For example, instead of holding cash, you can do the followi

1) long 100 share of SPY at 572.3

2) short 1 contract of Jan 2025, 585 call for $14.7

3) long 1 contract of Jan 2025, 570 put for $14.7

 

the net is zero. If price goes up, you gain similar gain without paying tax.

if price goes down, you will lose a little bit. 572-->570, but you get a chance to buy at dip.

 

overall, seems better than just holding cash ?