Straddle option on SPY with K=1.05 x SPY today. https://en.wikipedia.org/wiki/Straddle https://en.wikipedia.org/wiki/Straddle If you want to get clever and de

Straddle option on SPY with K=1.05 x SPY today. https://en.wikipedia.org/wiki/Straddle https://en.wikipedia.org/wiki/Straddle If you want to get clever and derisk a bit you can also limit your losses in the tails with way out of the money calls and puts.