also if you were to trade SPX options instead you get the 6040 futures tax benefit where 60% of your returns are taxed at long term cap gains vs short term. I don't show SPX options because for most of you they are quite expensive typically about 10 times higher, but if one has the capital to do them they make more sense over SPY options because of the tax benefits. For example where the SPY options with a 90 delta might be trading at $35, the SPX equivalent option might be trading at $350, so $3500 for one SPY option vs $35000 for one SPX option.