CLIX Butterfly 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 $6.9M, a beta of 0.92 versus the broader market, a 52-week range of 50.29-62.855, average daily share volume of 1K, 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 0.92 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 butterfly on CLIX?
A long call butterfly buys one lower-strike call, sells two ATM calls, and buys one higher-strike call, paying a small net debit for a defined-risk position that maxes out if the underlying pins the middle strike at expiration.
CLIX snapshot
As of August 14, 2026, spot at $59.46, ATM IV 23.30%, IV rank 29.22%, expected move 6.68%. The butterfly on CLIX below is built from the August 14, 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 butterfly structure on CLIX specifically: CLIX IV at 23.30% is on the cheap side of its 1-year range, which favors premium-buying structures like a CLIX butterfly, with a market-implied 1-standard-deviation move of approximately 6.68% (roughly $3.97 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 CLIX expiries trade a higher absolute premium for lower per-day decay. Position sizing on CLIX should anchor to the underlying notional of $59.46 per share and to the trader's directional view on CLIX etf.
CLIX butterfly setup
The CLIX butterfly below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With CLIX at $59.46 on that close, the first option leg uses a $56.00 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 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 CLIX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $56.00 | $3.90 |
| Sell 2 | Call | $59.00 | $2.07 |
| Buy 1 | Call | $62.00 | $0.84 |
CLIX butterfly risk and reward
- Net Premium / Debit
- -$60.00
- Max Profit (per contract)
- $223.38
- Max Loss (per contract)
- -$60.00
- Breakeven(s)
- $56.60, $61.40
- Risk / Reward Ratio
- 3.723
Max profit equals the wing width minus net debit times 100 (reached when the underlying pins the middle strike); max loss equals the net debit times 100. Two breakevens at lower-wing plus debit and upper-wing minus debit.
CLIX butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly 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.
| Underlying Price | % From Spot | P&L at Expiration |
|---|---|---|
| $0.01 | -100.0% | -$60.00 |
| $13.16 | -77.9% | -$60.00 |
| $26.30 | -55.8% | -$60.00 |
| $39.45 | -33.7% | -$60.00 |
| $52.59 | -11.5% | -$60.00 |
| $65.74 | +10.6% | -$60.00 |
| $78.88 | +32.7% | -$60.00 |
| $92.03 | +54.8% | -$60.00 |
| $105.18 | +76.9% | -$60.00 |
| $118.32 | +99.0% | -$60.00 |
When traders use butterfly on CLIX
Butterflies on CLIX are pinning bets - traders use them when they expect CLIX to settle near a specific level at expiration (often the prior close, a round number, or the max-pain strike) and want defined-risk exposure to that outcome.
CLIX thesis for this butterfly
The market-implied 1-standard-deviation range for CLIX extends from approximately $55.49 on the downside to $63.43 on the upside. A CLIX long call butterfly is a pinning play: it pays maximum at the middle strike if CLIX settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current CLIX IV rank near 29.22% sits in the lower third of its 1-year distribution, where IV often re-expands toward the mean; this favors premium-buying structures and disadvantages premium-selling structures on CLIX at 23.30%. 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 butterfly positions are structurally neutral / pin (limited-risk, limited-reward); 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. Always rebuild the position from current CLIX chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on CLIX?
- A butterfly on CLIX is the butterfly strategy applied to CLIX (etf). The strategy is structurally neutral / pin (limited-risk, limited-reward): A long call butterfly buys one lower-strike call, sells two ATM calls, and buys one higher-strike call, paying a small net debit for a defined-risk position that maxes out if the underlying pins the middle strike at expiration. With CLIX etf at $59.46 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed CLIX chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are CLIX butterfly max profit and max loss calculated?
- Max profit equals the wing width minus net debit times 100 (reached when the underlying pins the middle strike); max loss equals the net debit times 100. Two breakevens at lower-wing plus debit and upper-wing minus debit. For the CLIX butterfly priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 23.30%), the computed maximum profit is $223.38 per contract and the computed maximum loss is -$60.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a CLIX butterfly?
- The breakeven for the CLIX butterfly priced on this page is roughly $56.60 and $61.40 at expiration, derived from the August 14, 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 CLIX market-implied 1-standard-deviation expected move in the same options snapshot 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 butterfly on CLIX?
- Butterflies on CLIX are pinning bets - traders use them when they expect CLIX to settle near a specific level at expiration (often the prior close, a round number, or the max-pain strike) and want defined-risk exposure to that outcome.
- How does current CLIX implied volatility affect this butterfly?
- CLIX ATM IV is at 23.30% with IV rank near 29.22%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.