Can't you effectively buy varying levels of deposit insurance by purchasing puts on the underlying portfolio? Pay X% to limit your maximum losses in a year to

Can't you effectively buy varying levels of deposit insurance by purchasing puts on the underlying portfolio? Pay X% to limit your maximum losses in a year to Y. For example, right now you can buy yearlong puts on SPY at a strike price of $260 (58% of the current value) for 1% of the current price.