My firm has noted the incredibly low cost to buy market protection in the six month and longer time frame.Puts on the broad indexes are trading at the lowest levels that we have seen for 10% downside protection since  the beginning of the debt crisis in 2008.   So my co-author and I took some time to examine the option chain for the SPDR S&P 500 ETF Trust (NYSEARCA:SPY) this morning to see if we could find a collared position that we could put on in a long-term time frame. We found an interesting collared structure that we call ...