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
Nov 20, 2025
Edited by: ETF.com Staff
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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), the $9 billion box-spread fund reshaping the cash-management landscape. They also dig into the Alpha Architect Tail Risk ETF (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.

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