Mainly due to various frictions like not knowing if the different tax treatment is acceptable, and the fact that they often cost over $30,000 each. Also due to luck, my SPY options are up over 100% so I don’t want to sell them until I need to roll them in ~December, and buying SPX options on top of that would leave me overexposed. This is plausibly a mistake though.
Why are you 30% in SPY if SPX is far better?
Mainly due to various frictions like not knowing if the different tax treatment is acceptable, and the fact that they often cost over $30,000 each. Also due to luck, my SPY options are up over 100% so I don’t want to sell them until I need to roll them in ~December, and buying SPX options on top of that would leave me overexposed. This is plausibly a mistake though.