1. Beneficial Portfolio Changes, but Still Expensive:
- The article discusses the changes made to the Cambria High Yield Shiller CAPE ETF (CHY), which has made some beneficial portfolio adjustments.
- However, the ETF is still considered very expensive, with a high expense ratio and a significant premium to its net asset value.
- The author suggests that investors may want to consider alternative high-yield options that offer better value and lower costs.

2. Shift Towards Higher-Quality Bonds:
- The article notes that CHY has shifted its portfolio towards higher-quality bonds, reducing its exposure to lower-rated and riskier debt.
- This shift is seen as a positive step, as it may help to mitigate some of the risks associated with high-yield bonds.
- However, the author cautions that the portfolio changes may not be enough to justify the ETF's high cost and premium valuation.

3. Ongoing Concerns about Valuation and Fees:
- Despite the portfolio changes, the article highlights that CHY remains an expensive option for investors seeking high-yield exposure.
- The ETF's expense ratio is significantly higher than many of its peers, and it trades at a substantial premium to its net asset value.
- The author suggests that investors may be better off considering alternative high-yield options that offer better value and lower costs.