How are ASSX bull call spread max profit and max loss calculated?

Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-call strike plus net debit. For the ASSX bull call spread priced from the November 13, 2026 end-of-day chain at a 30-day expiry (ATM IV 183.20%), the computed maximum profit is $62.50 per contract and the computed maximum loss is -$37.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a ASSX bull call spread?

The breakeven for the ASSX bull call spread priced on this page is roughly $12.38 at expiration, derived from the November 13, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The ASSX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 52.52%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current ASSX implied volatility affect this bull call spread?

Current ASSX ATM IV is 183.20%; IV rank context is unavailable in the current snapshot.

ASSX Bull Call Spread Strategy

ASSX (T-REX 2X Long ASST Daily Target ETF), in the Financial Services sector, (Asset Management - Leveraged industry), listed on CBOE.

The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of ASST. The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.

ASSX (T-REX 2X Long ASST Daily Target ETF) trades in the Financial Services sector, specifically Asset Management - Leveraged, with a market capitalization of approximately $121,700, a beta of 0.00 versus the broader market, a 52-week range of 10.1-31.94, average daily share volume of 173K, a public-listing history dating back to 2026. These structural characteristics shape how ASSX etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.00 indicates ASSX has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.

What is a bull call spread on ASSX?

A bull call spread buys an at-the-money call and sells an out-of-the-money call at a higher strike for defined risk and defined reward bounded by the strike width.

ASSX snapshot

As of November 13, 2026, spot at $12.07, ATM IV 183.20%, expected move 52.52%. The bull call spread on ASSX below is built from the November 13, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.

Why this bull call spread structure on ASSX specifically: IV rank is unavailable in the current snapshot, so regime-based timing for ASSX is inferred from ATM IV at 183.20% alone, with a market-implied 1-standard-deviation move of approximately 52.52% (roughly $6.34 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated ASSX expiries trade a higher absolute premium for lower per-day decay. Position sizing on ASSX should anchor to the underlying notional of $12.07 per share and to the trader's directional view on ASSX etf.

ASSX bull call spread setup

The ASSX bull call spread below is built from the November 13, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With ASSX at $12.07 on that close, the first option leg uses a $12.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ASSX chain at a 35-day expiry; the cross-strike IV skew is reflected directly in the per-leg values rather than approximated. Quantity sizing assumes one contract per option leg (or 100 ASSX shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$12.00	$2.43
Sell 1	Call	$13.00	$2.05

ASSX bull call spread risk and reward

Net Premium / Debit: -$37.50
Max Profit (per contract): $62.50
Max Loss (per contract): -$37.50
Breakeven(s): $12.38
Risk / Reward Ratio: 1.667

Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-call strike plus net debit.

ASSX bull call spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bull call spread on ASSX. Each row is one sampled price point from the computed payoff curve; the full curve uses 200 price points internally before being summarized into 10 rows here.

P&L at expiration across the modeled underlying-price range. Green shading marks profitable regions, red shading marks loss regions. Dotted purple verticals mark breakevens; the solid dark vertical marks current spot.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-99.9%	-$37.50
$2.68	-77.8%	-$37.50
$5.35	-55.7%	-$37.50
$8.01	-33.6%	-$37.50
$10.68	-11.5%	-$37.50
$13.35	+10.6%	+$62.50
$16.02	+32.7%	+$62.50
$18.68	+54.8%	+$62.50
$21.35	+76.9%	+$62.50
$24.02	+99.0%	+$62.50

When traders use bull call spread on ASSX

Bull call spreads on ASSX reduce the cost of a bullish ASSX etf position by selling a higher-strike call; suited to moderate-move theses where price reaches but does not vastly exceed the short strike.

ASSX thesis for this bull call spread

The market-implied 1-standard-deviation range for ASSX extends from approximately $5.73 on the downside to $18.41 on the upside. A ASSX bull call spread caps both the risk and the reward of a bullish position; relative to an outright long call on ASSX, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. As a Financial Services name, ASSX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ASSX-specific events.

ASSX bull call spread positions are structurally moderately bullish; the modeled P&L assumes European-style exercise at expiration and ignores early assignment, transaction costs, dividends paid before expiry on the stock leg (when present), and the bid-ask spread on the listed chain. ASSX positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ASSX alongside the broader basket even when ASSX-specific fundamentals are unchanged. Long-premium structures like a bull call spread on ASSX are particularly exposed to IV-crush risk through scheduled events (earnings, FDA decisions, central-bank meetings) where IV typically contracts post-event regardless of the directional outcome. Always rebuild the position from current ASSX chain quotes before placing a trade.

Frequently asked questions

What is a bull call spread on ASSX?: A bull call spread on ASSX is the bull call spread strategy applied to ASSX (etf). The strategy is structurally moderately bullish: A bull call spread buys an at-the-money call and sells an out-of-the-money call at a higher strike for defined risk and defined reward bounded by the strike width. With ASSX etf at $12.07 on the November 13, 2026 close, the strikes shown on this page are snapped to the nearest listed ASSX chain strike and the premiums come straight from that session's bid/ask midpoint.
How are ASSX bull call spread max profit and max loss calculated?: Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-call strike plus net debit. For the ASSX bull call spread priced from the November 13, 2026 end-of-day chain at a 30-day expiry (ATM IV 183.20%), the computed maximum profit is $62.50 per contract and the computed maximum loss is -$37.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a ASSX bull call spread?: The breakeven for the ASSX bull call spread priced on this page is roughly $12.38 at expiration, derived from the November 13, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The ASSX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 52.52%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a bull call spread on ASSX?: Bull call spreads on ASSX reduce the cost of a bullish ASSX etf position by selling a higher-strike call; suited to moderate-move theses where price reaches but does not vastly exceed the short strike.
How does current ASSX implied volatility affect this bull call spread?: Current ASSX ATM IV is 183.20%; IV rank context is unavailable in the current snapshot.