How are CPXR 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 CPXR covered call priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 54.90%), the computed maximum profit is $382.50 per contract and the computed maximum loss is -$3,016.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a CPXR covered call?

The breakeven for the CPXR covered call priced on this page is roughly $30.17 at expiration, derived from the August 14, 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 CPXR market-implied 1-standard-deviation expected move in the same options snapshot is approximately 15.74%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current CPXR implied volatility affect this covered call?

CPXR ATM IV is at 54.90% with IV rank near 4.95%, 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.

CPXR Covered Call Strategy

CPXR (USCF Daily Target 2X Copper Index ETF), in the Financial Services sector, (Asset Management - Leveraged industry), listed on AMEX.

This actively managed exchange-traded fund (ETF) endeavors to meet its investment objective primarily by allocating capital to cash-settled copper futures contracts. It also maintains holdings in cash, cash equivalents, or premier securities, which serve as collateral to support these futures agreements. The fund is characterized by its non-diversified structure.

CPXR (USCF Daily Target 2X Copper Index ETF) trades in the Financial Services sector, specifically Asset Management - Leveraged, with a market capitalization of approximately $741,998, a beta of 0.62 versus the broader market, a 52-week range of 17.02-34.91, average daily share volume of 23K, a public-listing history dating back to 2025. These structural characteristics shape how CPXR etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.62 indicates CPXR has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. CPXR pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a covered call on CPXR?

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.

CPXR snapshot

As of August 14, 2026, spot at $32.50, ATM IV 54.90%, IV rank 4.95%, expected move 15.74%. The covered call on CPXR below is built from the August 14, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 63-day expiry.

Why this covered call structure on CPXR specifically: CPXR IV at 54.90% is on the cheap side of its 1-year range, which means a premium-selling CPXR covered call collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 15.74% (roughly $5.12 on the underlying). The 63-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CPXR expiries trade a higher absolute premium for lower per-day decay. Position sizing on CPXR should anchor to the underlying notional of $32.50 per share and to the trader's directional view on CPXR etf.

CPXR covered call setup

The CPXR covered call below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With CPXR at $32.50 on that close, the first option leg uses a $34.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CPXR chain at a 63-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 CPXR shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 100 shares	Stock	$32.50	long
Sell 1	Call	$34.00	$2.33

CPXR covered call risk and reward

Net Premium / Debit: -$3,017.50
Max Profit (per contract): $382.50
Max Loss (per contract): -$3,016.50
Breakeven(s): $30.17
Risk / Reward Ratio: 0.127

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.

CPXR covered call payoff curve

Modeled P&L at expiration across a range of underlying prices for the covered call on CPXR. 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%	-$3,016.50
$7.19	-77.9%	-$2,298.02
$14.38	-55.8%	-$1,579.54
$21.56	-33.6%	-$861.05
$28.75	-11.5%	-$142.57
$35.93	+10.6%	+$382.50
$43.12	+32.7%	+$382.50
$50.30	+54.8%	+$382.50
$57.49	+76.9%	+$382.50
$64.67	+99.0%	+$382.50

When traders use covered call on CPXR

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

CPXR thesis for this covered call

The market-implied 1-standard-deviation range for CPXR extends from approximately $27.38 on the downside to $37.62 on the upside. A CPXR covered call collects premium on an existing long CPXR position, trading off upside above the short call strike for immediate income; the short strike selection should reflect the trader's view on whether CPXR will breach that level within the expiration window. Current CPXR IV rank near 4.95% 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 CPXR at 54.90%. As a Financial Services name, CPXR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CPXR-specific events.

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

Frequently asked questions

What is a covered call on CPXR?: A covered call on CPXR is the covered call strategy applied to CPXR (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 CPXR etf at $32.50 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed CPXR chain strike and the premiums come straight from that session's bid/ask midpoint.
How are CPXR 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 CPXR covered call priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 54.90%), the computed maximum profit is $382.50 per contract and the computed maximum loss is -$3,016.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a CPXR covered call?: The breakeven for the CPXR covered call priced on this page is roughly $30.17 at expiration, derived from the August 14, 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 CPXR market-implied 1-standard-deviation expected move in the same options snapshot is approximately 15.74%; 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 CPXR?: Covered calls on CPXR are an income strategy run on existing CPXR 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 CPXR implied volatility affect this covered call?: CPXR ATM IV is at 54.90% with IV rank near 4.95%, 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.