VIX is below 14, which is getting very complacent. In the past these have been prescient times to take a short position via a long put. Let’s hedge it further by selling some short term options against it to create a spread.
Buy to open SPY June 209 puts (expire 6/10/16)
Sell to open SPY May 207.50 puts (expire 5/27/16)
1.50 net debit