EET Bull Call Spread Strategy
EET (ProShares - Ultra MSCI Emerging Markets), in the Financial Services sector, (Asset Management industry), listed on AMEX.
ProShares Ultra MSCI Emerging Markets seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the MSCI Emerging Markets Index.
EET (ProShares - Ultra MSCI Emerging Markets) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $52.2M, a beta of 1.62 versus the broader market, a 52-week range of 56-120.31, average daily share volume of 14K, a public-listing history dating back to 2009. These structural characteristics shape how EET etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.62 indicates EET has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. EET pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a bull call spread on EET?
A bull call spread buys an at-the-money call and sells an out-of-the-money call at a higher strike for defined risk and defined reward bounded by the strike width.
Current EET snapshot
As of May 15, 2026, spot at $107.89, ATM IV 57.20%, IV rank 55.62%, expected move 16.40%. The bull call spread on EET 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 34-day expiry.
Why this bull call spread structure on EET specifically: EET IV at 57.20% is mid-range versus its 1-year history, so strategy selection should anchor more to the directional thesis than to the IV regime, with a market-implied 1-standard-deviation move of approximately 16.40% (roughly $17.69 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated EET expiries trade a higher absolute premium for lower per-day decay. Position sizing on EET should anchor to the underlying notional of $107.89 per share and to the trader's directional view on EET etf.
EET bull call spread setup
The EET bull call spread below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With EET near $107.89, the first option leg uses a $108.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed EET chain at a 34-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 EET shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $108.00 | $7.50 |
| Sell 1 | Call | $115.00 | $4.50 |
EET bull call spread risk and reward
- Net Premium / Debit
- -$300.00
- Max Profit (per contract)
- $400.00
- Max Loss (per contract)
- -$300.00
- Breakeven(s)
- $111.00
- Risk / Reward Ratio
- 1.333
Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-call strike plus net debit.
EET bull call spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bull call spread on EET. 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% | -$300.00 |
| $23.86 | -77.9% | -$300.00 |
| $47.72 | -55.8% | -$300.00 |
| $71.57 | -33.7% | -$300.00 |
| $95.43 | -11.6% | -$300.00 |
| $119.28 | +10.6% | +$400.00 |
| $143.13 | +32.7% | +$400.00 |
| $166.99 | +54.8% | +$400.00 |
| $190.84 | +76.9% | +$400.00 |
| $214.70 | +99.0% | +$400.00 |
When traders use bull call spread on EET
Bull call spreads on EET reduce the cost of a bullish EET etf position by selling a higher-strike call; suited to moderate-move theses where price reaches but does not vastly exceed the short strike.
EET thesis for this bull call spread
The market-implied 1-standard-deviation range for EET extends from approximately $90.20 on the downside to $125.58 on the upside. A EET bull call spread caps both the risk and the reward of a bullish position; relative to an outright long call on EET, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current EET IV rank near 55.62% is mid-range against its 1-year distribution, so the IV signal is neutral; the bull call spread thesis on EET should anchor more to the directional view and the expected-move geometry. As a Financial Services name, EET options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to EET-specific events.
EET bull call spread positions are structurally moderately 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. EET positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move EET alongside the broader basket even when EET-specific fundamentals are unchanged. Long-premium structures like a bull call spread on EET are particularly exposed to IV-crush risk through scheduled events (earnings, FDA decisions, central-bank meetings) where IV typically contracts post-event regardless of the directional outcome. Always rebuild the position from current EET chain quotes before placing a trade.
Frequently asked questions
- What is a bull call spread on EET?
- A bull call spread on EET is the bull call spread strategy applied to EET (etf). The strategy is structurally moderately bullish: A bull call spread buys an at-the-money call and sells an out-of-the-money call at a higher strike for defined risk and defined reward bounded by the strike width. With EET etf trading near $107.89, the strikes shown on this page are snapped to the nearest listed EET chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are EET bull call spread max profit and max loss calculated?
- Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-call strike plus net debit. For the EET bull call spread priced from the end-of-day chain at a 30-day expiry (ATM IV 57.20%), the computed maximum profit is $400.00 per contract and the computed maximum loss is -$300.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a EET bull call spread?
- The breakeven for the EET bull call spread priced on this page is roughly $111.00 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 EET market-implied 1-standard-deviation expected move is approximately 16.40%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a bull call spread on EET?
- Bull call spreads on EET reduce the cost of a bullish EET etf position by selling a higher-strike call; suited to moderate-move theses where price reaches but does not vastly exceed the short strike.
- How does current EET implied volatility affect this bull call spread?
- EET ATM IV is at 57.20% with IV rank near 55.62%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.