TAIL Fees and Costs — Cambria Tail Risk ETF
Data updated: 2026-09-28
The net expense ratio is 0.60%: a 0.59% management fee plus 0.01% other expenses. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $3K in broker commissions, 0.0025% of average net assets, and portfolio turnover was 56%.
TAIL Fees and Expenses
Annual operating expenses and sales charges of TAIL. Prospectus, as of April 30, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.59% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.01% |
| Gross expense ratio | 0.60% |
| Fee waiver | — |
| Net expense ratio | 0.60% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
TAIL Costs Over Time
On $10,000 invested in TAIL, assuming 5% a year before costs, total costs come to $380 over 5 years, cutting the return by 0.63% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.60%) | $63 | $197 | $344 |
| Trading costs (broker commissions) | $0 | $1 | $1 |
| Lost growth on money paid in costs | $0 | $10 | $35 |
| Total costs | $63 | $208 | $380 |
| Value after costs | $10,437 | $11,368 | $12,383 |
| Impact on return, per year | 0.63% | 0.63% | 0.63% |
TAIL Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending April 30, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0025%
- Total broker commissions: $3K
- Bought from dealers (principal trades, not a cost): $350.3M
- Portfolio turnover (prospectus): 56%
- Securities lending: none during the year
TAIL Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| INTERACTIVE BROKERS LLC | $3K | 99.88% |
| PHILLIP CAPITAL INC. | $4 | 0.12% |
TAIL Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BMO CAPITAL MARKETS CORP. | $173.4M | 53.21% |
| STONEX FINANCIAL INC. | $41.3M | 12.67% |
| GOLDMAN SACHS & CO. LLC | $22.2M | 6.80% |
| RBC CAPITAL MARKETS LLC | $20.1M | 6.18% |
| CITIGROUP GLOBAL MARKETS INC. | $14.6M | 4.48% |
| BARCLAYS CAPITAL INC. | $12.6M | 3.87% |
| BNP PARIBAS SECURITIES CORP. | $12.4M | 3.79% |
| CITADEL SECURITIES LLC | $10.2M | 3.14% |
| SANTANDER US CAPITAL MARKETS LLC | $9.8M | 3.01% |
| MORGAN STANLEY & CO. LLC | $9.3M | 2.84% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.