Hello, For 1% on your money, you can protect the SPY etf, allowing you 19% upside against 20% downside. The ETF is trading at 282. So: Sell the 335 call Buy the 225 put This will cost about 0.9% for an entire year of protection (Jan 19 expiration). This seems like a great idea. I think the collar is wide enough so it is not considered a "constructive sale" by the IRS. I noticed the SPY has options going out far, but the IVV does not. This would make me want to buy the SPY, even though the expense ratio is higher (0.09% vs. 0.04%). Does anybody do this? It seems like a great way to guard against the once a decade meltdowns that tend to pummel people's portfolios.