No. of Recommendations: 2
...SPX being too expensive per contract,...

Use XSP instead of SPX. "MINI SPX INDEX"

For the 250 call option 12/17/2021 expiration, I get:
XSP: 1.19% rate, 3.5X leverage, price 92.80, 25.9% ITM
SPY: 1.11% rate, 3.6X leverage, price 92.10, 25.8% ITM

The above prices are 3/4 of the way between the bid & ask.

The cheapest rates I get for the 12/17/2021 call are:
XSP: the 240 at 0.92% with 3.3X, 28.9% ITM
SPY: the 230 at 0.73% with 3.0X, 31.8% ITM

SPY has many more strikes available than XSP. And has much larger open interest.

You are going to be putting in some serious money. Each contract will cost $9,000 to $11,000.

Does SPY seem like a possible contender for the Deep Call treatment?

"Ya pays your money and ya takes your choice."

If you are planing to have, say, $50,000 invested in the S&P 500, it doesn't seem completely unreasonable to have maybe half of it plain long and half of it on effectively a 2-year margin loan at ~1% interest with ~3X leverage.
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