How are CATH 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 CATH bull call spread priced from the November 13, 2026 end-of-day chain at a 30-day expiry (ATM IV 15.70%), the computed maximum profit is $309.50 per contract and the computed maximum loss is -$190.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a CATH bull call spread?

The breakeven for the CATH bull call spread priced on this page is roughly $90.91 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 CATH market-implied 1-standard-deviation expected move in the same options snapshot is approximately 4.50%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

Current CATH ATM IV is 15.70%; IV rank context is unavailable in the current snapshot.

CATH Bull Call Spread Strategy

CATH (Global X - S&P 500 Catholic Values ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.

The Global X S&P 500 Catholic Values ETF (CATH) is designed to largely replicate the financial returns, encompassing both capital growth and income, of the S&P 500 Catholic Values Index. This mirroring of performance is considered prior to the impact of fund fees and expenses.

CATH (Global X - S&P 500 Catholic Values ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $1.36B, a beta of 1.03 versus the broader market, a 52-week range of 75.61-93.05, average daily share volume of 40K, a public-listing history dating back to 2016. These structural characteristics shape how CATH etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.03 places CATH roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. CATH 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 CATH?

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.

CATH snapshot

As of November 13, 2026, spot at $89.39, ATM IV 15.70%, expected move 4.50%. The bull call spread on CATH 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 CATH specifically: IV rank is unavailable in the current snapshot, so regime-based timing for CATH is inferred from ATM IV at 15.70% alone, with a market-implied 1-standard-deviation move of approximately 4.50% (roughly $4.02 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 CATH expiries trade a higher absolute premium for lower per-day decay. Position sizing on CATH should anchor to the underlying notional of $89.39 per share and to the trader's directional view on CATH etf.

CATH bull call spread setup

The CATH 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 CATH at $89.39 on that close, the first option leg uses a $89.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CATH 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 CATH shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$89.00	$2.13
Sell 1	Call	$94.00	$0.22

CATH bull call spread risk and reward

Net Premium / Debit: -$190.50
Max Profit (per contract): $309.50
Max Loss (per contract): -$190.50
Breakeven(s): $90.91
Risk / Reward Ratio: 1.625

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.

CATH bull call spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bull call spread on CATH. 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%	-$190.50
$19.77	-77.9%	-$190.50
$39.54	-55.8%	-$190.50
$59.30	-33.7%	-$190.50
$79.06	-11.6%	-$190.50
$98.83	+10.6%	+$309.50
$118.59	+32.7%	+$309.50
$138.35	+54.8%	+$309.50
$158.12	+76.9%	+$309.50
$177.88	+99.0%	+$309.50

When traders use bull call spread on CATH

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

CATH thesis for this bull call spread

The market-implied 1-standard-deviation range for CATH extends from approximately $85.37 on the downside to $93.41 on the upside. A CATH bull call spread caps both the risk and the reward of a bullish position; relative to an outright long call on CATH, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. As a Financial Services name, CATH options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CATH-specific events.

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

Frequently asked questions

What is a bull call spread on CATH?: A bull call spread on CATH is the bull call spread strategy applied to CATH (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 CATH etf at $89.39 on the November 13, 2026 close, the strikes shown on this page are snapped to the nearest listed CATH chain strike and the premiums come straight from that session's bid/ask midpoint.
How are CATH 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 CATH bull call spread priced from the November 13, 2026 end-of-day chain at a 30-day expiry (ATM IV 15.70%), the computed maximum profit is $309.50 per contract and the computed maximum loss is -$190.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a CATH bull call spread?: The breakeven for the CATH bull call spread priced on this page is roughly $90.91 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 CATH market-implied 1-standard-deviation expected move in the same options snapshot is approximately 4.50%; 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 CATH?: Bull call spreads on CATH reduce the cost of a bullish CATH 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 CATH implied volatility affect this bull call spread?: Current CATH ATM IV is 15.70%; IV rank context is unavailable in the current snapshot.