##  [# Inside BOXX, Tail-Risk ETFs, and 351 vs. Exchange Funds](/sections/features/inside-boxx-tail-risk-etfs-and-351-vs-exchange-funds) 

 

# Inside BOXX, Tail-Risk ETFs, and 351 vs. Exchange Funds

 

 

Wes Gray walks through box spreads, tail-risk ETFs, and the difference between 351 ETF conversions and exchange funds.



 

 

 

 

 [![sumit](/sites/default/files/styles/author_image_icon/public/2023-03/Sumit_0.png?itok=SO-7S5SH "sumit")](/authors/sumit-roy) 

[By Sumit Roy ](/authors/sumit-roy)

 Nov 20, 2025

 Edited by: ETF.com Staff

 

 

 [ + Follow ](/etf/login) 

     Share  <a class="a2a a2a_button_email"> Email </a><a class="a2a a2a_button_linkedin"> LinkedIn </a><a class="a2a a2a_button_facebook"> Facebook </a><a class="a2a a2a_button_x"> X (Twitter) </a> 

 

 

 

 

 

 

 

 

  
            googletag.cmd.push(function() {
                googletag.display('js-dfp-tag-article_page_302x26');
            });
    
    

 

 

  

 



 

 

  Loading 

 

 



 
            let duration = 0, percent = '0', new_percent = '';
            jwplayer("etfVideo").setup({
                playlist: "https://cdn.jwplayer.com/v2/media/PSIe1BzZ",
                aspectratio: "16:9",
                autostart: "viewable",
                ga: {}
            });
            jwplayer().on('time', function(e) {
                duration = e.duration
                if (e.position >= duration * 0.25){
                    percent = '25';
                } 
                if (e.position >= duration * 0.50){
                    percent = '50';
                } 
                if (e.position >= duration * 0.75){
                    percent = '75';
                } 
                if (e.position == duration){
                    percent = '100';
                }
                if (new_percent != percent){
                    // GTM Datalayer - Video Event
                    dataLayer.push({
                        'event': 'video',
                        'video_id': 'PSIe1BzZ',
                        'video_percent': percent,
                        'video_url': 'http://www.etf.com/markdownify/node/134143' 
                    });
                    new_percent = percent;     
                }
            });
         

 



 

 

In this conversation, Alpha Architect CEO Wes Gray sits down with ETF.com Senior Analyst Sumit Roy to discuss the mechanics behind the [**Alpha Architect 1-3 Month Box ETF (BOXX)**](/boxx), the $9 billion box-spread fund reshaping the cash-management landscape. They also dig into the [**Alpha Architect Tail Risk ETF (CAOS)**](/caos) and how tail-risk ETFs can fund crash protection without constant bleed. Finally, Gray lays out his view on 351 ETF conversions versus exchange fund structures and how investors should think about choosing between the two.



 

 

 [ + Follow ](/etf/login) 

 [ Sumit Roy Senior ETF Analyst ](/authors/sumit-roy) 

 

 

  Sumit Roy is the senior ETF analyst for etf.com and author of (Don't) Invest Like a Pro. He creates a variety of content for the platform, including…   [View Bio](/authors/sumit-roy)

 



 

 


 Related Topics  [Advisor Center](http://www.etf.com/topics/advisor-center-0) 

 [Ultra-Short Term](http://www.etf.com/topics/ultra-short-term)