What is TAIL?

TAIL is an actively managed fund that holds mostly cash and treasuries while using the strategy of buying put options on the S&P 500 with the purpose of portfolio downside protection.

PERFORMANCE [as of 01/20/23] 1 MONTH 3 MONTHS YTD 1 YEAR 3 YEARS 5 YEARS 10 YEARS
TAIL -2.37% -5.10% -0.72% -13.41% -6.91% -6.03% --
TAIL (NAV) -2.49% -4.92% -0.65% -13.62% -6.88% -6.05% --
No Underlying Index -- -- -- -- -- -- --
N/A -- -- -- -- -- -- --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

TAIL Factset Analytics Insight

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.

TAIL Summary Data

Cambria
04/06/17
0.59%
$239.32M
No Underlying Index
N/A
Open-Ended Fund

Peers

N/A

Fund Flows

-$0.00B 5 Days
-$0.07B 30 Days
-$0.17B 90 Days

TAIL Fund Structure

No
No
-- / --
N/A
N/A
Low
N/A
N/A

TAIL Tax Exposures

20.00% / 39.60%
--
No

TAIL Portfolio Data

1.51%
N/A

TAIL Index Data

No Underlying Index
Proprietary
Proprietary
N/A

Factset Analytics Block Liquidity

As of 01/23/23

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

TAIL Tradability

294,565
$4.54M
151,514
$2.38M
0.20%
$0.03
0.06%
0.62% / -0.69%
None
100.00%
50,000
3.03
0.05%
--
236
$15.18
N/A