How are BOTZ 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 BOTZ covered call priced from the end-of-day chain at a 30-day expiry (ATM IV 29.90%), the computed maximum profit is $449.50 per contract and the computed maximum loss is -$3,549.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a BOTZ covered call?

The breakeven for the BOTZ covered call priced on this page is roughly $35.50 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 BOTZ market-implied 1-standard-deviation expected move is approximately 8.57%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current BOTZ implied volatility affect this covered call?

BOTZ ATM IV is at 29.90% with IV rank near 58.10%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.

BOTZ Covered Call Strategy

BOTZ (Global X - Robotics & Artificial Intelligence ETF), in the Financial Services sector, (Asset Management - Global industry), listed on NASDAQ.

The Global X Robotics & Artificial Intelligence ETF (BOTZ) is designed to mirror the financial performance, specifically the capital gains and income generated, of the Indxx Global Robotics & Artificial Intelligence Thematic Index. This objective is pursued before the deduction of any associated fund fees and operating expenses.

BOTZ (Global X - Robotics & Artificial Intelligence ETF) trades in the Financial Services sector, specifically Asset Management - Global, with a market capitalization of approximately $3.35B, a beta of 1.77 versus the broader market, a 52-week range of 31.87-41.71, average daily share volume of 984K, a public-listing history dating back to 2016. These structural characteristics shape how BOTZ etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.77 indicates BOTZ has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. BOTZ pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a covered call on BOTZ?

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 BOTZ snapshot

As of June 30, 2026, spot at $37.98, ATM IV 29.90%, IV rank 58.10%, expected move 8.57%. The covered call on BOTZ 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 171-day expiry.

Why this covered call structure on BOTZ specifically: BOTZ IV at 29.90% is mid-range versus its 1-year history, so the credit collected on a BOTZ covered call sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 8.57% (roughly $3.26 on the underlying). The 171-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated BOTZ expiries trade a higher absolute premium for lower per-day decay. Position sizing on BOTZ should anchor to the underlying notional of $37.98 per share and to the trader's directional view on BOTZ etf.

BOTZ covered call setup

The BOTZ 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 BOTZ near $37.98, the first option leg uses a $40.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed BOTZ chain at a 171-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 BOTZ shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 100 shares	Stock	$37.98	long
Sell 1	Call	$40.00	$2.48

BOTZ covered call risk and reward

Net Premium / Debit: -$3,550.50
Max Profit (per contract): $449.50
Max Loss (per contract): -$3,549.50
Breakeven(s): $35.50
Risk / Reward Ratio: 0.127

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.

BOTZ covered call payoff curve

Modeled P&L at expiration across a range of underlying prices for the covered call on BOTZ. 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%	-$3,549.50
$8.41	-77.9%	-$2,709.85
$16.80	-55.8%	-$1,870.20
$25.20	-33.7%	-$1,030.56
$33.60	-11.5%	-$190.91
$41.99	+10.6%	+$449.50
$50.39	+32.7%	+$449.50
$58.79	+54.8%	+$449.50
$67.18	+76.9%	+$449.50
$75.58	+99.0%	+$449.50

When traders use covered call on BOTZ

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

BOTZ thesis for this covered call

The market-implied 1-standard-deviation range for BOTZ extends from approximately $34.72 on the downside to $41.24 on the upside. A BOTZ covered call collects premium on an existing long BOTZ position, trading off upside above the short call strike for immediate income; the short strike selection should reflect the trader's view on whether BOTZ will breach that level within the expiration window. Current BOTZ IV rank near 58.10% is mid-range against its 1-year distribution, so the IV signal is neutral; the covered call thesis on BOTZ should anchor more to the directional view and the expected-move geometry. As a Financial Services name, BOTZ options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to BOTZ-specific events.

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

Frequently asked questions

What is a covered call on BOTZ?: A covered call on BOTZ is the covered call strategy applied to BOTZ (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 BOTZ etf trading near $37.98, the strikes shown on this page are snapped to the nearest listed BOTZ chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are BOTZ 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 BOTZ covered call priced from the end-of-day chain at a 30-day expiry (ATM IV 29.90%), the computed maximum profit is $449.50 per contract and the computed maximum loss is -$3,549.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a BOTZ covered call?: The breakeven for the BOTZ covered call priced on this page is roughly $35.50 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 BOTZ market-implied 1-standard-deviation expected move is approximately 8.57%; 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 BOTZ?: Covered calls on BOTZ are an income strategy run on existing BOTZ 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 BOTZ implied volatility affect this covered call?: BOTZ ATM IV is at 29.90% with IV rank near 58.10%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.