CLIX Straddle 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 straddle on CLIX?
A long straddle buys an ATM call and an ATM put at the same strike, profiting from a large move in either direction; max loss equals the combined debit when the underlying pins to the strike at expiration.
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 straddle 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 straddle structure on CLIX specifically: CLIX IV at 22.70% is on the cheap side of its 1-year range, which favors premium-buying structures like a CLIX straddle, 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 straddle setup
The CLIX straddle 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 $58.00 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 1 | Call | $58.00 | $2.33 |
| Buy 1 | Put | $58.00 | $1.83 |
CLIX straddle risk and reward
- Net Premium / Debit
- -$415.00
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- -$406.26
- Breakeven(s)
- $53.85, $62.15
- Risk / Reward Ratio
- Unbounded
Upside max profit is unbounded; downside max profit is bounded at the strike minus the combined call plus put debit (reached at zero). Max loss equals the combined debit times 100 (reached when the underlying pins to the strike). Two breakevens at strike plus debit and strike minus debit.
CLIX straddle payoff curve
Modeled P&L at expiration across a range of underlying prices for the straddle 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% | +$5,384.00 |
| $12.88 | -77.9% | +$4,097.28 |
| $25.74 | -55.8% | +$2,810.55 |
| $38.61 | -33.7% | +$1,523.83 |
| $51.48 | -11.5% | +$237.11 |
| $64.35 | +10.6% | +$219.62 |
| $77.21 | +32.7% | +$1,506.34 |
| $90.08 | +54.8% | +$2,793.07 |
| $102.95 | +76.9% | +$4,079.79 |
| $115.82 | +99.0% | +$5,366.51 |
When traders use straddle on CLIX
Straddles on CLIX are pure-volatility plays that profit from large moves in either direction; traders typically buy CLIX straddles ahead of earnings, FDA decisions, or other catalysts where the realized move is expected to exceed the implied move priced into the chain.
CLIX thesis for this straddle
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 long straddle is a pure-volatility play: it profits when the underlying moves far enough from the strike in either direction to overcome the combined call plus put debit, regardless of direction. 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 straddle positions are structurally neutral / high-volatility (long premium); 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 straddle on CLIX?
- A straddle on CLIX is the straddle strategy applied to CLIX (etf). The strategy is structurally neutral / high-volatility (long premium): A long straddle buys an ATM call and an ATM put at the same strike, profiting from a large move in either direction; max loss equals the combined debit when the underlying pins to the strike at expiration. 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 straddle max profit and max loss calculated?
- Upside max profit is unbounded; downside max profit is bounded at the strike minus the combined call plus put debit (reached at zero). Max loss equals the combined debit times 100 (reached when the underlying pins to the strike). Two breakevens at strike plus debit and strike minus debit. For the CLIX straddle priced from the end-of-day chain at a 30-day expiry (ATM IV 22.70%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$406.26 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a CLIX straddle?
- The breakeven for the CLIX straddle priced on this page is roughly $53.85 and $62.15 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 straddle on CLIX?
- Straddles on CLIX are pure-volatility plays that profit from large moves in either direction; traders typically buy CLIX straddles ahead of earnings, FDA decisions, or other catalysts where the realized move is expected to exceed the implied move priced into the chain.
- How does current CLIX implied volatility affect this straddle?
- 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.