SPDR S&P 500 (SPY)

[#1_USA_DEPLORABLE]

My mistake between "short guts" and "long guts", volatility is the key NOT time.
DEFINITION of 'Gut Spread'
An option strategy created by buying or selling an in-the-money put at the same time as an in-the-money call. Long gut spreads are used by option traders in instances where they believe that the underlying stock will move significantly, but are unsure whether it will be up or down. In contrast, a short gut spread is used when the underlying stock isn't expected to make any significant movement.
SPY 300