How are ETHD 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 ETHD bull call spread priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 97.90%), the computed maximum profit is $0.00 per contract and the computed maximum loss is $0.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a ETHD bull call spread?

The breakeven for the ETHD bull call spread priced on this page is no defined breakeven on the modeled curve 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 ETHD market-implied 1-standard-deviation expected move in the same options snapshot is approximately 28.07%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

ETHD ATM IV is at 97.90% with IV rank near 35.20%, 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.

ETHD Bull Call Spread Strategy

ETHD (ProShares - UltraShort Ether ETF), in the Financial Services sector, (Asset Management - Leveraged industry), listed on AMEX.

This ETF's objective is to achieve daily investment performance, before accounting for its fees and expenses, that is precisely two times the inverse (-2x) of the daily fluctuations of the Bloomberg Ethereum Index.

ETHD (ProShares - UltraShort Ether ETF) trades in the Financial Services sector, specifically Asset Management - Leveraged, with a market capitalization of approximately $82.3M, a beta of -3.93 versus the broader market, a 52-week range of 27.6-106.8, average daily share volume of 332K, a public-listing history dating back to 2024. These structural characteristics shape how ETHD etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of -3.93 indicates ETHD has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. ETHD 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 ETHD?

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.

ETHD snapshot

As of August 14, 2026, spot at $58.96, ATM IV 97.90%, IV rank 35.20%, expected move 28.07%. The bull call spread on ETHD 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 35-day expiry.

Why this bull call spread structure on ETHD specifically: ETHD IV at 97.90% is mid-range versus its 1-year history, so strategy selection should anchor more to the directional thesis than to the IV regime, with a market-implied 1-standard-deviation move of approximately 28.07% (roughly $16.55 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated ETHD expiries trade a higher absolute premium for lower per-day decay. Position sizing on ETHD should anchor to the underlying notional of $58.96 per share and to the trader's directional view on ETHD etf.

ETHD bull call spread setup

The ETHD bull call spread 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 ETHD at $58.96 on that close, the first option leg uses a $60.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ETHD chain at a 35-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 ETHD shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$60.00	$6.10
Sell 1	Call	$60.00	$6.10

ETHD bull call spread risk and reward

Net Premium / Debit: $0.00
Max Profit (per contract): $0.00
Max Loss (per contract): $0.00
Breakeven(s): None on modeled curve
Risk / Reward Ratio: N/A

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.

ETHD bull call spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bull call spread on ETHD. 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%	$0.00
$13.05	-77.9%	$0.00
$26.08	-55.8%	$0.00
$39.12	-33.7%	$0.00
$52.15	-11.5%	$0.00
$65.19	+10.6%	$0.00
$78.22	+32.7%	$0.00
$91.26	+54.8%	$0.00
$104.29	+76.9%	$0.00
$117.33	+99.0%	$0.00

When traders use bull call spread on ETHD

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

ETHD thesis for this bull call spread

The market-implied 1-standard-deviation range for ETHD extends from approximately $42.41 on the downside to $75.51 on the upside. A ETHD bull call spread caps both the risk and the reward of a bullish position; relative to an outright long call on ETHD, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current ETHD IV rank near 35.20% is mid-range against its 1-year distribution, so the IV signal is neutral; the bull call spread thesis on ETHD should anchor more to the directional view and the expected-move geometry. As a Financial Services name, ETHD options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ETHD-specific events.

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

Frequently asked questions

What is a bull call spread on ETHD?: A bull call spread on ETHD is the bull call spread strategy applied to ETHD (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 ETHD etf at $58.96 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed ETHD chain strike and the premiums come straight from that session's bid/ask midpoint.
How are ETHD 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 ETHD bull call spread priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 97.90%), the computed maximum profit is $0.00 per contract and the computed maximum loss is $0.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a ETHD bull call spread?: The breakeven for the ETHD bull call spread priced on this page is no defined breakeven on the modeled curve 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 ETHD market-implied 1-standard-deviation expected move in the same options snapshot is approximately 28.07%; 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 ETHD?: Bull call spreads on ETHD reduce the cost of a bullish ETHD 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 ETHD implied volatility affect this bull call spread?: ETHD ATM IV is at 97.90% with IV rank near 35.20%, 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.