If you buy an option, you are never "on the hook" to buy the stock at a premium. An option is simply a "right" to buy the stock at the strike price of the option. If you have $2 ESLR call options, you would never be forced to buy ESLR for $2, if the stock was trading for less.
They would simply be pieces of paper sitting in your account, and after expiration day, they would be removed from your account holdings. You would simply lose the premium you paid for the option.
Options are automatically exercised the day after they expire ONLY if they are in the money. You can call your broker and tell him not to exercise if you choose also. But, yes ESLR options are illiquid.
MF4
