Cambria Tail Risk ETF (TAIL US) – Investment PropositionCambria Tail Risk ETF (TAIL) offers a dedicated equity-hedging sleeve by combining long, out-of-the-money U.S. equity index put options with U.S. Treasuries intended to help finance carry and provide ballast. The objective is to mitigate severe downside while maintaining liquidity and transparency, with the options program scaled to seek convex payoff during large drawdowns. In calm or rising markets, the fund’s protective structure can incur negative ...