| 1 synthetic LEAPS in SPY (long call, short put) | $2k | $60k | 30x |
-
| 1 ZEBRA LEAPS in SPY (2 long call, 1 short call) | $14k | $50k | 3.5x |
+
| 1 ZEBRA LEAPS in SPY (2 long calls, 1 short call) | $14k | $50k | 3.5x |
| 1 /MES future | $2k | $30k | 15x |
In all cases but the first, you are paying less to have a higher exposure in the same market. Each has a different risk profile, generally increasing with leverage. In all cases you can lose money.