What Is the VAMO ETF? A Complete Guide to Returns, Expense Ratio, Holdings, and Alternative ETFs
The Cambria Value and Momentum ETF (VAMO) is an actively managed US equity product that combines value and momentum factors. Its market-condition-based hedging, its outlook, and how it differs from similar factor ETFs such as MTUM and VLUE are the key criteria for choosing it.
SubscribeWhat Is the Cambria Value and Momentum ETF?
It is an actively managed, multi-factor ETF that screens for undervalued stocks using value metrics and then overweights those with solid momentum. It does not replicate a specific index. Instead, it builds its portfolio according to its management rules.
It suits investors who want more than simple index tracking, with exposure to value and momentum factors plus hedging that adapts to market conditions.
It is an ETF managed by Cambria using an active management approach.
How Does the Cambria Value and Momentum ETF Invest?
| Item | Details |
|---|---|
| Tracking index | Does not track a specific index (active management) |
| Management style | Active (rule-based stock selection) |
| Rebalancing frequency | Adjusted periodically at the manager's discretion |
| Distribution frequency | Pays distributions |
| Manager | Cambria |
| Total expense ratio | 0.65% |
The fund first screens out undervalued US stocks using value metrics, then allocates weight to those with solid price momentum. It also takes a rule-based approach, raising or lowering hedge exposure according to market valuation and trend signals to cushion volatility in down markets.
- Combines the value and momentum factors in a single portfolio
- Adjusts hedge exposure according to market conditions
Cambria Value and Momentum ETF Size and Costs (AUM and Management Fee)
Assets under management (AUM) stand at $87.5M, and the expense ratio is 0.65% per year.
Because it reflects two factors together and leaves room for hedging, its performance can differ from that of pure index-tracking products, unlike single-factor ETFs.
Cambria Value and Momentum ETF Performance and Trends
1-Year Price Performance
Dividend & Yield
52-Week Price RangeReturns tend to depend on the relative performance of the value and momentum factors and on whether hedge exposure is in place. Periods when the factors outperform the market alternate with periods when they lag, and volatility comes with both.
Fund flows vary with market interest in factor investing and hedging strategies. When demand for defensive exposure grows, attention can gather around rule-based products like this one.
Cambria Value and Momentum ETF Pros and Cons
Its strengths are the combination of value and momentum and its room for hedging. Its weaknesses are the fee burden that comes with active management and weaker performance when the factors are out of favor.
💪 Key Strengths
⚠️ Points to Watch
Cambria Value and Momentum ETF Alternative ETFs and Related Products
The two products shown in the table, XSVM and XMVM, are index-style factor ETFs that reflect both value and momentum in small-cap and mid-cap stocks. To approach each factor separately, you can also consider MTUM and SPMO for momentum exposure and VLUE and RPV for value exposure. The difference is that these single-factor products give pure exposure to a specific factor without hedging.
Peer Comparison ETFs| Ticker | Name | Price | Change | AUM | Total Expense Ratio | Dividend Yield | 1Y |
|---|---|---|---|---|---|---|---|
 XSVM | Invesco S&P SmallCap Value with Momentum ETF | $67.74 | -1.1% | $597.9M | 0.36% | 1.87% | +23.9% |
 XMVM | Invesco S&P MidCap Value with Momentum ETF | $74.47 | -0.6% | $534.1M | 0.37% | 1.83% | +24.3% |
Top Holdings| Ticker | Name | Weight | Price | Change | Market Cap | P/E | Dividend Yield |
|---|---|---|---|---|---|---|---|
 FAF | First American Financial Corp | 0.17% | $64.97 | -1.8% | $6.6B | 9.2 | 3.57% |
 PBF | PBF Energy Inc | 0.02% | $77.81 | +3.6% | $9.4B | 3.5 | 1.46% |
 PARR | Par Pacific Holdings Inc | 0.01% | $71.28 | -1.2% | $3.6B | 4.2 | - |
 DINO | HF Sinclair Corp | 0.01% | $113.36 | +1.5% | $19.4B | 5.8 | 1.82% |
 SNX | TD Synnex Corp | 0.01% | $228.04 | +2.6% | $18.2B | 13.9 | 0.84% |
 GTX | Garrett Motion Inc | 0.01% | $20.77 | +2.7% | $3.8B | 10.6 | 1.54% |
| VLO | Valero Energy Corp | 0.01% | $387.65 | +1.6% | $108.1B | 8.7 | 1.24% |
 IESC | IES Holdings Inc | 0.01% | $203.38 | +3.7% | $8.2B | 18.1 | - |
Cambria Value and Momentum ETF Investor Checkpoints
Here are the points to review before investing in VAMO. As an active factor product, its fees, factor exposure, and hedging method have a large effect on performance, so it is worth checking them in advance.
| Checkpoint | What to Check | Current Status |
|---|---|---|
| 💵 Expense ratio | Check the long-term cumulative effect of active management fees | Annual fee applies |
| 📊 Factor exposure | Check whether the value and momentum combination fits your goals | Needs review |
| 🛡️ Hedging method | Check whether hedge adjustments by market condition fit your strategy | Needs review |
| 💱 Exchange rate | Check how exchange rates affect returns converted into won | No currency hedge applied |
Factor slumps and the direction of hedge exposure are the main variables for short-term performance. In rising markets, hedging can limit returns, and in falling markets the cushioning effect may fall short of expectations.
It is worth considering if you want a value and momentum combination with condition-based hedging in a single product. If you want pure exposure to a single factor, index-style factor ETFs such as MTUM and VLUE may be a better fit.
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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