Cambria
Section 351 ETF Conversion Program (5 ETFs)
OpenCambria GEX (Global EW 3) is in the 351.tax pipeline for 2026-11-10. Rev. Rul. 2026-20 (2026-09-28) treats a prearranged post-seed swap into a materially different portfolio as taxable. Notice 2026-62 says it does not address seeding with assets that fit the ETF's thesis.
- Assets
- ≈$709M
- Fee a year
- 0.27%–0.49%
- Minimum
- Not disclosed
- Tracking error
- Not disclosed
- Investors
- Not disclosed
- Open to
- Anyone
- Lock-up
- None after launch (ETF shares trade daily)
- Holdings
- Not disclosed
- Benchmark
- Not disclosed
- Custodians
- U.S. Bank
- Access
- Sign up directly, through an advisor
- Launched
- 2024
- Assets, in detail
- As of 2026-10. Sum of the net assets of the 5 ETFs launched through the program (2026-10, 351.tax and fund pages). They took $673M of in-kind seeds at launch.
- Fee schedule
- Set in each new ETF's prospectus (0.27%-0.49% for recent launches).
- Other costs
- Trading spread and brokerage costs.
- Tracking error, method
- Not applicable at program level.
Assets over time
Funds 5
| Fund | Year | Amount | Note |
|---|---|---|---|
| Cambria Tax Aware ETF (TAX) | 2024 | $24.8M2026-10 | Expense ratio 0.49%. Net assets $24.8M on 2026-10-12 (351.tax). Launch in-kind seed $27.0M on 2024-12-17 (seed from N-CSR or filings). |
| Cambria Endowment Style ETF (ENDW) | 2025 | $156M2026-10 | Expense ratio 0.29%. Net assets $155.9M on 2026-10-12 (351.tax). Launch in-kind seed $98.2M on 2025-04-09 (seed from N-CSR or filings). |
| Cambria Global EW ETF (GEW) | 2025 | $140M2026-10 | Expense ratio 0.29%. Net assets $140.1M on 2026-10-12 (351.tax). Launch in-kind seed $154.9M on 2025-09-24 (seed from N-CSR or filings). |
| Cambria US EW ETF (USEW) | 2025 | $187M2026-10 | Expense ratio 0.30%. Net assets $187.2M on 2026-10-12 (351.tax). Launch in-kind seed $185.8M on 2025-12-17 (seed from N-CSR or filings). |
| Cambria Global Equal Weight 2 ETF (GEQ) | 2026 | $201M2026-10 | Expense ratio 0.27%. Net assets $201.4M on 2026-10-12 (351.tax). Launch in-kind seed $207.2M on 2026-06-08 (seed not yet confirmed in N-CSR (provisional)). |
Sources
Checked 2026-10. Confidence: medium. Basis estimated the assets from public data.
Where to get it
The same product costs a different amount through each door. The all-in fee adds the access provider's own fee to the product fee. Placement fees, financing, and fund expenses are extra.
| Through | Their fee | All-in fee | Minimum | Onboarding and queue | Status |
|---|---|---|---|---|---|
| Direct from CambriaManager | 0% | 0.27%–0.49% | Not disclosed | Periodic launch windows | Open |
Other §351 etfs
- Eagle Capital Management Eagle Capital Select Equity ETF (EAGL)$4.61B
- Alpha Architect (ETF Architect) Section 351 Exchange Program (4 ETFs)$2.22B
- Brown Advisory Brown Advisory Flexible Equity ETF (BAFE)$1.73B
- Dimensional Fund Advisors Dimensional US Large Cap Core Equity Market ETF (DFAL)$1.65B
- Sapient Capital (EA Advisers) Sapient Quality Select ETF (SQS)$1.41B
- AllianceBernstein AB US Equity ETF (XCHG)$711M
- Longview (Hill Investment Group) Longview Advantage ETF (EBI)$676M
- Polen Capital Section 351 Exchange (1 ETF)$88.9M