Long stock portfolio (low beta), long SPY LEAPS put 5% OTM, short OTM SPY calls each month. The long put is enough to protect the stocks from a crash. Long put/short call is basically short stock if at the same strike/expiration. In this case it's some kind of calendar combo or something. It's not mine, saw it on a fund prospectus.
The stock protected by a LEAP put is equivalent to a long LEAP call. Writing a short term OTM call against that creates a diagonal spread (a diagonal collar). As donnap mentioned, it profits in the middle and loses on the wings. You can eliminate the loss to the upside by making sure that the distance up to the call strike equals the net cost of the put LEAP (put premium less call premium received). That may mean selling a lower call strike or going out only one year for the put LEAP rather than two. That's the worst case scenario because in the real world, most of the time, the LEAP will usually have some salvage value should the UL power up and result in call exercise.