ProShares S&P 500 High Income ETF (ISPY) Straddle

Trading a ISPY straddle lets you take a pure volatility position on ProShares S&P 500 High Income ETF without committing to a direction. ProShares S&P 500 High Income 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 ISPY straddle pricing in real time and find the moments when expected moves are mispriced.

A long straddle on ISPY 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 S&P 500 High Income 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 ISPY 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 index. Under normal circumstances, the fund will invest at least 80% of its total assets in component securities of the index or in instruments with similar economic characteristics.

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