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Launched

Alpha Architect Tail Risk ETF

CAOSCboeAlpha ArchitectB

$91.27−0.15 (−0.17%)

As of Nov 4, 2026, 12:45 PM ET

B66/ 100

Rank 1 of 13 in Portfolio Hedging

B66/100Rank 1 of 13inPortfolio Hedging
Intraday session: down, 40 prints from 91.42 to 91.27. Range 91.19 to 91.33. Use the arrow keys to read each point.91.2091.3091.3510 AM12 PM2 PM4 PM
Expense ratio
0.63%
Fund size
$728M
1Y total return
+1.7%
Yield · Last 12 months
No data
Holdings
10
Avg volume · 30D
47K sh
52W range
low $89.71high $91.67
Launched

The ETF.net CAOS Grade

Based on 4 of 6 pillars

B

Score 66 out of 100

Category
Portfolio Hedging⁠
Rank
1 of 13
Six-pillar profile for CAOS. Scores out of 100: Cost 54, Risk 75, Mission not scored, Tradability 73, Holdings not scored, Durability 92. Strongest: Durability (92). Weakest: Cost (54). Based on 4 of 6 pillars.

Score 66 of 100 falls in the B band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    C54 out of 100
    Rank 6 of 13

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    A75 out of 100
    Rank 2 of 13

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    A73 out of 100
    Rank 1 of 13

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    Not scored

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    A92 out of 100
    Rank 1 of 13

Our read on CAOS

ETF.net Research

In short

BMost S&P 500 options funds sell calls to collect premium. CAOS runs the other way: it buys protective puts and put spreads on the index and parks collateral in box spreads. The hedge-first take in a room full of premium sellers, active since 2013.

Stated mandate

The Fund seeks maximum total return through capital appreciation and current income. Its strategy combines S&P 500-linked options, protective puts and put spreads, with collateral investments that may include box spreads.

Why people hold it

  • The contrarian in its cohort: it buys downside protection (protective puts and put spreads) on the S&P 500 rather than selling calls for income.alphaarchitect.com
  • Collateral can sit in box spreads, an options structure used to earn a cash-like return, so the money backing the hedge isn't dead weight.alphaarchitect.com
  • Running since 2013 as an actively managed 1940 Act ETF, and it sits in the upper half of its S&P 500 options peer group.

Worth knowing

  • The 0.63% fee runs a touch above the middle of this peer group; IVVW and PBP charge less for their own S&P 500 options strategies.
  • Protection has a price. Buying puts is an ongoing cost in calm, grinding-higher markets, which is the flip side of owning a hedge.alphaarchitect.com
  • Actively managed, so results follow the manager's option choices rather than a published index formula you can look up in advance.alphaarchitect.com

CAOS Holdings

Asset class
Other
Holdings
10
Top-10 weight
117%
Largest holding
Spy 12/18/2026 10010.01 P88.9%

Sectors

  • Technology40.1%
  • Financials11.3%
  • Communication9.9%
  • Health Care9.4%
  • Consumer Discretionary8.7%
  • Industrials7.6%
  • Consumer Staples4.4%
  • Energy3.4%
  • Utilities1.9%
  • Real Estate1.7%
  • Materials1.6%

Geography

  • United States99.53%
  • Switzerland0.26%
  • China0.10%
  • Mexico0.05%
  • Ireland0.03%
  • United Kingdom0.03%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueHeld by ETFs
1No dataSpy 12/18/2026 10010.01 P88.94%704$648M4
2No dataSpx Us 12/18/26 P1340020.29%255$148M2
3No dataSpy 12/18/2026 10.01 C7.17%704$52.2M5
4No dataSpx Us 02/19/27 P32000.35%7,489$2.58M2
5No dataSpx Us 01/15/27 P32000.19%8,202$1.41M2
6No dataFirst American Government Obligations Fund 12/01/20310.15%1,113,422$1.11M484
7No dataSpx Us 12/18/26 P29000.05%8,236$390K2
8No dataSpx Us 12/18/26 P70000.02%22$130K1
9No dataSpx Us 11/20/26 P2800<0.01%8,375$60K2
10No dataSpx Us 12/18/26 C8000<0.01%22$50K1

Showing 1–10 of 10 holdings

CAOS Performance

Launched Aug 14, 2013

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

Not enough history yet.Not enough history yet.
CAOS$10,174
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,158
Nov 3, 2025 to Nov 3, 2026. CAOS $10,174. SPY $11,158. Use the arrow keys to read each point.$10,000$11,000Nov 2025May 2026Nov 2026

Nov 3, 2025 – Nov 3, 2026

Returns run to the Nov 3, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for CAOS. Periods over one year show the average yearly return.
PeriodCAOS
Year to date+1.8%
1 month+0.9%
3 months+1.1%
1 year+1.7%
3 yearsper year+3.4%
5 yearsHistory unavailableper yearNo data
10 yearsHistory unavailableper yearNo data

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for CAOS
YearReturn barCAOS
2026 YTD+1.8%
2025+2.6%
2024+5.3%
2023+8.0%

History from Mar 6, 2023

CAOS in the news

CAOS Dividends

This fund pays no distributions.
No dataLast 12 months
Payout per share
No dataLast 12 months

No distributions in the last 12 months.

CAOS Risk

Risk pillarA75 out of 100Rank 2 of 13 in Portfolio Hedging
How much the fund’s monthly returns vary, scaled to a year.
1.6%
Annualised · 36 months to Oct 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
−0.43
vs 3-month T-bills · to Oct 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−3.6%
43 months · trough May 2025
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.04
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

CAOS Cost

Compare CAOS and RFIX

Overpaying vs RFIX, cheapest in Portfolio Hedging

$2,380

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • CAOS 0.63%

    $12,359

  • RFIX 0.50% Cheapest

    $9,979

$10,000
30 years

Cost over time

  • CAOS 0.63%
  • RFIX 0.50%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2.5K$5K$7.5K$10K$12.5K051015202530CAOS $12,359RFIX $9,979

Year by year

YearCAOSRFIXOverpaying
10$1,128$900$228
20$4,311$3,460$851
30$12,359$9,979$2,380

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