Cambria Tail Risk ETF
Key Statistics
Historical Performance
Total return including reinvested distributions, from adjusted closing prices.
Price History
Price history is being compiled for this fund.
Top Holdings
Top 12 holdings as of Jan 31, 2026 · source: SEC N-PORT. Full holdings & prospectus →
About TAIL
TheFund is actively managed and seeks to achieve its investment objective by investing in cash and U.S. government bonds, and utilizinga put option strategy to manage the risk of a significant negative movement in the value of domestic equities (commonly referred to astail risk) over rolling one-month periods. To hedge against sharp declines in the U.S. stock market,each month, the Fund purchases U.S. exchange-listed protective “out of the money” putoptions on U.S. stock indices. The Fund’s investment adviser, Cambria Investment Management, L.P. (“Cambria”or the “Adviser”), intends to spend approximately one percent of the Fund’s total assets per month to purchase putoptions. Cambria generally targets put options in the 0% to 30% out of the money range. Buying a put option provides the purchaser theright to sell the underlying index to the put seller at a specified price within a specified time period. There is an associated cost(premium), but in the event the underlying index declines in value, ownership of the put may reduce the downside risk. In the event themarket rises, the cost of the option might be lost. For example, if the Fund purchases a put option on the S&P 500 Index (“SPXPut”), the Fund pays a premium to the option seller, which decreases the Fund’s return. If, however, the value of the S&P500 Index falls below the SPX Put’s strike price, the option finishes “in-the-money”and the option seller pays the Fund the difference between the strike price and the value of the S&P 500 Index. By employing the putoption strategy, Cambria seeks growth with reduced volatility as compared to the cash and U.S. bonds.Cambriahas implemented the put option strategy to attempt to provide protection from significant market declines on a month-by-monthbasis. The bulk of this protection comes in the form of put options on indices that track the performance of U.S. equity securities.Cambria generally intends to re-initiate new options positions that make up the put option position eachmonth and reinvest any gains from these activities into U.S. bonds, including U.S. Treasuries and Treasury inflation-protectedsecurities (TIPS). Cambria also may, at its discretion, liquidate and establish new option positions intra-month,or liquidate option positions without establishing new positions. The put option strategy only includes exchange-listedput options.
TAIL News
- Discipline and Rules-Based Execution in TAIL Response
- Behavioral Patterns of TAIL and Institutional Flows
- (TAIL) Movement Within Algorithmic Entry Frameworks
- (TAIL) Movement Within Algorithmic Entry Frameworks
- How (TAIL) Movements Inform Risk Allocation Models
- Trading Systems Reacting to (TAIL) Volatility
Data for TAIL is aggregated from third-party providers (Tiingo, Nasdaq, Finnhub) and SEC filings, may be delayed at least 20 minutes, and may be incomplete or contain errors. Nothing here is investment advice. Verify with the official prospectus before investing.