BIS Long Call Strategy
BIS (ProShares - UltraShort Nasdaq Biotechnology), in the Financial Services sector, (Asset Management - Leveraged industry), listed on NASDAQ.
The ProShares UltraShort Nasdaq Biotechnology fund is engineered to achieve daily returns that are precisely two times the inverse (-2x) of the Nasdaq Biotechnology Index's daily performance. This objective is measured before accounting for any associated fees and operational expenses.
BIS (ProShares - UltraShort Nasdaq Biotechnology) trades in the Financial Services sector, specifically Asset Management - Leveraged, with a market capitalization of approximately $1.8M, a beta of -1.22 versus the broader market, a 52-week range of 9.92-21.14, average daily share volume of 9K, a public-listing history dating back to 2010, approximately 98 full-time employees. These structural characteristics shape how BIS etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of -1.22 indicates BIS has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. BIS pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a long call on BIS?
A long call buys upside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes above the strike plus premium at expiration.
BIS snapshot
As of November 13, 2026, spot at $10.66, ATM IV 49.30%, expected move 14.13%. The long call on BIS below is built from the November 13, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.
Why this long call structure on BIS specifically: IV rank is unavailable in the current snapshot, so regime-based timing for BIS is inferred from ATM IV at 49.30% alone, with a market-implied 1-standard-deviation move of approximately 14.13% (roughly $1.51 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated BIS expiries trade a higher absolute premium for lower per-day decay. Position sizing on BIS should anchor to the underlying notional of $10.66 per share and to the trader's directional view on BIS etf.
BIS long call setup
The BIS long call below is built from the November 13, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With BIS at $10.66 on that close, the first option leg uses a $11.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed BIS chain at a 35-day expiry; the cross-strike IV skew is reflected directly in the per-leg values rather than approximated. Quantity sizing assumes one contract per option leg (or 100 BIS shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $11.00 | $0.50 |
BIS long call risk and reward
- Net Premium / Debit
- -$50.00
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- -$50.00
- Breakeven(s)
- $11.50
- Risk / Reward Ratio
- Unbounded
Max profit is unbounded; max loss equals the premium paid times 100. Breakeven is strike plus premium.
BIS long call payoff curve
Modeled P&L at expiration across a range of underlying prices for the long call on BIS. Each row is one sampled price point from the computed payoff curve; the full curve uses 200 price points internally before being summarized into 10 rows here.
| Underlying Price | % From Spot | P&L at Expiration |
|---|---|---|
| $0.01 | -99.9% | -$50.00 |
| $2.37 | -77.8% | -$50.00 |
| $4.72 | -55.7% | -$50.00 |
| $7.08 | -33.6% | -$50.00 |
| $9.43 | -11.5% | -$50.00 |
| $11.79 | +10.6% | +$28.94 |
| $14.15 | +32.7% | +$264.53 |
| $16.50 | +54.8% | +$500.12 |
| $18.86 | +76.9% | +$735.70 |
| $21.21 | +99.0% | +$971.29 |
When traders use long call on BIS
Long calls on BIS express a bullish thesis with defined risk; traders use them ahead of BIS catalysts (earnings, product launches, macro events) when the expected upside justifies the premium and theta decay.
BIS thesis for this long call
The market-implied 1-standard-deviation range for BIS extends from approximately $9.15 on the downside to $12.17 on the upside. A BIS long call expresses a directional view that the underlying closes above the strike plus premium at expiration, ideally with implied volatility holding or expanding to preserve extrinsic value through the hold period. As a Financial Services name, BIS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to BIS-specific events.
BIS long call positions are structurally bullish; the modeled P&L assumes European-style exercise at expiration and ignores early assignment, transaction costs, dividends paid before expiry on the stock leg (when present), and the bid-ask spread on the listed chain. BIS positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move BIS alongside the broader basket even when BIS-specific fundamentals are unchanged. Long-premium structures like a long call on BIS are particularly exposed to IV-crush risk through scheduled events (earnings, FDA decisions, central-bank meetings) where IV typically contracts post-event regardless of the directional outcome. Always rebuild the position from current BIS chain quotes before placing a trade.
Frequently asked questions
- What is a long call on BIS?
- A long call on BIS is the long call strategy applied to BIS (etf). The strategy is structurally bullish: A long call buys upside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes above the strike plus premium at expiration. With BIS etf at $10.66 on the November 13, 2026 close, the strikes shown on this page are snapped to the nearest listed BIS chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are BIS long call max profit and max loss calculated?
- Max profit is unbounded; max loss equals the premium paid times 100. Breakeven is strike plus premium. For the BIS long call priced from the November 13, 2026 end-of-day chain at a 30-day expiry (ATM IV 49.30%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$50.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a BIS long call?
- The breakeven for the BIS long call priced on this page is roughly $11.50 at expiration, derived from the November 13, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The BIS market-implied 1-standard-deviation expected move in the same options snapshot is approximately 14.13%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a long call on BIS?
- Long calls on BIS express a bullish thesis with defined risk; traders use them ahead of BIS catalysts (earnings, product launches, macro events) when the expected upside justifies the premium and theta decay.
- How does current BIS implied volatility affect this long call?
- Current BIS ATM IV is 49.30%; IV rank context is unavailable in the current snapshot.