BOXI — Alpha Architect Intermediate-Term Treasury Bond ETF

BOXI Fund Overview

BOXI — Alpha Architect Intermediate-Term Treasury Bond ETF is a US ETF managed by EA Series Trust, categorised as Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US ETF
• Manager: EA Series Trust
• Category: Equity
• Ticker: BOXI
• SEC CIK: 0001592900
• SEC series ID: S000088653
• Share class ID: C000254984

BOXI Investment Objective and Strategy

Alpha Architect Intermediate-Term Treasury Bond ETF describes its objective and strategy as follows, from its latest prospectus filed with the SEC by EA Series Trust.

Investment objective

The Alpha Architect Intermediate-Term Treasury Bond ETF (the Fund) seeks to provide investment results that, before fees and expenses, exceed the total return performance of an investment that tracks U.S. 7-10 Year Treasury Bonds.

Principal investment strategy

The Fund is an actively managed exchange-traded fund (ETF) that seeks to generate a total return in excess of the Solactive US 7-10 Year Treasury Bond Index (the Benchmark), which is an index designed to track the performance of U.S. 7-10 Year Treasury Bonds. To accomplish the Funds investment objective, the Fund invests in options on either ETFs or indexes which are expected to provide performance that approximates that of the Benchmark. The Fund may use call options or combinations of call and put options (either referred to as Combos) on ETFs or indexes such that the combination of these options contracts seeks to outperform the Benchmark. The Fund may invest in either standard exchange traded-listed options or FLexible EXchange Options (FLEX Options) or a combination of both to gain such exposure.

In addition, the Fund may invest directly in one or more ETFs that offer exposure to the Benchmark or offer exposure to another index that invests in substantially similar securities as the Benchmark. As part of this strategy, Arin Risk Advisors, LLC (Arin) and Alpha Architect, LLC (Alpha Architect and collectively with Arin, the Sub-Advisers), will identify any ETFs or indexes that they believe provide exposure to U.S. 7-10 Year Treasury Bonds (Representative Investments). The Sub-Advisers will vary the Funds targeted notional exposure ( i.e. , 80% to 120%) to these Representative Investments through options and Combos on these Representative Investments (exclusive of Box Spreads (defined below)). The Sub-Advisers have developed proprietary tactical signals that help to inform the Sub-Advisers decisions regarding when to and to what extent to adjust the Funds targeted notional exposure to the Representative Investments.

Examples of these tactical signals would be trend-following methods, such as a moving average rule ( i.e. , whether prices are above or below their moving average for a period of time), a time-series momentum rule ( i.e. , how prices have changed over a set period of time), and implied volatility levels relative to empirical volatility levels ( i.e. , the markets expectations of future volatility relative to historical volatility). The Sub-Advisers will actively manage the Funds notional exposure to the Representative Investments depending, in part, on the results of these tactical signals, as well as market conditions and other factors that the Sub-Advisers may consider relevant from time to time. For example, if price trends are positive, the Sub-Advisers may increase the notional exposure of the Fund to the higher end of the range, while if price trends are negative, the Sub-Advisers may decrease the notional exposure of the Fund to the lower end of the range.

The Sub-Advisers will generally manage the Funds portfolio to the targeted exposures ( i.e. , 80% and 120%) but may vary from these targets if the Sub-Advisers believe it is in the best interest of shareholders. By actively managing the Funds notional exposure, the Sub-Advisers will attempt to produce returns in excess of the Benchmark. Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in instruments with direct or indirect exposure to U.S. 7-10 Year Treasury Bonds. For purposes of determining compliance with the Funds 80% investment policy, derivatives generally will be valued based on their notional value. The foregoing policy is non-fundamental and may be changed without shareholder approval upon 60 days written notice to shareholders.

The Fund is classified as non-diversified under the Investment Company Act of 1940, as amended. Cash Collateral Management In managing the Fund to attempt to generate a total return above its Benchmark, the Fund may invest its excess cash and assets (collateral), if any, in a box spread (Box Spread). A Box Spread is a combination of exchange traded-listed options. The Fund may, at times, purchase the Alpha Architect 1-3 Month Box ETF (the 1-3 Month Box ETF) to obtain this exposure when the Sub-Advisers have determined that doing so would be in the best interests of the shareholders. The 1-3 Month Box ETF is an affiliated ETF and holds a series of Box Spreads. The 1-3 Month Box ETF may invest in either standard exchange traded-listed options or FLEX Options or a combination of both, to gain exposure to a Box Spread (as described below).

A box spread is designed to remove most of the equity and volatility risk through its combination of option contracts. However, box spreads are not free from risk. Specifically, box spreads are exposed to interest rate and liquidity risks. Similar to bonds, as interest rates rise the value of a bond and box spread will fall and when interest rates fall the value of a bond and box spread will rise. By way of background, 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 options security or equity index. Once the Box Spread is initiated, its return from the initiation date of such Box Spread through its expiration date will generally not change. The Fund anticipates buying, holding, and/or selling multiple Box Spreads, and consequently, the Funds anticipated return from Box Spreads will reflect all of its investment activity, as well as changes in market prices and expected interest rates, among other factors, and will vary over time. A box spread has a fixed payoff at expiration (similar to the par value of a bond), which is equal to the difference between the strike prices of the options involved. The present value of this payoff depends on the prevailing interest rates in the same way that interest rates affect the present value of a bonds par value.

BOXI Costs and Fees

BOXI costs about $19 per $10,000 invested per year in fund expenses.

• Net expense ratio: 0.19%
• Gross expense ratio: 0.19%

BOXI Debt Constituents

No individual debt constituents are reported in Alpha Architect Intermediate-Term Treasury Bond ETF's latest SEC N-PORT filing.

BOXI Prospectus and SEC Filings

Official Alpha Architect Intermediate-Term Treasury Bond ETF filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2026-01-28
• Prospectus supplement (497) — filed 2025-07-03
• Prospectus supplement (497) — filed 2025-01-07

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Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.