OPEX Covered Call Strategy
OPEX (Investment Managers Series Trust II - Tradr 2X Long OPEN Daily ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.
OPEX is a short-term tactical tool that aims to deliver twice (200%) the daily performance of Opendoor Technologies Inc. (OPEN), before fees and expenses. The fund primarily enters into total return swap agreements with major global financial institutions that mirror OPENs daily returns. In case swaps are unavailable or less efficient, the fund may use FLEX call options or directly hold OPEN stock. Purchasers holding shares for longer than a day will need to monitor and rebalance their position frequently to attempt to achieve the 2x multiple. Purchasers should conduct their own individual stock research prior to initiating a position and trade with conviction. Due to the complexities of the product, shares tend to perform as anticipated only when the underlying shares are trending, and holders are on the positive corresponding side of that trade.
OPEX (Investment Managers Series Trust II - Tradr 2X Long OPEN Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $4.2M, a beta of 3.23 versus the broader market, a 52-week range of 3.73-128.45, average daily share volume of 97K, a public-listing history dating back to 2025. These structural characteristics shape how OPEX etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 3.23 indicates OPEX has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.
What is a covered call on OPEX?
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.
OPEX snapshot
As of September 29, 2026, spot at $3.79, ATM IV 81.90%, IV rank 4.54%, expected move 23.48%. The covered call on OPEX below is built from the September 29, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 80-day expiry.
Why this covered call structure on OPEX specifically: OPEX IV at 81.90% is on the cheap side of its 1-year range, which means a premium-selling OPEX covered call collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 23.48% (roughly $0.89 on the underlying). The 80-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated OPEX expiries trade a higher absolute premium for lower per-day decay. Position sizing on OPEX should anchor to the underlying notional of $3.79 per share and to the trader's directional view on OPEX etf.
OPEX covered call setup
The OPEX covered call below is built from the September 29, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With OPEX at $3.79 on that close, the first option leg uses a $4.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed OPEX chain at a 80-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 OPEX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $3.79 | long |
| Sell 1 | Call | $4.00 | $1.00 |
OPEX covered call risk and reward
- Net Premium / Debit
- -$279.00
- Max Profit (per contract)
- $121.00
- Max Loss (per contract)
- -$278.00
- Breakeven(s)
- $2.79
- Risk / Reward Ratio
- 0.435
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.
OPEX covered call payoff curve
Modeled P&L at expiration across a range of underlying prices for the covered call on OPEX. 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 | -99.7% | -$278.00 |
| $0.85 | -77.7% | -$194.31 |
| $1.68 | -55.6% | -$110.62 |
| $2.52 | -33.5% | -$26.93 |
| $3.36 | -11.4% | +$56.75 |
| $4.19 | +10.7% | +$121.00 |
| $5.03 | +32.8% | +$121.00 |
| $5.87 | +54.8% | +$121.00 |
| $6.71 | +76.9% | +$121.00 |
| $7.54 | +99.0% | +$121.00 |
When traders use covered call on OPEX
Covered calls on OPEX are an income strategy run on existing OPEX etf positions; traders typically sell calls at 25-35 delta with 30-45 days to expiration to balance premium against upside cap.
OPEX thesis for this covered call
The market-implied 1-standard-deviation range for OPEX extends from approximately $2.90 on the downside to $4.68 on the upside. A OPEX covered call collects premium on an existing long OPEX position, trading off upside above the short call strike for immediate income; the short strike selection should reflect the trader's view on whether OPEX will breach that level within the expiration window. Current OPEX IV rank near 4.54% 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 OPEX at 81.90%. As a Financial Services name, OPEX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to OPEX-specific events.
OPEX 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. OPEX positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move OPEX alongside the broader basket even when OPEX-specific fundamentals are unchanged. Short-premium structures like a covered call on OPEX carry tail risk when realized volatility exceeds the implied move; review historical OPEX earnings reactions and macro stress periods before sizing. Always rebuild the position from current OPEX chain quotes before placing a trade.
Frequently asked questions
- What is a covered call on OPEX?
- A covered call on OPEX is the covered call strategy applied to OPEX (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 OPEX etf at $3.79 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed OPEX chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are OPEX 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 OPEX covered call priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 81.90%), the computed maximum profit is $121.00 per contract and the computed maximum loss is -$278.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a OPEX covered call?
- The breakeven for the OPEX covered call priced on this page is roughly $2.79 at expiration, derived from the September 29, 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 OPEX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 23.48%; 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 OPEX?
- Covered calls on OPEX are an income strategy run on existing OPEX 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 OPEX implied volatility affect this covered call?
- OPEX ATM IV is at 81.90% with IV rank near 4.54%, 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.