CLIX Covered Call Strategy
CLIX (ProShares - Long Online/Short Stores ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.
The fund invests in financial instruments that ProShare Advisors believes, in combination, should track the performance of the index. The index consists of long positions in the online retailers included in the ProShares Online Retail Index and short positions in the "bricks and mortar" retailers included in the Solactive-ProShares Bricks and Mortar Retail Store Index. The fund is non-diversified.
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 0.98 versus the broader market, a 52-week range of 48.27-62.855, 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 0.98 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 covered call on CLIX?
A covered call pairs long stock with a short out-of-the-money call, collecting premium and capping upside above the short strike in exchange for income.
Current CLIX snapshot
As of May 15, 2026, spot at $58.20, ATM IV 22.70%, IV rank 21.01%, expected move 6.51%. The covered call 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 63-day expiry.
Why this covered call structure on CLIX specifically: CLIX IV at 22.70% is on the cheap side of its 1-year range, which means a premium-selling CLIX covered call collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 6.51% (roughly $3.79 on the underlying). The 63-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 $58.20 per share and to the trader's directional view on CLIX etf.
CLIX covered call setup
The CLIX covered call 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 $58.20, the first option leg uses a $61.00 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 63-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 100 shares | Stock | $58.20 | long |
| Sell 1 | Call | $61.00 | $1.06 |
CLIX covered call risk and reward
- Net Premium / Debit
- -$5,714.00
- Max Profit (per contract)
- $386.00
- Max Loss (per contract)
- -$5,713.00
- Breakeven(s)
- $57.14
- Risk / Reward Ratio
- 0.068
Max profit equals short-strike minus cost basis plus premium times 100; max loss is cost basis minus premium (at zero). Breakeven is cost basis minus premium.
CLIX covered call payoff curve
Modeled P&L at expiration across a range of underlying prices for the covered call 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% | -$5,713.00 |
| $12.88 | -77.9% | -$4,426.28 |
| $25.74 | -55.8% | -$3,139.55 |
| $38.61 | -33.7% | -$1,852.83 |
| $51.48 | -11.5% | -$566.11 |
| $64.35 | +10.6% | +$386.00 |
| $77.21 | +32.7% | +$386.00 |
| $90.08 | +54.8% | +$386.00 |
| $102.95 | +76.9% | +$386.00 |
| $115.82 | +99.0% | +$386.00 |
When traders use covered call on CLIX
Covered calls on CLIX are an income strategy run on existing CLIX etf positions; traders typically sell calls at 25-35 delta with 30-45 days to expiration to balance premium against upside cap.
CLIX thesis for this covered call
The market-implied 1-standard-deviation range for CLIX extends from approximately $54.41 on the downside to $61.99 on the upside. A CLIX covered call collects premium on an existing long CLIX position, trading off upside above the short call strike for immediate income; the short strike selection should reflect the trader's view on whether CLIX will breach that level within the expiration window. Current CLIX IV rank near 21.01% 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 22.70%. 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 covered call positions are structurally neutral to slightly 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. Short-premium structures like a covered call on CLIX carry tail risk when realized volatility exceeds the implied move; review historical CLIX earnings reactions and macro stress periods before sizing. Always rebuild the position from current CLIX chain quotes before placing a trade.
Frequently asked questions
- What is a covered call on CLIX?
- A covered call on CLIX is the covered call strategy applied to CLIX (etf). The strategy is structurally neutral to slightly bullish: A covered call pairs long stock with a short out-of-the-money call, collecting premium and capping upside above the short strike in exchange for income. With CLIX etf trading near $58.20, 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 covered call max profit and max loss calculated?
- Max profit equals short-strike minus cost basis plus premium times 100; max loss is cost basis minus premium (at zero). Breakeven is cost basis minus premium. For the CLIX covered call priced from the end-of-day chain at a 30-day expiry (ATM IV 22.70%), the computed maximum profit is $386.00 per contract and the computed maximum loss is -$5,713.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a CLIX covered call?
- The breakeven for the CLIX covered call priced on this page is roughly $57.14 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 6.51%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a covered call on CLIX?
- Covered calls on CLIX are an income strategy run on existing CLIX etf positions; traders typically sell calls at 25-35 delta with 30-45 days to expiration to balance premium against upside cap.
- How does current CLIX implied volatility affect this covered call?
- CLIX ATM IV is at 22.70% with IV rank near 21.01%, 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.