RFIX vs TAIL: Grades, Fees and Holdings Compared

Simplify Bond Bull ETF

RFIXBNYSE Arca

Cambria Tail Risk ETF

TAILBCboe

Overlap

0.0%by weight

Expense ratio

RFIX −0.10pt a year

RFIX0.50%TAIL0.60%

Avg volume · 30D

RFIX 2.4×the volume

RFIX410KTAIL174K

RFIX vs TAIL Performance

Nov 3, 2025 – Nov 3, 2026

−5.8%RFIX−11.9%TAIL

Expense ratio: RFIX 0.50%, better; TAIL 0.60%
Fund size: RFIX $42M; TAIL $162M
1Y total return: RFIX −5.8%, better; TAIL −11.9%
Yield (12M): RFIX 4.71%, better; TAIL 3.45%
Holdings: RFIX 6; TAIL 12
Avg volume (30D): RFIX 410K sh, better; TAIL 174K sh
NAV per share: RFIX $37.05; TAIL $10.15
52W range

ETF.net Grade

Pillar letters and Scores for RFIX, TAIL, with each pillar’s weight
Pillar	RFIX	TAIL
Cost30% weight	A90Higher	B66
Mission25% weight	Not scored	Not scored
Risk15% weight	D37Higher	D33
Tradability15% weight	C50	B57Higher
Holdings10% weight	D33	Not scored
Durability5% weight	D33	B67Higher

Rank among Portfolio Hedging funds

How we build Categories ›

Same Category. RFIX and TAIL are both graded against the same 10 Portfolio Hedging funds, so their Grades compare head to head.

Portfolio Hedging⁠

Category · 10 funds

See all 10 ›

RFIX ranks 4th and TAIL 6th of 10 funds in the Portfolio Hedging Category.

Rank 1BCAOSAlpha Architect Tail Risk ETFScore 66
Rank 1BSPDSimplify US Equity PLUS Downside Convexity ETFScore 66
Rank 3BPFIXSimplify Interest Rate Hedge ETFScore 65
Rank 4BRFIXSimplify Bond Bull ETFScore 64
Rank 5BATTRArin Tactical Tail Risk ETFScore 59
Rank 6BTAILCambria Tail Risk ETFScore 56
Rank 7DONEHTrueShares Equity Hedge ETFScore 38

Our read on each fund

ETF.net Research

RFIXBSimplify Bond Bull ETF

TAILBCambria Tail Risk ETF

In short

RFIX No data

TAIL A 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

RFIX No data

TAIL 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

RFIX No data

TAIL The hedge budget sits in the prospectus: roughly 1% of assets a month on S&P 500 puts, targeted 0% to 30% out of the money, rolled every month. No black box.cambriafunds.com
Premiums ride on top of intermediate US Treasuries and TIPS rather than idle cash, so the sleeve funding the hedge can earn income. Distributions come quarterly.cambriafunds.com
0.60% with no fee waiver in play, near the median for hedging ETFs and below CAOS at 0.63%.
Live since 2017 through several volatility spikes: one of the longer-running dedicated tail-risk funds and among the stronger builds in its hedging peer group.

Worth knowing

RFIX No data

TAIL Cambria's own fact sheet says to expect negative returns in most periods. The steady drip of premium spending is the cost of carrying the options.cambriafunds.com
The ballast is intermediate-term Treasuries, so rate moves matter. Stocks and bonds can fall together, and both sleeves can sag at once.cambriafunds.com cambriafunds.com 2
Protection resets month by month, and puts that finish out of the money expire worthless.cambriafunds.com

Full RFIX profile⁠

Full TAIL profile⁠

RFIX vs TAIL Holdings

How RFIX and TAIL differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of RFIX and 0.0% of TAIL.

