REGL Bull Call Spread Strategy
REGL (ProShares - S&P MidCap 400 Dividend Aristocrats ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.
Under normal circumstances, the fund will invest at least 80% of its total assets in component securities of the index. The index contains a minimum of 40 stocks which are equally weighted. No single sector is allowed to comprise more than 30% of the index weight.
REGL (ProShares - S&P MidCap 400 Dividend Aristocrats ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $1.73B, a beta of 0.76 versus the broader market, a 52-week range of 79.56-93.738, average daily share volume of 51K, a public-listing history dating back to 2015. These structural characteristics shape how REGL etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.76 places REGL roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. REGL 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 REGL?
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 REGL snapshot
As of May 15, 2026, spot at $87.15, ATM IV 17.40%, IV rank 29.06%, expected move 4.99%. The bull call spread on REGL 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 154-day expiry.
Why this bull call spread structure on REGL specifically: REGL IV at 17.40% is on the cheap side of its 1-year range, which favors premium-buying structures like a REGL bull call spread, with a market-implied 1-standard-deviation move of approximately 4.99% (roughly $4.35 on the underlying). The 154-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated REGL expiries trade a higher absolute premium for lower per-day decay. Position sizing on REGL should anchor to the underlying notional of $87.15 per share and to the trader's directional view on REGL etf.
REGL bull call spread setup
The REGL 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 REGL near $87.15, the first option leg uses a $87.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed REGL chain at a 154-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 REGL shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $87.00 | $4.25 |
| Sell 1 | Call | $92.00 | $2.15 |
REGL bull call spread risk and reward
- Net Premium / Debit
- -$210.00
- Max Profit (per contract)
- $290.00
- Max Loss (per contract)
- -$210.00
- Breakeven(s)
- $89.10
- Risk / Reward Ratio
- 1.381
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.
REGL bull call spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bull call spread on REGL. 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% | -$210.00 |
| $19.28 | -77.9% | -$210.00 |
| $38.55 | -55.8% | -$210.00 |
| $57.81 | -33.7% | -$210.00 |
| $77.08 | -11.6% | -$210.00 |
| $96.35 | +10.6% | +$290.00 |
| $115.62 | +32.7% | +$290.00 |
| $134.89 | +54.8% | +$290.00 |
| $154.16 | +76.9% | +$290.00 |
| $173.42 | +99.0% | +$290.00 |
When traders use bull call spread on REGL
Bull call spreads on REGL reduce the cost of a bullish REGL etf position by selling a higher-strike call; suited to moderate-move theses where price reaches but does not vastly exceed the short strike.
REGL thesis for this bull call spread
The market-implied 1-standard-deviation range for REGL extends from approximately $82.80 on the downside to $91.50 on the upside. A REGL bull call spread caps both the risk and the reward of a bullish position; relative to an outright long call on REGL, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current REGL IV rank near 29.06% 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 REGL at 17.40%. As a Financial Services name, REGL options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to REGL-specific events.
REGL 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. REGL positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move REGL alongside the broader basket even when REGL-specific fundamentals are unchanged. Long-premium structures like a bull call spread on REGL 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 REGL chain quotes before placing a trade.
Frequently asked questions
- What is a bull call spread on REGL?
- A bull call spread on REGL is the bull call spread strategy applied to REGL (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 REGL etf trading near $87.15, the strikes shown on this page are snapped to the nearest listed REGL chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are REGL 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 REGL bull call spread priced from the end-of-day chain at a 30-day expiry (ATM IV 17.40%), the computed maximum profit is $290.00 per contract and the computed maximum loss is -$210.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a REGL bull call spread?
- The breakeven for the REGL bull call spread priced on this page is roughly $89.10 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 REGL market-implied 1-standard-deviation expected move is approximately 4.99%; 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 REGL?
- Bull call spreads on REGL reduce the cost of a bullish REGL 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 REGL implied volatility affect this bull call spread?
- REGL ATM IV is at 17.40% with IV rank near 29.06%, 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.