CAOS Alpha Architect Tail Risk ETF
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.
Performance
| 1M | 3M | YTD | 1Y | 3Y ann. | 5Y ann. | |
|---|---|---|---|---|---|---|
| CAOS | +0.1% | +1.0% | +1.7% | +1.3% | +3.3% | +3.5% |
| Asset allocation average (52 funds) | -1.8% | -4.7% | +4.2% | +5.2% | +8.6% | +3.1% |
Insider activity in the holdings
Open-market insider buying across this fund’s holdings over 90 days, weighted by holding weight: +$0 net.
No open-market insider buys in the holdings in the last 90 days.
Holdings · as of Nov 13, 2026
| # | Holding | Weight |
|---|---|---|
| 1 | CAOS SPY 12/18/2026 10010.01 P | 89.45% |
Sector breakdown
Country breakdown
Distributions
No distributions on file.
Members of Congress who disclosed this ETF
No member of Congress has disclosed a trade in CAOS in the filings we hold.
Fund facts, prices, performance and distributions: our market-data vendor. Holdings: the vendor and SEC Form N-PORT. Insider and Congress data: InsiderBuying. Last updated Nov 13, 2026. This is historical data, not investment advice. Report a data error