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Trending ETFs

Name

As of 05/21/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$107.23

$1.41 B

0.00%

0.39%

Vitals

YTD Return

2.0%

1 yr return

5.3%

3 Yr Avg Return

N/A

5 Yr Avg Return

N/A

Net Assets

$1.41 B

Holdings in Top 10

131.2%

52 WEEK LOW AND HIGH

$107.2
$101.89
$107.23

Expenses

OPERATING FEES

Expense Ratio 0.39%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A


Min Investment

Standard (Taxable)

N/A

IRA

N/A


Fund Classification

Fund Type

Exchange Traded Fund


Name

As of 05/21/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$107.23

$1.41 B

0.00%

0.39%

BOXX - Profile

Distributions

  • YTD Total Return 2.0%
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio N/A
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    Alpha Architect 1-3 Month Box ETF
  • Fund Family Name
    N/A
  • Inception Date
    Dec 27, 2022
  • Shares Outstanding
    N/A
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US

Fund Description

Alpha Architect 1-3 Month Box ETF (the “Fund”) is an actively managed exchange-traded fund (“ETF”) whose investment objective is to provide investment results that, before fees and expenses, equal or exceed the price and yield performance of an investment that tracks the 1-3 month sector of the United States Treasury Bill market. To do so, the principal investment strategy of the Fund will be to utilize an exchange-listed options strategy called a box spread (“Box Spread”). In order to accomplish its investment goals, the Fund may utilize either standard exchange-listed options or FLexible EXchange® Options (“FLEX Options”) or a combination of both.
In general, an option contract is an agreement between a buyer and seller that gives the purchaser of the option the right to buy or sell a particular asset at a specified future date at an agreed upon price, commonly known as the “strike price.” In the case of a “call option”, the purchaser has the right to buy the particular asset and the seller of a “call option” has the obligation to deliver the particular asset at the strike price. In the case of a “put option”, the purchaser has the right to sell the particular asset and the seller of a “put option” has the obligation to deliver the particular asset at the strike price.
A Box Spread is the combination of a synthetic long position coupled with an offsetting synthetic short position through a combination of options contracts on an equity security or an equity index at the same expiration date. The synthetic long consists of buying a call option and selling a put option on the same security or index where the call option and put option share the same strike and expiration date (a “Synthetic Long”). When purchasing a Box Spread, the Synthetic Long will have a strike price that is less than the strike price for the Synthetic Short. The difference between the strike prices of the Synthetic Long and the Synthetic Short will determine the expiration value (or value at maturity) of the Box Spread. The synthetic short consists of buying a put option and selling a call option on the same security or index with the same expiration date as the synthetic long but using a different strike price (a “Synthetic Short”). When purchasing a Box Spread, the Synthetic Long will have a strike price that is less than the strike price for the Synthetic Short. The difference between the strike prices of the Synthetic Long and the Synthetic Short will determine the expiration value (or value at maturity) of the Box Spread. An important feature of the Box Spread construction process is the elimination of risk tied to underlying market movements associated with the underlying option’s security or equity index. As displayed in the diagram below, the Box Spread return stays constant no matter how low or how high the underlying option’s security or equity index price moves. Once the Box Spread is initiated, its return from the initiation date of such Box Spread through its expiration date will generally not change.
Buying (or selling) a Box Spread is similar to buying (or selling) a zero-coupon bond. A zero-coupon bond does not pay periodic coupons, but the bond trades at a discount to its face value. The maturity value of a zero-coupon bond is comparable to the difference in the strike prices of the Box Spread. The maturity date of a zero-coupon bond is comparable to the expiration date of the options comprising the Box Spread. When constructing a Box Spread, the strike price of the Synthetic Long will be at a lower strike price than the strike price of the Synthetic Short. When buying or selling a Box Spread, the buyer or seller generally expects the price of the Box Spread to be less than the difference in the strike prices of the Box Spread. A buyer or seller of a Box Spread will earn a profit or loss equal to the difference between the beginning price (price paid to buy or received if sold) and the ending price (expiration value or closing trade price). If the Fund holds the Box Spread until expiration, then its profit or loss will be determined by the difference between the price it paid to buy the Box Spread (or received in the case of selling the Box Spread) and the value of the Box Spread upon expiration.
