CLIX Covered Call 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 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.
CLIX snapshot
As of August 14, 2026, spot at $59.46, ATM IV 23.30%, IV rank 29.22%, expected move 6.68%. The covered call 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 covered call structure on CLIX specifically: CLIX IV at 23.30% 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 6.68% (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 covered call setup
The CLIX covered call 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 $62.00 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 100 shares | Stock | $59.46 | long |
| Sell 1 | Call | $62.00 | $0.84 |
CLIX covered call risk and reward
- Net Premium / Debit
- -$5,862.00
- Max Profit (per contract)
- $338.00
- Max Loss (per contract)
- -$5,861.00
- Breakeven(s)
- $58.62
- Risk / Reward Ratio
- 0.058
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% | -$5,861.00 |
| $13.16 | -77.9% | -$4,546.42 |
| $26.30 | -55.8% | -$3,231.83 |
| $39.45 | -33.7% | -$1,917.25 |
| $52.59 | -11.5% | -$602.67 |
| $65.74 | +10.6% | +$338.00 |
| $78.88 | +32.7% | +$338.00 |
| $92.03 | +54.8% | +$338.00 |
| $105.18 | +76.9% | +$338.00 |
| $118.32 | +99.0% | +$338.00 |
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 $55.49 on the downside to $63.43 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 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 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 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 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 August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 23.30%), the computed maximum profit is $338.00 per contract and the computed maximum loss is -$5,861.00 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 $58.62 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 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 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.