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Alpha Architect Tail Risk ETF (CAOS)

ETF overview

CAOS seeks to actively earn positive returns during periods of significant US equity drawdowns while minimizing the return drag of collateral. The fund allocates up to 20% of assets in long and/or short SPX Index options, depending on market status. Between 1-10% is allocated to protective options positioned to appreciate in value when the index declines by more than 25%, which is considered to be a tail risk event. If a tail risk event does not occur, the cost of the protective positions will reduce returns. The remaining 70-80% of the portfolio is collateral consisting of US T-bills, box spreads, and money market instruments. Up to 100% of the collateral may be placed with the BOXX ETF that uses box spreads to provide the exposure of 1-3 month T-bills. The strategy involves frequent trading which increases costs and turnover rate, both having negative impacts on the fund. CAOS operated as a mutual fund until its conversion into an ETF, starting with $126 million in net assets.

CountryUnited States of America
ExchangeCBOE
Trades inUSD
Current price
91.31 USD-0.02%
Close 20 Oct 2026
Interval
Benchmarks

Fund facts

Expense ratio
0.63%
Fund assets
705.75M USD (all share classes)
Issuer
Alpha Architect
Inception date
Aug 14, 2013
Number of holdings
15

Breakdown

Holdings (15)

NameTickerWeight
SPY 12/18/2026 10010.01 P88.66%
SPX US 12/18/26 P1340020.38%
SPY 12/18/2026 10.01 C7.29%
SPX US 02/19/27 P32000.37%
SPX US 01/15/27 P32000.26%
SPX US 12/18/26 P29000.09%
First American Government Obligations Fund 12/01/20310.05%
SPX US 11/20/26 P28000.04%
SPX US 12/18/26 P70000.02%
SPX US 12/18/26 C80000.02%
and 2 more

Historical returns do not guarantee future returns. This is not investment advice.

Alpha Architect Tail Risk ETF (CAOS)

CAOS · CBOE
91.31 USD-0.02%
Sign up to track this ETF
Benchmarks
Fund facts
Expense ratio
0.63%
Fund assets
705.75M USD (all share classes)
Issuer
Alpha Architect
Inception date
Aug 14, 2013
Number of holdings
15
Breakdown
Holdings (15)
NameTickerWeight
SPY 12/18/2026 10010.01 P88.66%
SPX US 12/18/26 P1340020.38%
SPY 12/18/2026 10.01 C7.29%
SPX US 02/19/27 P32000.37%
SPX US 01/15/27 P32000.26%
SPX US 12/18/26 P29000.09%
First American Government Obligations Fund 12/01/20310.05%
SPX US 11/20/26 P28000.04%
SPX US 12/18/26 P70000.02%
SPX US 12/18/26 C80000.02%
and 2 more
ETF overview

CAOS seeks to actively earn positive returns during periods of significant US equity drawdowns while minimizing the return drag of collateral. The fund allocates up to 20% of assets in long and/or short SPX Index options, depending on market status. Between 1-10% is allocated to protective options positioned to appreciate in value when the index declines by more than 25%, which is considered to be a tail risk event. If a tail risk event does not occur, the cost of the protective positions will reduce returns. The remaining 70-80% of the portfolio is collateral consisting of US T-bills, box spreads, and money market instruments. Up to 100% of the collateral may be placed with the BOXX ETF that uses box spreads to provide the exposure of 1-3 month T-bills. The strategy involves frequent trading which increases costs and turnover rate, both having negative impacts on the fund. CAOS operated as a mutual fund until its conversion into an ETF, starting with $126 million in net assets.

CountryUnited States of America
Trades inUSD

Historical returns do not guarantee future returns. This is not investment advice.

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