fɔːɹ ɛɡzˈæmpəl, ɐ bˈʊl spɹˈɛd kənstɹˈʌktᵻd fɹʌm kˈɔːlz ˈiː.dʒˈiː., lˈɔŋ ɐ fˈɪfti kˈɔːl, ʃˈɔːɹt ɐ sˈɪksti kˈɔːl kəmbˈaɪnd wɪð ɐ bˈɛɹ spɹˈɛd kənstɹˈʌktᵻd fɹʌm pˌʊts ˈiː.dʒˈiː., lˈɔŋ ɐ sˈɪksti pˈʊt, ʃˈɔːɹt ɐ fˈɪfti pˌʊt hɐz ɐ kˈɑːnstənt pˈeɪɔf ʌvðə dˈɪfɹəns ɪn ˈɛksɚsˌaɪz pɹˈaɪsᵻz ˈiː.dʒˈiː. tˈɛn ɐsˈuːmɪŋ ðætðɪ ˌʌndɚlˈaɪɪŋ stˈɑːk dʌznˌɑːt ɡˌoʊ ˈɛksdˈɪvɪdˌɛnd bᵻfˌoːɹ ðɪ ɛkspɚɹˈeɪʃən ʌvðɪ ˈɑːpʃənz.
For example, a bull spread constructed from calls (e.g., long a 50 call, short a 60 call) combined with a bear spread constructed from puts (e.g., long a 60 put, short a 50 put) has a constant payoff of the difference in exercise prices (e.g. 10) assuming that the underlying stock does not go ex-dividend before the expiration of the options.