ATTR vs CAOS: Grades, Fees and Holdings Compared

Arin Tactical Tail Risk ETF

ATTRBCboe

Alpha Architect Tail Risk ETF

CAOSBCboe

Overlap

83.8%by weight

Expense ratio

ATTR0.63%CAOS0.63%

Avg volume · 30D

CAOS 12.5×the volume

ATTR3.58KCAOS44.6K

ATTR vs CAOS Performance

Oct 31, 2025 – Oct 30, 2026

+7.0%ATTR+1.7%CAOS

Expense ratio: ATTR 0.63%; CAOS 0.63%
Fund size: ATTR $116M; CAOS $728M
1Y total return: ATTR +7.0%, better; CAOS +1.7%
Holdings: ATTR 14; CAOS 10
Avg volume (30D): ATTR 3.58K sh; CAOS 44.6K sh, better
NAV per share: ATTR $96.34; CAOS $91.41
52W range

ETF.net Grade

Pillar letters and Scores for ATTR, CAOS, with each pillar’s weight
Pillar	ATTR	CAOS
Cost30% weight	C54	C54
Mission25% weight	Not scored	Not scored
Risk15% weight	A87Higher	A75
Tradability15% weight	C51	A73Higher
Holdings10% weight	Not scored	Not scored
Durability5% weight	D32	A92Higher

Rank among Portfolio Hedging funds

How we build Categories ›

Same Category. ATTR and CAOS are both graded against the same 10 Portfolio Hedging funds, so their Grades compare head to head.

Portfolio Hedging⁠

Category · 10 funds

See all 10 ›

CAOS ranks 2nd and ATTR 5th of 10 funds in the Portfolio Hedging Category.

Rank 1BSPDSimplify US Equity PLUS Downside Convexity ETFScore 67
Rank 2BCAOSAlpha Architect Tail Risk ETFScore 66
Rank 3BPFIXSimplify Interest Rate Hedge ETFScore 65
Rank 4BRFIXSimplify Bond Bull ETFScore 63
Rank 5BATTRArin Tactical Tail Risk ETFScore 59
Rank 6BTAILCambria Tail Risk ETFScore 56

Our read on each fund

ETF.net Research

ATTRBArin Tactical Tail Risk ETF

CAOSBAlpha Architect Tail Risk ETF

In short

ATTR No data

CAOS Most 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

ATTR No data

CAOS 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

ATTR No data

CAOS 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

ATTR No data

CAOS 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

Full ATTR profile⁠

Full CAOS profile⁠

ATTR vs CAOS Holdings

How ATTR and CAOS differ

Overlap by weight

83.8%

Shared holdings make up 100% of CAOS and 91.3% of ATTR.

Level by level

Holdings8 in both83.8%
Countryby domicile100%
Sector11 Sectors100%

Sector

Sector weights in ATTR and CAOS, widest gap first
Sector	More in ATTRMore in CAOS	ATTR	CAOS
Technology	Same weight	40.1%	40.1%
Real Estate	Same weight	1.7%	1.7%
Financials	Same weight	11.3%	11.3%
Communication	Same weight	9.9%	9.9%
Health Care	Same weight	9.4%	9.4%
Consumer Discretionary	Same weight	8.7%	8.7%
Industrials	Same weight	7.6%	7.6%
Consumer Staples	Same weight	4.4%	4.4%
Energy	Same weight	3.4%	3.4%
Utilities	Same weight	1.9%	1.9%
Materials	Same weight	1.6%	1.6%

Country, concentration and asset class

Country by domicile

Country weights in ATTR and CAOS, widest gap first
Country	More in ATTRMore in CAOS	ATTR	CAOS
United States	Same weight	99.5%	99.5%
Switzerland	Same weight	0.3%	0.3%
China	Same weight	0.1%	0.1%
Mexico	Same weight	0.1%	0.1%
Ireland	Same weight	0.0%	0.0%
United Kingdom	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

ATTR122.0%
CAOS117.0%

Securities held

ATTR14
CAOS10

Asset class

ATTR: Equity
CAOS: Multi-Asset

Holdings

Only in ATTR6
In both8
Only in CAOS2

Only in ATTR

6 securities, 30.9% of ATTR by weight

Alpha Architect Tail Risk Etf30.42%
Spx Us 11/20/26 P73300.18%
Spxw Us 12/18/26 C70000.11%
Spxw Us 11/06/26 P74000.08%
Spxw Us 12/18/26 P80000.07%
Spxw Us 01/15/27 P32000.04%

Only in CAOS

2 securities, 0.0% of CAOS by weight

Spx Us 12/18/26 P70000.02%
Spx Us 12/18/26 C8000<0.01%

Weight gaps

All 8 Holdings in both funds, largest gap first.

Holding weights in ATTR and CAOS, widest gap first
Holding	More in ATTRMore in CAOS	ATTR	CAOS
Spy 12/18/2026 10010.01 P	CAOS +30.50 points	58.42%	88.92%
Spx Us 12/18/26 P13400	ATTR +5.03 points	25.17%	20.14%
Spy 12/18/2026 10.01 C	CAOS +2.47 points	4.74%	7.21%
First American Government Obligations Fund 12/01/2031	ATTR +2.43 points	2.58%	0.15%
Spx Us 01/15/27 P3200	CAOS +0.11 points	0.08%	0.19%
Spx Us 02/19/27 P3200	CAOS +0.11 points	0.24%	0.35%
Spx Us 12/18/26 P2900	CAOS +0.01 points	0.04%	0.05%
Spx Us 11/20/26 P2800	Same weight	<0.01%	<0.01%

All ATTR holdings⁠All CAOS holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

ATTR vs CAOS Cost

Same expense ratio

$12,359

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

ATTR 0.63%
$12,359
CAOS 0.63%
$12,359

Amount$10,000

Years30 years

Cost over time

ATTR 0.63%
CAOS 0.63%

Year by year

Year	ATTR	CAOS
10	$1,128	$1,128
20	$4,311	$4,311
30	$12,359	$12,359

Expense ratio

0.63%ATTR
0.63%CAOS

ATTR0.63%CAOS0.63%

0.50%0.98%

Middle half of Portfolio Hedging funds
Median 0.63%

ATTR 5th cheapest of 10 funds

CAOS 5th cheapest of 10 funds

ATTR vs CAOS Dividends

Last 12 months to Oct 30, 2026

Payout (12M): ATTR None; CAOS None

Distribution history

ATTRAll ATTR payments⁠

No distribution history available.

CAOSAll CAOS payments⁠

No distribution history available.

ATTR vs CAOS Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: ATTR 3.0%since Nov 2025CAOS 1.6%
Return per unit of riskSharpe ratio, 3 years: ATTR 1.02since Nov 2025CAOS −0.43
Worst fallMax drawdown, 5 years: ATTR −1.8%since Oct 2025CAOS −3.6%since Mar 2023
Market sensitivityBeta, 5 years: ATTR 0.21CAOS 0.04; Market = 1

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