Continue to site >
Trending ETFs

Cambria Tail Risk ETF

Active ETF
TAIL
Payout Change
Pending
Price as of:
$12.07 -0.01 -0.08%
primary theme
Inverse Equity
TAIL (ETF)

Cambria Tail Risk ETF

Payout Change
Pending
Price as of:
$12.07 -0.01 -0.08%
primary theme
Inverse Equity
TAIL (ETF)

Cambria Tail Risk ETF

Payout Change
Pending
Price as of:
$12.07 -0.01 -0.08%
primary theme
Inverse Equity

Name

As of 03/27/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Cambria Tail Risk ETF

TAIL | Active ETF

$12.07

$89.2 M

3.99%

$0.48

0.59%

Vitals

YTD Return

-5.0%

1 yr return

-16.1%

3 Yr Avg Return

-12.1%

5 Yr Avg Return

-8.6%

Net Assets

$89.2 M

Holdings in Top 10

124.3%

52 WEEK LOW AND HIGH

$12.1
$12.03
$14.98

Expenses

OPERATING FEES

Expense Ratio 0.59%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A


Min Investment

Standard (Taxable)

N/A

IRA

N/A


Fund Classification

Fund Type

Exchange Traded Fund


Name

As of 03/27/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Cambria Tail Risk ETF

TAIL | Active ETF

$12.07

$89.2 M

3.99%

$0.48

0.59%

TAIL - Profile

Distributions

  • YTD Total Return -5.0%
  • 3 Yr Annualized Total Return -12.1%
  • 5 Yr Annualized Total Return -8.6%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 0.18%
DIVIDENDS
  • Dividend Yield 4.0%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name
    Cambria Tail Risk ETF
  • Fund Family Name
    CAMBRIA INVESTMENT MANAGEMENT, LP
  • Inception Date
    Apr 05, 2017
  • Shares Outstanding
    26900002
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Mebane Faber

Fund Description

The Fund is actively managed and seeks to achieve its investment objective by investing in cash and U.S. government bonds, and utilizing a put option strategy to manage the risk of a significant negative movement in the value of domestic equities (commonly referred to as tail 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” put options 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 put options. Cambria generally targets put options in the 0% to 30%

out of the money range. Buying a put option provides the purchaser the right 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 the market rises, the cost of the option might be lost. For example, if the Fund purchases a put option on the S&P 500 Index (“SPX Put”), the Fund pays a premium to the option seller, which decreases the Fund’s return. If, however, the value of the S&P 500 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 put option strategy, Cambria seeks growth with reduced volatility as compared to the cash and U.S. bonds.

Cambria has implemented the put option strategy to attempt to provide protection from significant market declines on a month-by-month basis. 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 each month and reinvest any gains from these activities into U.S. bonds, including U.S. Treasuries and Treasury inflation-protected securities (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-listed put options.

Read More

TAIL - Performance

Return Ranking - Trailing

Period TAIL Return Category Return Low Category Return High Rank in Category (%)
YTD -5.0% -51.9% 14.9% 34.92%
1 Yr -16.1% -82.5% 30.6% 27.78%
3 Yr -12.1%* -67.6% 16.5% 53.17%
5 Yr -8.6%* -78.9% 5.3% 16.80%
10 Yr N/A* -70.4% 12.7% 10.66%

* Annualized

Return Ranking - Calendar

Period TAIL Return Category Return Low Category Return High Rank in Category (%)
2023 -16.3% -85.3% 15.3% 25.40%
2022 -14.3% -73.7% 116.7% 91.27%
2021 -13.2% -80.9% 94.9% 22.22%
2020 6.6% -96.0% 153.8% 8.73%
2019 -15.6% -84.0% -9.3% 2.40%

Total Return Ranking - Trailing

Period TAIL Return Category Return Low Category Return High Rank in Category (%)
YTD -5.0% -51.9% 14.9% 34.92%
1 Yr -16.1% -82.5% 30.6% 27.78%
3 Yr -12.1%* -67.6% 16.5% 53.17%
5 Yr -8.6%* -78.9% 5.3% 16.80%
10 Yr N/A* -70.4% 12.7% N/A

