YCS Bull Call Spread Strategy
YCS (ProShares - UltraShort Yen), in the Financial Services sector, (Asset Management - Leveraged industry), listed on AMEX.
ProShares UltraShort Yen seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the price of the Japanese yen versus the U.S. dollar.
YCS (ProShares - UltraShort Yen) trades in the Financial Services sector, specifically Asset Management - Leveraged, with a market capitalization of approximately $28.9M, a beta of -0.41 versus the broader market, a 52-week range of 40.08-54.67, average daily share volume of 31K, a public-listing history dating back to 2008. These structural characteristics shape how YCS etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of -0.41 indicates YCS has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.
What is a bull call spread on YCS?
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 YCS snapshot
As of May 15, 2026, spot at $53.51, ATM IV 17.90%, IV rank 14.78%, expected move 5.13%. The bull call spread on YCS 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 98-day expiry.
Why this bull call spread structure on YCS specifically: YCS IV at 17.90% is on the cheap side of its 1-year range, which favors premium-buying structures like a YCS bull call spread, with a market-implied 1-standard-deviation move of approximately 5.13% (roughly $2.75 on the underlying). The 98-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated YCS expiries trade a higher absolute premium for lower per-day decay. Position sizing on YCS should anchor to the underlying notional of $53.51 per share and to the trader's directional view on YCS etf.
YCS bull call spread setup
The YCS 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 YCS near $53.51, the first option leg uses a $54.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed YCS chain at a 98-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 YCS shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $54.00 | $1.60 |
| Sell 1 | Call | $56.00 | $0.83 |
YCS bull call spread risk and reward
- Net Premium / Debit
- -$77.50
- Max Profit (per contract)
- $122.50
- Max Loss (per contract)
- -$77.50
- Breakeven(s)
- $54.78
- Risk / Reward Ratio
- 1.581
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.
YCS bull call spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bull call spread on YCS. 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% | -$77.50 |
| $11.84 | -77.9% | -$77.50 |
| $23.67 | -55.8% | -$77.50 |
| $35.50 | -33.7% | -$77.50 |
| $47.33 | -11.5% | -$77.50 |
| $59.16 | +10.6% | +$122.50 |
| $70.99 | +32.7% | +$122.50 |
| $82.82 | +54.8% | +$122.50 |
| $94.65 | +76.9% | +$122.50 |
| $106.48 | +99.0% | +$122.50 |
When traders use bull call spread on YCS
Bull call spreads on YCS reduce the cost of a bullish YCS etf position by selling a higher-strike call; suited to moderate-move theses where price reaches but does not vastly exceed the short strike.
YCS thesis for this bull call spread
The market-implied 1-standard-deviation range for YCS extends from approximately $50.76 on the downside to $56.26 on the upside. A YCS bull call spread caps both the risk and the reward of a bullish position; relative to an outright long call on YCS, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current YCS IV rank near 14.78% 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 YCS at 17.90%. As a Financial Services name, YCS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to YCS-specific events.
YCS 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. YCS positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move YCS alongside the broader basket even when YCS-specific fundamentals are unchanged. Long-premium structures like a bull call spread on YCS 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 YCS chain quotes before placing a trade.
Frequently asked questions
- What is a bull call spread on YCS?
- A bull call spread on YCS is the bull call spread strategy applied to YCS (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 YCS etf trading near $53.51, the strikes shown on this page are snapped to the nearest listed YCS chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are YCS 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 YCS bull call spread priced from the end-of-day chain at a 30-day expiry (ATM IV 17.90%), the computed maximum profit is $122.50 per contract and the computed maximum loss is -$77.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a YCS bull call spread?
- The breakeven for the YCS bull call spread priced on this page is roughly $54.78 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 YCS market-implied 1-standard-deviation expected move is approximately 5.13%; 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 YCS?
- Bull call spreads on YCS reduce the cost of a bullish YCS 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 YCS implied volatility affect this bull call spread?
- YCS ATM IV is at 17.90% with IV rank near 14.78%, 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.