Cambria Tail Risk ETF
$10.02−0.09 (−0.84%)
- 0.60%
- $162M
- −11.9%
- 3.45%
- 174K sh
- 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.D33 out of 100Rank 11 of 13Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.B57 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.B67 out of 100Rank 5 of 13
Our read on TAIL
In short
BA crash hedge with the budget written down: each month TAIL spends roughly 1% of assets on out-of-the-money S&P 500 puts and holds US Treasuries with the rest. Running since 2017, and Cambria says to expect negative returns in most periods.
Stated mandate
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
Worth knowing
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$8,810
Returns run to the Nov 3, 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 | −10.4% |
| 1 month | +3.4% |
| 3 months | −2.0% |
| 1 year | −11.9% |
| 3 years | −4.7% |
| 5 years | −8.5% |
| 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 | −10.4% | |
| 2025 | +5.5% | |
| 2024 | −9.6% | |
| 2023 | −13.3% | |
| 2022 | −13.1% | |
| 2021 | −12.8% | |
| 2020 | +6.9% |
TAIL in the news
TAIL Dividends
- 3.45%
- $0.35
- $0.08 per share
- Quarterly
TAIL Risk
- 9.3%
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.
- −0.98
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.
FMP measures it over up to five years of monthly returns.
TAIL Cost
Overpaying vs RFIX, cheapest in Portfolio Hedging
$1,838
On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.
TAIL 0.60%
$11,817
RFIX 0.50% Cheapest
$9,979
Cost over time
Year by year
| Year | TAIL | RFIX | Overpaying |
|---|---|---|---|
| 10 | $1,076 | $900 | $176 |
| 20 | $4,116 | $3,460 | $656 |
| 30 | $11,817 | $9,979 | $1,838 |
Other funds in Portfolio Hedging
- BRFIXSimplify Bond Bull ETFExpense ratio 0.50%1 year return −5.8%
- BATTRArin Tactical Tail Risk ETFExpense ratio 0.63%1 year return +7.0%
- DONEHTrueShares Equity Hedge ETFExpense ratio 0.79%1 year return
- DVIXYProShares VIX Short-Term Futures ETFExpense ratio 0.85%1 year return −44.5%
- DVIXMProShares VIX Mid-Term Futures ETFExpense ratio 0.85%1 year return −19.5%
