We had bought a portfolio insurance position months ago in SPY. Those puts will expire OTM in a couple of weeks at August 15th expiration most likely. However, we can use it as a lower strike protective position toward a put butterfly. This gives us a little protection through August monthly options expiration accordingly. So, essentially we can use it for a little more insurance for a couple of weeks. Adding the trade below combined with the 578 strike puts gives us a put butterfly.
Buy to open: SPY August 15th (monthly) 623.00 strike put (ratio of 1)
Sell to open: SPY August 15th (monthly) 600.00 strike put (ratio of 2)
Debit: 1.25
This works in combination with our long 578.00 strike put (ratio of 1) already owned
Max risk of the addition = 1.25 or $125.00
Max reward of the addition = 21.75 or $2,175.00