How are CLIX bull call spread max profit and max loss calculated?

Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-call strike plus net debit. For the CLIX bull call spread priced from the end-of-day chain at a 30-day expiry (ATM IV 23.30%), the computed maximum profit is $197.00 per contract and the computed maximum loss is -$103.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a CLIX bull call spread?

The breakeven for the CLIX bull call spread priced on this page is roughly $56.03 at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current CLIX market-implied 1-standard-deviation expected move is approximately 6.68%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current CLIX implied volatility affect this bull call spread?

CLIX ATM IV is at 23.30% with IV rank near 36.64%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.

CLIX Bull Call Spread Strategy

CLIX (ProShares - Long Online/Short Stores ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.

Managed by ProShare Advisors, this ETF invests in financial instruments intended to replicate the performance of a specific benchmark. The underlying index strategically takes long positions in e-commerce companies, specifically those listed in the ProShares Online Retail Index. Simultaneously, it establishes short positions in conventional brick-and-mortar retailers, drawing from the Solactive-ProShares Bricks and Mortar Retail Store Index. This fund operates with a non-diversified investment approach.

CLIX (ProShares - Long Online/Short Stores ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $7.3M, a beta of 0.94 versus the broader market, a 52-week range of 50.29-62.855, average daily share volume of 0K, a public-listing history dating back to 2017. These structural characteristics shape how CLIX etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.94 places CLIX roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. CLIX pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a bull call spread on CLIX?

A bull call spread buys an at-the-money call and sells an out-of-the-money call at a higher strike for defined risk and defined reward bounded by the strike width.

Current CLIX snapshot

As of June 30, 2026, spot at $55.11, ATM IV 23.30%, IV rank 36.64%, expected move 6.68%. The bull call spread on CLIX below is built from the same end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 17-day expiry.

Why this bull call spread structure on CLIX specifically: CLIX IV at 23.30% is mid-range versus its 1-year history, so strategy selection should anchor more to the directional thesis than to the IV regime, with a market-implied 1-standard-deviation move of approximately 6.68% (roughly $3.68 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CLIX expiries trade a higher absolute premium for lower per-day decay. Position sizing on CLIX should anchor to the underlying notional of $55.11 per share and to the trader's directional view on CLIX etf.

CLIX bull call spread setup

The CLIX bull call spread below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With CLIX near $55.11, the first option leg uses a $55.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CLIX chain at a 17-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 CLIX shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$55.00	$1.44
Sell 1	Call	$58.00	$0.41

CLIX bull call spread risk and reward

Net Premium / Debit: -$103.00
Max Profit (per contract): $197.00
Max Loss (per contract): -$103.00
Breakeven(s): $56.03
Risk / Reward Ratio: 1.913

Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-call strike plus net debit.

CLIX bull call spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bull call spread on CLIX. 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.

P&L at expiration across the modeled underlying-price range. Green shading marks profitable regions, red shading marks loss regions. Dotted purple verticals mark breakevens; the solid dark vertical marks current spot.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-100.0%	-$103.00
$12.19	-77.9%	-$103.00
$24.38	-55.8%	-$103.00
$36.56	-33.7%	-$103.00
$48.75	-11.5%	-$103.00
$60.93	+10.6%	+$197.00
$73.11	+32.7%	+$197.00
$85.30	+54.8%	+$197.00
$97.48	+76.9%	+$197.00
$109.67	+99.0%	+$197.00

When traders use bull call spread on CLIX

Bull call spreads on CLIX reduce the cost of a bullish CLIX etf position by selling a higher-strike call; suited to moderate-move theses where price reaches but does not vastly exceed the short strike.

CLIX thesis for this bull call spread

The market-implied 1-standard-deviation range for CLIX extends from approximately $51.43 on the downside to $58.79 on the upside. A CLIX bull call spread caps both the risk and the reward of a bullish position; relative to an outright long call on CLIX, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current CLIX IV rank near 36.64% is mid-range against its 1-year distribution, so the IV signal is neutral; the bull call spread thesis on CLIX should anchor more to the directional view and the expected-move geometry. As a Financial Services name, CLIX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CLIX-specific events.

CLIX bull call spread positions are structurally moderately 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. CLIX positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CLIX alongside the broader basket even when CLIX-specific fundamentals are unchanged. Long-premium structures like a bull call spread on CLIX 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 CLIX chain quotes before placing a trade.

Frequently asked questions

What is a bull call spread on CLIX?: A bull call spread on CLIX is the bull call spread strategy applied to CLIX (etf). The strategy is structurally moderately bullish: A bull call spread buys an at-the-money call and sells an out-of-the-money call at a higher strike for defined risk and defined reward bounded by the strike width. With CLIX etf trading near $55.11, the strikes shown on this page are snapped to the nearest listed CLIX chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are CLIX bull call spread max profit and max loss calculated?: Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-call strike plus net debit. For the CLIX bull call spread priced from the end-of-day chain at a 30-day expiry (ATM IV 23.30%), the computed maximum profit is $197.00 per contract and the computed maximum loss is -$103.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a CLIX bull call spread?: The breakeven for the CLIX bull call spread priced on this page is roughly $56.03 at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current CLIX market-implied 1-standard-deviation expected move is approximately 6.68%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a bull call spread on CLIX?: Bull call spreads on CLIX reduce the cost of a bullish CLIX etf position by selling a higher-strike call; suited to moderate-move theses where price reaches but does not vastly exceed the short strike.
How does current CLIX implied volatility affect this bull call spread?: CLIX ATM IV is at 23.30% with IV rank near 36.64%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.