Gotham Enhanced 500 ETF (GSPY) Straddle

Trading a GSPY straddle lets you take a pure volatility position on Gotham Enhanced 500 ETF without committing to a direction. Gotham Enhanced 500 ETF's straddle involves buying (or selling) a call and a put at the same strike and expiration, profiting when the stock moves more (or less) than the combined premium implies. Use our scanner to evaluate GSPY straddle pricing in real time and find the moments when expected moves are mispriced.

A long straddle on GSPY profits from large moves in either direction and is a classic play into binary events like earnings, product announcements, or macro releases. A short straddle profits when Gotham Enhanced 500 ETF stays range-bound and implied volatility contracts. The breakeven points are simple: strike plus total premium on the upside, strike minus total premium on the downside. Comparing the GSPY straddle price to historical realized moves helps you judge whether the market is overpaying or underpaying for volatility.

The fund is an actively-managed ETF that seeks to achieve its investment objective by generally investing in securities of issuers included in the S&P 500 Index. It is not a passive index fund, but instead utilizes an "enhanced" strategy implemented by the fund's investment sub-adviser to invest in the securities in the index and weight those securities based on the Sub-Adviser's assessment of value and each security's weight in the ndex.

Earnings, product cycles, macro prints — any time volatility itself is the trade, the GSPY straddle is the cleanest expression of that view. Our scanner prices every GSPY straddle against historical realized moves, flags expirations where the market is overpaying or underpaying for vol, and ranks setups by breakeven width and IV rank. Whether you're long a GSPY straddle into a catalyst or short a GSPY straddle to harvest decay, the options straddle setups that matter are all in one place.