You could hedge your buy-write fund with bear spreads if you like. If offers you net long exposure with some level of prot. I would not consider any long/capped strategy if you're truly concerned about crash risk. No fund is going to offer the frequency you're looking for or bear-spreads on monthly SPX. You're asking for bespoke product. There are plenty of HFs that trade vol. It's not complex it simply doesn't exist in the public space.
Which is why I only want a put spread: I'm assuming next 5 years to be either down, or sideways. But as long as S&P does not constantly advanced say 2% @ month, it should yirld profit over few years. The days of drunken Greenspan, or even Bernanke, just printing, is gone. Even Powell can't conceive of that nonsense with 4-5% inflation. See a post about 1-2 days ago, I think I put in economics, about Money Supply shrinking. Regards,