As an example, a typical Box Spread could include the simultaneous purchase of a call option and sale of a put option (i.e. Synthetic Long) with a strike of $1,000 on the S&P 500 Index (“SPX”) together with the sale of a call option and purchase of a put option (i.e. Synthetic Short) with a strike of $2,000 on the SPX where all four of these options share the same expiration date. The expiration or maturity value would be the difference in the strikes or $1,000 in this case. The expected profit earned would equal the difference between the price paid for this Box Spread and its expiration value of $1,000 minus any transaction costs associated with the options trades. The effective yield on each Box Spread is determined by annualizing the profit over the price paid. The Fund will only purchase Box Spreads where the purchase price (after considering all costs to the Fund for entering such trade) is less than the expiration value.
Arin Risk Advisors, LLC (the “Sub-Adviser”), the sub-adviser to the Fund, may invest the Fund’s assets in Box Spreads with various expiration dates. The quantity and expiration dates of the Box Spreads held by the Fund will be based on several factors, including the Fund’s asset size and the effective yield for various Box Spread expiration dates available in the marketplace. Based upon historical examples of Box Spreads actually traded in the marketplace, the Sub-Adviser expects that there will be market participants willing to sell Box Spreads to the Fund in sufficient quantities to satisfy the objective of the Fund.
Under normal market conditions, the Fund generally invests substantially all, but at least 80%, of its total assets in the Box Spreads such that the weighted average maturity of the Box Spreads based upon expiration dates is less than 90 days. The Sub-Adviser expects that the Fund may hold the Box Spreads until their respective expiration dates. The Fund may sell Box Spreads prior to expiration if the Sub-Adviser believes it is in the best interest of the Fund’s shareholders to do so. Upon expiration or sale of any Box Spread, the Sub-Adviser will seek to purchase additional Box Spreads at an effective yield and expiration date that offers favorable risk and reward characteristics under current market conditions. The Fund may also invest in cash, cash equivalents, money market funds or treasury bills. The Fund’s strategy is expected to result in high portfolio turnover. The Fund expects that the return it expects to earn from Box Spreads will fluctuate but remain consistent with the market rate for similar short-term interest rate sensitive securities.
When purchasing or selling a Box Spread, the Fund will primarily use European-style options, however it may also utilize American-style options. European style options may not be terminated or assigned in advance of the option’s expiration date. American style options can be terminated or assigned in advance of the expiration date, which may cause some American style Box Spreads to not be as profitable as a comparable European style Box Spread. European-style options may only be exercised on their expiration date. This ensures that the synthetic positions created using the Box Spread is not cancelled prior to its maturity. Options on the SPX are expected to be the preferred contracts for substantially all of the Fund’s holdings. The Fund may purchase or sell Box Spreads using exchange-listed option contracts on an index other than the SPX or on an individual equity security or exchange traded fund (“ETF”) when the Sub-Adviser has determined that doing so would provide the Fund with better risk and return characteristics. The Fund may also utilize an exchange-listed options strategy using long shares of an individual equity security or ETF (in place of the Synthetic Long) together with a Synthetic Short created by purchasing a put option and selling a call option on that equity security or ETF with the same strike and expiration date. This individual equity security or ETF strategy will generally be purchased when such purchase is in the best interest of the Fund because it offers more favorable price or tax characteristics. The Fund’s collateral will typically be utilized to fully pay for the Box Spreads or other similar strategies as described above.
The Fund may engage in active and frequent trading of portfolio securities to achieve its investment objective. In order to achieve its objective, the Fund will purchase a new Box Spread at the time (or shortly thereafter) any existing Box Spread expires. The Fund may also “roll” any Box Spread at any time. When rolling a Box Spread, the Fund enters into a trade where it simultaneously closes on each component of an existing Box Spread while opening a new Box Spread position. In rolling a Box Spread, the Fund will incur additional transaction costs than if it waited until such Box Spread expired.
In order to achieve its objective, the Fund will purchase a new Box Spread at the time (or shortly thereafter) any existing Box Spread expires. The Fund may also “roll” any Box Spread at any time. When rolling a Box Spread, the Fund enters into a trade where it simultaneously closes on each component of an existing Box Spread while opening a new Box Spread position. In rolling a Box Spread, the Fund will incur additional transaction costs than if it waited until such Box Spread expired.
Options on certain exchange-traded indexes, such as the SPX, are currently taxed under section 1256 of the Internal Revenue Code (“IRC”). Pursuant to section 1256 of the IRC, profit and loss on transactions in certain exchange-traded options, including SPX, are subject to taxation at a rate equal to 60% long-term and 40% short-term capital gain or loss regardless of the Fund’s holding period. Based on the advice of its accountants, the Fund expects that distributions related to the Fund’s SPX positions, if any, will be characterized by the Fund as capital gains with these preferential terms.
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BOXX - Performance

