SPDR S&P 500 (SPY)

[blasher]

not a chance . . basically it is just Buying a Calendar Put spread . . .
then when the near-term short-side of the leg expires worthless,
I sell another near-term Put option against my long-side.
I think we've beaten this one enough.
If anyone doesn't understand, just read a good options book
like THIS ONE which I learned from its first edition.
Good Luck to All !!!