How are GREK 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 GREK covered call priced from the September 30, 2026 end-of-day chain at a 30-day expiry (ATM IV 30.00%), the computed maximum profit is $478.00 per contract and the computed maximum loss is -$8,521.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a GREK covered call?

The breakeven for the GREK covered call priced on this page is roughly $85.22 at expiration, derived from the September 30, 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 GREK market-implied 1-standard-deviation expected move in the same options snapshot is approximately 8.60%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current GREK implied volatility affect this covered call?

GREK ATM IV is at 30.00% with IV rank near 49.41%, 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.

GREK Covered Call Strategy

GREK (Global X - MSCI Greece ETF), in the Financial Services sector, (Asset Management - Global industry), listed on AMEX.

The Global X MSCI Greece ETF, trading under the ticker GREK, aims to closely replicate the overall investment performance—including both capital appreciation and income—of the MSCI All Greece Select 25/50 Index. Its objective is to match these returns before any operating expenses or management fees are taken into account.

GREK (Global X - MSCI Greece ETF) trades in the Financial Services sector, specifically Asset Management - Global, with a market capitalization of approximately $455.2M, a beta of 0.88 versus the broader market, a 52-week range of 60.53-87.68, average daily share volume of 74K, a public-listing history dating back to 2011. These structural characteristics shape how GREK etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.88 places GREK roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. GREK pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a covered call on GREK?

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.

GREK snapshot

As of September 30, 2026, spot at $86.08, ATM IV 30.00%, IV rank 49.41%, expected move 8.60%. The covered call on GREK below is built from the September 30, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 16-day expiry.

Why this covered call structure on GREK specifically: GREK IV at 30.00% is mid-range versus its 1-year history, so the credit collected on a GREK covered call sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 8.60% (roughly $7.40 on the underlying). The 16-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated GREK expiries trade a higher absolute premium for lower per-day decay. Position sizing on GREK should anchor to the underlying notional of $86.08 per share and to the trader's directional view on GREK etf.

GREK covered call setup

The GREK covered call below is built from the September 30, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With GREK at $86.08 on that close, the first option leg uses a $90.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed GREK chain at a 16-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 GREK shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 100 shares	Stock	$86.08	long
Sell 1	Call	$90.00	$0.86

GREK covered call risk and reward

Net Premium / Debit: -$8,522.00
Max Profit (per contract): $478.00
Max Loss (per contract): -$8,521.00
Breakeven(s): $85.22
Risk / Reward Ratio: 0.056

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.

GREK covered call payoff curve

Modeled P&L at expiration across a range of underlying prices for the covered call on GREK. 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%	-$8,521.00
$19.04	-77.9%	-$6,617.83
$38.07	-55.8%	-$4,714.67
$57.10	-33.7%	-$2,811.50
$76.14	-11.6%	-$908.34
$95.17	+10.6%	+$478.00
$114.20	+32.7%	+$478.00
$133.23	+54.8%	+$478.00
$152.26	+76.9%	+$478.00
$171.29	+99.0%	+$478.00

When traders use covered call on GREK

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

GREK thesis for this covered call

The market-implied 1-standard-deviation range for GREK extends from approximately $78.68 on the downside to $93.48 on the upside. A GREK covered call collects premium on an existing long GREK position, trading off upside above the short call strike for immediate income; the short strike selection should reflect the trader's view on whether GREK will breach that level within the expiration window. Current GREK IV rank near 49.41% is mid-range against its 1-year distribution, so the IV signal is neutral; the covered call thesis on GREK should anchor more to the directional view and the expected-move geometry. As a Financial Services name, GREK options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to GREK-specific events.

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

Frequently asked questions

What is a covered call on GREK?: A covered call on GREK is the covered call strategy applied to GREK (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 GREK etf at $86.08 on the September 30, 2026 close, the strikes shown on this page are snapped to the nearest listed GREK chain strike and the premiums come straight from that session's bid/ask midpoint.
How are GREK 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 GREK covered call priced from the September 30, 2026 end-of-day chain at a 30-day expiry (ATM IV 30.00%), the computed maximum profit is $478.00 per contract and the computed maximum loss is -$8,521.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a GREK covered call?: The breakeven for the GREK covered call priced on this page is roughly $85.22 at expiration, derived from the September 30, 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 GREK market-implied 1-standard-deviation expected move in the same options snapshot is approximately 8.60%; 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 GREK?: Covered calls on GREK are an income strategy run on existing GREK 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 GREK implied volatility affect this covered call?: GREK ATM IV is at 30.00% with IV rank near 49.41%, 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.