Vault-13

CAMBRIA ETF TR TAIL

TAIL RISK · ETP · CUSIP 132061862

50 institutional holders +17 vs Q1 2025
3,003,1533.0m shares reported held*
$36.0mreported value*
24 new 8 added 11 reduced 8 sold out net bought ≈ $1.4m (+117.9k shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($958.4k this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $11.99. Options: 0 managers hold calls (— notional), 3 hold puts ($166.9k).

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

0204060Q3 22: 54Q4 22: 48Q1 23: 51Q2 23: 52Q3 23: 51Q4 23: 41Q1 24: 33Q2 24: 31Q3 24: 33Q4 24: 31Q1 25: 33Q2 25: 5050Q3 22Q2 23Q1 24Q4 24Q2 25
Numbers
QuarterHolders
Q3 202254
Q4 202248
Q1 202351
Q2 202352
Q3 202351
Q4 202341
Q1 202433
Q2 202431
Q3 202433
Q4 202431
Q1 202533
Q2 202550

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
40040Q3 23: 22 bought or addedQ3 23: 30 cut or sold outQ4 23: 15 bought or addedQ4 23: 32 cut or sold outQ4 23Q1 24: 8 bought or addedQ1 24: 24 cut or sold outQ2 24: 13 bought or addedQ2 24: 15 cut or sold outQ2 24Q3 24: 20 bought or addedQ3 24: 13 cut or sold outQ4 24: 13 bought or addedQ4 24: 18 cut or sold outQ4 24Q1 25: 18 bought or addedQ1 25: 16 cut or sold outQ2 25: 32 bought or addedQ2 25: 19 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 20232230
Q4 20231532
Q1 2024824
Q2 20241315
Q3 20242013
Q4 20241318
Q1 20251816
Q2 20253219

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$100k$200k$300kQ3 24 calls: $53.0kQ3 24 puts: $193.7kQ3 24P/C 3.65Q4 24 calls: $4.5kQ4 24 puts: $137.8kQ4 24P/C 30.75Q1 25 calls: $124.9kQ1 25 puts: $217.8kQ1 25P/C 1.74Q2 25 calls: $0Q2 25 puts: $166.9kQ2 25P/C —
Numbers
QuarterCallsPutsP/C
Q3 2024$53.0k$193.7k3.65
Q4 2024$4.5k$137.8k30.75
Q1 2025$124.9k$217.8k1.74
Q2 2025$0$166.9k—

Biggest buyers

Cambria Investment Management, L.P. New +649,582+649.6k
WELLS FARGO & COMPANY/MN Added +454,252+454.3k
SUSQUEHANNA INTERNATIONAL GROUP, LLP New +125,640+125.6k
OLD MISSION CAPITAL LLC New +76,784+76.8k
JANE STREET GROUP, LLC New +65,270+65.3k
CITADEL ADVISORS LLC Added +64,005+64.0k
Tidal Investments LLC Added +59,368+59.4k
Comprehensive Money Management Services LLC Added +55,925+55.9k
COMMONWEALTH EQUITY SERVICES, LLC New +38,224+38.2k
GOLDMAN SACHS GROUP INC New +34,854+34.9k

Biggest sellers

CITIZENS FINANCIAL GROUP INC/RI Reduced -440,947-440.9k
Western Wealth Management, LLC Sold out -376,937-376.9k
Fortis Group Advisors, LLC Sold out -369,964-370.0k
Soltis Investment Advisors LLC Reduced -276,331-276.3k
RAYMOND JAMES FINANCIAL INC Reduced -161,913-161.9k
Advisor Resource Council Sold out -61,244-61.2k
Focus Partners Wealth Sold out -24,840-24.8k
ORG Partners LLC Reduced -15,720-15.7k
LPL Financial LLC Reduced -14,017-14.0k
Mutual Advisors, LLC Sold out -12,900-12.9k

Biggest calls

None

Biggest puts

CITADEL ADVISORS LLC Reduced $131.9k11.0k shares
SIMPLEX TRADING, LLC Added $35.0k1.2k shares
CONCOURSE FINANCIAL GROUP SECURITIES, INC. Unchanged $00 shares

