Greetings, I am essentially looking at a synthetic short call strategy on IWM/SPY to act a portfolio hedge. I have a portfolio of dividend paying CEF's, which are pretty boring, and I like selling index ETF puts as a strategy, but I have been looking at shorting say SPY (I have about 60-70% correlation with SPY) and then selling puts monthly/weekly as the situation dictates to generate income and help finance the trade. So, for a current example, short SPY for overall and then sell the OCT 31st, 185 puts in equal amounts for example for a net credit of $100/contract or thereabout. I am 5% OTM and should net 5% on the overall put trade. Thoughts? Anyone try this in practice?