Skip to content
etf.net

CAOS vs ONEH

Alpha Architect Tail Risk ETF

CAOSBCboe

TrueShares Equity Hedge ETF

ONEHDCboe

Overlap

Expense ratio

CAOS −0.16pt a year

CAOS0.63%ONEH0.79%

Avg volume · 30D

CAOS 4.2×the volume

CAOS44.6KONEH10.6K

CAOS vs ONEH Performance

Jul 31, 2026 – Oct 30, 2026

+1.2%CAOS−1.2%ONEH

Jul 31, 2026 to Oct 30, 2026. CAOS +1.2%. ONEH −1.2%. Use the arrow keys to read each point.−2%0%2%3%Jul 2026Sep 2026Oct 2026
Expense ratio
CAOS 0.63%, better
ONEH 0.79%
Fund size
CAOS $728M
ONEH $31M
1Y total return
CAOS +1.7%
ONEH No data
Holdings
CAOS 10
ONEH 5
Avg volume (30D)
CAOS 44.6K sh, better
ONEH 10.6K sh
NAV per share
CAOS $91.41
ONEH $24.40
52W range

ETF.net Grade

CAOS: Cost 54, Risk 75, Mission not scored, Tradability 73, Holdings not scored, Durability 92. ONEH: Cost 35, Risk 61, Mission not scored, Tradability 26, Holdings not scored, Durability 13.
Pillar letters and Scores for CAOS, ONEH, with each pillar’s weight
PillarCAOSONEH
Cost30% weightC54HigherD35
Mission25% weightNot scoredNot scored
Risk15% weightA75HigherB61
Tradability15% weightA73HigherD26
Holdings10% weightNot scoredNot scored
Durability5% weightA92HigherF13

Rank among Portfolio Hedging funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. CAOS and ONEH 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 ONEH 7th of 10 funds in the Portfolio Hedging Category.

  1. Rank 1BSPDSimplify US Equity PLUS Downside Convexity ETFScore 67
  2. Rank 2BCAOSAlpha Architect Tail Risk ETFScore 66
  3. Rank 3BPFIXSimplify Interest Rate Hedge ETFScore 65
  4. Rank 6BTAILCambria Tail Risk ETFScore 56
  5. Rank 7DONEHTrueShares Equity Hedge ETFScore 37
  6. Rank 8DVIXYProShares VIX Short-Term Futures ETFScore 32

Our read on each fund

ETF.net Research

CAOSBAlpha Architect Tail Risk ETF

ONEHDTrueShares Equity Hedge ETF

In short

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.

ONEH Most tail hedges only play defense. ONEH keeps an "always on" put position on the S&P 500, then harvests part of any hedge gains into calls to chase the bounce. A crash-and-recovery tool, actively run, new since 2026.

Stated mandate

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.

ONEH The Fund seeks to profit from equity market declines and subsequent reversals, with income as a secondary objective. It pursues this through actively managed long put and long call strategies implemented primarily with unfunded total return swaps.

Why people hold it

  • 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.
  • ONEH The recovery leg is the twist: when the put hedge gains value, part of that profit is tactically reallocated to a call strategy aimed at a market reversal, not parked in cash.true-shares.com
  • The strategic hedge is meant to stay "always on" through long puts, so there is no guessing about when to switch protection on before a drawdown.true-shares.com
  • One ticker instead of running your own put book: strike selection, rolls and profit-taking sit with an active manager, implemented mainly through unfunded total return swaps.

Worth knowing

  • 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
  • ONEH The 0.79% fee sits above long-running hedging peers such as TAIL (0.59%) and CAOS (0.63%).
  • Built as a hedge sleeve, not a core stock holding: long put exposure generally loses value in calm, rising markets. That is the price of keeping protection on.true-shares.com
  • A 2026 launch with a short history, and because the strategy runs largely through swaps, the banks on the other side of those contracts matter. Income is only a secondary objective.

Full CAOS profile⁠

Full ONEH profile⁠

CAOS vs ONEH 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.

CAOS vs ONEH Cost

Overpaying ONEH vs CAOS

$2,815

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

  • CAOS 0.63%

    $12,359

  • ONEH 0.79%

    $15,174

$10,000
30 years

Cost over time

  • CAOS 0.63%
  • ONEH 0.79%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530ONEH $15,174CAOS $12,359

Year by year

YearCAOSONEHOverpaying
10$1,128$1,405$277
20$4,311$5,331$1,020
30$12,359$15,174$2,815

Expense ratio

  • 0.63%CAOS, cheaper
  • 0.79%ONEH
  • Middle half of Portfolio Hedging funds
  • Median 0.63%

CAOS 5th cheapest of 10 funds

ONEH 7th cheapest of 10 funds

CAOS vs ONEH Dividends

Last 12 months to Oct 30, 2026
Payout (12M)
CAOS None
ONEH None

Distribution history

CAOSAll CAOS payments⁠

No distribution history available.

ONEHAll ONEH payments⁠

No distribution history available.

CAOS vs ONEH Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
CAOS 1.6%ONEH No data
Return per unit of riskSharpe ratio, 3 years
CAOS −0.43ONEH No data
Worst fallMax drawdown, 5 years
CAOS −3.6%since Mar 2023ONEH No data
Market sensitivityBeta, 5 years
CAOS 0.04ONEH 0.20

Popular comparisons

  • CAOSBvsSPDB

    Alpha Architect Tail Risk ETF · Simplify US Equity PLUS Downside Convexity ETF

    Expense ratio
    0.63% · 0.53%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • ONEHDvsSPDB

    TrueShares Equity Hedge ETF · Simplify US Equity PLUS Downside Convexity ETF

    Expense ratio
    0.79% · 0.53%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • CAOSBvsPFIXB

    Alpha Architect Tail Risk ETF · Simplify Interest Rate Hedge ETF

    Expense ratio
    0.63% · 0.53%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • ONEHDvsPFIXB

    TrueShares Equity Hedge ETF · Simplify Interest Rate Hedge ETF

    Expense ratio
    0.79% · 0.53%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • CAOSBvsRFIXB

    Alpha Architect Tail Risk ETF · Simplify Bond Bull ETF

    Expense ratio
    0.63% · 0.50%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • ONEHDvsRFIXB

    TrueShares Equity Hedge ETF · Simplify Bond Bull ETF

    Expense ratio
    0.79% · 0.50%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.