OZEM Bull Call Spread Strategy
OZEM (Roundhill Investments - GLP-1 & Weight Loss ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.
Roundhill believes that weight loss drugs, including GLP-1 agonists, represent one of the most revolutionary advancements in the global pharmaceuticals industry. The Roundhill GLP-1 & Weight Loss ETF (“OZEM”) is the world’s first GLP-1 ETF. OZEM is an actively-managed ETF.
OZEM (Roundhill Investments - GLP-1 & Weight Loss ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $40.9M, a beta of 0.44 versus the broader market, a 52-week range of 23.09-37.15, average daily share volume of 21K, a public-listing history dating back to 2024. These structural characteristics shape how OZEM etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.44 indicates OZEM has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. OZEM 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 OZEM?
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 OZEM snapshot
As of May 15, 2026, spot at $30.97, ATM IV 26.40%, IV rank 1.97%, expected move 7.57%. The bull call spread on OZEM 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 OZEM specifically: OZEM IV at 26.40% is on the cheap side of its 1-year range, which favors premium-buying structures like a OZEM bull call spread, with a market-implied 1-standard-deviation move of approximately 7.57% (roughly $2.34 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 OZEM expiries trade a higher absolute premium for lower per-day decay. Position sizing on OZEM should anchor to the underlying notional of $30.97 per share and to the trader's directional view on OZEM etf.
OZEM bull call spread setup
The OZEM 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 OZEM near $30.97, the first option leg uses a $31.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed OZEM 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 OZEM shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $31.00 | $1.15 |
| Sell 1 | Call | $33.00 | $0.25 |
OZEM bull call spread risk and reward
- Net Premium / Debit
- -$90.00
- Max Profit (per contract)
- $110.00
- Max Loss (per contract)
- -$90.00
- Breakeven(s)
- $31.90
- Risk / Reward Ratio
- 1.222
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.
OZEM bull call spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bull call spread on OZEM. 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% | -$90.00 |
| $6.86 | -77.9% | -$90.00 |
| $13.70 | -55.8% | -$90.00 |
| $20.55 | -33.6% | -$90.00 |
| $27.40 | -11.5% | -$90.00 |
| $34.24 | +10.6% | +$110.00 |
| $41.09 | +32.7% | +$110.00 |
| $47.94 | +54.8% | +$110.00 |
| $54.78 | +76.9% | +$110.00 |
| $61.63 | +99.0% | +$110.00 |
When traders use bull call spread on OZEM
Bull call spreads on OZEM reduce the cost of a bullish OZEM etf position by selling a higher-strike call; suited to moderate-move theses where price reaches but does not vastly exceed the short strike.
OZEM thesis for this bull call spread
The market-implied 1-standard-deviation range for OZEM extends from approximately $28.63 on the downside to $33.31 on the upside. A OZEM bull call spread caps both the risk and the reward of a bullish position; relative to an outright long call on OZEM, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current OZEM IV rank near 1.97% 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 OZEM at 26.40%. As a Financial Services name, OZEM options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to OZEM-specific events.
OZEM 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. OZEM positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move OZEM alongside the broader basket even when OZEM-specific fundamentals are unchanged. Long-premium structures like a bull call spread on OZEM 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 OZEM chain quotes before placing a trade.
Frequently asked questions
- What is a bull call spread on OZEM?
- A bull call spread on OZEM is the bull call spread strategy applied to OZEM (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 OZEM etf trading near $30.97, the strikes shown on this page are snapped to the nearest listed OZEM chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are OZEM 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 OZEM bull call spread priced from the end-of-day chain at a 30-day expiry (ATM IV 26.40%), the computed maximum profit is $110.00 per contract and the computed maximum loss is -$90.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a OZEM bull call spread?
- The breakeven for the OZEM bull call spread priced on this page is roughly $31.90 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 OZEM market-implied 1-standard-deviation expected move is approximately 7.57%; 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 OZEM?
- Bull call spreads on OZEM reduce the cost of a bullish OZEM 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 OZEM implied volatility affect this bull call spread?
- OZEM ATM IV is at 26.40% with IV rank near 1.97%, 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.