Current BoxTrades.com Rates
This page has nothing to do with leveraged ETF strategies. It is just useful info.
A short SPX box spread lets you borrow cash through options: receive cash today, repay a fixed amount at expiration. This page shows Boxtrades.com rates for SPX boxes expiring in more than 1 year, converted to APY.
The Finance Buff explains the margin-loan comparison, Fidelity mechanics, and risks.
Smaller trades may fill at worse rates. Size-adjusted estimates use recent SPX trades; current penalty is +1.9 bps for each 10x smaller total trade size, using 4,400 observations. $50K and $200K mean cash received today, and include estimated Fidelity four-leg SPX cost of $4.60.
| SPX expiry | Loan length | APY | Est. APY @ $50K | Est. APY @ $200K | Days to expiry | Boxtrades yield |
|---|---|---|---|---|---|---|
| 2027-05-21 | 1.0y | 4.34% | 4.38% | 4.36% | 367d | 4.34% |
| 2027-06-17 | 1.1y | 4.33% | 4.36% | 4.34% | 395d | 4.33% |
| 2027-09-17 | 1.3y | 4.41% | 4.44% | 4.43% | 486d | 4.44% |
| 2027-12-17 | 1.6y | 4.45% | 4.48% | 4.46% | 577d | 4.51% |
| 2028-12-15 | 2.6y | 4.50% | 4.53% | 4.51% | 941d | 4.66% |
| 2029-12-21 | 3.6y | 4.52% | 4.54% | 4.53% | 1312d | 4.79% |
| 2030-12-20 | 4.6y | 4.60% | 4.62% | 4.61% | 1676d | 5.00% |
| 2031-12-19 | 5.6y | 4.60% | 4.62% | 4.61% | 2040d | 5.11% |
Boxtrades data as of May 20, 2026.