Straddle option on SPY with K=1.05 x SPY today.<p><a href="https:&#x2F;&#x2F;en.wikipedia.org&#x2F;wiki&#x2F;Straddle" rel="nofollow">https:&#x2F;&#x2F;en.wikipedia.org&#x2F;wiki&#x2F;Straddle</a><p>If you want to get clever and derisk a bit you can also limit your losses in the tails with way out of the money calls and puts.