I am curious if anyone has experience/advice on box spread risks. For example the NLY 15-17 box for October and beyond could be sold for $2.28. If this would be a 28cent gain in 5 months it would be annualized to 36 percent a year. I have a gut instinct that arbitrage is not possible but why would this not work? As an aside, although I have many intelligent friends, I have never found anyone interested in trading. They just dismiss any concept of investing/trading without any critical analysis. So I appreciate your input!