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Launched

Alpha Architect Tail Risk ETF

CAOSCboeB

$91.18+0.02 (+0.02%)

As of Oct 13, 2026, 3:59 PM

B65/ 100

Rank 2 of 13 in Portfolio Hedging

B65/100Rank 2 of 13inPortfolio Hedging
Intraday session: up, 45 prints from 91.16 to 91.18. Range 91.10 to 91.19. Use the arrow keys to read each point.91.1091.1291.1410 AM12 PM2 PM4 PM
Expense ratio
0.63%
Fund size
$705M
1Y total return
+1.4%
Yield · Last 12 months
—
Holdings
11
Avg volume · 30D
0M sh
NAV per share
$91.11
52W range
low $89.71high $91.26
Launched

The ETF.net CAOS Grade

Based on 4 of 6 pillars

B

Score 65 out of 100

Category
Portfolio Hedging⁠
Rank
2 of 13
Six-pillar profile for CAOS. Scores out of 100: Cost 54, Risk 74, Mission not scored, Tradability 73, Holdings not scored, Durability 92. Strongest: Durability (92). Weakest: Cost (54). Based on 4 of 6 pillars.

Score 65 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.
    A74 out of 100
    Rank 3 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

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

  1. 01The 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
  2. 02Collateral 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
  3. 03Running 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

  1. 01The 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.
  2. 02Protection 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
  3. 03Actively 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

As of Oct 13, 2026
Asset class
Other
Holdings
11
Top-10 weight
117%
Largest holding
Spy 12/18/2026 10010.01 P88.8%

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%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—Spy 12/18/2026 10010.01 P88.80%684$626M4
002—Spx Us 12/18/26 P1340019.89%255$140M2
003—Spy 12/18/2026 10.01 C7.46%684$53M5
004—Spx Us 02/19/27 P32000.22%6,092$2M2
005—Spx Us 01/15/27 P32000.14%7,788$1M2
006—First American Government Obligations Fund 12/01/20310.12%825,638$830K529
007—Spx Us 12/18/26 P29000.04%8,236$290K2
008—Spx Us 12/18/26 C80000.03%22$220K2
009—Spx Us 11/20/26 P28000.01%8,375$80K2
010—Spx Us 12/18/26 P7000<0.01%22$70K1
011—Spx Us 10/16/26 P2600<0.01%8,204$20K1

Showing 1–11 of 11 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$10,136
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$12,044
Oct 10, 2025 to Oct 12, 2026. CAOS $10,136. SPY $12,044. Use the arrow keys to read each point.$9,582$10,912$12,243Oct 2025Apr 2026Oct 2026

Oct 10, 2025 – Oct 12, 2026

Returns run to the Oct 12, 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+1.5%
1 month+0.7%
3 months+0.8%
1 year+1.4%
3 yearsper year+3.6%
5 yearsHistory unavailableper year—
10 yearsHistory unavailableper year—

As of the close, 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+1.5%
2025+2.6%
2024+5.3%
2023+8.0%

History from Mar 6, 2023

CAOS in the news

Filtered to CAOS · Portfolio Hedging

CAOS Dividends

This fund pays no distributions.
—Last 12 months
Payout per share
—Last 12 months

No distributions in the last 12 months.

CAOS Risk

How much the fund’s monthly returns vary, scaled to a year.
1.6%
Annualised · 36 months to Sep 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.
−0.58
vs 3-month T-bills · to Sep 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.

CAOS Cost

Expense ratio0.63%
  • The middle half of Portfolio Hedging funds
  • Median 0.63%

5 of the 11 Portfolio Hedging funds charge less.

CAOS costs $63.00 a year on $10,000. The median Portfolio Hedging fund costs $63.00.

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