---
title: "T-bill returns without the annual tax bill: The $12 billion fund using an options trick"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/293798591.md"
description: "The $13 billion BOXX ETF offers T-bill-like returns via a box spread options strategy, deferring taxes until sale. This benefits high-bracket investors in taxable accounts by avoiding monthly ordinary income tax, though it carries regulatory risks and higher fees than SGOV."
datetime: "2026-07-24T21:12:45.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/293798591.md)
  - [en](https://longbridge.com/en/news/293798591.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/293798591.md)
generator: "portal-rs"
---

# T-bill returns without the annual tax bill: The $12 billion fund using an options trick

Quick ReadBOXX delivers T-bill-like returns as price appreciation rather than taxable interest, slashing top-bracket federal tax rates from 41% to 24% versus SGOV.BOXX paid an unexpected taxable distribution in August 2024, and the IRS has publicly scrutinized box-spread treatment, making regulatory reclassification a live risk.The tax-deferral adv...

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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**