Level by level

Asset classFixed Income, Equity0.0%
Sector12 Sectors0.0%
Holdings0 in both0.0%

Sector

Sector weights in RFIX and TAIL, widest gap first
Sector	Gap	RFIX	TAIL
Government	RFIX +100.0 points	100.0%	0.0%
Technology	TAIL +39.1 points	0.0%	39.1%
Financials	TAIL +11.1 points	0.0%	11.1%
Communication	TAIL +10.6 points	0.0%	10.6%
Consumer Discretionary	TAIL +9.9 points	0.0%	9.9%
Health Care	TAIL +8.3 points	0.0%	8.3%
Industrials	TAIL +7.8 points	0.0%	7.8%
Consumer Staples	TAIL +4.5 points	0.0%	4.5%
Energy	TAIL +3.1 points	0.0%	3.1%
Utilities	TAIL +2.1 points	0.0%	2.1%
Real Estate	TAIL +1.8 points	0.0%	1.8%
Materials	TAIL +1.7 points	0.0%	1.7%

Country, concentration and asset class

Country by domicile

No country split for TAIL.

Concentration

Weight in the 10 largest Holdings

RFIX139.2%
TAIL99.7%

Securities held

RFIX5
TAIL11

Asset class

RFIX: Fixed Income
TAIL: Equity

Holdings

Only in RFIX5
In both0
Only in TAIL11

Only in RFIX

5 securities, 100% of RFIX by weight

B 12/31/26 Govt67.94%
B 3/11/27 Govt44.37%
Simplify E Govt Money Mkt Etf14.59%
B 12/3/26 Govt10.97%
B 1/28/27 Govt0.96%

Only in TAIL

11 securities, 97.8% of TAIL by weight

United States Treasury Note/Bond 4.25% 05/15/203589.83%
Spx Us 09/17/27 P70001.62%
First American Treasury Obligations Fund 01/01/20401.14%
Spx Us 12/17/27 P72001.10%
Spx Us 12/17/27 P70001.05%
Spx Us 09/17/27 P72000.99%
Spx Us 06/17/27 P69000.77%
Spx Us 03/19/27 P64000.55%
Spx Us 06/17/27 P65000.42%
Spx Us 06/17/27 P62000.19%
Spx Us 12/18/26 P62000.09%

Weight gaps

RFIX and TAIL share no securities.

All 11 RFIX holdings⁠All 11 TAIL holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

RFIX vs TAIL Cost

Overpaying TAIL vs RFIX

$1,838

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

RFIX 0.50%
$9,979
TAIL 0.60%
$11,817

Amount$10,000

Years30 years

Cost over time

RFIX 0.50%
TAIL 0.60%
Overpaying

Year by year

Year	RFIX	TAIL	Overpaying
10	$900	$1,076	$176
20	$3,460	$4,116	$656
30	$9,979	$11,817	$1,838

Expense ratio

0.50%RFIX, cheaper
0.60%TAIL

RFIX0.50%TAIL0.60%

0.50%0.98%

Middle half of Portfolio Hedging funds
Median 0.63%

RFIX cheapest of 10 funds

TAIL 4th cheapest of 10 funds

RFIX vs TAIL Dividends

Last 12 months to Nov 3, 2026

Yield (12M): RFIX 4.71%, better; TAIL 3.45%
Payout (12M): RFIX $1.73; TAIL $0.35
Last payment: RFIX $0.20; TAIL $0.08
Ex-dividend: RFIX Oct 27, 2026; TAIL Sep 18, 2026
Paid on: RFIX Oct 30, 2026; TAIL Sep 21, 2026
Frequency: RFIX Monthly; TAIL Quarterly

Distribution history

Per share, 2023 to 2026, same scale for both

RFIXMonthly · 21 paymentsAll RFIX payments⁠

TAILQuarterly · 14 paymentsAll TAIL payments⁠

RFIX vs TAIL Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: RFIX 21.0%since Jan 2025TAIL 9.3%
Return per unit of riskSharpe ratio, 3 years: RFIX −0.83since Jan 2025TAIL −0.98
Worst fallMax drawdown, 5 years: RFIX −38.9%since Dec 2024TAIL −40.6%
Market sensitivityBeta, 5 years: RFIX −0.20TAIL −0.30; Market = 1

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