* Annualized

Total Return Ranking - Calendar

Period TAIL Return Category Return Low Category Return High Rank in Category (%)
2023 -13.3% -84.6% 18.9% 28.57%
2022 -13.1% -73.6% 117.2% 91.27%
2021 -12.8% -80.9% 94.9% 22.22%
2020 6.9% -95.9% 153.8% 8.73%
2019 -14.3% -83.8% -8.6% 1.60%

TAIL - Holdings

Concentration Analysis

TAIL Category Low Category High TAIL % Rank
Net Assets 89.2 M 407 K 4.27 B 18.60%
Number of Holdings 8 4 746 73.64%
Net Assets in Top 10 152 M 252 K 2.12 B 15.50%
Weighting of Top 10 124.28% 43.2% 189.3% 4.65%

Top 10 Holdings

  1. United States Treasury Note/Bond 85.19%
  2. First American Treasury Obligations Fund 29.92%
  3. CBOE SP PUT OPT 12/24 4100 2.69%
  4. CBOE SP PUT OPT 09/24 4200 2.22%
  5. CBOE SP PUT OPT 09/24 4000 1.79%
  6. CBOE SP PUT OPT 06/24 3800 1.60%
  7. CBOE SP PUT OPT 03/24 3800 0.85%
  8. CBOE SP PUT OPT 12/23 3600 0.03%

Asset Allocation

Weighting Return Low Return High TAIL % Rank
Bonds
85.19% 0.00% 85.19% 0.78%
Cash
29.92% 0.00% 197.43% 32.56%
Other
9.17% -45.82% 116.22% 81.40%
Stocks
0.00% -97.43% 100.00% 37.21%
Preferred Stocks
0.00% 0.00% 0.53% 31.78%
Convertible Bonds
0.00% 0.00% 2.47% 37.21%

Bond Sector Breakdown

Weighting Return Low Return High TAIL % Rank
Government
99.07% 0.00% 99.07% 0.79%
Cash & Equivalents
29.92% 0.00% 195.20% 23.81%
Derivative
9.17% -67.30% 35.87% 11.90%
Securitized
0.00% 0.00% 15.54% 38.10%
Corporate
0.00% 0.00% 8.61% 38.10%
Municipal
0.00% 0.00% 0.06% 35.71%

Bond Geographic Breakdown

Weighting Return Low Return High TAIL % Rank
US
85.19% 0.00% 85.19% 0.78%
Non US
0.00% 0.00% 0.48% 34.11%

TAIL - Expenses

Operational Fees

TAIL Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.59% 0.59% 8.36% 100.00%
Management Fee 0.59% 0.35% 1.50% 1.55%
12b-1 Fee 0.00% 0.00% 1.00% 8.97%
Administrative Fee N/A 0.03% 0.45% N/A

Sales Fees

TAIL Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 3.75% 5.75% N/A
Deferred Load N/A 1.00% 1.00% N/A

Trading Fees

TAIL Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 2.00% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

TAIL Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 181.00% 59.26%

TAIL - Distributions

Dividend Yield Analysis

TAIL Category Low Category High TAIL % Rank
Dividend Yield 3.99% 0.00% 17.54% 58.14%

Dividend Distribution Analysis

TAIL Category Low Category High Category Mod
Dividend Distribution Frequency Quarterly Annually Quarterly Quarterly

Net Income Ratio Analysis

TAIL Category Low Category High TAIL % Rank
Net Income Ratio 0.18% -7.24% 3.75% 6.09%

Capital Gain Distribution Analysis

TAIL Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

View More +

TAIL - Fund Manager Analysis

Managers

Mebane Faber


Start Date

Tenure

Tenure Rank

Apr 05, 2017

5.16

5.2%

Mr. Faber is a co-founder and the Chief Investment Officer of Cambria Investment Management. Faber is a manager of Cambria's ETFs, separate accounts and private investment funds for accredited investors. Mr. Faber has authored numerous white papers and three books: Shareholder Yield, The Ivy Portfolio, and Global Value. He is a frequent speaker and writer on investment strategies and has been featured in Barron's, The New York Times, and The New Yorker. Mr. Faber graduated from the University of Virginia with a double major in Engineering Science and Biology.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.16 23.76 9.04 14.22