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About Cambria Global Tail Risk ETF

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.