TAIL
Cambria Tail Risk ETF·CBOE
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Key Stats
Assets Under Management
158.73MUSD
Fund Flows (1Y)
92.74MUSD
Dividend Yield
2.89%
Discount/Premium to NAV
0.02%
Shares Outstanding
13.90M
Expense Ratio
0.59%
About Cambria Tail Risk ETF
Issuer
Cambria
Brand
Cambria
Home Page
Inception Date
Apr 6, 2017
Structure
Open-Ended Fund
Index Tracked
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Management Style
Active
Dividend Treatment
Distributes
Distribution Tax Treatment
Ordinary income
Income Tax Type
Capital Gains
Max ST Capital Gains Rate
39.60%
Max LT Capital Gains Rate
20.00%
Primary Advisor
Cambria Investment Management LP
Distributor
ALPS Distributors, Inc.
TAIL holds a portfolio of primarily cash and US government bonds, but the primary strategy of the fund involves investing one percent of its holdings every month in out-of-the-money put options on the S&P 500 Index. The strategy involves buying more puts when volatility is low and fewer puts when volatility is high. The main purpose behind holding these options is hedging a portfolio against significant negative movement in the value of US equities, commonly referred to as tail risk. Cambria intends to target options that are 0 to 30% out of the money. Buying puts further out of the money reduces the price tag of this hedge, but also lessens the amount of downside protection provided.
Classification
Asset Class
Asset Allocation
Category
Asset Allocation
Focus
Target Outcome
Niche
Income & Capital Appreciation
Strategy
Active
Geography
U.S.
Weighting Scheme
Proprietary
Selection Criteria
Proprietary
Returns
1-Month | 3-Month | YTD | 1-Year | 3-Year | 5-Year | |
|---|---|---|---|---|---|---|
Price Performance | -0.09% | -3.21% | -0.17% | +3.34% | -22.48% | -43.32% |
NAV Total Return | -0.67% | -2.80% | -0.57% | +5.87% | -14.70% | -36.31% |
Ratings
No data is currently available
Ainvest’s AI-powered ETF Scoring Algorithm, built to help retail investors make smarter, data-driven decisions. Leveraging deep learning, reinforcement learning, and large language models, the algorithm scores ETFs across five key dimensions: Fund Flow, Momentum, Safety, Fundamentals, and Performance. Each factor is weighted by its correlation to future returns, resulting in a single, actionable score. Backtested over five years with consistently strong predictive accuracy. Ainvest brings institutional-grade artificial intelligence to everyday investors—transforming complexity into clarity with every score.
Holdings Analysis
Sector
Technology
34.10%
Financial Services
12.63%
Communication Services
11.24%
Consumer Cyclical
10.60%
Healthcare
9.45%
Industrials
7.95%
Consumer Defensive
5.00%
Energy
3.17%
Utilities
2.25%
Technology
34.10%
Financial Services
12.63%
Communication Services
11.24%
Consumer Cyclical
10.60%
Healthcare
9.45%
Industrials
7.95%
Consumer Defensive
5.00%
Energy
3.17%
Utilities
2.25%
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Asset
Region
99.61%
0.39%
Category
Ratio
North America
99.61%
Europe
0.39%
Investment Style
No data is currently available
Top 10 Holdings
Symbol
Ratio
United States Treasury Note/Bond 4.25% 05/15/2035
90.04%
First American Treasury Obligations Fund 01/01/2040
3.26%
SPX US 12/18/26 P6200
1.76%
SPX US 12/18/26 P6100
1.22%
SPX US 03/19/27 P6400
1.00%
Cash & Other
0.97%
SPX US 09/18/26 P6000
0.94%
SPX US 09/18/26 P5800
0.24%
SPX US 06/18/26 P5500
0.19%
SPX US 09/18/26 P5600
0.19%
Top 10 Weight 99.81%
13 Total Holdings
Is SPY better than TAIL?
Dividends
Dividend Payout History
Declaration Date | Record Date | Payment Date | Amount |
|---|---|---|---|
| 2025-12-18 | 2025-12-18 | 2025-12-19 | 0.139 |
| 2025-09-18 | 2025-09-18 | 2025-09-19 | 0.048 |
| 2025-06-18 | 2025-06-18 | 2025-06-20 | 0.110 |
| 2025-03-20 | 2025-03-20 | 2025-03-21 | 0.034 |
| 2024-12-20 | 2024-12-20 | 2024-12-30 | 0.105 |
| 2024-06-21 | 2024-06-21 | 2024-07-01 | 0.183 |
| 2024-03-21 | 2024-03-22 | 2024-04-01 | 0.101 |
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How Much Does TAIL Pay in Dividends?
Premium/Discount Chart
Assets Under Management
Should I buy TAIL?
Fund Flows
