Cambria Tail Risk ETF
TAIL
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- Cambria Tail Risk ETF (TAIL) is an actively managed exchange-traded fund that seeks to mitigate significant downside market risk through a quantitative strategy involving the purchase of laddered "out of the money" put options on the S&P 500 Index and investment in intermediate-term U.S. Treasuries for potential income generation; the strategy dynamically adjusts put option allocations, buying more when volatility is low and fewer when volatility is high, with holdings typically including U.S. Treasury notes, Treasury obligations, and multiple S&P 500 put options. TAIL operates in the trading-inverse equity category, targeting investors seeking portfolio protection against equity market declines, with an expense ratio of 0.59%, quarterly dividends, and approximately 21 holdings as of recent data. Launched on April 6, 2017, and listed on CBOE BZX under CUSIP 132061862, the ETF is issued and managed by Cambria Investment Management, L.P., a SEC-registered investment adviser founded around 2006-2012 and headquartered at 3300 Highland Avenue in Manhattan Beach, California, which oversees approximately $2.7-$3 billion in assets across 16-19 ETFs focused on quantitative strategies including shareholder yield, global value, momentum, tail risk, and thematic investments. Cambria's operations are U.S.-centric, serving individual and institutional investors through its suite of low-cost, actively managed ETFs distributed by ALPS Distributors Inc., with portfolio management led by Mebane T. Faber and Jonathan Keetz. In recent developments, Cambria Investment Management expanded its ETF lineup through strategic partnerships with ETF Architect, launching the Cambria Endowment Style ETF (ENDW) in April 2025, the Cambria Tax Aware ETF (TAX), the Cambria Global EW ETF (GEW) in September 2025 featuring equal-weight global equity exposure with a 0.29% expense ratio, and announcing the forthcoming U.S. Equal Weight ETF (USEW), all utilizing innovative 351 ETF Exchange mechanisms for tax-deferred contributions of appreciated securities. Additionally, in December 2024, Cambria announced the liquidation of its Cambria Global Tail Risk ETF (FAIL), representing less than 1% of total assets, with trading ceasing January 8, 2025, and liquidation around January 15, 2025, following a board decision to streamline its offerings amid a focus on higher-conviction strategies. These moves reflect Cambria's ongoing business expansion, growing its AUM to over $3 billion by late 2025 and emphasizing systematic, tax-efficient solutions for diversified portfolio construction across equity, fixed income, and risk mitigation segments.