MAKX Long Call Strategy
MAKX (ProShares - S&P Kensho Smart Factories ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.
The fund invests in securities that ProShare Advisors believes, in combination, should track the performance of the index. The index selects companies focused on building the technology empowering the digitalization of manufacturing activities. The fund will invest in all of the component securities of the index in approximately the same proportion as the index. It is non-diversified.
MAKX (ProShares - S&P Kensho Smart Factories ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $1.6M, a beta of 1.78 versus the broader market, a 52-week range of 38.68-68.03, average daily share volume of 1K, a public-listing history dating back to 2021. These structural characteristics shape how MAKX etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.78 indicates MAKX has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. MAKX pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a long call on MAKX?
A long call buys upside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes above the strike plus premium at expiration.
Current MAKX snapshot
As of May 15, 2026, spot at $67.41, ATM IV 29.60%, IV rank 22.72%, expected move 8.49%. The long call on MAKX 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 long call structure on MAKX specifically: MAKX IV at 29.60% is on the cheap side of its 1-year range, which favors premium-buying structures like a MAKX long call, with a market-implied 1-standard-deviation move of approximately 8.49% (roughly $5.72 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 MAKX expiries trade a higher absolute premium for lower per-day decay. Position sizing on MAKX should anchor to the underlying notional of $67.41 per share and to the trader's directional view on MAKX etf.
MAKX long call setup
The MAKX long 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 MAKX near $67.41, the first option leg uses a $67.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed MAKX 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 MAKX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $67.00 | $2.75 |
MAKX long call risk and reward
- Net Premium / Debit
- -$275.00
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- -$275.00
- Breakeven(s)
- $69.75
- Risk / Reward Ratio
- Unbounded
Max profit is unbounded; max loss equals the premium paid times 100. Breakeven is strike plus premium.
MAKX long call payoff curve
Modeled P&L at expiration across a range of underlying prices for the long call on MAKX. 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% | -$275.00 |
| $14.91 | -77.9% | -$275.00 |
| $29.82 | -55.8% | -$275.00 |
| $44.72 | -33.7% | -$275.00 |
| $59.62 | -11.5% | -$275.00 |
| $74.53 | +10.6% | +$477.81 |
| $89.43 | +32.7% | +$1,968.17 |
| $104.34 | +54.8% | +$3,458.53 |
| $119.24 | +76.9% | +$4,948.89 |
| $134.14 | +99.0% | +$6,439.26 |
When traders use long call on MAKX
Long calls on MAKX express a bullish thesis with defined risk; traders use them ahead of MAKX catalysts (earnings, product launches, macro events) when the expected upside justifies the premium and theta decay.
MAKX thesis for this long call
The market-implied 1-standard-deviation range for MAKX extends from approximately $61.69 on the downside to $73.13 on the upside. A MAKX long call expresses a directional view that the underlying closes above the strike plus premium at expiration, ideally with implied volatility holding or expanding to preserve extrinsic value through the hold period. Current MAKX IV rank near 22.72% 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 MAKX at 29.60%. As a Financial Services name, MAKX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to MAKX-specific events.
MAKX long call positions are structurally 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. MAKX positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move MAKX alongside the broader basket even when MAKX-specific fundamentals are unchanged. Long-premium structures like a long call on MAKX 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 MAKX chain quotes before placing a trade.
Frequently asked questions
- What is a long call on MAKX?
- A long call on MAKX is the long call strategy applied to MAKX (etf). The strategy is structurally bullish: A long call buys upside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes above the strike plus premium at expiration. With MAKX etf trading near $67.41, the strikes shown on this page are snapped to the nearest listed MAKX chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are MAKX long call max profit and max loss calculated?
- Max profit is unbounded; max loss equals the premium paid times 100. Breakeven is strike plus premium. For the MAKX long call priced from the end-of-day chain at a 30-day expiry (ATM IV 29.60%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$275.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a MAKX long call?
- The breakeven for the MAKX long call priced on this page is roughly $69.75 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 MAKX market-implied 1-standard-deviation expected move is approximately 8.49%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a long call on MAKX?
- Long calls on MAKX express a bullish thesis with defined risk; traders use them ahead of MAKX catalysts (earnings, product launches, macro events) when the expected upside justifies the premium and theta decay.
- How does current MAKX implied volatility affect this long call?
- MAKX ATM IV is at 29.60% with IV rank near 22.72%, 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.