GraniteShares Short Term Box ETF (LBOX)

The GraniteShares Short Term Box ETF seeks returns comparable to short-term interest rates by using box spreads, a combination of options positions on a broad equity index whose payoff at expiration is fixed regardless of where the index ends up.

Because a box spread locks in a known payoff, its value behaves much like a short-term zero-coupon instrument, and the return is earned as the position approaches expiration. Funds using this technique are often positioned as an alternative to Treasury bills or money market funds, with gains that may be treated differently for tax purposes than interest income.

The fund is sponsored by GraniteShares and lists on Cboe BZX.