Cambria Global EW ETF's largest holding is another fund, about 25 times an equal share
On Friday, September 25, 2026, Cambria Global EW ETF's largest holding, as of Wednesday, September 23, was Invesco's low-volatility US fund, at 5.6% of assets, about 25 times an equal share of 450 positions.
Cambria Global EW ETF GEW, a global stock fund, began trading on Thursday, September 25, 2025. At the period ended Sunday, November 30, 2025, holdings in other funds were already 22% of assets. Invesco S&P 500 Low Volatility ETF SPLV, which holds the 100 S&P 500 stocks with the smallest price swings, was 6.9% on its own. Six months later, other funds were still 15.4%, and SPLV was 5.7%.
In July 2025, Cambria said the fund would give equal-weighted exposure to stocks around the world. The prospectus dated March 31, 2026, calls the fund active, which means a manager chooses what it owns. It may hold stocks or other funds, and it rebalances at least once a year. No company is close to that fund position. Walmart, the biggest company in the portfolio, was 1.8%.
Weight of GEW's largest holdings
- 5.6%
- 1.8%
- 1.7%
- 1.6%
- 1.5%
- 1.3%
- 1.1%
- 1.1%
- 1.0%
With dividends reinvested, GEW returned 13.3% from its first close on Thursday, September 25, 2025, through Thursday, September 24, 2026. Vanguard Total World Stock ETF VT holds thousands of companies worldwide, weighted by company size. Over that window, GEW trailed it by 5.5 percentage points.
The fund began with a one-time exchange. Investors could move in investments that had already risen in value, and delay the tax on the gain. Through the November 30 period end, the fund sold $51 million of shares, and shareholders redeemed $58 million. It realized $39 million of gains by handing out securities to meet those redemptions, instead of selling them for cash. The annual report says those gains are not taxable to the fund and are not distributed to shareholders.
A year in, a holder of the equal-weight name still has SPLV as the largest position.
Frequently asked
What is GEW's largest holding?
Invesco S&P 500 Low Volatility ETF was 5.6% of assets as of September 23, 2026.
Is the fund equal-weighted?
Cambria said in July 2025 the fund would give equal-weighted exposure to stocks around the world, and the prospectus dated March 31, 2026, calls the fund active.
How much of the fund is in other funds?
Holdings in other funds were 22% of assets at November 30, 2025, and 15.4% six months later.
How did the first year compare with a world stock fund?
With dividends reinvested, GEW returned 13.3% from its first close on September 25, 2025, through September 24, 2026, trailing Vanguard Total World Stock ETF by 5.5 percentage points.