How are BNDD 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 BNDD bull call spread priced from the end-of-day chain at a 30-day expiry (ATM IV 6.40%), the computed maximum profit is $423.00 per contract and the computed maximum loss is -$77.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a BNDD bull call spread?

The breakeven for the BNDD bull call spread priced on this page is roughly $102.77 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 BNDD market-implied 1-standard-deviation expected move is approximately 1.83%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

BNDD ATM IV is at 6.40% with IV rank near 0.00%, 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.

BNDD Bull Call Spread Strategy

BNDD (Quadratic Deflation ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.

KraneShares Trust - Quadratic Deflation ETF is an exchange traded fund launched and managed by Krane Funds Advisors, LLC. The fund is co-managed by Quadratic Capital Management LLC. It invests directly, through derivatives and through other funds in the fixed income markets of the United States. The fund primarily invests in a mix of U.S. Treasury securities and option strategies tied to the shape of the U.S. interest rate swap curve. It seeks to invest in securities of any maturity.

BNDD (Quadratic Deflation ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $6.5M, a beta of 1.18 versus the broader market, a 52-week range of 94.64-102.28, average daily share volume of 10K, a public-listing history dating back to 2021. These structural characteristics shape how BNDD etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.18 places BNDD roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. BNDD pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a bull call spread on BNDD?

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.

Current BNDD snapshot

As of June 30, 2026, spot at $101.51, ATM IV 6.40%, IV rank 0.00%, expected move 1.83%. The bull call spread on BNDD 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 17-day expiry.

Why this bull call spread structure on BNDD specifically: BNDD IV at 6.40% is on the cheap side of its 1-year range, which favors premium-buying structures like a BNDD bull call spread, with a market-implied 1-standard-deviation move of approximately 1.83% (roughly $1.86 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated BNDD expiries trade a higher absolute premium for lower per-day decay. Position sizing on BNDD should anchor to the underlying notional of $101.51 per share and to the trader's directional view on BNDD etf.

BNDD bull call spread setup

The BNDD bull call spread below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With BNDD near $101.51, the first option leg uses a $102.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed BNDD chain at a 17-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 BNDD shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$102.00	$0.80
Sell 1	Call	$107.00	$0.03

BNDD bull call spread risk and reward

Net Premium / Debit: -$77.00
Max Profit (per contract): $423.00
Max Loss (per contract): -$77.00
Breakeven(s): $102.77
Risk / Reward Ratio: 5.494

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.

BNDD bull call spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bull call spread on BNDD. 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	-100.0%	-$77.00
$22.45	-77.9%	-$77.00
$44.90	-55.8%	-$77.00
$67.34	-33.7%	-$77.00
$89.78	-11.6%	-$77.00
$112.23	+10.6%	+$423.00
$134.67	+32.7%	+$423.00
$157.11	+54.8%	+$423.00
$179.56	+76.9%	+$423.00
$202.00	+99.0%	+$423.00

When traders use bull call spread on BNDD

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

BNDD thesis for this bull call spread

The market-implied 1-standard-deviation range for BNDD extends from approximately $99.65 on the downside to $103.37 on the upside. A BNDD bull call spread caps both the risk and the reward of a bullish position; relative to an outright long call on BNDD, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current BNDD IV rank near 0.00% 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 BNDD at 6.40%. As a Financial Services name, BNDD options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to BNDD-specific events.

BNDD 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. BNDD positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move BNDD alongside the broader basket even when BNDD-specific fundamentals are unchanged. Long-premium structures like a bull call spread on BNDD 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 BNDD chain quotes before placing a trade.

Frequently asked questions

What is a bull call spread on BNDD?: A bull call spread on BNDD is the bull call spread strategy applied to BNDD (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 BNDD etf trading near $101.51, the strikes shown on this page are snapped to the nearest listed BNDD chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are BNDD 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 BNDD bull call spread priced from the end-of-day chain at a 30-day expiry (ATM IV 6.40%), the computed maximum profit is $423.00 per contract and the computed maximum loss is -$77.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a BNDD bull call spread?: The breakeven for the BNDD bull call spread priced on this page is roughly $102.77 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 BNDD market-implied 1-standard-deviation expected move is approximately 1.83%; 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 BNDD?: Bull call spreads on BNDD reduce the cost of a bullish BNDD 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 BNDD implied volatility affect this bull call spread?: BNDD ATM IV is at 6.40% with IV rank near 0.00%, 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.