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Trending ETFs

Cambria Cannabis ETF

Active ETF
TOKE
Payout Change
Pending
Price as of:
$6.3042 +0.07 +1.19%
primary theme
Sector Diversified Equity
TOKE (ETF)

Cambria Cannabis ETF

Payout Change
Pending
Price as of:
$6.3042 +0.07 +1.19%
primary theme
Sector Diversified Equity
TOKE (ETF)

Cambria Cannabis ETF

Payout Change
Pending
Price as of:
$6.3042 +0.07 +1.19%
primary theme
Sector Diversified Equity

Name

As of 03/26/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Cambria Cannabis ETF

TOKE | Active ETF

$6.30

$9.38 M

3.49%

$0.22

0.59%

Vitals

YTD Return

9.3%

1 yr return

6.3%

3 Yr Avg Return

-29.9%

5 Yr Avg Return

N/A

Net Assets

$9.38 M

Holdings in Top 10

67.7%

52 WEEK LOW AND HIGH

$6.2
$5.11
$6.37

Expenses

OPERATING FEES

Expense Ratio 0.59%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A


Min Investment

Standard (Taxable)

N/A

IRA

N/A


Fund Classification

Fund Type

Exchange Traded Fund


Name

As of 03/26/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Cambria Cannabis ETF

TOKE | Active ETF

$6.30

$9.38 M

3.49%

$0.22

0.59%

TOKE - Profile

Distributions

  • YTD Total Return 9.3%
  • 3 Yr Annualized Total Return -29.9%
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 2.94%
DIVIDENDS
  • Dividend Yield 3.5%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name
    Cambria Cannabis ETF
  • Fund Family Name
    CAMBRIA INVESTMENT MANAGEMENT, LP
  • Inception Date
    Jul 24, 2019
  • Shares Outstanding
    2000002
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Mebane Faber

Fund Description

The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by investing, under normal market conditions, primarily in (1) Cannabis Companies (defined below), and (2) total return swaps intended to provide exposure to Cannabis Companies. Global equity securities that provide broad exposure to the cannabis industry include companies that (i) engage in or support the legal production, cultivation, and/or sale of cannabis, including marijuana and hemp, such as certain agrobusiness, biotechnology, life sciences, pharmaceutical, retail, finance, and real estate companies, (ii) perform lawful research as to the medical and pharmaceutical applications of marijuana and cannabis extracts, including cannabinoids, or (iii) produce and develop devices, goods, and equipment related to the cannabis industry, including hemp and its legal derivatives (collectively, “Cannabis Companies”). To be identified as a Cannabis Company, Cambria Investment Management, L.P., the Fund’s investment adviser (“Cambria”), must determine that a company derives a significant portion (i.e., at least 50%) of its revenue or profits from the legal sale, cultivation, production, or provision of cannabis-related products, services, or research. Under normal market conditions, at least 80% of the value of the Fund’s net assets (plus borrowings for investment purposes) will be invested in Cannabis Companies. On a day-to-day basis, the Fund may hold money market instruments, cash, other cash equivalents, and exchange traded products that invest in these and other highly liquid instruments to collateralize its derivative positions.

As the cannabis industry matures over time, Cambria expects that the industry will grow and crossover with other established industries such as tobacco, food, alcohol, medicine, tourism, and personal care, and the definition of Cannabis Company will evolve as new business lines and products develop. Under the Agriculture Improvement Act of 2018 (the “Farm Bill”), hemp is defined as being derived from cannabis plants and plant parts that contain 0.3% or less of tetrahydrocannabinol (THC), the psychoactive agent found in marijuana, in their leaves and flowering heads. Hemp is commonly used to produce textiles, paper products, rope, and construction materials, and legal derivatives of hemp, such as hemp seeds, hemp seed oil and hemp seed protein, can be used in food products, cosmetics, plastics, and biofuel. Cannabinoids, such as THC and cannabidiol (CBD), are chemical compounds found in the cannabis plant that may be used in lawful research and the development of prescription drugs.

The Fund will only invest in publicly-traded Cannabis Companies that operate in a jurisdiction where the Cannabis Companies’ cannabis-related business activities are legal under the national and local laws of the relevant jurisdiction, including U.S. federal and state laws. Further, the Fund will only invest in Cannabis Companies listed and traded on a national securities exchange that requires compliance with all laws, rules and regulations applicable to their business, including U.S. federal law.

The Fund generally expects to invest in Cannabis Companies across a broad market capitalization spectrum of micro-, small-, and mid-capitalization stocks. While the Fund will target investing in approximately 20 to 50 of the top Cannabis Companies based on Cambria’s determination as to their exposure to the cannabis industry, the quantity of holdings in the Fund will be based on a number of factors, including the asset size of the Fund and the number of companies that satisfy Cambria’s quantitative measurements at any one time. Filters will be implemented to screen for companies that pass various market capitalization, and liquidity requirements.

As of August 1, 2023, the Fund had significant investment exposure to companies in the consumer staples and healthcare sectors, as well as companies in Canada and Europe; however, the Fund’s sector exposure may change from time to time.

The Fund’s portfolio will be rebalanced periodically, but no less frequently than annually, to meet Cambria’s internal target allocations, which are developed pursuant to Cambria’s quantitative strategy. If, after acquiring a Cannabis Company’s securities, Cambria identifies or becomes aware that the company no longer meets the Fund’s definition of Cannabis Companies, the Fund will promptly sell that position. The Fund may sell a security when Cambria believes that the security is overvalued or better investment opportunities are available, to invest in cash and cash equivalents, or to meet redemptions.

