### Comment:
do you need that additional leverage with option contracts though?  can't you achieve the same leverage with vastly more liquidity using SPY?

### REPLY:
This really comes down to commission. Essentially, SPX would be 1/10th the commission. Take tastyworks for example. 1$ per contract per leg, up to $10. Say you wanted 90 SPY, it's 10$ commission, vs 9$ commission. Sure, once you hit 10, it's the same, but what about smaller plays? 
  
 10 SPY = 10$ commission, 1 SPX = 1$ commission for the same leverage. 
  
 Don't discount the 60/40 tax treatment as well.

### END.