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 ?
