### Comment:
whats the cash settled thing about? whats that mean?

### REPLY:
think about it this way. if you sold puts and they expire in the money: if you traded SPX you'd be out a buncha cash. If you traded SPY you'd be put shares at a loss for you. Theoretically you could just sell covered calls on SPY until you were green again but you couldn't do the same with SPX.

### END.