Can you explain the concept of a split strike strategy and how it can be used in investment portfolios?

A split strike strategy is an investment approach that involves buying both call options and put options on the same underlying asset, with the goal of generating returns in different market conditions. The call options can benefit from a rising market, while the put options can provide protection in a declining market. This strategy can be used in investment portfoliOS to potentially reduce risk and enhance returns by diversifying exposure to different market scenariOS.