I only recently started running chaeto but my research told me chaeto needs a dark period to respire in the light. Caulerpa is recommended 24/7 to prevent it from going "sexual".
http://reefkeeping.com/issues/2006-10/rhf/index.php#13
"Interestingly, three marine microalgae, Skeletonema costatum, Phaeocystis globosa and Emiliania huxleyi,24 were studied for their rates of photosynthesis and carbon uptake mechanisms in continuous light vs. those same species in light/dark cycles (12 h on/12 h off and 16 h on/8 h off). The rates of photosynthesis were nearly twice as high with light/dark cycles as with continuous lighting. In two of the species (S. costatum and E. huxleyi), but not the third, the contribution of bicarbonate to the total carbon uptake increased dramatically in light/dark cycles compared to continuous light.
How this result might relate to growth and nutrient uptake in lit refugia where macroalgae are often grown to export nutrients is not known. However, it is a sign that perhaps continuous light is not optimal, in addition to being more expensive."