemented by alternatives such as commodities and currencies. The objective is active management that adjusts asset weights according to market conditions across multiple ETFs, without being tied to a specific benchmark.
- A go-anywhere approach with flexible allocation unconstrained by a benchmark
- A fund-of-funds structure that bundles multiple asset classes into one product
Cambria Global Asset Allocation ETF Size and Cost (AUM and Expense Ratio)
Assets under management (AUM) stand at $79.6M, and the total expense ratio is 0.32% annually.
Unlike single-asset ETFs, it holds multiple asset classes at once, easing the allocation burden for individual investors.
Cambria Global Asset Allocation ETF Performance and Flows
1-Year Price Performance
Dividend & Yield
52-Week Price RangeGiven its asset-allocation nature, volatility tends to be milder than equity-only products, and performance generally moves alongside the direction of equity, bond, and commodity markets as well as the interest-rate environment.
Fund flows track demand for multi-asset products. During periods of elevated market volatility, asset-allocation products aimed at risk diversification tend to attract attention, while stronger risk appetite can shift flows toward equity-only products.
Cambria Global Asset Allocation ETF Strengths and Weaknesses
Diversification across multiple asset classes and active allocation are the strengths, while costs tied to the fund-of-funds structure and uncertainty around active performance are the weaknesses.
Key Strengths
Points to Watch
Cambria Global Asset Allocation ETF Alternatives and Related Products
Comparable options within the multi-asset and asset-allocation category include RSSB, GAL, and GYLD as shown in the table. Each differs from this fund in asset-class weights and distribution profile — RSSB stacks equities and bonds, GAL offers a major provider's global allocation, and GYLD focuses on global high-income assets. Additional static-allocation alternatives include the growth-oriented AOR and the neutral AOM, while TRTY, another asset-allocation product from the same provider, is also worth reviewing.
Peer Comparison ETFs| Ticker | Name | Price | Change | AUM | Total Expense Ratio | Dividend Yield | 1Y |
|---|---|---|---|---|---|---|---|
 RSSB | Return Stacked Global Stocks & Bonds ETF | $30.28 | +0.1% | $502.9M | 0.39% | 3.23% | +3.7% |
 GAL | State Street Global Allocation ETF | $52.67 | -0.1% | $319.5M | 0.35% | 2.76% | +5.9% |
 DWAW | AdvisorShares Dorsey Wright FSM All Cap World ETF | $49.72 | -0.4% | $90.9M | 1.23% | 0.68% | +10.8% |
 GYLD | Arrow Dow Jones Global Yield ETF | $13.31 | +0.6% | $39.0M | 0.75% | 7.8% | -0.0% |
 ASGM | Virtus AlphaSimplex Global Macro ETF | $33.10 | -0.1% | $10.8M | 0.86% | 1.6% | +22.4% |
Top Holdings| Ticker | Name | Weight | Price | Change | Market Cap | P/E | Dividend Yield |
|---|---|---|---|---|---|---|---|
 EYLD | Cambria Emerging Shareholder Yield ETF | 0.21% | $46.32 | -0.6% | $0.0M | - | 4.58% |
 FAF | First American Financial Corp | 0.10% | $63.72 | +0.3% | $6.5B | 9.0 | 3.64% |
 FYLD | Cambria Foreign Shareholder Yield ETF | 0.14% | $40.30 | +0.4% | $0.0M | - | 2.86% |
 GVAL | Cambria Global Value ETF | 0.14% | $36.74 | -0.5% | $0.0M | - | 2.55% |
 BLDG | Cambria Global Real Estate ETF | 0.13% | $25.27 | +1.2% | $0.0M | - | 5.64% |
 TYLD | Cambria Tactical Yield ETF | 0.05% | $25.37 | +0.0% | $0.0M | - | 3.61% |
Investor Checklist for the Cambria Global Asset Allocation ETF
Key points to review before investing in GAA. Despite the convenience of diversifying across multiple asset classes through a single product, it is advisable to check the fund-of-funds cost structure, active management performance, and currency exposure for won-based investors in advance.
| Checkpoint | What to Confirm | Current Status |
|---|---|---|
| 💵 Cost Structure | Check whether underlying fund-of-funds costs are included | Requires verification |
| 🌍 Asset Allocation | Review weighting tilt across equities, bonds, and alternatives | Multi-asset structure |
| 🎯 Management Style | Performance dispersion driven by active decisions | Actively managed |
| 💱 Currency | Impact on won-converted returns | No currency hedging |
Even with diversification across multiple asset classes, fully avoiding losses during broad market declines is difficult. The fund-of-funds costs and uncertainty around active management performance should also be factored in.
It is a useful choice for investors seeking global multi-asset diversification through a single product. Considering both costs and active performance, a long-term approach is recommended.
SubscribeDisclaimer: This content is for informational purposes only and does not constitute investment advice. All investment responsibility lies with the investor.
This article reflects information as of July 2, 2026.
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