FAIL

Cambria Global Tail Risk ETF
*Unless otherwise stated, data provided by FactSet.

FAIL Fund Description

FAIL aims to provide a defensive approach to global ex-US equities by actively managing put options with similar exposure and managing the collateral of the fund consisting mostly of cash and government bonds.

FAIL Factset Analytics Insight

FAIL is a global version of ETF: TAIL from the same issuer. The fund holds a portfolio of primarily cash and government bonds from both developed and emerging markets, but the primary strategy of the fund involves investing one percent of its holdings every month in at-the-money or out-of-the-money put options on stock indices or US-listed ETFs in the global ex-US space. The main purpose behind holding these options is hedging a portfolio against significant negative movement in the value of global ex-US equities, commonly referred to as global tail risk. Cambria intends to target options that are 0 to 30% out of the money. FAIL is an actively-managed fund that seeks to provide income and capital appreciation. Prior to March 15, 2021, FAIL was a fixed-income ETF under ticker: SOVB and traded as Cambria Sovereign Bond ETF.

FAIL MSCI ESG Analytics Insight

Cambria Global Tail Risk ETF has an MSCI ESG Fund Rating of BBB based on a score of 5.39 out of 10. The MSCI ESG Fund Rating measures the resiliency of portfolios to long-term risks and opportunities arising from environmental, social, and governance factors. ESG Fund Ratings range from best (AAA) to worst (CCC). Highly rated funds consist of companies that tend to show strong and/or improving management of financially relevant environmental, social and governance issues. These companies may be more resilient to disruptions arising from ESG events.

The fund’s Peer Rank reflects the ranking of a fund’s MSCI ESG Fund Quality Score against the scores of other funds within the same peer group, as defined by the Thomson Reuters Lipper Global Classification. Cambria Global Tail Risk ETF ranks in the 36th percentile within its peer group and in the 34th percentile within the global universe of all funds covered by MSCI ESG Fund Ratings.

PERFORMANCE [as of 06/23/21] 1 MONTH 3 MONTHS YTD 1 YEAR 3 YEARS 5 YEARS 10 YEARS
FAIL -2.33% -8.63% -15.30% -6.81% -1.25% -0.32% --
FAIL (NAV) -2.51% -7.76% -13.04% -7.43% -0.53% 0.51% --
No Underlying Index -- -- -- -- -- -- --
N/A -- -- -- -- -- -- --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

FAIL Summary Data

Cambria
02/23/16
Open-Ended Fund
0.59%
$6.90M
5.24%

FAIL Portfolio Data

0.65%
N/A

FAIL Index Data

No Underlying Index
Proprietary
Proprietary
N/A

FAIL Fund Structure

No
No
-- / --
N/A
N/A
High
N/A
N/A

FAIL Tax Exposures

20.00% / 39.60%
0.31%
No

FAIL Factset Analytics Block Liquidity

As of 06/24/21
5
4
3
2
1

This measurement shows how easy it is to trade a $1 million USD block of FAIL. FAIL is rated a N/A out of 5.

FAIL Tradability

1,578
$36.65K
527
$12.06K
5.24%
$1.18
-0.58%
2.53% / -5.11%
None
45.68%
50,000
0.01
0.04%
--
0
$22.95
N/A

FAIL MSCI ESG Ratings

5.39 / 10
33.51
35.54
0.16%
0.11%
176.13