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Alpha Architect 1–3 Month Box Spread ETF (BOXX) is an exchange-traded fund designed to track the performance of an options-based strategy known as box spreads. The ETF is managed by Alpha Architect LLC and trades under the ticker BOXX on the NYSE Arca.
Classified as an alternative ETF based on derivative strategies, BOXX seeks to reflect, before fees and expenses, the performance of a structured strategy implemented through listed option-based box spreads.
The fund adopts an active management approach, structuring and maintaining its portfolio according to specific operational rules, without direct selection of traditional equities or bonds.
Diversification and sector exposure
BOXX provides exposure to derivative financial instruments, without direct exposure to traditional economic sectors. Its diversification structure includes:
Structured option-based strategies (box spreads).
Exposure to short-term financial instruments through derivatives.
Operations executed in regulated derivatives markets.
Structure and costs
BOXX shares are traded on the secondary market, while share creation and redemption occur through authorized participants, a mechanism that helps keep the ETF’s market price close to its net asset value (NAV).
The fund charges a management fee, typical of ETFs employing alternative strategies, and does not apply a performance fee. BOXX does not distribute income regularly, with results reflected in the share price.
History and evolution of the ETF
The Alpha Architect 1–3 Month Box Spread ETF was launched amid increasing interest in short-term alternative strategies traded through exchange-traded funds.
Since its launch, BOXX has reflected conditions in the derivatives markets during a period marked by shifts in monetary policy, interest rate movements, and increased attention to short-term alternative strategies, particularly in volatile financial environments.