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

Holders, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 819,338819.3k $9.8m $9.8m 0.00% Added +454.3k +454,252
2 Cambria Investment Management, L.P. 0.52% of their portfolio Manhattan Beach, CA 649,582649.6k $7.8m $7.8m 0.52% New
3 Soltis Investment Advisors LLC 0.20% of their portfolio ST. GEORGE, UT 213,481213.5k $2.6m $2.6m 0.20% Reduced -276.3k -276,331
4 Professional Financial Advisors, LLC 0.42% of their portfolio NORTH PLATTE, NE 150,885150.9k $1.8m $1.8m 0.42% Added +4.1k +4,077
5 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 125,640125.6k $1.5m $1.5m 0.00% New
6 ORG Partners LLC 0.29% of their portfolio ROANOKE, IN 113,317113.3k $1.4m $1.4m 0.29% Reduced -15.7k -15,720
7 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 95,36595.4k $1.1m $1.1m 0.00% Reduced -14.0k -14,017
8 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 80,16180.2k $961.1k $961.1k 0.00% Added +64.0k +64,005
9 Tidal Investments LLC 0.01% of their portfolio Milwaukee, WI 79,93679.9k $958.4k $958.4k 0.01% Added +59.4k +59,368
10 CITIZENS FINANCIAL GROUP INC/RI 0.02% of their portfolio PROVIDENCE, RI 79,57679.6k $954.1k $954.1k 0.02% Reduced -440.9k -440,947
11 OLD MISSION CAPITAL LLC 0.02% of their portfolio CHICAGO, IL 76,78476.8k $920.6k $920.6k 0.02% New
12 Comprehensive Money Management Services LLC 0.67% of their portfolio CORAL GABLES, FL 73,14673.1k $877.0k $877.0k 0.67% Added +55.9k +55,925
13 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 65,27065.3k $782.6k $782.6k 0.00% New
14 COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio WALTHAM, MA 38,22438.2k $458.0k $458.0k 0.00% New
15 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 34,85434.9k $417.9k $417.9k 0.00% New
16 HRT FINANCIAL LP 0.00% of their portfolio NEW YORK, NY 31,54831.5k $378.0k $378.0k 0.00% New
17 L.M. KOHN & COMPANY 0.10% of their portfolio CINCINNATI, OH 31,30731.3k $375.4k $375.4k 0.10% New
18 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 30,99231.0k $372.0k $372.0k 0.00% New
19 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 28,04328.0k $336.2k $336.2k 0.00% New
20 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 27,04627.0k $324.3k $324.3k 0.00% New
21 Centric Wealth Management 0.08% of their portfolio CHICAGO, IL 27,02727.0k $320.7k $320.7k 0.08% Reduced -1.0k -1,048
22 Mezzasalma Advisors, LLC 0.10% of their portfolio TINTON FALLS, NJ 27,00027.0k $323.7k $323.7k 0.10% New
23 Orcam Financial Group 0.23% of their portfolio ENCINITAS, CA 22,00022.0k $263.8k $263.8k 0.23% Unchanged
24 Gladstone Institutional Advisory LLC 0.01% of their portfolio Bedminster, NJ 19,32519.3k $231.7k $231.7k 0.01% Reduced -1.1k -1,132
25 Lifeworks Advisors, LLC 0.03% of their portfolio GRAND RAPIDS, MI 18,17218.2k $217.9k $217.9k 0.03% Reduced -40 -40
26 Resurgent Financial Advisors LLC 0.11% of their portfolio ATLANTA, GA 17,14017.1k $205.5k $205.5k 0.11% Added +7.1k +7,140
27 BlueChip Wealth Advisors LLC 0.09% of their portfolio Milton, GA 17,07717.1k $204.8k $204.8k 0.09% New
28 &PARTNERS 0.00% of their portfolio NASHVILLE, TN 13,23813.2k $158.7k $158.7k 0.00% Reduced -2.7k -2,741
29 StoneX Group Inc. 0.01% of their portfolio NEW YORK, NY 11,97712.0k $143.6k $143.6k 0.01% New
30 MML INVESTORS SERVICES, LLC 0.00% of their portfolio SPRINGFIELD, MA 11,45411.5k $137.0k $137.0k 0.00% New
31 Cambridge Investment Research Advisors, Inc. 0.00% of their portfolio FAIRFIELD, IA 10,76510.8k $129.0k $129.0k 0.00% New
32 Capital Analysts, LLC 0.00% of their portfolio FORT WASHINGTON, PA 10,51310.5k $126.0k $126.0k 0.00% New
33 AdvisorNet Financial, Inc 0.01% of their portfolio MINNETONKA, MN 8,4098.4k $100.8k $100.8k 0.01% Unchanged
34 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 7,1737.2k $86.0k $86.0k 0.00% Added +6.4k +6,429
35 COMERICA BANK 0.00% of their portfolio DALLAS, TX 3,6653.7k $43.9k $43.9k 0.00% New
36 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 2,6542.7k $31.8k $31.8k 0.00% Reduced -161.9k -161,913
37 PRINCIPAL SECURITIES, INC. 0.00% of their portfolio DES MOINES, IA 2,3542.4k $28.2k $28.2k 0.00% New
38 SIMPLEX TRADING, LLC 0.00% of their portfolio CHICAGO, IL 1,7421.7k $20.0k $20.0k 0.00% New
39 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 1,5411.5k $18.5k $18.5k 0.00% Added +4 +4
40 Farther Finance Advisors, LLC 0.00% of their portfolio SAN FRANCISCO, CA 1,4601.5k $17.5k $17.5k 0.00% New
41 GROUP ONE TRADING LLC 0.00% of their portfolio CHICAGO, IL 1,2001.2k $14.4k $14.4k 0.00% New
42 AE Wealth Management LLC 0.00% of their portfolio TOPEKA, KS 1,0701.1k $12.8k $12.8k 0.00% Reduced -43 -43
43 Global Retirement Partners, LLC 0.00% of their portfolio San Rafael, CA 1,0341.0k $12.4k $12.4k 0.00% First filing
44 Parallel Advisors, LLC 0.00% of their portfolio SAN FRANCISCO, CA 255255 $3.1k $3.1k 0.00% Unchanged
45 UBS Group AG 0.00% of their portfolio ZURICH, V8 239239 $2.9k $2.9k 0.00% Reduced -1.2k -1,231
46 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 100100 $1.2k $1.2k 0.00% New
47 Allworth Financial LP 0.00% of their portfolio FOLSOM, CA 55 $60 $60 0.00% Unchanged
48 IFP Advisors, Inc 0.00% of their portfolio TAMPA, FL 55 $60 $60 0.00% Unchanged
49 CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio BIRMINGHAM, AL 00 $0 $0 — Unchanged
50 Mid-American Wealth Advisory Group, Inc. 0.00% of their portfolio KANSAS CITY, MO 00 $2 $2 0.00% New