Why traders use it: synthetic-stock exposure at a fraction of the capital of buying 100 shares, without the typical theta drag of holding long ITM calls. Because the extrinsic value of the long calls is offset by the credit from the short call, the position behaves like long stock with limited downside (the long calls' aggregate cost). Ideal as a stock replacement for capital-constrained traders.
Bearish ZEBRA mirrors the structure with puts: buy two ITM puts, sell one ATM put. Same logic in reverse. Both versions are designed to give pure directional exposure with no time decay drag — a rare property in options structures. Trade-off: a wide adverse move costs you the long-leg cost, similar to losing the entire position on stock that drops to zero.