You are (almost) convinced that the aggregate market is going to exhibit low volatilities over the next 3 months. You are considering a bet on the low volatility. On the one hand, you want to establish a trade to take advantage of low volatilities. On the other hand, you dont want a strategy that will result in large losses should the volatility really go up over the next few months. What would be a good options strategy in this case? Briefly discuss when you would make profits and in what situations would you incur losses? You can look up SPY and index option quotes online; use these numbers to explain your strategy.