$27 million AUM contributed in-kind to Cambria Tax Aware ETF (TAX)
Meb calls it "our biggest launch ever" as new ETF is seeded in-kind w/ 56% ETFs, 44% direct equities.
Get up to speed with Section 351
Get up to speed with Cambria’s TAX
Breakdown of day-one holdings/in-kind contributions…
Some interesting contributions...
11.64% VTI Vanguard Total Stock Market ETF
2.37% BIL SPDR Bloomberg 1-3 Month T-Bill ETF
1.79% CPSD Calamos S&P 500 Structured Alt Protection ETF-December
1.67% BOXX Alpha Architect 1-3 Month Box ETF
0.69% EZBC Franklin Bitcoin ETF
5.18% NVDA NVIDIA Corp
2.37% APP AppLovin Corp
2.14% AMD Advanced Micro Devices
1.42% MSFT Microsoft Corp
I'm monitoring how quickly the portfolio converges to the value thesis.
This is one of the first ETFs seeded in-kind *in public* via Section 351 conversion.
Meb calls it "our biggest launch ever”
Other ETFs are coming to market with an in-kind option (Meb’s ENDW is already in my tracker).
Section 351 for single-stock concentration?
Could Section 351 conversion be used to diversify large single-stock positions…
No, definitely not (for diversification math reasons).
…well, maybe… (we could squeeze into the diversification limits).
…but then there’s the “prearranged plan” limitation (does it apply here?).
Stay tuned for my next piece, which explores Section 351 for reducing concentrated positions.
Not investment, tax, or legal advice. Not an endorsement or recommendation to buy or sell any security. Find an adviser for personalized guidance.