It's simpler than that.
UPRO 52.81 -1.09 -2.02% -- -- -- -- 3,460,070
SPXU 35.30 +0.69 +1.99% -- -- -- -- 3,028,846
Looking to above info for Friday's action
SPX I believe moved down about 0.71 %. The two ETFs move approximately triple that. -2.02 % and +1.99% The ETFs values though moved -1.09$$$ and 0.69$$$ .
The calls would have changed in value more than the Puts .
The main point might be that because the ETF is viewed as a Bullish or Bearish ETF, the calls and puts used actually determine whether you are taking a bullish or bearlish position. A Call is normally viewed as bullish in the underlying investment. But, a Call in a bearish ETF is in reality a bearish position in the underlying security. And the reverse is true for for Bullish ETFs.
Since I am looking for greater movement relative to my strike price, in dollars it is my view that the higher priced ETF would be providing that movement better than the other. Sometimess its the Bearish ETF that is the greater in value. Those mismatches in my opinion are created by longer periods with movement in one direction or another.
The thought and theory are only worth what you send my way. Glad to hear any other opinions. I have not formal proof. Good luck as usual.
Chuck
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