Cambria Global Tail Risk ETF
FAIL
Chicago Board Options Exchange- -
USD
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- -
Capital Structure
FRC
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in mil. unless spec.Working Capital
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in mil. unless spec.Growth Rates
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in mil. unless spec.Quarterly Revenue
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management - Global
- Address
- DE United States of America
- IPO Date
- Feb 23, 2016
- CIK
- 0001529390
- Similar Companies
- Business
- Cambria Global Tail Risk ETF (FAIL) is an actively managed exchange-traded fund that seeks to mitigate downside market risk through a portfolio of out-of-the-money put options on the MSCI EAFE Index and MSCI Emerging Markets Index, complemented by U.S. Treasuries for potential income generation; the strategy employs laddered put options with adjustments based on volatility levels, such as buying more options when volatility is low and fewer when high. The fund, with a total expense ratio of 0.76%, targets investors seeking hedges against significant declines in global ex-U.S. equity markets, including developed markets in Europe, Australasia, Israel, and the Far East, as well as emerging markets; collateral is primarily held in cash and government bonds. FAIL trades on the Cboe BZX Exchange under ticker FAIL with CUSIP 132061805 and is part of the Cambria ETF Trust, distributed by ALPS Distributors, Inc. Originally launched in 2016 as the Cambria Sovereign Bond ETF (SOVB), the fund underwent a major strategic shift on March 15, 2021, when it converted to its current tail risk strategy and objective, repurposing assets from the prior fixed-income focus. In a significant recent development, Cambria Investment Management, L.P., the fund's adviser, recommended and the Board of Trustees approved the liquidation of FAIL on December 3, 2024, citing its representation of less than 1% of total assets; trading ceased on January 8, 2025, with liquidation occurring around January 15, 2025, and shareholders receiving cash distributions at net asset value, net of customary brokerage fees borne by the adviser. Cambria ETF Trust, of which FAIL was a component, operates under Cambria Investment Management, L.P., a SEC-registered investment adviser founded in 2006 and headquartered at 2321 Rosecrans Avenue, Suite 3225, El Segundo (Manhattan Beach area), California; the firm manages a suite of 16 ETFs focused on quantitative strategies including shareholder yield, global value, momentum, asset allocation, tail risk, and thematic investments, with over $2.7 billion in assets as of late 2024. Portfolio managers include Mebane T. Faber, Chief Investment Officer, and Jonathan Keetz, with quarterly dividend distributions and approximately 12 holdings as of its final operational period. The fund served tactical investors hedging non-U.S. equity exposure amid market downturn risks but carried elevated volatility from derivatives and limited diversification.