How are AZYY covered call max profit and max loss calculated?

Max profit equals short-strike minus cost basis plus premium times 100; max loss is cost basis minus premium (at zero). Breakeven is cost basis minus premium. For the AZYY covered call priced from the end-of-day chain at a 30-day expiry (ATM IV 124.80%), the computed maximum profit is $273.00 per contract and the computed maximum loss is -$1,626.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a AZYY covered call?

The breakeven for the AZYY covered call priced on this page is roughly $16.27 at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current AZYY market-implied 1-standard-deviation expected move is approximately 35.78%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current AZYY implied volatility affect this covered call?

AZYY ATM IV is at 124.80% with IV rank near 23.39%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.

AZYY Covered Call Strategy

AZYY (GraniteShares YieldBOOST AMZN ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.

The Fund’s primary investment objective is to achieve 2 times (200%) the income generated from selling options on Amazon. (NASDAQ AMZN) (the “Underlying Stock”) by selling options on leveraged exchange-traded funds designed to deliver 2 times (200%) the daily performance of the Underlying Stock (the “Underlying Leveraged ETF”). The Fund’s secondary investment objective is to gain exposure to the performance of the Underlying Leveraged ETF, subject to a cap on potential investment gains. A downside protection may be implemented which could affect the net income level.

AZYY (GraniteShares YieldBOOST AMZN ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $519,086, a beta of 1.05 versus the broader market, a 52-week range of 15.69-25.32, average daily share volume of 3K, a public-listing history dating back to 2025. These structural characteristics shape how AZYY etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.05 places AZYY roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. AZYY pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a covered call on AZYY?

A covered call pairs long stock with a short out-of-the-money call, collecting premium and capping upside above the short strike in exchange for income.

Current AZYY snapshot

As of May 15, 2026, spot at $18.02, ATM IV 124.80%, IV rank 23.39%, expected move 35.78%. The covered call on AZYY below is built from the same end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 34-day expiry.

Why this covered call structure on AZYY specifically: AZYY IV at 124.80% is on the cheap side of its 1-year range, which means a premium-selling AZYY covered call collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 35.78% (roughly $6.45 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated AZYY expiries trade a higher absolute premium for lower per-day decay. Position sizing on AZYY should anchor to the underlying notional of $18.02 per share and to the trader's directional view on AZYY etf.

AZYY covered call setup

The AZYY covered call below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With AZYY near $18.02, the first option leg uses a $19.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed AZYY chain at a 34-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 AZYY shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 100 shares	Stock	$18.02	long
Sell 1	Call	$19.00	$1.75

AZYY covered call risk and reward

Net Premium / Debit: -$1,627.00
Max Profit (per contract): $273.00
Max Loss (per contract): -$1,626.00
Breakeven(s): $16.27
Risk / Reward Ratio: 0.168

Max profit equals short-strike minus cost basis plus premium times 100; max loss is cost basis minus premium (at zero). Breakeven is cost basis minus premium.

AZYY covered call payoff curve

Modeled P&L at expiration across a range of underlying prices for the covered call on AZYY. 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.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-99.9%	-$1,626.00
$3.99	-77.8%	-$1,227.68
$7.98	-55.7%	-$829.36
$11.96	-33.6%	-$431.04
$15.94	-11.5%	-$32.71
$19.93	+10.6%	+$273.00
$23.91	+32.7%	+$273.00
$27.89	+54.8%	+$273.00
$31.88	+76.9%	+$273.00
$35.86	+99.0%	+$273.00

When traders use covered call on AZYY

Covered calls on AZYY are an income strategy run on existing AZYY etf positions; traders typically sell calls at 25-35 delta with 30-45 days to expiration to balance premium against upside cap.

AZYY thesis for this covered call

The market-implied 1-standard-deviation range for AZYY extends from approximately $11.57 on the downside to $24.47 on the upside. A AZYY covered call collects premium on an existing long AZYY position, trading off upside above the short call strike for immediate income; the short strike selection should reflect the trader's view on whether AZYY will breach that level within the expiration window. Current AZYY IV rank near 23.39% sits in the lower third of its 1-year distribution, where IV often re-expands toward the mean; this favors premium-buying structures and disadvantages premium-selling structures on AZYY at 124.80%. As a Financial Services name, AZYY options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to AZYY-specific events.

AZYY covered call positions are structurally neutral to slightly 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. AZYY positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move AZYY alongside the broader basket even when AZYY-specific fundamentals are unchanged. Short-premium structures like a covered call on AZYY carry tail risk when realized volatility exceeds the implied move; review historical AZYY earnings reactions and macro stress periods before sizing. Always rebuild the position from current AZYY chain quotes before placing a trade.

Frequently asked questions

What is a covered call on AZYY?: A covered call on AZYY is the covered call strategy applied to AZYY (etf). The strategy is structurally neutral to slightly bullish: A covered call pairs long stock with a short out-of-the-money call, collecting premium and capping upside above the short strike in exchange for income. With AZYY etf trading near $18.02, the strikes shown on this page are snapped to the nearest listed AZYY chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are AZYY covered call max profit and max loss calculated?: Max profit equals short-strike minus cost basis plus premium times 100; max loss is cost basis minus premium (at zero). Breakeven is cost basis minus premium. For the AZYY covered call priced from the end-of-day chain at a 30-day expiry (ATM IV 124.80%), the computed maximum profit is $273.00 per contract and the computed maximum loss is -$1,626.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a AZYY covered call?: The breakeven for the AZYY covered call priced on this page is roughly $16.27 at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current AZYY market-implied 1-standard-deviation expected move is approximately 35.78%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a covered call on AZYY?: Covered calls on AZYY are an income strategy run on existing AZYY etf positions; traders typically sell calls at 25-35 delta with 30-45 days to expiration to balance premium against upside cap.
How does current AZYY implied volatility affect this covered call?: AZYY ATM IV is at 124.80% with IV rank near 23.39%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.