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.

Revolution Medicines, Inc.

Advanced Micro Devices, Inc.

Twilio Inc.

Flex Ltd.

Charter Communications, Inc.

Viasat, Inc.

Roivant Sciences Ltd.

JFrog Ltd.

Jazz Pharmaceuticals plc

Natera, Inc.

Healthcare

Industrials

Technology

Consumer Cyclical

Financial Services

Communication Services

Consumer Defensive

Real Estate

Basic Materials

Utilities

EA Series Trust - Cambria Tax Aware ETF

TAX Holdings & Sector Breakdown