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SPY
S&P 500 ETF · Sep 15, 2026
$757.68
Sell
Sell the Sep 25 $747 put. You get $418 now. In return you must buy 100 shares at $747 if SPY falls there by Sep 25.
The order
ActionSell to open
ContractSPY Sep 25 $747 put
You get$418 (limit about $4.18)
If it fallsBuy 100 shares at $747
Cash to hold$74,700
Close earlyBuy back at about $0.42 ($42)
Chance you buy the sharesabout 30 in 100
Why sell
The put: Sep 25, $747 strike, 10 days out. Pays $418. Roughly a 30-in-100 chance you end up buying the shares.
On paper: 20% a year. That number assumes SPY keeps moving like it did the past two years. Take that away and it is +7% a year. That is why we say sell.
First answer on SPY. Result Sep 25. See the record
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Everyone sees the same card. It is not advice for you personally. You can lose more than you collect.
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