Return Ranking - Trailing

Period BOXX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.0% N/A N/A N/A
1 Yr 5.3% N/A N/A N/A
3 Yr N/A* N/A N/A N/A
5 Yr N/A* N/A N/A N/A
10 Yr N/A* N/A N/A N/A

* Annualized

Return Ranking - Calendar

Period BOXX Return Category Return Low Category Return High Rank in Category (%)
2023 5.0% N/A N/A N/A
2022 N/A N/A N/A N/A
2021 N/A N/A N/A N/A
2020 N/A N/A N/A N/A
2019 N/A N/A N/A N/A

Total Return Ranking - Trailing

Period BOXX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.0% N/A N/A N/A
1 Yr 5.3% N/A N/A N/A
3 Yr N/A* N/A N/A N/A
5 Yr N/A* N/A N/A N/A
10 Yr N/A* N/A N/A N/A

* Annualized

Total Return Ranking - Calendar

Period BOXX Return Category Return Low Category Return High Rank in Category (%)
2023 5.0% N/A N/A N/A
2022 N/A N/A N/A N/A
2021 N/A N/A N/A N/A
2020 N/A N/A N/A N/A
2019 N/A N/A N/A N/A

BOXX - Holdings

Concentration Analysis

BOXX Category Low Category High BOXX % Rank
Net Assets 1.41 B N/A N/A N/A
Number of Holdings 21 N/A N/A N/A
Net Assets in Top 10 905 M N/A N/A N/A
Weighting of Top 10 131.20% N/A N/A N/A

Top 10 Holdings

  1. CBOE SP CLL OPT 03/24 4000 67.86%
  2. SPX 01/19/2024 4000.01 C 21.89%
  3. CBOE SP PUT OPT 03/24 5000 17.16%
  4. SPX 03/15/2024 4000.01 C 8.71%
  5. CBOE SP CLL OPT 01/24 4000 5.89%
  6. SPX 01/19/2024 5000.01 P 5.85%
  7. SPX 03/15/2024 5000.01 P 2.20%
  8. CBOE SP PUT OPT 01/24 5000 1.58%
  9. CBOE SP CLL OPT 01/24 5000 0.04%
  10. CBOE SP PUT OPT 01/24 4000 0.02%

Asset Allocation

Weighting Return Low Return High BOXX % Rank
Other
99.99% N/A N/A N/A
Cash
0.01% N/A N/A N/A
Stocks
0.00% N/A N/A N/A
Preferred Stocks
0.00% N/A N/A N/A
Convertible Bonds
0.00% N/A N/A N/A
Bonds
0.00% N/A N/A N/A

BOXX - Expenses

Operational Fees

BOXX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.39% N/A N/A N/A
Management Fee 0.39% N/A N/A N/A
12b-1 Fee N/A N/A N/A N/A
Administrative Fee N/A N/A N/A N/A

Sales Fees

BOXX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A N/A N/A N/A
Deferred Load N/A N/A N/A N/A

Trading Fees

BOXX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A N/A N/A N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

BOXX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A N/A N/A N/A

BOXX - Distributions

Dividend Yield Analysis

BOXX Category Low Category High BOXX % Rank
Dividend Yield 0.00% N/A N/A N/A

Dividend Distribution Analysis

BOXX Category Low Category High Category Mod
Dividend Distribution Frequency None

Net Income Ratio Analysis

BOXX Category Low Category High BOXX % Rank
Net Income Ratio N/A N/A N/A N/A

Capital Gain Distribution Analysis

BOXX Category Low Category High Capital Mode
Capital Gain Distribution Frequency

Distributions History

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BOXX - Fund Manager Analysis

Tenure Analysis

Category Low Category High Category Average Category Mode
N/A N/A N/A N/A