How are COMB 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 COMB covered call priced from the end-of-day chain at a 30-day expiry (ATM IV 186.30%), the computed maximum profit is $129.00 per contract and the computed maximum loss is -$2,370.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a COMB covered call?

The breakeven for the COMB covered call priced on this page is roughly $23.71 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 COMB market-implied 1-standard-deviation expected move is approximately 53.41%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current COMB implied volatility affect this covered call?

COMB ATM IV is at 186.30% with IV rank near 39.71%, 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.

COMB Covered Call Strategy

COMB (GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.

The fund is an actively managed ETF that seeks to provide long-term capital appreciation, primarily through exposure to commodity futures markets. While the fund generally will seek exposure to the commodity futures markets included in the COMB Benchmark, it is not an index tracking ETF and will seek to enhance its performance, in part through a cash management strategy consisting of investments in investment grade fixed income securities. The fund is non-diversified.

COMB (GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $110.5M, a beta of 1.00 versus the broader market, a 52-week range of 20.23-28.05, average daily share volume of 83K, a public-listing history dating back to 2017. These structural characteristics shape how COMB etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.00 places COMB roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. COMB pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a covered call on COMB?

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 COMB snapshot

As of June 30, 2026, spot at $24.11, ATM IV 186.30%, IV rank 39.71%, expected move 53.41%. The covered call on COMB 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 17-day expiry.

Why this covered call structure on COMB specifically: COMB IV at 186.30% is mid-range versus its 1-year history, so the credit collected on a COMB covered call sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 53.41% (roughly $12.88 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 COMB expiries trade a higher absolute premium for lower per-day decay. Position sizing on COMB should anchor to the underlying notional of $24.11 per share and to the trader's directional view on COMB etf.

COMB covered call setup

The COMB 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 COMB near $24.11, the first option leg uses a $25.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed COMB 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 COMB shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 100 shares	Stock	$24.11	long
Sell 1	Call	$25.00	$0.40

COMB covered call risk and reward

Net Premium / Debit: -$2,371.00
Max Profit (per contract): $129.00
Max Loss (per contract): -$2,370.00
Breakeven(s): $23.71
Risk / Reward Ratio: 0.054

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.

COMB covered call payoff curve

Modeled P&L at expiration across a range of underlying prices for the covered call on COMB. 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%	-$2,370.00
$5.34	-77.9%	-$1,837.03
$10.67	-55.7%	-$1,304.05
$16.00	-33.6%	-$771.08
$21.33	-11.5%	-$238.10
$26.66	+10.6%	+$129.00
$31.99	+32.7%	+$129.00
$37.32	+54.8%	+$129.00
$42.65	+76.9%	+$129.00
$47.98	+99.0%	+$129.00

When traders use covered call on COMB

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

COMB thesis for this covered call

The market-implied 1-standard-deviation range for COMB extends from approximately $11.23 on the downside to $36.99 on the upside. A COMB covered call collects premium on an existing long COMB position, trading off upside above the short call strike for immediate income; the short strike selection should reflect the trader's view on whether COMB will breach that level within the expiration window. Current COMB IV rank near 39.71% is mid-range against its 1-year distribution, so the IV signal is neutral; the covered call thesis on COMB should anchor more to the directional view and the expected-move geometry. As a Financial Services name, COMB options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to COMB-specific events.

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

Frequently asked questions

What is a covered call on COMB?: A covered call on COMB is the covered call strategy applied to COMB (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 COMB etf trading near $24.11, the strikes shown on this page are snapped to the nearest listed COMB chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are COMB 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 COMB covered call priced from the end-of-day chain at a 30-day expiry (ATM IV 186.30%), the computed maximum profit is $129.00 per contract and the computed maximum loss is -$2,370.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a COMB covered call?: The breakeven for the COMB covered call priced on this page is roughly $23.71 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 COMB market-implied 1-standard-deviation expected move is approximately 53.41%; 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 COMB?: Covered calls on COMB are an income strategy run on existing COMB 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 COMB implied volatility affect this covered call?: COMB ATM IV is at 186.30% with IV rank near 39.71%, 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.