ɪn ˈɑːpʃənz tɹˈeɪdɪŋ, ɐ bˈɑːks spɹˈɛd ɪz ɐ kˌɑːmbᵻnˈeɪʃən ʌv pəzˈɪʃənz ðæt hɐz ɐ sˈɜːʔn̩ ˈaɪ.ˈiː., ɹˈɪskləs pˈeɪɔf, kənsˈɪdɚd təbi sˈɪmpli "dˈɛltə nˈuːtɹəl ˈɪntɹɛst ɹˈeɪt pəzˈɪʃən".
In options trading, a box spread is a combination of positions that has a certain (i.e., riskless) payoff, considered to be simply "delta neutral interest rate position".