In short: The fund this webinar exists to seed — a mid-November 351 exchange into a global large-cap portfolio at 25bp that is deliberately not market-cap weighted, "trying to break the market cap link"; less than ACWI's fee and "very few global equity ETFs are that low, particularly the ones that are not market cap weighted." He thinks non-market-cap global "could be a $50 billion category" and wouldn't be surprised if these become Cambria's largest funds in two years.
GEX is a brand-new fund launching in mid-November 2026. It buys roughly the largest 500 companies across the ~45–50 investable countries in the world, but — and this is the whole point — it does not size them by market value. A normal global index fund automatically puts the most money into whatever has already gone up the most, which is usually whatever is most expensive; Faber calls this "the market cap link" and GEX is built to break it. The fee is 0.25% a year, which he notes is cheaper than the standard global index ETF (ACWI) and very cheap for anything non-cap-weighted.
The reason for the webinar is how you can get into it. Under a rule called a 351 exchange, you can hand your existing shares over as the starting portfolio ("seed") of a new ETF and receive ETF shares back, without that swap counting as a sale — so no capital-gains tax bill on the day. That matters for someone sitting on a huge, long-held winner they're afraid to sell. Two limits apply: no single stock you contribute can be more than 25% of what you put in, and your top five can't be more than 50%, so you need roughly 11–12 different names (broad index ETFs like SPY count as their underlying holdings, which helps). And it is a deferral, not an escape — you still owe the tax whenever the fund eventually sells those positions, and Faber is blunt that the eventual bill will likely be bigger, just later.
9:31None of that works. Dogecoin. Really just think liquid stocks and liquid ETFs. And it should roughly match the fund prospectus and strategy we're launching. So, for us, we're doing one this fall in November, Cambria Global EW ETF, G E X. And really this is trying to break the market cap link.
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