Cambria Tail Risk ETF
$9.78+0.03 (+0.26%)
- 0.60%
- $150M
- −16.4%
- 3.57%
- 0.2M sh
- $9.75
- low $9.70high $12.19
The ETF.net TAIL Grade
B
Score 56 out of 100
- 6 of 13
Score 56 of 100 falls in the B band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.B66 out of 100Rank 5 of 13Mission
Whether the fund did what it promised, tested against its stated mandate.Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.D36 out of 100Rank 10 of 13Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.C54 out of 100Rank 6 of 13Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.B69 out of 100Rank 5 of 13
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
- 11
- 100%
- United States Treasury Note/Bond 4.25% 05/15/2035
Sectors
- Technology39.1%
- Financials11.1%
- Communication10.6%
- Consumer Discretionary9.9%
- Health Care8.3%
- Industrials7.8%
- Consumer 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.
Not enough history yet.
TAIL$8,358
Returns run to the Oct 12, 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 | −13.4% |
| 1 month | −2.5% |
| 3 months | −6.6% |
| 1 year | −16.4% |
| 3 years | −5.7% |
| 5 years | −9.7% |
| 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 | −13.4% | |
| 2025 | +5.5% | |
| 2024 | −9.6% | |
| 2023 | −13.3% | |
| 2022 | −13.1% | |
| 2021 | −12.8% | |
| 2020 | +6.9% |
TAIL in the news
TAIL Dividends
- 3.57%
- $0.35
- $0.08 per share
- Quarterly
Distribution history
TAIL Risk
- 9.0%
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.
- −1.16
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.
- −40.6%
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
0.60%
TAIL0.60%
- The middle half of Portfolio Hedging funds
- Median 0.63%
4 of the 11 Portfolio Hedging funds charge less.
Other funds in Portfolio Hedging
- BRFIXSimplify Bond Bull ETFExpense ratio 0.50%1 year return −18.6%
- BATTREA Series Trust - Arin Tactical Tail Risk ETFExpense ratio 0.63%1 year return —
- CIRVHGlobal X - Interest Rate Volatility & Inflation Hedge ETFExpense ratio 0.45%1 year return −7.2%
- DONEHTrueShares Equity Hedge ETFExpense ratio 0.79%1 year return —
- DVIXYProShares - VIX Short-Term Futures ETFExpense ratio 0.85%1 year return −55.9%