RPHS Bull Call Spread Strategy
RPHS (Regents Park Hedged Market Strategy ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.
The fund is an actively-managed ETF that seeks to achieve its investment objective by investing, under normal circumstances, in equity securities represented in, or instruments related or linked to, the S&P 500 Price Index (“S&P 500 Index”). The fund’s adviser determines the amount of the fund’s portfolio to be invested directly in a basket of equity securities that is correlated to the overall performance of the S&P 500 Index and in equity market index derivatives based on its assessment of their relative valuations.
RPHS (Regents Park Hedged Market Strategy ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $54.1M, a beta of 0.91 versus the broader market, a 52-week range of 9.49-11.49, average daily share volume of 15K, a public-listing history dating back to 2022. These structural characteristics shape how RPHS etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.91 places RPHS roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. RPHS 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 RPHS?
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 RPHS snapshot
As of May 15, 2026, spot at $10.85, ATM IV 51.40%, IV rank 6.19%, expected move 14.74%. The bull call spread on RPHS 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 RPHS specifically: RPHS IV at 51.40% is on the cheap side of its 1-year range, which favors premium-buying structures like a RPHS bull call spread, with a market-implied 1-standard-deviation move of approximately 14.74% (roughly $1.60 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 RPHS expiries trade a higher absolute premium for lower per-day decay. Position sizing on RPHS should anchor to the underlying notional of $10.85 per share and to the trader's directional view on RPHS etf.
RPHS bull call spread setup
The RPHS 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 RPHS near $10.85, the first option leg uses a $10.85 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed RPHS 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 RPHS shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $10.85 | N/A |
| Sell 1 | Call | $11.39 | N/A |
RPHS bull call spread risk and reward
- Net Premium / Debit
- N/A
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- Unbounded
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- N/A
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.
RPHS bull call spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bull call spread on RPHS. 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.
When traders use bull call spread on RPHS
Bull call spreads on RPHS reduce the cost of a bullish RPHS etf position by selling a higher-strike call; suited to moderate-move theses where price reaches but does not vastly exceed the short strike.
RPHS thesis for this bull call spread
The market-implied 1-standard-deviation range for RPHS extends from approximately $9.25 on the downside to $12.45 on the upside. A RPHS bull call spread caps both the risk and the reward of a bullish position; relative to an outright long call on RPHS, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current RPHS IV rank near 6.19% 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 RPHS at 51.40%. As a Financial Services name, RPHS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to RPHS-specific events.
RPHS 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. RPHS positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move RPHS alongside the broader basket even when RPHS-specific fundamentals are unchanged. Long-premium structures like a bull call spread on RPHS 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 RPHS chain quotes before placing a trade.
Frequently asked questions
- What is a bull call spread on RPHS?
- A bull call spread on RPHS is the bull call spread strategy applied to RPHS (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 RPHS etf trading near $10.85, the strikes shown on this page are snapped to the nearest listed RPHS chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are RPHS 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 RPHS bull call spread priced from the end-of-day chain at a 30-day expiry (ATM IV 51.40%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a RPHS bull call spread?
- The breakeven for the RPHS bull call spread priced on this page is no defined breakeven on the modeled curve 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 RPHS market-implied 1-standard-deviation expected move is approximately 14.74%; 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 RPHS?
- Bull call spreads on RPHS reduce the cost of a bullish RPHS 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 RPHS implied volatility affect this bull call spread?
- RPHS ATM IV is at 51.40% with IV rank near 6.19%, 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.