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Launched

Alpha Architect 1-3 Month Box ETF

BOXXCboeAlpha ArchitectB

$118.85+0.03 (+0.03%)

At close: Nov 2, 2026, 4:00 PM ET

B68/ 100

Rank 5 of 15 in Treasuries (1-3 Year)

B68/100Rank 5 of 15inTreasuries (1-3 Year)
Intraday session: up, 79 prints from 118.82 to 118.85. Range 118.82 to 118.88. Use the arrow keys to read each point.118.83118.84118.86118.87118.8810 AM12 PM2 PM4 PM
Expense ratio
0.19%*
Fund size
$14.4B
1Y total return
+4.1%
Yield · Last 12 months
0.00%
Holdings
3
Avg volume · 30D
3.28M sh
52W range
low $114.21high $118.83
Launched

*After a fee waiver that ends Feb 1, 2027. Without it: 0.24%.

The ETF.net BOXX Grade

B

Score 68 out of 100

Category
Treasuries (1-3 Year)⁠
Rank
5 of 15
Six-pillar profile for BOXX. Scores out of 100: Cost 29, Risk 82, Mission 100, Tradability 98, Holdings 46, Durability 64. Strongest: Mission (100). Weakest: Cost (29). Leans toward Mission and Tradability.

Score 68 of 100 falls in the B band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    D29 out of 100
    Rank 11 of 15

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A100 out of 100
    Rank 1 of 14

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    A82 out of 100
    Rank 1 of 15

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    A98 out of 100
    Rank 1 of 15

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    C46 out of 100
    Rank 13 of 15

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    B64 out of 100
    Rank 6 of 15

Our read on BOXX

ETF.net Research

In short

BA T-bill fund that owns no T-bills. BOXX builds its 1-3 month Treasury bill payoff out of exchange-listed box spread options, so the return shows up in the share price instead of a stream of interest payments.

Stated mandate

The fund seeks to match or exceed, before expenses, the price and yield performance of the 1–3 month segment of the U.S. Treasury bill market.

Why people hold it

  • No bills in the box: the fund stacks long and short exchange-listed options (long call plus short put at one strike against the reverse at another) into a payoff that behaves like short-term fixed income.alphaarchitect.comalphaarchitect.com 2
  • Nothing drips out along the way. A box spread throws off no coupon, so the fund has not been paying regular income distributions; the issuer frames it as an options-based alternative to an ultrashort bond position.alphaarchitect.com
  • A multi-billion-dollar fund that trades actively, and it has stuck closely to the 1-3 month bill market it benchmarks against, which puts it in the upper half of its short-Treasury peer group.

Worth knowing

  • You pay for the plumbing: 0.19% net of a waiver through February 1, 2027 (0.24% gross), near the category median but above plain bill trackers SPTS, SCHO and VGSH at 0.03%.etfarchitect.com
  • The tax angle is not settled. The prospectus itself flags that the tax code offers no clear guidance for this strategy, so the treatment of gains could change or be challenged.etfarchitect.com
  • Actively managed, not index-tracking: the payoff rests on the manager rolling box spreads in the listed options market rather than on a portfolio of Treasuries.alphaarchitect.com

BOXX Performance

Launched Dec 27, 2022

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

Not enough history yet.Not enough history yet.
BOXX$10,407
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. BOXX $10,407. SPY $11,199. Use the arrow keys to read each point.$10,000$11,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for BOXX. Periods over one year show the average yearly return.
PeriodBOXX
Year to date+3.2%
1 month+0.4%
3 months+1.0%
1 year+4.1%
3 yearsper year+4.6%
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for BOXX
YearReturn barBOXX
2026 YTD+3.2%
2025+4.4%
2024+5.2%
2023+5.0%
2022+0.1%

History from Dec 28, 2022

BOXX in the news

BOXX Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Oct 30, 2026.
0.00%Last 12 months
Payout per share
NoneLast 12 months

No distributions in the last 12 months.

Distribution history

Payments through 2024

One bar per payment. 1 payment in 2024. Aug 13, 2024 $0.29. Use the arrow keys to read each point.2024
Ex-datePay dateAmount per share
Aug 13, 2024Aug 14, 2024$0.29

$10,000 in BOXX 3 years ago paid $27.87 in dividends.

BOXX Risk

Risk pillarA82 out of 100Rank 1 of 15 in Treasuries (1-3 Year)
How much the fund’s monthly returns vary, scaled to a year.
0.3%
Annualised · 36 months to Oct 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
0.11
vs 3-month T-bills · to Oct 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−0.1%
46 months · trough Sep 2023
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
−0.002
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

BOXX Cost

Compare BOXX and VGSH

Overpaying vs VGSH, tied cheapest in Treasuries (1-3 Year)

$3,314

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • BOXX 0.19%

    $3,952

  • VGSH 0.03% Tied cheapest

    $638

$10,000
30 years

Cost over time

  • BOXX 0.19%
  • VGSH 0.03%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$1K$2K$3K$4K051015202530BOXX $3,952VGSH $638

Year by year

YearBOXXVGSHOverpaying
10$347$55$292
20$1,351$216$1,135
30$3,952$638$3,314
How the 0.19% is worked out

Full fee 0.24%− waiver 0.05%= you pay 0.19%

The waiver ends Feb 1, 2027. After that the fee is 0.24% unless Alpha Architect renews it. Source: prospectus, Jan 2026.

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