De-Risking Concentrated AMD Stock: Using SPX Box Spreads for Tax-Efficient Liquidity

Holding a $1 million+ concentrated position in AMD stock creates significant single-stock volatility risk, yet selling outright triggers immediate, hefty capital gains taxes. This case study explores how high-earning tech professionals can use a 30% LTV SPX box spread loan paired with direct indexing to borrow against AMD shares near Treasury rates. By converting borrowing costs into Section 1256 capital losses and harvesting index losses, investors can shelter tens of thousands in realized AMD gains annually without altering overall portfolio equity risk.