Fund Links
- Fund Fact Sheet
- ETF Lineup
- FAQ
- Investment Case
Fund Details
| Fund Inception | 04/06/2017 |
| Ticker | TAIL |
| Net Assets | TBD |
| Shares Outstanding | |
| Primary Exchange | CBOE BZX |
| CUSIP | 132061862 |
| Fund Type | Actively Managed ETF |
| Investment Objective | Risk Mitigation |
| Expense Ratio | 0.59% |
| Net Asset Value (NAV) | TAIL.NV |
| Portfolio Managers: | Mebane T. Faber |
| Number of Holdings | 21 |
| Dividend Frequency | Quarterly |
Data as of
Cambria Tail Risk ETF seeks to mitigate downside market risk by purchasing a portfolio of "out of the money" put options on the S&P 500 Index, as well as U.S. Treasuries to potentially provide income.
Why TAIL?
- Laddered put options on the S&P 500 Index to offer a potential hedge against market exposure
- Potential advantage of buying additional put options when volatility is low and fewer put options when volatility is high
- Low cost option in Morningstar's Trading - Inverse Equity category
| Nav | |
|---|---|
| Net Asset Value | |
| Daily Change | |
| Daily Change | |
| Volume | TBD |
| Price | |
|---|---|
| Closing Price | |
| Daily Change | |
| Daily Change | |
| 30-Day Median Bid/Ask Spread | |
Data as of
The exchange-traded fund's median bid-ask spread is rounded to the nearest hundredth and computed by (1) identifying the exchange-traded fund's national best bid and national best offer as of the end of each 10 second interval during each trading day of the last 30 calendar days, (2) dividing the difference between each such bid and offer by the midpoint of the national best bid and national best offer, and (3) identifying the median of those values.
Performance
Month end returns as of:
| CUMULATIVE | |||||
|---|---|---|---|---|---|
| 1 Mo. | 3 Mo. | 6 Mo. | Since Inception | ||
| Fund NAV | 12.04% | 23.49% | 17.49% | -0.88% | |
| Closing Price | 11.19% | 23.34% | 17.30% | -0.80% | |
| AVG. ANNUALIZED | |||||
|---|---|---|---|---|---|
| 1 Yr. | 3 Yr. | 5 Yr. | 10 Yr. | Since Inception | |
| Fund NAV | 18.44% | -0.30% | |||
| Closing Price | 18.31% | -0.27% | |||
Quarter end returns as of :
| AVG. ANNUALIZED | |||||
|---|---|---|---|---|---|
| 1 Yr. | 3 Yr. | 5 Yr. | 10 Yr. | Since Inception | |
| Fund NAV | 18.44% | -0.30% | |||
| Closing Price | 18.31% | -0.27% | |||
The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted.
Cumulative return is the aggregate amount that an investment has gained or lost over time. Annualized return is the average return gained or lost by an investment each year over a given time period. Cambria Funds' NAVs are calculated using prices as of 4:00 PM Eastern Time.
The closing market price is the Mid-Point between the Bid and Ask price as of the close of exchange. Since the Fund's Shares typically do not trade in the secondary market until several days after the Fund's inception, for the period from inception to the first day of secondary market trading in Shares, the NAV of the Fund is used to calculate market returns.
| PERCENTAGE OF NET ASSETS | TICKER | NAME | IDENTIFIER | SHARES HELD | MARKET VALUE |
|---|
Data as of
Holdings are subject to change
Investor Materials
| Summary Prospectus | Statutory Prospectus | Statement of Additional Information | Semi-Annual Report | Annual Report |
|---|---|---|---|---|
| Download | Download | Download | Download | Download |
All XBRL Filings
Registration Statement XBRL
Prospectus Supplement XBRL
To determine if this Fund is an appropriate investment for you, carefully consider the Fund's investment objectives, risk factors, charges and expense before investing. This and other information can be found in the Fund's full or summary prospectus which may be obtained by calling 855-383-4636 (ETF INFO) or visiting our website at www.cambriafunds.com. Read the prospectus carefully before investing or sending money.
The Cambria ETFs are distributed by ALPS Distributors Inc., 1290 Broadway, Suite 1000, Denver, CO 80203, which is not affiliated with Cambria Investment Management, LP, the Investment Adviser for the Fund.
Investing involves risk, including potential loss of capital.
TAIL: Derivatives are financial instruments that derive their performance from an underlying reference asset, such as an index. Derivatives, such as put options, can be volatile, and a small investment in a derivative can have a large impact on the performance of the Fund as derivatives can result in losses in excess of the amount invested. Options used by the Fund to offset its exposure to tail risk or reduce volatility may not perform as intended. There can be no assurance that the Fund’s put option strategy will be effective. The put option strategy may not fully protect the Fund against declines in the value of its portfolio securities.
TAIL is actively managed.
The S&P 500 Index: an index of 500 stocks chosen for market size, liquidity and industry grouping, among other factors. The S&P 500 is designed to be a leading indicator of U.S. equities and is meant to reflect the risk/return characteristics of the large cap universe.
Put Option: an option contract is a financial instrument that give the buyer the right to sell an asset at a pre-determined strike price. The time period to expiration of the contract is pre-determined.
TO DETERMINE IF THIS FUND IS AN APPROPRIATE INVESTMENT FOR YOU, CAREFULLY CONSIDER THE FUND'S INVESTMENT OBJECTIVES, RISK FACTORS, CHARGES AND EXPENSES BEFORE INVESTING. THIS AND OTHER INFORMATION CAN BE FOUND IN THE FUND'S PROSPECTUS WHICH MAY BE OPTAINED BY CALLING 855-383-4636 (ETF INFO) OR VISITING OUR WEBSITE AT WWW.CAMBRIAFUNDS.COM. READ THE PROSPECTUS CAREFULLY BEFORE INVESTING OR SENDING MONEY.
The Cambria ETFs are distributed by ALPS Distributors Inc., 1290 Broadway, Suite 1000, Denver, CO 80203, which is not affiliated with Cambria Investment Management, LP, the Investment Adviser for the Fund.
The fund is actively managed.
There is no guarantee that the Fund will achieve its investment goal. Investing involves risk, including the possible loss of principal.
Derivatives are financial instruments that derive their performance from an underlying reference asset, such as an index. Derivatives, such as put options, can be volatile, and a small investment in a derivative can have a large impact on the performance of the Fund as derivatives can result in losses in excess of the amount invested. Options used by the Fund to offset its exposure to tail risk or reduce volatility may not perform as intended. There can be no assurance that the Fund's put option strategy will be effective. The put option strategy may not fully protect the Fund against declines in the value of its portfolio securities.
CBM001306
