SPD vs TAIL: Grades, Fees and Holdings Compared

Simplify US Equity PLUS Downside Convexity ETF

SPDBNYSE Arca

Cambria Tail Risk ETF

TAILBCboe

Overlap

0.0%by weight

Expense ratio

SPD −0.07pt a year

SPD0.53%TAIL0.60%

Avg volume · 30D

TAIL 12.4×the volume

SPD14KTAIL174K

5Y return · a year

SPD +14.6pt

SPD+6.1%TAIL−8.5%

SPD vs TAIL Performance

Nov 3, 2021 – Nov 3, 2026

+34.6%SPD−35.8%TAIL

Expense ratio: SPD 0.53%, better; TAIL 0.60%
Fund size: SPD $77M; TAIL $162M
1Y total return: SPD +2.4%, better; TAIL −11.9%
Yield (12M): SPD 1.23%; TAIL 3.45%, better
Holdings: SPD 22; TAIL 12
Avg volume (30D): SPD 14K sh; TAIL 174K sh, better
NAV per share: SPD $40.59; TAIL $10.15
52W range

ETF.net Grade

Pillar letters and Scores for SPD, TAIL, with each pillar’s weight
Pillar	SPD	TAIL
Cost30% weight	A78Higher	B66
Mission25% weight	Not scored	Not scored
Risk15% weight	B61Higher	D33
Tradability15% weight	C53	B57Higher
Holdings10% weight	D37	Not scored
Durability5% weight	B62	B67Higher

Rank among Portfolio Hedging funds

How we build Categories ›

Same Category. SPD 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 ›

SPD ranks 1st 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 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

SPDBSimplify US Equity PLUS Downside Convexity ETF

TAILBCambria Tail Risk ETF

In short

SPD Most S&P 500 options funds sell options to collect premium. SPD runs the trade in reverse: US equity exposure plus a standing options overlay built to cushion deep market drops rather than harvest income.

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

SPD The fund seeks long-term capital appreciation through primarily U.S. equity investments combined with a persistent downside-convexity options overlay intended to hedge market declines.

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

SPD The hedge is always on, not bolted in after volatility spikes. The overlay is built to soften declines instead of selling premium, the rarer job in this crowd.simplify.us
At 0.53% a year it undercuts the median fee among its S&P 500 options peers, notable for a fund carrying a live derivatives book.simplify.us
Trading since 2020. Equity core benchmarked to the S&P 500, a compact book of roughly 40 positions, distributions on a quarterly schedule.

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

SPD Convexity is not free. A persistent hedge overlay has an ongoing cost that the fund carries whether or not the market actually falls.simplify.us
Shares trade lightly and assets are modest next to the cohort's giants, so spreads can be wider than the headline fee suggests.
It lands in the lower half of its S&P 500 options peer group. The fee is competitive; the hedged build simply has more moving parts than a plain buy-write.

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 SPD profile⁠

Full TAIL profile⁠

SPD vs TAIL Holdings

How SPD and TAIL differ

Overlap by weight

0.0%

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

Level by level

Holdings0 in both0.0%
Sector11 Sectors96.8%
Asset classEquity100%

Sector

Sector weights in SPD and TAIL, widest gap first
Sector	Gap	SPD	TAIL
Health Care	SPD +1.5 points	9.8%	8.3%
Communication	TAIL +1.4 points	9.2%	10.6%
Consumer Discretionary	TAIL +0.9 points	9.0%	9.9%
Financials	SPD +0.7 points	11.8%	11.1%
Energy	SPD +0.7 points	3.8%	3.1%
Industrials	TAIL +0.4 points	7.4%	7.8%
Technology	TAIL +0.3 points	38.8%	39.1%
Consumer Staples	SPD +0.2 points	4.7%	4.5%
Materials	TAIL +0.1 points	1.6%	1.7%
Utilities	TAIL +0.1 points	2.0%	2.1%
Real Estate	Same weight	1.8%	1.8%

Country, concentration and asset class

Country by domicile

No country split for TAIL.

Concentration

Weight in the 10 largest Holdings

SPD133.2%
TAIL99.7%

Securities held

SPD20
TAIL11

Asset class

SPD: Equity
TAIL: Equity

Holdings

Only in SPD20
In both0
Only in TAIL11

Only in SPD

20 securities, 100% of SPD by weight

Ishares Core S+p 500 Etf91.49%
Trs Sbar 05142719.16%
Trs Sbar 06152712.88%
B 1/28/27 Govt2.44%
SPXW US 01/15/27 P6550 Index1.07%
B 12/3/26 Govt0.67%
SPXW US 11/20/26 P7050 Index0.33%
SPXW US 11/20/26 P6525 Index0.19%
SPXW US 12/18/26 C8100 Index0.04%
SPXW US 01/15/27 C8150 Index0.04%
SPXW US 12/18/26 C8075 Index0.03%
SPXW US 12/18/26 C8250 Index0.01%
SPXW US 12/18/26 C8275 Index0.01%
SPXW US 11/20/26 C8000 Index<0.01%
SPXW US 11/30/26 C8150 Index<0.01%
SPXW US 11/30/26 C8250 Index<0.01%
SPXW US 11/20/26 C8150 Index<0.01%
SPXW US 11/20/26 C8250 Index<0.01%
SPXW US 11/13/26 C8100 Index<0.01%
SPXW US 11/20/26 C8350 Index<0.01%

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

SPD and TAIL share no securities.

All 40 SPD 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.

SPD vs TAIL Cost

Overpaying TAIL vs SPD

$1,281

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

SPD 0.53%
$10,536
TAIL 0.60%
$11,817

Amount$10,000

Years30 years

Cost over time

SPD 0.53%
TAIL 0.60%
Overpaying

Year by year

Year	SPD	TAIL	Overpaying
10	$953	$1,076	$123
20	$3,658	$4,116	$458
30	$10,536	$11,817	$1,281

Expense ratio

0.53%SPD, cheaper
0.60%TAIL

SPD0.53%TAIL0.60%

0.50%0.98%

Middle half of Portfolio Hedging funds
Median 0.63%

SPD 2nd cheapest of 10 funds

TAIL 4th cheapest of 10 funds

SPD vs TAIL Dividends

Last 12 months to Nov 3, 2026

Yield (12M): SPD 1.23%; TAIL 3.45%, better
Payout (12M): SPD $0.50; TAIL $0.35
Last payment: SPD $0.20; TAIL $0.08
Ex-dividend: SPD Sep 25, 2026; TAIL Sep 18, 2026
Paid on: SPD Sep 30, 2026; TAIL Sep 21, 2026
Frequency: SPD Quarterly; TAIL Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

SPDQuarterly · 22 paymentsAll SPD payments⁠

TAILQuarterly · 37 paymentsAll TAIL payments⁠

SPD vs TAIL Risk

Fall from peak · 5 years

SPD
TAIL

Risk facts

VolatilityStd dev, 3 years: SPD 14.1%TAIL 9.3%, better
Return per unit of riskSharpe ratio, 3 years: SPD 0.95, betterTAIL −0.98
Worst fallMax drawdown, 5 years: SPD −27.4%, betterTAIL −40.6%
Market sensitivityBeta, 5 years: SPD 0.94TAIL −0.30; Market = 1

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