The Cambria Global Asset Allocation ETF (NYSEArca: GAA) was hailed as a game-changing when it debuted last month because it does not charge investors an annual fee.

Rather, investors pay total fund operating expenses of 0.29%, which works out to be the average expense ratio on the 29 ETFs held by the new Cambria fund. At 0.29%, GAA is still attractively priced and as an actively managed ETF, GAA is downright cheap compared to rival actively managed products. [A Fee Free ETF]

While GAA is free of the traditional fee ETF investors have become accustomed to, that does not mean the new fund is risk-free. The good news is GAA’s overall risk profile is favorable.

GAA “sports a potential upside that is 2x the potential downside, a healthy 2.7% dividend yield, a very low cost (“acquired fund fees and expenses” for the underlying ETFs) and a Risk Number that is far lower than a typical 60/40 (stock/bond) portfolio,” according to Riskalyze.

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