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Note the following spreads: I: Iron Condor Option /Type Strike BTO STO Qty Price Total SPY June 3 Call 405 X -10 $5.14 $5,140 SPY

Note the following spreads:

I: Iron Condor

Option /Type

Strike

BTO

STO

Qty

Price

Total

SPY June 3 Call

405

X

-10

$5.14

$5,140

SPY June 3 Call

410

X

10

$4.85

-$4,850

SPY June 3 Put

380

X

-10

$7.48

$7,480

SPY June 3 Put

375

X

10

$6.08

-$6,080

II. Bull Call Spread

Option/Type

Strike

BTO

STO

Qty

Price

Total

SPY June 3 Call

390

X

10

$11.90

-$11,900

SPY June 3 Call

395

X

-10

$9.28

$9,280

III. Bull Calendar Spread

Option/Type

Strike

BTO

STO

Qty

Price

Total

SPY June 3 Call

390

X

-10

$11.87

$11,900

SPY June 17 Call

390

X

10

$14.42

-$14,420

Which one has the highest return on risk?

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