I have a short ES position to partially hedge my portfolio downside risk. My issue with it is twofold: 1) I think I'd actually rather be selling index calls that are less than a year out but greater than a month to collect some income; 2) I'd rather not be borrowing on margin in my securities account to fund the commodities account as that's added cost at Interactive Brokers. This is a newb question but any advice on the best way to meet my objectives? I think I'd prefer section 1256 contract so ES/SPX but I could go either way. My size is large enough to do SPX. Thanks for any help and sorry for not searching ... but three letter symbols don't work in the search box.