At a glance
BOXX charges 0.19% a year. It has $12.70B in assets. Over the past year it returned +4.0% with distributions reinvested; over three years it returned +4.6% a year.
The short version
Alpha Architect 1-3 Month Box ETF (BOXX) is an actively managed fund that aims to match or beat the return of 1–3 month US Treasury bills, before fees, using options instead of bills. Its "box spreads" combine four options so the payoff at expiration is fixed no matter where stocks go. It paid no distributions in the year through October 28, 2026, so returns built up in the share price. It charges 0.19%.
Price history
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BOXX +4.0% over the year to Oct 28, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| BOXX official prospectus, to Dec 31, 2025 | — | +4.33% | — | — | — | +4.87% |
| BOXX price data to Oct 28, 2026 | +3.2% | +4.0% | +4.6% | — | — | +4.7% |
- Over the year to Oct 28, 2026, BOXX returned +4.0%.
- Its worst full calendar year was 2025 (+4.4%); its best was 2024 (+5.2%).
- The deepest fall in its price history was 0.1% (Sep 21, 2023 to Sep 22, 2023), recovered by Sep 25, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +3.2% | — |
| 2025 | +4.4% | +4.33% |
| 2024 | +5.2% | +5.30% |
| 2023 | +5.0% | +4.99% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2024 | $0.2900 |
What's inside
As of Jun 30, 2026, the fund held 0 securities; the ten largest made up 0% of assets.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Jun 30, 2026, investors added a net $1.95B (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.31%, +0.31%, +0.21%.
How it works
BOXX does not follow an index. It is actively managed, and the prospectus names Arin as the firm making portfolio decisions. Before fees, the fund aims to equal or exceed the price and yield performance of 1–3 month US Treasury bills. It does not own the bills. It holds box spreads built from standard exchange-listed options, FLEX Options (exchange-traded options with customized strike prices and dates), or both.
A box spread pairs a "synthetic long" with a "synthetic short." The synthetic long means owning a call and writing a put at a lower strike price. The synthetic short means owning a put and writing a call at a higher strike. All four options expire on the same date. At expiration, the box is worth the gap between the two strikes, whatever the underlying index does. The fund pays less than that gap up front, and the difference is its return. This works much like a zero-coupon bond purchased at a discount and repaid at face value.
As of June 30, 2026, the fund reported eight positions, all options. The largest were SPY options expiring September 18, 2026, with strikes of $10.01 and $10,010.01. Smaller positions were QQQ options expiring September 30, 2026. Before expiration, a box's value can rise or fall with interest rates and with supply and demand for short-term credit. The fund holds several boxes at once, so it has no fixed return over any period.
What it really costs
- BOXX charges 0.19% a year.
- Of that, 0.24% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.05% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $20 in the first year and $307 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| BOXX | $20 | $74 | $133 | $307 |
Structure and tax notes
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
It is designed to earn returns similar to short-term Treasury bills with very small price swings, so it works as a cash-like holding rather than a source of growth or regular income.
BOXX launched on December 28, 2022, after the 2008, 2020 and 2022 downturns, so it has no record from any of them. Its weakest calendar year was 2025, when it still gained 4.33%, according to the prospectus. Its deepest drop was 0.1%, from September 21 to 22, 2023, and it recovered by September 25. Even its weakest quarter, which ended June 30, 2025, gained 1.05%. That steadiness may help someone who needs to raise cash in a bad year for stocks. It paid no distributions in the year through October 28, 2026, so drawing income means selling shares. Under the SEC's standard example, its 0.19% expense ratio costs $20 per $10,000 in the first year.
Points to watch: returns follow short-term rates and could be very low or negative if rates fall. The fund is not FDIC-insured. The tax treatment of its options trades lacks clear guidance. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a cash-like holding that aims for 1–3 month Treasury bill returns, with a deepest drop of only 0.1% since its December 2022 launch.
- Holders who are comfortable with returns building in the share price, since the fund made no distributions in the year through October 28, 2026.
- People setting aside money for near-term spending who understand its options-based box spread structure and accept a 0.19% expense ratio.
Look elsewhere if
- Retirees who want regular cash payments. The fund made no distributions in the year through October 28, 2026, so getting income from it means selling shares.
- Investors who want to own government debt directly rather than options on SPY and QQQ, which carry counterparty, valuation and tax-guidance risks.
- Anyone seeking long-term growth. Calendar-year returns have been roughly 4% to 5% and could be very low or negative if short-term rates fall.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
What is BOXX and how does it work?
BOXX is an actively managed ETF that tries to match or beat 1–3 month Treasury bill returns, before fees, using option "box spreads." Each box combines four options with the same expiration date. At expiration, it is worth the gap between two strike prices, wherever the market has moved. The fund pays less than that gap up front and earns the difference. As of June 30, 2026, its eight positions were options on SPY and QQQ.
Does BOXX pay monthly dividends?
No. BOXX made no distributions in the year through October 28, 2026, so its returns built up in the share price instead. Investors who want cash from it would need to sell shares. The prospectus warns that the tax rules for its options trades lack clear guidance. It also says derivatives may cause the fund to realize more ordinary income or short-term capital gains. A tax professional can explain how this applies to a particular account.
Can you lose money in BOXX?
Yes, though its swings have been small so far. Its deepest drop was 0.1%, from September 21 to 22, 2023, and it recovered by September 25. It is not a bank deposit and is not FDIC-insured. The prospectus lists options, counterparty, valuation and management risks. It also warns that when short-term rates are low, the fund's yield can be very low or even negative. A box's value can also move before expiration as interest rates change.
What's the difference between BOXX and a Treasury bill ETF?
Both aim for returns similar to short-term Treasury bills, but they get there differently. A typical T-bill ETF owns government bills directly and usually pays out the interest it earns. BOXX owns options combined into box spreads and made no distributions in the year through October 28, 2026. Its approach adds options, counterparty, valuation and tax risks that a fund holding bills directly doesn't face in the same way. Costs and returns are worth comparing side by side.
What is BOXX's expense ratio, and how has it performed?
The expense ratio is 0.19%. That is a 0.24% management fee minus a 0.05% fee waiver, according to the prospectus filed January 28, 2026. Under the SEC's standard example, a $10,000 investment would cost about $20 over one year and $307 over 10 years. As of December 31, 2025, the fund returned 4.33% over one year and 4.87% a year since its December 2022 launch. Based on prices, it returned 4.0% over the year through October 28, 2026.