# Alpha Architect Tail Risk ETF (CAOS): ETF Facts & Distributions

> Markdown mirror of https://www.dividenddata.com/funds/caos for AI agents. Same live data as the HTML page, regenerated on the same refresh cycle. Not investment advice.

- Issuer: Alpha Architect · Asset class: Asset allocation
- Strategy: Thematic · Inception: 2013-08-14

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...

## Key Facts

| Metric | Value |
|---|---|
| Price | $91.50 |
| Expense Ratio | 0.63% |
| Assets Under Management | $718.8M |
| NAV | $91.40 |
| Holdings Count | 0 |
| Distribution Yield (TTM) | — |
| Annual Distribution (TTM) | — /share |
| Distribution Frequency | — |
| 52-Week Range | $89.71 – $91.67 |
| Beta | 0.04 |

## Frequently Asked Questions

### What does CAOS invest in?

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.

### What is the expense ratio of CAOS?

Alpha Architect Tail Risk ETF (CAOS) charges an expense ratio of 0.63%. This is the annual fee deducted from fund assets to cover management and operations.

### How big is CAOS?

Alpha Architect Tail Risk ETF (CAOS) manages $718.8M in total assets. AUM determines bid-ask liquidity and the fund's vulnerability to closure. Funds below ~$50M are at higher risk of liquidation.

### Is CAOS actively managed or an index fund?

CAOS's management style is described in the fund's prospectus. See the description on the Summary tab for the published strategy.

### When was CAOS launched?

Alpha Architect Tail Risk ETF (CAOS) launched in August 2013 and is managed by Alpha Architect.

### How has CAOS performed?

CAOS's total return (price change plus reinvested distributions) is charted at the top of this page. Switch the price chart to Total Return and pick a 1-year, 3-year, 5-year, or 10-year window to read the compound annual growth rate (CAGR) over each horizon.

### Does CAOS pay a dividend?

Alpha Architect Tail Risk ETF (CAOS) currently distributes little or no income. Trailing-twelve-month yield is —. Investors looking for income should consider income-focused alternatives. See the Peers tab.

### How often does CAOS pay dividends?

Alpha Architect Tail Risk ETF pays dividends on its published schedule. Each ex-dividend date, record date, and payment date is listed in the dividend history table on this page.

### What is CAOS's dividend yield?

CAOS's trailing-twelve-month yield is —, calculated from the sum of dividends over the past year divided by the current price.

### When is CAOS's next ex-dividend date?

CAOS hasn't announced its next ex-date yet. Once declared it'll appear at the top of the dividend history table on this page.

### How much will CAOS's expense ratio cost me over 30 years?

On a $10,000 investment compounding at 7% gross return, a 0.63% expense ratio quietly compounds against your balance every year. The Fee Compounding Forecast card above projects the dollar drag for any holding period and assumption you pick. The typical result for a 1.0% expense ratio on a 30-year hold is roughly 25% of the final balance lost to fees.

### How does CAOS charge its expense ratio?

The expense ratio is deducted in tiny daily slices from CAOS's net asset value (NAV). You never see a bill. The price quoted on every exchange is already net of fees. There's no "fee day" to avoid; the cost is continuous and built into the trading price.

### Why does CAOS cost more than a fund like VOO?

CAOS's strategy (current expense ratio 0.63%) is different from a broad-market index tracker like VOO, so its fee belongs to a different cohort. The Cost Verdict card above shows you where CAOS sits within its own category, which is the comparison that actually matters.

### Are there cheaper alternatives to CAOS?

The Lower-Fee Alternatives card above lists ETFs following the same investment strategy as CAOS (0.63%) but at a lower expense ratio. Each row shows the fee gap, the peer's AUM as a liquidity sanity-check, and a direct link to that fund's analysis page. Cheaper price doesn't automatically mean better. Verify the peer holds what you actually want.

## More on Dividend Data

- Overview (HTML): https://www.dividenddata.com/funds/caos
- Distribution history: https://www.dividenddata.com/funds/caos/dividend
- Holdings & diversification: https://www.dividenddata.com/funds/caos/diversification
- Fees & cheaper alternatives: https://www.dividenddata.com/funds/caos/expenses
- Peer comparison: https://www.dividenddata.com/funds/caos/peers

Data sourced from primary filings and market data providers; see https://www.dividenddata.com/methodology.