How are CNBS 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 CNBS bull call spread priced from the end-of-day chain at a 30-day expiry (ATM IV 69.90%), the computed maximum profit is $125.00 per contract and the computed maximum loss is -$75.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a CNBS bull call spread?

The breakeven for the CNBS bull call spread priced on this page is roughly $28.75 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 CNBS market-implied 1-standard-deviation expected move is approximately 20.04%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

CNBS ATM IV is at 69.90% with IV rank near 24.76%, 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.

CNBS Bull Call Spread Strategy

CNBS (Amplify Seymour Cannabis ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.

CNBS is an actively managed exchange-traded fund designed to offer broad U.S. market access to the cannabis sector. It invests across the diverse landscape of this industry, encompassing companies involved in cannabis cultivation (plants), essential operational support, and various ancillary businesses. The primary aim of CNBS is to generate capital appreciation for its investors.

CNBS (Amplify Seymour Cannabis ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $91.8M, a beta of 0.86 versus the broader market, a 52-week range of 14.6-43.94, average daily share volume of 13K, a public-listing history dating back to 2019. These structural characteristics shape how CNBS etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.86 places CNBS roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. CNBS 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 CNBS?

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 CNBS snapshot

As of June 30, 2026, spot at $28.43, ATM IV 69.90%, IV rank 24.76%, expected move 20.04%. The bull call spread on CNBS 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 52-day expiry.

Why this bull call spread structure on CNBS specifically: CNBS IV at 69.90% is on the cheap side of its 1-year range, which favors premium-buying structures like a CNBS bull call spread, with a market-implied 1-standard-deviation move of approximately 20.04% (roughly $5.70 on the underlying). The 52-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CNBS expiries trade a higher absolute premium for lower per-day decay. Position sizing on CNBS should anchor to the underlying notional of $28.43 per share and to the trader's directional view on CNBS etf.

CNBS bull call spread setup

The CNBS 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 CNBS near $28.43, the first option leg uses a $28.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CNBS chain at a 52-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 CNBS shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$28.00	$3.50
Sell 1	Call	$30.00	$2.75

CNBS bull call spread risk and reward

Net Premium / Debit: -$75.00
Max Profit (per contract): $125.00
Max Loss (per contract): -$75.00
Breakeven(s): $28.75
Risk / Reward Ratio: 1.667

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.

CNBS bull call spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bull call spread on CNBS. 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%	-$75.00
$6.29	-77.9%	-$75.00
$12.58	-55.8%	-$75.00
$18.86	-33.6%	-$75.00
$25.15	-11.5%	-$75.00
$31.43	+10.6%	+$125.00
$37.72	+32.7%	+$125.00
$44.00	+54.8%	+$125.00
$50.29	+76.9%	+$125.00
$56.57	+99.0%	+$125.00

When traders use bull call spread on CNBS

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

CNBS thesis for this bull call spread

The market-implied 1-standard-deviation range for CNBS extends from approximately $22.73 on the downside to $34.13 on the upside. A CNBS bull call spread caps both the risk and the reward of a bullish position; relative to an outright long call on CNBS, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current CNBS IV rank near 24.76% 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 CNBS at 69.90%. As a Financial Services name, CNBS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CNBS-specific events.

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

Frequently asked questions

What is a bull call spread on CNBS?: A bull call spread on CNBS is the bull call spread strategy applied to CNBS (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 CNBS etf trading near $28.43, the strikes shown on this page are snapped to the nearest listed CNBS chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are CNBS 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 CNBS bull call spread priced from the end-of-day chain at a 30-day expiry (ATM IV 69.90%), the computed maximum profit is $125.00 per contract and the computed maximum loss is -$75.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a CNBS bull call spread?: The breakeven for the CNBS bull call spread priced on this page is roughly $28.75 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 CNBS market-implied 1-standard-deviation expected move is approximately 20.04%; 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 CNBS?: Bull call spreads on CNBS reduce the cost of a bullish CNBS 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 CNBS implied volatility affect this bull call spread?: CNBS ATM IV is at 69.90% with IV rank near 24.76%, 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.