In a smaller account as an experiment…set up a SPY position similar to the SPX rental houses. 5 contracts so equal to a half SPX position.

Bought to Open SPY Dec 17 2027 650/650/690 @ 30.20

(sell 650/690 call spreads and bought 650 puts)

And:

Sold SPY Sep 05 2025 645.0 Puts @ 1.95