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You can buy puts on the or the SPX Index . They track the same market but have different rules: SPX vs SPY: How to Trade the S&P 500 - Option Alpha

Think of a put option as a that gives you the right to sell the S&P 500 at a fixed price, even if the market crashes below that level. 🛡️ Why Buy S&P Puts?

: Known as a "protective put," this limits your downside risk without requiring you to sell your stocks.

: The "use-by" date. If the market doesn't drop by this time, the option expires worthless.