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TOKE - Performance

Return Ranking - Trailing

Period TOKE Return Category Return Low Category Return High Rank in Category (%)
YTD 9.3% -26.5% 100.1% 40.00%
1 Yr 6.3% -40.9% 67.0% 63.33%
3 Yr -29.9%* -44.3% 15.7% 82.76%
5 Yr N/A* -6.2% 22.5% 82.35%
10 Yr N/A* -2.6% 12.7% 82.76%

* Annualized

Return Ranking - Calendar

Period TOKE Return Category Return Low Category Return High Rank in Category (%)
2023 -12.9% -34.8% 38.7% 70.00%
2022 -46.1% -72.7% 8.2% 83.33%
2021 -15.1% -31.7% 27.4% 68.97%
2020 -3.9% -29.0% 233.6% 92.86%
2019 N/A -2.0% 66.0% N/A

Total Return Ranking - Trailing

Period TOKE Return Category Return Low Category Return High Rank in Category (%)
YTD 9.3% -26.5% 100.1% 40.00%
1 Yr 6.3% -40.9% 67.0% 63.33%
3 Yr -29.9%* -44.3% 15.7% 82.76%
5 Yr N/A* -6.2% 22.5% N/A
10 Yr N/A* -2.6% 12.7% N/A

* Annualized

Total Return Ranking - Calendar

Period TOKE Return Category Return Low Category Return High Rank in Category (%)
2023 -9.3% -33.0% 39.0% 66.67%
2022 -45.1% -72.7% 8.2% 86.67%
2021 -13.0% -31.7% 28.3% 68.97%
2020 1.3% -28.9% 233.9% 89.29%
2019 N/A 0.4% 66.5% N/A

TOKE - Holdings

Concentration Analysis

TOKE Category Low Category High TOKE % Rank
Net Assets 9.38 M 3.44 M 31.2 B 94.29%
Number of Holdings 29 20 389 85.71%
Net Assets in Top 10 6.22 M 2.2 M 5.86 B 94.29%
Weighting of Top 10 67.70% 17.1% 91.3% 25.71%

Top 10 Holdings

  1. Constellation Brands Inc 10.70%
  2. Imperial Brands PLC 8.97%
  3. Jazz Pharmaceuticals PLC 8.23%
  4. Philip Morris International Inc 7.13%
  5. First American Treasury Obligations Fund 7.04%
  6. Altria Group Inc 6.89%
  7. Scotts Miracle-Gro Co/The 5.08%
  8. Cronos Group Inc 4.58%
  9. British American Tobacco PLC 4.55%
  10. Innovative Industrial Properties Inc 4.54%

Asset Allocation

Weighting Return Low Return High TOKE % Rank
Stocks
92.67% 0.00% 99.96% 60.00%
Cash
7.33% 0.00% 93.41% 57.14%
Preferred Stocks
0.00% 0.00% 41.72% 88.57%
Other
0.00% -12.22% 91.95% 82.86%
Convertible Bonds
0.00% 0.00% 3.05% 85.29%
Bonds
0.00% 0.00% 94.79% 82.86%

Stock Sector Breakdown

Weighting Return Low Return High TOKE % Rank
Consumer Defense
50.44% 0.00% 50.44% 3.85%
Healthcare
25.85% 0.00% 65.82% 23.08%
Basic Materials
8.96% 0.00% 17.92% 23.08%
Real Estate
6.43% 0.00% 16.54% 15.38%
Industrials
4.14% 0.00% 90.47% 61.54%
Technology
2.55% 0.00% 72.56% 76.92%
Consumer Cyclical
1.63% 0.00% 34.19% 76.92%
Utilities
0.00% 0.00% 85.14% 88.46%
Financial Services
0.00% 0.00% 95.51% 88.46%
Energy
0.00% 0.00% 32.10% 92.31%
Communication Services
0.00% 0.00% 16.38% 92.31%

Stock Geographic Breakdown

Weighting Return Low Return High TOKE % Rank
US
76.10% 0.00% 99.90% 22.86%
Non US
16.57% 0.00% 83.83% 48.57%

TOKE - Expenses

Operational Fees

TOKE Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.59% 0.41% 5.61% 82.86%
Management Fee 0.59% 0.25% 1.90% 45.71%
12b-1 Fee 0.00% 0.00% 1.00% 58.33%
Administrative Fee N/A 0.03% 0.19% N/A

Sales Fees

TOKE Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 4.25% 5.75% N/A
Deferred Load N/A 1.00% 1.00% N/A

Trading Fees

TOKE Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 2.00% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

TOKE Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 124.00% 25.00%

TOKE - Distributions

Dividend Yield Analysis

TOKE Category Low Category High TOKE % Rank
Dividend Yield 3.49% 0.00% 14.07% 11.43%

Dividend Distribution Analysis

TOKE Category Low Category High Category Mod
Dividend Distribution Frequency Quarterly Annual Quarterly Annual

Net Income Ratio Analysis

TOKE Category Low Category High TOKE % Rank
Net Income Ratio 2.94% -2.66% 5.19% 14.29%

Capital Gain Distribution Analysis

TOKE Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

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TOKE - Fund Manager Analysis

Managers

Mebane Faber


Start Date

Tenure

Tenure Rank

Jul 25, 2019

2.85

2.9%

Mr. Faber is a co-founder and the Chief Investment Officer of Cambria Investment Management. Faber is a manager of Cambria's ETFs, separate accounts and private investment funds for accredited investors. Mr. Faber has authored numerous white papers and three books: Shareholder Yield, The Ivy Portfolio, and Global Value. He is a frequent speaker and writer on investment strategies and has been featured in Barron's, The New York Times, and The New Yorker. Mr. Faber graduated from the University of Virginia with a double major in Engineering Science and Biology.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.75 23.1 8.85 22.93