ProShares - Long Online/Short Stores ETF (CLIX) Volatility Skew
Implied volatility skew shows how IV varies across strike prices for a given expiration. Steeper skews indicate higher demand for downside protection relative to upside speculation.
ProShares - Long Online/Short Stores ETF (CLIX) operates in the Financial Services sector, specifically the Asset Management industry, with a market capitalization near $7.3M, listed on AMEX, carrying a beta of 0.98 to the broader market. The fund invests in financial instruments that ProShare Advisors believes, in combination, should track the performance of the index. public since 2017-11-16.
Snapshot as of May 15, 2026.
- Spot Price
- $58.20
- ATM IV
- 22.7%
- IV Skew 25Δ
- 0.018
- IV Rank
- 21.0%
- IV Percentile
- 59.5%
- Term Structure Slope
- -0.015
As of May 15, 2026, ProShares - Long Online/Short Stores ETF (CLIX) at-the-money implied volatility is 22.7%. IV rank is 21.0% (where 0% is the 52-week low and 100% is the 52-week high). IV percentile is 59.5%. The 25-delta skew is +0.018: skew is roughly flat across the 25-delta wings. High IV rank typically favors premium-selling strategies; low IV rank favors premium-buying.
CLIX Strategy Selection at Current Volatility Levels
For ProShares - Long Online/Short Stores ETF options at 22.7% ATM IV, low IV rank (21.0%) favors premium-buying or long-vol structures: long calls or puts, debit spreads, calendar spreads, long straddles. The risk: low-rank regimes can persist for months while time decay eats premium-buyers alive. Pair the vol-rank read with the dealer-gamma view and the upcoming-events calendar to confirm the strategy fits both the structural regime and the path-dependent risk. The variance risk premium - the persistent gap between implied and subsequently realized vol - is positive in equity markets on average; high IV rank typically reflects a stretch where the premium is wider than usual.
Learn how volatility skew is reported and how to read the data →
Frequently asked CLIX volatility skew questions
- What is the current CLIX ATM implied volatility?
- As of May 15, 2026, ProShares - Long Online/Short Stores ETF (CLIX) at-the-money implied volatility is 22.7%. IV rank is 21.0% on a 0-100% scale anchored to the 1-year IV range. ATM IV is the volatility input that makes a Black-Scholes-equivalent model reproduce the listed at-the-money option prices.
- Is CLIX IV high or low historically?
- IV is subdued relative to its 1-year history, conditions that typically favor premium-buying strategies (long calls, long puts, debit spreads, calendar spreads).
- What does CLIX volatility skew tell options traders?
- Volatility skew is the pattern by which IV varies across strikes for a given expiration. ProShares - Long Online/Short Stores ETF skew is roughly flat across the 25-delta wings. Skew matters for risk-defined strategy selection: when downside puts are rich, put-credit spreads capture more premium; when upside calls are rich, call-credit spreads or covered-call writes harvest more.