Elaborating more on why I think “dynamically dispatched trait type” is the best proposal so far, let’s start with a maximally descriptive and unambiguous phrasing:
Box<dyn Foo> is a boxed, dynamically dispatched, existential type supporting the operations of the trait Foo.
This is quite packed with theory, so we try to eliminate extraneous details. The language informs us on what is important by having the dyn keyword as a syntactic cue.
Box<dyn Foo> is a (boxed), dynamically dispatched, (existential) type (supporting the operations of the) trait (Foo).
And so we get:
Box<dyn Foo> is a dynamically dispatched type […] trait.
We reorder to get a proper sentence:
Box<dyn Foo> is a dynamically dispatched (trait) type.
The term is somewhat long, but I believe it preserves the most important details whilst removing the, in the context of teaching dyn Trait, contextually less important aspects. Removing more details such as “trait” or “dispatched” becomes too ambiguous. As @felix.s suggested, but slightly modified here, we can shorten this to dyn trait type when among a more expert audience.