REGL Long Call 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 long call on REGL?
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 REGL snapshot
As of May 15, 2026, spot at $87.15, ATM IV 17.40%, IV rank 29.06%, expected move 4.99%. The long call 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 long call 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 long call, 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 long call setup
The REGL 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 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 |
REGL long call risk and reward
- Net Premium / Debit
- -$425.00
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- -$425.00
- Breakeven(s)
- $91.25
- Risk / Reward Ratio
- Unbounded
Max profit is unbounded; max loss equals the premium paid times 100. Breakeven is strike plus premium.
REGL long call payoff curve
Modeled P&L at expiration across a range of underlying prices for the long call 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% | -$425.00 |
| $19.28 | -77.9% | -$425.00 |
| $38.55 | -55.8% | -$425.00 |
| $57.81 | -33.7% | -$425.00 |
| $77.08 | -11.6% | -$425.00 |
| $96.35 | +10.6% | +$510.12 |
| $115.62 | +32.7% | +$2,436.94 |
| $134.89 | +54.8% | +$4,363.77 |
| $154.16 | +76.9% | +$6,290.59 |
| $173.42 | +99.0% | +$8,217.42 |
When traders use long call on REGL
Long calls on REGL express a bullish thesis with defined risk; traders use them ahead of REGL catalysts (earnings, product launches, macro events) when the expected upside justifies the premium and theta decay.
REGL thesis for this long call
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 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 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 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. 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 long call 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 long call on REGL?
- A long call on REGL is the long call strategy applied to REGL (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 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 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 REGL long call priced from the end-of-day chain at a 30-day expiry (ATM IV 17.40%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$425.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a REGL long call?
- The breakeven for the REGL long call priced on this page is roughly $91.25 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 long call on REGL?
- Long calls on REGL express a bullish thesis with defined risk; traders use them ahead of REGL catalysts (earnings, product launches, macro events) when the expected upside justifies the premium and theta decay.
- How does current REGL implied volatility affect this long call?
- 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.