I want to hedge my portfolio with S&P500 options and have been looking into it quite a bit, but have some unanswered questions I'm hoping people here are knowledgeable enough to answer for me: 1.) Is the S&P500 regular dividend adjusted (not just special dividends)? If not, obviously I'd need to take that into account for the hedging. I've looked and I've found conflicting information. I know it is adjusted for special/surprise dividends, but what about standard/expected dividends? 2.) When using Black-Scholes to calculate the implied volatility for hedging is there any consensus on which option's implied volatility is best to use? Should I use the implied volatility from the option I will be using to hedge or should I do an average of implied volatilities or even use the VIX? Furthermore, if I just want to hedge for only a day would it make sense to use the implied volatility from an option with a closer expiration date that is at the money so that the implied volatility is less affected by the volatility smile? Thoughts? Thanks in advance.