Alpha Architect Tail Risk ETF
CAOS
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ROIC.AI
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- EA Series Trust (EA Series Trust) is a Delaware statutory trust organized on October 11, 2013, and headquartered at 19 East Eagle Road, Havertown, Pennsylvania. The trust serves as an open-end management investment company that offers a diversified series of exchange-traded funds (ETFs) listed on U.S. exchanges such as Cboe BZX and Nasdaq; these ETFs pursue distinct investment strategies including equity exposure, options overlays, tail risk protection, and fixed-income equivalents across large-cap, mid-cap, and small-cap segments targeting institutional and retail investors seeking specialized market exposure. Empowered Funds, LLC d/b/a EA Advisers acts as the investment adviser with various sub-advisers managing individual series; operations focus primarily on the U.S. market with occasional exposure to international securities through underlying holdings or ETFs. Among its series, the Alpha Architect Tail Risk ETF (ticker: CAOS), launched on March 6, 2023, represents a core actively managed offering sub-advised by Alpha Architect, LLC (formerly associated with Arin Risk Advisors strategies). CAOS invests primarily in a portfolio of long and short put and call options on the S&P 500 Index (SPX Options, including FLEX Options), supplemented by a collateral portfolio of cash equivalents, U.S. Treasury securities, money market instruments, and up to 100% in the Alpha Architect 1-3 Month Box ETF (BOXX) for synthetic short-term bond exposure; it employs option spreads, protective put options positioned 5% or more out-of-the-money to profit from tail risk events (defined as Index declines exceeding 25% with volatility above 50), and sold options for theta decay income generation; the strategy targets varying Index exposure from -40% to 120%, high portfolio turnover exceeding 100%, and three objectives of market participation, downside hedging during dislocations, and cash flow production via premiums. Additional prominent series include the Alpha Architect 1-3 Month Box ETF (BOXX), Stance Sustainable Beta ETF (STSB), and recent launches such as Intelligent Alpha Atlas ETF (GPT, inception September 17, 2024); these provide targeted exposures to U.S. equities by market cap and style, dividend strategies, ESG factors, and short-duration fixed-income alternatives via box spreads. In recent developments, the Stance Sustainable Beta ETF (STSB), a series of EA Series Trust, completed the acquisition of assets from the AXS Change Finance ESG ETF (formerly ticker: CHGX of Investment Managers Series Trust II) on April 4, 2025, with trading under the CHGX ticker commencing April 7, 2025; Empowered Funds, LLC retained its advisory role while Stance Capital, LLC served as sub-adviser post-merger. The trust continues active ETF launches and prospectus updates, including N-14 filings in January 2025 and ongoing SEC registrations, reflecting expansion amid sustained assets under management estimated at over $500 million for CAOS alone as of late 2025.