Chart Courtesy: Riskalyze

GAA is comprised of other underlying ETFs and seeks to replicate a true global market portfolio, investing in a basket of U.S. and foreign equities, bonds, real estate, commodities, and currencies, according to the statement. The 29 ETFs held by GAA, which are mostly Vanguard and iShares funds, give investors exposure to over 20,000 individual securities, according to Cambria. http://www.cambriafunds.com/gaa/

GAA’s top 10 holdings include the Vanguard Total International Bond ETF (NYSEArca: BNDX), Vanguard Total Bond Market ETF (NYSEArca: BND), Vanguard Total Stock Market ETF (NYSEArca: VTI), Market Vectors Emerging Markets Local Currency Bond ETF (NYSEArca: EMLC) and the Market Vectors Emerging Markets High Yield Bond ETF (NYSEArca: HYEM).

GAA also holds stakes in three of Cambria’s other four ETFs, which of course helps the firm make money in lieu of a traditional expense ratio. However, while that strategy has garnered some criticism, it should be noted that the Cambria Global Value ETF (NYSEArca: GVAL), Cambria Shareholder Yield ETF (NYSEArca: SYLD) and the Cambria Foreign Shareholder Yield ETF (NYSEArca: FYLD) combine for just 8.4% of GAA’s weight.