CAOS vs. GAA ETF Comparison

Comparison of Alpha Architect Tail Risk ETF (CAOS) to Cambria Global Asset Allocation ETF (GAA)

CAOS

Alpha Architect Tail Risk ETF

CAOS Description

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 portfolio assets in long and/or short SPX Index options, depending on market status. Between 1%-10% of the portfolio 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 funds 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 Alpha Architect 1-3 Month Box ETF (ticker: BOXX). An ETF that uses box spreads to provide the exposure of 1-3 month treasury 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.

Grade (RS Rating)

Last Trade

$87.13

Average Daily Volume

18,347

Number of Holdings ^*

* may have additional holdings in another (foreign) market

GAA

Cambria Global Asset Allocation ETF

GAA Description

The investment seeks to track the performance, before fees and expenses, of the Cambria Global Asset Allocation Index. Under normal market conditions, the fund invests at least 80% of its total assets in the components of the underlying index or in depositary receipts representing components of the underlying index. The underlying index is designed to provide diversified exposure, including inverse exposure, to all of the major world asset classes in the various regions, countries and sectors around the globe.

Grade (RS Rating)

Last Trade

$29.50

Average Daily Volume

9,564

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	CAOS	GAA
30 Days	0.16%	2.77%
60 Days	0.81%	-0.87%
90 Days	1.59%	2.38%
12 Months	5.19%	15.05%

1 Overlapping Holdings

	Symbol	Grade	Weight in CAOS	Weight in GAA	Overlap
	BOXX	A	10.3%	0.98%	0.98%

CAOS Overweight 0 Positions Relative to GAA

	Symbol	Grade	Weight

CAOS Underweight 18 Positions Relative to GAA

Symbol	Grade	Weight
EYLD	D	-9.31%
PDBC	D	-5.72%
GVAL	D	-5.64%
QMOM	A	-5.61%
VAMO	A	-4.66%
FYLD	D	-4.56%
SYLD	A	-4.25%
BAR	C	-4.12%
HYEM	C	-4.01%
VCIT	D	-2.94%
JPMB	D	-2.94%
SCHP	C	-2.63%
WIP	F	-2.25%
IMOM	D	-2.02%
IHY	D	-1.97%
VGIT	D	-1.9%
VGLT	F	-1.82%
GDX	D	-1.08%

CAOS: Top Represented Industries & Keywords

Industries:

Keywords: Exchange Traded Funds SPDR

GAA: Top Represented Industries & Keywords

Industries: