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XSP, the ETF comparable to SPX (1/10 the size), proprietary to the CBOE.
I finally heard back from a representative at the CBOE who was able to give me more information on the issue of 1 point strike increments in SPY over 200. Evidently, CBOE did not file to request approval on those strikes (NASDAQ did), as SPY directly competes with XSP and SPX option trading, which is proprietary to the CBOE exchange.
A full description on the XSP ETF can be found here:
Link to XSP Description
Below is the 6 month chart of XSP:
XSP 6 month chart
In looking at the Option Chain for XSP for September, I note that there are one-point strike increments over 200. The bid/ask appears to be slightly wider than SPY, but I think it may be a viable alternative to SPY for the monthly Iron Condor as long as it fills at the mid. Because this is the first time trading XSP, it is recommended to trade a smaller position for the first month.
As of this writing, with XSP at 193.69, the appropriate strikes for the September position would be:
Calls: -200/+205. Delta of short call .15
Puts: -183/+178. Delta of short put -.16.
Credit available as of the close yesterday: $.84.
Futures are up slightly this morning, with no major economic news on the horizon for the day. However, the strikes listed above, as well as the credit, could very well change by the time the position is entered. The minimum credit for this strategy is $.80.
As with all our trades, it is recommended to wait the first hour before entering the position.
Exact entry details will be posted when the position is opened.
As always, stay keen on your risk management and trade carefully,