CLSX Covered Call Strategy
CLSX (Tradr 2X Long CLSK Daily ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.
CLSX is a short-term tactical tool that aims to deliver twice (200%) the daily performance of Cleanspark, Inc. (CLSK), before fees and expenses. The fund primarily enters into total return swap agreements with major global financial institutions that mirror CLSKs daily returns. In case swaps are unavailable or less efficient, the fund may use FLEX call options or directly hold CLSK stock. Purchasers holding shares for longer than a day will need to monitor and rebalance their position frequently to attempt to achieve the 2x multiple. Purchasers should conduct their own individual stock research prior to initiating a position and trade with conviction. Due to the complexities of the product, shares tend to perform as anticipated only when the underlying shares are trending and holders are on the positive corresponding side of that trade.
CLSX (Tradr 2X Long CLSK Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $17.0M, a beta of 11.92 versus the broader market, a 52-week range of 7.46-118.09, average daily share volume of 334K, a public-listing history dating back to 2025. These structural characteristics shape how CLSX etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 11.92 indicates CLSX has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.
What is a covered call on CLSX?
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.
CLSX snapshot
As of September 29, 2026, spot at $13.27, ATM IV 149.00%, IV rank 33.54%, expected move 42.72%. The covered call on CLSX 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 80-day expiry.
Why this covered call structure on CLSX specifically: CLSX IV at 149.00% is mid-range versus its 1-year history, so the credit collected on a CLSX covered call sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 42.72% (roughly $5.67 on the underlying). The 80-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CLSX expiries trade a higher absolute premium for lower per-day decay. Position sizing on CLSX should anchor to the underlying notional of $13.27 per share and to the trader's directional view on CLSX etf.
CLSX covered call setup
The CLSX covered call 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 CLSX at $13.27 on that close, the first option leg uses a $14.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CLSX chain at a 80-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 CLSX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $13.27 | long |
| Sell 1 | Call | $14.00 | $3.65 |
CLSX covered call risk and reward
- Net Premium / Debit
- -$962.00
- Max Profit (per contract)
- $438.00
- Max Loss (per contract)
- -$961.00
- Breakeven(s)
- $9.62
- Risk / Reward Ratio
- 0.456
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.
CLSX covered call payoff curve
Modeled P&L at expiration across a range of underlying prices for the covered call on CLSX. 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% | -$961.00 |
| $2.94 | -77.8% | -$667.70 |
| $5.88 | -55.7% | -$374.41 |
| $8.81 | -33.6% | -$81.11 |
| $11.74 | -11.5% | +$212.19 |
| $14.67 | +10.6% | +$438.00 |
| $17.61 | +32.7% | +$438.00 |
| $20.54 | +54.8% | +$438.00 |
| $23.47 | +76.9% | +$438.00 |
| $26.41 | +99.0% | +$438.00 |
When traders use covered call on CLSX
Covered calls on CLSX are an income strategy run on existing CLSX etf positions; traders typically sell calls at 25-35 delta with 30-45 days to expiration to balance premium against upside cap.
CLSX thesis for this covered call
The market-implied 1-standard-deviation range for CLSX extends from approximately $7.60 on the downside to $18.94 on the upside. A CLSX covered call collects premium on an existing long CLSX position, trading off upside above the short call strike for immediate income; the short strike selection should reflect the trader's view on whether CLSX will breach that level within the expiration window. Current CLSX IV rank near 33.54% is mid-range against its 1-year distribution, so the IV signal is neutral; the covered call thesis on CLSX should anchor more to the directional view and the expected-move geometry. As a Financial Services name, CLSX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CLSX-specific events.
CLSX 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. CLSX positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CLSX alongside the broader basket even when CLSX-specific fundamentals are unchanged. Short-premium structures like a covered call on CLSX carry tail risk when realized volatility exceeds the implied move; review historical CLSX earnings reactions and macro stress periods before sizing. Always rebuild the position from current CLSX chain quotes before placing a trade.
Frequently asked questions
- What is a covered call on CLSX?
- A covered call on CLSX is the covered call strategy applied to CLSX (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 CLSX etf at $13.27 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed CLSX chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are CLSX 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 CLSX covered call priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 149.00%), the computed maximum profit is $438.00 per contract and the computed maximum loss is -$961.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a CLSX covered call?
- The breakeven for the CLSX covered call priced on this page is roughly $9.62 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 CLSX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 42.72%; 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 CLSX?
- Covered calls on CLSX are an income strategy run on existing CLSX 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 CLSX implied volatility affect this covered call?
- CLSX ATM IV is at 149.00% with IV rank near 33.54%, 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.