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Thank you so much for your explanation. I invest very conservatively so have never leveraged or invested with borrowed money, but have been looking to invest a little more aggressively as I am young and would only do so with a small portion of my portfolio. I have never traded options so this is very new to me and interesting to learn and read about.  Thanks again!

Nice information Hubertus, would you still recommend a box spread in today's market, and would one be possible with a 4 year CD, I am located in the USA and the 3 year CDs are all at 1.25% however a 4 year CD from NASA FCU is at 1.7% as of Feb 1, 2022.