www.lesswrong.com/posts/JotRZdWyAGnhjRAHt/tail-sp-500-call-options

This statement mixes up SPX with SPY or another S&P 500 fund.

• SPX is the ticker commonly used for the S&P 500 Index in index-derivatives markets. Cboe's official SPX page describes SPX options as "S&P 500 Index (SPX) options" and repeatedly refers to the underlying as the S&P 500 index. Because SPX is an index, it does not represent ownership of fund shares and does not have a "per share" price.
• By contrast, SPY is an actual ETF/fund. State Street's official SPY page calls it the "SPDR S&P 500 ETF Trust" and says it seeks to track the S&P 500 Index. That is the kind of product that has shares.

So the post's wording is incorrect in two ways: SPX is not an index fund, and saying SPX is worth a certain amount "per share" is also wrong because SPX has an index level, not shares.

This passage confuses an option's quoted price with the total dollar value of one contract.

For standard equity/ETF options such as SPY options:

• one contract usually represents 100 shares of the underlying; and
• the premium is quoted on a per-share basis.

So a quoted option price of 6.6 does not mean the contract costs $6.60 total; it means about $660 per contract (6.6 × 100). Likewise, if the option's value at expiration were 100, that would mean about $10,000 per contract (100 × 100), not $100 total.

The post's 15x ratio is based on the quoted numbers and is directionally consistent, but the wording "per contract" is factually wrong and understates the actual dollar amounts by a factor of 100.