ProShares Hedge Replication ETF (HDG) Straddle

Trading a HDG straddle lets you take a pure volatility position on ProShares Hedge Replication ETF without committing to a direction. ProShares Hedge Replication 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 HDG straddle pricing in real time and find the moments when expected moves are mispriced.

A long straddle on HDG 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 ProShares Hedge Replication 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 HDG straddle price to historical realized moves helps you judge whether the market is overpaying or underpaying for volatility.

The fund invests in financial instruments that ProShare Advisors believes, in combination, should track the performance of the benchmark. The benchmark seeks to provide the risk and return characteristics of the hedge fund asset class by targeting a high correlation to the HFRI Fund Weighted Composite Index (the "HFRI"). The HFRI is designed to reflect hedge fund industry performance through an equally weighted composite of over 2000 constituent funds. The fund is non-diversified.

Earnings, product cycles, macro prints — any time volatility itself is the trade, the HDG straddle is the cleanest expression of that view. Our scanner prices every HDG 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 HDG straddle into a catalyst or short a HDG straddle to harvest decay, the options straddle setups that matter are all in one place.