TAIL ETF — Cambria Tail Risk ETF

Cambria Tail Risk ETF (TAIL)

Updated October 12, 2026.

TAIL is an ETF. its distribution rate is 3.44%, its trailing-12-month yield is 3.57%, its expense ratio is 0.60%. Dividend Vision Distribution Safety Score™ is 51/100 (Caution). Total return is -53.4% over the past 9.5 years, 336.5 points behind SPY at 283.1%.

Cambria Tail Risk ETF is an actively managed fund that invests in cash and U.S. government bonds while using put options on domestic equities to hedge against significant market declines; it allocates approximately one percent of assets monthly to purchasing these protective options. The fund carries a modest current distribution rate and an expense ratio of 0.60%, with distributions paid quarterly. It appeals to income-focused investors seeking downside protection during equity market stress rather than growth exposure.

TAIL performance versus SPY

Price and return data through 2026-10-12.

Total return is -53.4% over the past 9.5 years, 336.5 points behind SPY at 283.1%. Over the past year its total return — price change plus distributions reinvested — is -16.4%. Its deepest 1-year drawdown was 18.0%.

TAIL key facts

Distribution Safety Score™

51 · Caution

Safety-Adjusted Yield

1.75%

Issuer

Cambria

Asset type

ETF

Asset class

Fixed Income

Inception date

04/05/2017

Expense ratio

0.60%

Distribution rate

3.44%

Distribution frequency

Quarterly

Trailing yield

3.57%

Last close

$9.76 (stale; as of 2026-10-12)

AUM

$150,626,431

Average volume

26212.0

Dividend

$0.084

Ex-dividend date

09/18/2026

Payment date

09/21/2026

Beta

-0.33

How Dividend Vision calculates yield and returns

Distribution rate (3.44%) uses calculation basis unavailable. Issuer rates can use a different denominator and date, including ex-date NAV. Trailing-12-month yield (3.57%) is the sum of split-adjusted cash distributions with ex-dates in the last 12 months, divided by the published price. It lags a recent raise or cut. Total return uses split-adjusted close with distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date) from the first stored bar on or after inception through the latest bar, compared with the same window on the benchmark. That is the security's total return, not your personal gain/loss.

Yield and safety methodology · Distribution rate methodology · Distribution Safety Score methodology

Sources and review

Primary sources: Cambria; prices and distributions from Dividend Vision, derived from vendor EOD data.

Reviewed by Bert Sweet, CEO and Co-owner of Dividend Vision. Methodology: Distribution Safety Score.

TAIL risks and drawbacks

TAIL's current distribution rate is moderate, not a high-yield payout — the strategy is dividend quality more than maximum income. Payments are quarterly, so cash flow is lumpy versus a monthly fund. Total return has trailed SPY over the available window. The deepest 1-year drawdown on record here is 18.0%.

Who may consider TAIL — and who may not

TAIL may suit someone looking for moderate current income with a quality tilt. It is a weaker fit for investors who need monthly cash flow (TAIL pays quarterly); investors hunting double-digit covered-call yields; investors whose main goal is matching SPY total return. This is educational context, not a recommendation to buy or sell.

Frequently asked questions

More securities from Cambria.