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BOXX

GradeBChicago Board Options Exchange

Alpha Architect 1-3 Month Box ETF

Treasury & Government Bond · Alpha Architect · Inception 2022-12-27

$118.29+0.03 (+0.03%)

As of Sep 23, 2026, 2:25 PM EDT

History starts Dec 28, 2022.
Intraday session: up, 60 prints from 118.26 to 118.29. Range 118.27 to 118.29. Use the arrow keys to read each point.$118.27$118.28$118.28$118.2810 AM12 PM2 PM4 PM
Expense ratio
0.24%
Fund size
$14.4B
1Y return
+4.0%
Yield · Last 12 months
0.00%
Holdings
18
Volume · 30D
2.9M sh
NAV per share
$118.27
52W range
low $113.77high $118.27

The ETF.net BOXX Grade

B

67/ 100

Rank 7 of 15 in Treasuries (1-3 Year)⁠

Confidence High

Six-pillar profile for BOXX. Scores out of 100: Cost 29, Risk 76, Mission 100, Tradability 97, Holdings 45, Durability 64. Strongest: Mission (100). Weakest: Cost (29). Leans toward Mission and Tradability.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 67 of 100 sits in the B band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    DScore 29
    Category rank11/15 · mid-pack

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    AScore 100
    Category rank2/14 · top 14%

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    AScore 76
    Category rank1/15 · top 7%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    AScore 97
    Category rank1/15 · top 7%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    CScore 45
    Category rank13/15 · bottom quartile

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    BScore 64
    Category rank6/15 · top 40%

Graded as of Sep 22, 2026

Our read on BOXX

ETF.net Research

BA Treasury-bill stand-in built from options rather than bills. BOXX aims to match or exceed the 1-3 month T-bill market before expenses, and it has drawn billions of dollars taking the scenic route to a plain destination.

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

  1. 01The mandate is plain: match or exceed, before expenses, the price and yield performance of the 1-3 month segment of the US Treasury bill market.alphaarchitect.com
  2. 02It has stuck to that stated target about as closely as anything in its short-Treasury peer group.
  3. 03A multi-billion-dollar fund that trades actively, unusual for a structure this novel that only launched in 2022.
  4. 04Return rides in the share price instead of a payout: the fund has not been making distributions.

Worth knowing

  1. 010.24% a year, above the 0.15% cohort median and roughly eight times the 0.03% charged by the plain bill-and-note funds VGSH, SCHO and SPTS.
  2. 02It chases a rate rather than owning an index of bonds, so the holdings look nothing like a conventional Treasury ladder.alphaarchitect.com
  3. 03Opened at the end of 2022, a short history next to short-Treasury peers that have run through several rate cycles.

BOXX Holdings

As of Sep 22, 2026, 10:45 PM
Asset class
Bonds
Holdings
18
Top-10 weight
100%
Largest holding
SPY 12/18/2026 10010.01 P92.3%

Sectors

  • Technology38.7%
  • Financials12.1%
  • Communication9.5%
  • Consumer Discr.9.3%
  • Health Care9.3%
  • Industrials7.8%
  • Cons. Staples4.5%
  • Energy3.5%
  • Utilities2.0%
  • Real Estate1.8%
  • Materials1.7%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—SPY 12/18/2026 10010.01 P92.31%14,624$13.4B4
002—SPY 12/18/2026 10.01 C7.70%14,624$1.1B5
003—First American Government Obligations Fund 12/01/20310.01%1,939,008$2M625

Showing 1–3 of 3 holdings

BOXX Performance

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

BOXX$10,396
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. BOXX $10,396. SPY $11,723. Use the arrow keys to read each point.$9,353$10,646$11,940Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 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+2.7%
1 month+0.3%
3 months+1.0%
1 year+4.0%
3 years+4.7%per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, 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+2.7%
2025+4.4%
2024+5.2%
2023+5.0%
2022+0.1%

History from Dec 28, 2022

BOXX in the news

ETF.net Research hasn’t filed on BOXX yet — coverage lands here as it’s written.

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 Sep 22, 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

BOXX Risk

How much the fund’s monthly returns vary, scaled to a year.
0.3%
Annualised · 36 months to Aug 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.
0.18
vs 3-month T-bills · to Aug 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%
44 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.

BOXX Cost

Expense ratio0.24%
  • The middle half of Treasuries (1-3 Year) funds
  • Median 0.15%

10 of the 15 Treasuries (1-3 Year) funds charge less.

BOXX costs $24.00 a year on $10,000. The median Treasuries (1-3 Year) fund costs $15.00.