Alpha Architect 1-3 Month Box ETF

Box spreads were once an institutional options trick, and BOXX packages one for ordinary investors chasing tax efficiency. Instead of holding Treasury bills, the fund builds box spreads out of S&P 500 index options, combinations that lock in a fixed, T-bill-like return regardless of where the market goes. The payoff shows up as appreciation in the share price rather than interest income, so holders in taxable accounts can defer taxes and potentially pay lower long-term capital-gains rates instead of ordinary-income rates on their yield. That tax angle is the entire selling point, and it pulled in billions of dollars after the fund's 2022 launch by Alpha Architect. The trade-off is complexity and a legal grey area, since the IRS has not blessed the treatment. Investors who understand the mechanics use it as a tax-smart place to park cash.

On MyRWA, BOXX trades tokenized across 1 on-chain venue - see the listings below.