How are CCUP 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 CCUP bull call spread priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 131.90%), the computed maximum profit is $57.50 per contract and the computed maximum loss is -$42.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a CCUP bull call spread?

The breakeven for the CCUP bull call spread priced on this page is roughly $21.43 at expiration, derived from the September 29, 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 CCUP market-implied 1-standard-deviation expected move in the same options snapshot is approximately 37.81%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

CCUP ATM IV is at 131.90% with IV rank near 27.69%, 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.

CCUP Bull Call Spread Strategy

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

The fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in financial instruments that are designed to provide, in the aggregate, 200% exposure to the price performance of CRCL on a daily basis. The fund is non-diversified.

CCUP (T-REX 2X Long CRCL Daily Target ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $42.1M, a beta of 1.30 versus the broader market, a 52-week range of 11.8-216.3, average daily share volume of 466K, a public-listing history dating back to 2025. These structural characteristics shape how CCUP etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.30 places CCUP roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.

What is a bull call spread on CCUP?

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.

CCUP snapshot

As of September 29, 2026, spot at $21.38, ATM IV 131.90%, IV rank 27.69%, expected move 37.81%. The bull call spread on CCUP below is built from the September 29, 2026 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 CCUP specifically: CCUP IV at 131.90% is on the cheap side of its 1-year range, which favors premium-buying structures like a CCUP bull call spread, with a market-implied 1-standard-deviation move of approximately 37.81% (roughly $8.08 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 CCUP expiries trade a higher absolute premium for lower per-day decay. Position sizing on CCUP should anchor to the underlying notional of $21.38 per share and to the trader's directional view on CCUP etf.

CCUP bull call spread setup

The CCUP bull call spread below is built from the September 29, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With CCUP at $21.38 on that close, the first option leg uses a $21.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CCUP 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 CCUP shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$21.00	$2.68
Sell 1	Call	$22.00	$2.25

CCUP bull call spread risk and reward

Net Premium / Debit: -$42.50
Max Profit (per contract): $57.50
Max Loss (per contract): -$42.50
Breakeven(s): $21.43
Risk / Reward Ratio: 1.353

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.

CCUP bull call spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bull call spread on CCUP. 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%	-$42.50
$4.74	-77.8%	-$42.50
$9.46	-55.7%	-$42.50
$14.19	-33.6%	-$42.50
$18.91	-11.5%	-$42.50
$23.64	+10.6%	+$57.50
$28.37	+32.7%	+$57.50
$33.09	+54.8%	+$57.50
$37.82	+76.9%	+$57.50
$42.55	+99.0%	+$57.50

When traders use bull call spread on CCUP

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

CCUP thesis for this bull call spread

The market-implied 1-standard-deviation range for CCUP extends from approximately $13.30 on the downside to $29.46 on the upside. A CCUP bull call spread caps both the risk and the reward of a bullish position; relative to an outright long call on CCUP, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current CCUP IV rank near 27.69% 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 CCUP at 131.90%. As a Financial Services name, CCUP options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CCUP-specific events.

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

Frequently asked questions

What is a bull call spread on CCUP?: A bull call spread on CCUP is the bull call spread strategy applied to CCUP (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 CCUP etf at $21.38 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed CCUP chain strike and the premiums come straight from that session's bid/ask midpoint.
How are CCUP 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 CCUP bull call spread priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 131.90%), the computed maximum profit is $57.50 per contract and the computed maximum loss is -$42.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a CCUP bull call spread?: The breakeven for the CCUP bull call spread priced on this page is roughly $21.43 at expiration, derived from the September 29, 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 CCUP market-implied 1-standard-deviation expected move in the same options snapshot is approximately 37.81%; 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 CCUP?: Bull call spreads on CCUP reduce the cost of a bullish CCUP 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 CCUP implied volatility affect this bull call spread?: CCUP ATM IV is at 131.90% with IV rank near 27.69%, 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.