Cambria Tail Risk ETF
$9.86−0.10 (−1.05%)
- Expense ratio
- 0.59%
- Fund size
- $149M
- 1Y return
- −13.1%
- Yield · Last 12 months
- 3.50%
- Holdings
- 10
- Volume · 30D
- 0.2M sh
- NAV per share
- $9.95
- 52W range
The ETF.net TAIL Grade
Score 59 of 100 sits in the B band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.
Cost
What you pay to own it — the expense ratio plus trading frictions, ranked within its category.BScore 66Category rankMission
How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.Not scoredRisk
How violently it can move — volatility, drawdown depth, and downside capture versus its category.DScore 38Category rankTradability
How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.BScore 63Category rankHoldings
What it actually owns — the quality, breadth, and concentration of the underlying portfolio.Not scoredDurability
Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.BScore 69Category rank
Our read on TAIL
BCrash insurance in a ticker. TAIL parks the bulk of its money in Treasuries and TIPS, then spends a slice each month on out-of-the-money S&P 500 puts, rolling the ladder monthly. It has been doing that one job since 2017 at a below-median fee for hedging funds.
The fund seeks to manage the risk of a substantial decline in domestic equities over rolling one-month periods by investing in cash and U.S. government bonds while using put options.
Why people hold it
- Fee of 0.59% sits under the 0.63% median for hedging funds, and under tail-risk peer CAOS at 0.63%.
- One job, stated plainly: Treasuries and TIPS as the base, exchange-listed out-of-the-money puts on US equity indices re-initiated monthly, option gains rolled back into bonds.cambriafunds.com
- Put buying flexes with volatility: more contracts when vol is cheap, fewer when it is expensive.cambriafunds.comcambriafunds.com
- Live since 2017 through real equity stress, and it stands in the upper half of its hedging peer group.
Worth knowing
- Puts that expire worthless are money spent. In quiet markets that premium bill runs against the Treasury income underneath it.cambriafunds.com
- Built to counter sharp declines in domestic equities over rolling one-month periods, so it behaves nothing like an equity holding.
- Actively managed. Cambria can liquidate or reset option positions intra-month, so the hedge in place is a manager call, not a fixed formula.cambriafunds.comcambriafunds.com
TAIL Holdings
- Stocks
- 10
- 100%
- United States Treasury Note/Bond 4.25% 05/15/2035
Sectors
- Technology39.1%
- Financials11.1%
- Communication10.6%
- Consumer Discr.9.9%
- Health Care8.3%
- Industrials7.8%
- Cons. Staples4.5%
- Energy3.1%
- Utilities2.1%
- Real Estate1.8%
- Materials1.7%
TAIL Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | TAIL |
|---|---|
| Year to date | −11.6% |
| 1 month | −2.7% |
| 3 months | −5.5% |
| 1 year | −13.1% |
| 3 years | −5.7% |
| 5 years | −9.6% |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | TAIL |
|---|---|---|
| 2026 YTD | −11.6% | |
| 2025 | +5.5% | |
| 2024 | −9.6% | |
| 2023 | −13.3% | |
| 2022 | −13.1% | |
| 2021 | −12.8% | |
| 2020 | +6.9% |
TAIL in the news
ETF.net Research hasn’t filed on TAIL yet — coverage lands here as it’s written.
TAIL Dividends
- 3.50%
- $0.35
- $0.08 per share
- Quarterly
Distribution history
| Ex-date | Pay date | Amount per share |
|---|---|---|
| Sep 18, 2026 | Sep 21, 2026 | $0.08 |
| Jun 18, 2026 | Jun 22, 2026 | $0.05 |
| Mar 20, 2026 | Mar 23, 2026 | $0.08 |
| Dec 18, 2025 | Dec 19, 2025 | $0.14 |
| Sep 18, 2025 | Sep 19, 2025 | $0.05 |
| Jun 18, 2025 | Jun 20, 2025 | $0.11 |
| Mar 20, 2025 | Mar 21, 2025 | $0.03 |
| Dec 20, 2024 | Dec 30, 2024 | $0.11 |
| Jun 21, 2024 | Jul 1, 2024 | $0.18 |
| Mar 21, 2024 | Apr 1, 2024 | $0.10 |
| Dec 14, 2023 | Dec 26, 2023 | $0.12 |
| Sep 21, 2023 | Oct 2, 2023 | $0.12 |
TAIL Risk
- 8.8%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- −1.10
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −39.7%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- −0.30
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
TAIL Cost
- The middle half of Portfolio Hedging funds
- Median 0.63%
4 of the 11 Portfolio Hedging funds charge less.