How are FIGG 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 FIGG covered call priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 147.40%), the computed maximum profit is $496.00 per contract and the computed maximum loss is -$2,003.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a FIGG covered call?

The breakeven for the FIGG covered call priced on this page is roughly $20.04 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 FIGG market-implied 1-standard-deviation expected move in the same options snapshot is approximately 42.26%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current FIGG implied volatility affect this covered call?

FIGG ATM IV is at 147.40% with IV rank near 26.66%, 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.

FIGG Covered Call Strategy

FIGG (Leverage Shares 2x Long FIG Daily ETF), in the Financial Services sector, (Asset Management - Leveraged industry), listed on NASDAQ.

The Leverage Shares 2x Long FIG Daily ETF, identified by its ticker FIGG, is a financial product specifically tailored for active traders aiming to significantly amplify their short-term market gains. This fund is engineered to provide twice (200%) the daily return, or loss, of FIG stock. As a "bullish" or "long" investment, it's designed to profit from upward price movements, with its leveraged exposure resetting each day. All reported performance is net of the ETF's operational fees and expenses.

FIGG (Leverage Shares 2x Long FIG Daily ETF) trades in the Financial Services sector, specifically Asset Management - Leveraged, with a market capitalization of approximately $13.0M, a beta of 2.61 versus the broader market, a 52-week range of 12.4-326.8, average daily share volume of 253K, a public-listing history dating back to 2025. These structural characteristics shape how FIGG etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 2.61 indicates FIGG 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 FIGG?

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.

FIGG snapshot

As of August 14, 2026, spot at $24.14, ATM IV 147.40%, IV rank 26.66%, expected move 42.26%. The covered call on FIGG 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 covered call structure on FIGG specifically: FIGG IV at 147.40% is on the cheap side of its 1-year range, which means a premium-selling FIGG covered call collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 42.26% (roughly $10.20 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 FIGG expiries trade a higher absolute premium for lower per-day decay. Position sizing on FIGG should anchor to the underlying notional of $24.14 per share and to the trader's directional view on FIGG etf.

FIGG covered call setup

The FIGG 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 FIGG at $24.14 on that close, 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 FIGG 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 FIGG shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 100 shares	Stock	$24.14	long
Sell 1	Call	$25.00	$4.10

FIGG covered call risk and reward

Net Premium / Debit: -$2,004.00
Max Profit (per contract): $496.00
Max Loss (per contract): -$2,003.00
Breakeven(s): $20.04
Risk / Reward Ratio: 0.248

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.

FIGG covered call payoff curve

Modeled P&L at expiration across a range of underlying prices for the covered call on FIGG. 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%	-$2,003.00
$5.35	-77.9%	-$1,469.36
$10.68	-55.7%	-$935.72
$16.02	-33.6%	-$402.09
$21.36	-11.5%	+$131.55
$26.69	+10.6%	+$496.00
$32.03	+32.7%	+$496.00
$37.36	+54.8%	+$496.00
$42.70	+76.9%	+$496.00
$48.04	+99.0%	+$496.00

When traders use covered call on FIGG

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

FIGG thesis for this covered call

The market-implied 1-standard-deviation range for FIGG extends from approximately $13.94 on the downside to $34.34 on the upside. A FIGG covered call collects premium on an existing long FIGG position, trading off upside above the short call strike for immediate income; the short strike selection should reflect the trader's view on whether FIGG will breach that level within the expiration window. Current FIGG IV rank near 26.66% 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 FIGG at 147.40%. As a Financial Services name, FIGG options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to FIGG-specific events.

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

Frequently asked questions

What is a covered call on FIGG?: A covered call on FIGG is the covered call strategy applied to FIGG (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 FIGG etf at $24.14 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed FIGG chain strike and the premiums come straight from that session's bid/ask midpoint.
How are FIGG 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 FIGG covered call priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 147.40%), the computed maximum profit is $496.00 per contract and the computed maximum loss is -$2,003.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a FIGG covered call?: The breakeven for the FIGG covered call priced on this page is roughly $20.04 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 FIGG market-implied 1-standard-deviation expected move in the same options snapshot is approximately 42.26%; 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 FIGG?: Covered calls on FIGG are an income strategy run on existing FIGG 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 FIGG implied volatility affect this covered call?: FIGG ATM IV is at 147.40% with IV rank near 26.66%, 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.