The Simplify Tail Risk Strategy ETF (ticker CYA) late Friday said it was calling it quits and liquidating after losing 99.8% since it was started in September 2021. Bloomberg's Denitsa Tsekova explains what a tail risk fund is, and what happened with CYA, as Black-Swan ETF struggles persist. She speaks with Katie Greifeld and Eric Balchunas on "Bloomberg ETF IQ."

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