CAOS Fees and Costs — Alpha Architect Tail Risk ETF
Data updated: 2026-08-26
The net expense ratio is 0.63%. There are no sales loads or redemption fees. In fiscal 2024 the fund paid $47K in broker commissions, 0.0247% of average net assets, and portfolio turnover was 90%.
CAOS Fees and Expenses
Annual operating expenses and sales charges of CAOS. Prospectus, as of February 1, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.63% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 0.63% |
| Fee waiver | — |
| Net expense ratio | 0.63% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
CAOS Costs Over Time
On $10,000 invested in CAOS, assuming 5% a year before costs, total costs come to $412 over 5 years, cutting the return by 0.69% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.63%) | $66 | $207 | $361 |
| Trading costs (broker commissions) | $3 | $8 | $14 |
| Lost growth on money paid in costs | $0 | $11 | $38 |
| Total costs | $69 | $226 | $412 |
| Value after costs | $10,431 | $11,350 | $12,350 |
| Impact on return, per year | 0.69% | 0.69% | 0.69% |
CAOS Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending September 30, 2024.
- Explicit cost rate (commissions ÷ average net assets): 0.0247%
- Total broker commissions: $47K
- Bought from dealers (principal trades, not a cost): $5.4M
- Portfolio turnover (prospectus): 90%
- Securities lending: none during the year
CAOS Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| INTERACTIVE BROKERS LLC | $22K | 48.01% |
| COWEN AND COMPANY LLC | $12K | 25.72% |
| SG AMERICAS SECURITIES LLC | $6K | 12.64% |
| TJM INVESTMENTS LLC | $3K | 6.84% |
| OLD MISSION MARKETS, LLC | $2K | 5.18% |
| MIRAE ASSET SECURITIES (USA) INC. | $753 | 1.61% |
CAOS Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| COWEN AND COMPANY LLC | $5.4M | 99.99% |
| INTERACTIVE BROKERS LLC | $544 | 0.01% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.