HIMZ Bull Call Spread Strategy
HIMZ (Daily Target 2X Long HIMS ETF), in the Financial Services sector, (Asset Management - Leveraged industry), listed on NASDAQ.
This exchange-traded fund, officially named the Defiance Daily Target 2X Short HIMS ETF (referred to as "the Fund"), is designed to deliver daily investment performance. Before accounting for fees and expenses, it seeks to provide results that are two times the inverse (-200%) of the day-to-day percentage shifts in the share price of Hims & Hers Health, Inc. (listed on the NYSE as HIMS). Given its strategy of seeking daily inverse leveraged returns, this Fund stands apart from most conventional exchange-traded funds, and there is no assurance that it will consistently meet its stated objective. Investors should be aware that holding this Fund for more than a single trading day means it is unlikely to achieve a cumulative return equal to -200% of HIMS's performance over that extended period.
HIMZ (Daily Target 2X Long HIMS ETF) trades in the Financial Services sector, specifically Asset Management - Leveraged, with a market capitalization of approximately $20.2M, a beta of 4.81 versus the broader market, a 52-week range of 12.376-557.48, average daily share volume of 1.0M, a public-listing history dating back to 2025. These structural characteristics shape how HIMZ etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 4.81 indicates HIMZ has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. HIMZ 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 HIMZ?
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.
Current HIMZ snapshot
As of June 29, 2026, spot at $46.72, ATM IV 184.20%, IV rank 23.44%, expected move 52.81%. The bull call spread on HIMZ 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 18-day expiry.
Why this bull call spread structure on HIMZ specifically: HIMZ IV at 184.20% is on the cheap side of its 1-year range, which favors premium-buying structures like a HIMZ bull call spread, with a market-implied 1-standard-deviation move of approximately 52.81% (roughly $24.67 on the underlying). The 18-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated HIMZ expiries trade a higher absolute premium for lower per-day decay. Position sizing on HIMZ should anchor to the underlying notional of $46.72 per share and to the trader's directional view on HIMZ etf.
HIMZ bull call spread setup
The HIMZ bull call spread below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With HIMZ near $46.72, the first option leg uses a $47.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed HIMZ chain at a 18-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 HIMZ shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $47.00 | $7.55 |
| Sell 1 | Call | $49.00 | $6.75 |
HIMZ bull call spread risk and reward
- Net Premium / Debit
- -$80.00
- Max Profit (per contract)
- $120.00
- Max Loss (per contract)
- -$80.00
- Breakeven(s)
- $47.80
- Risk / Reward Ratio
- 1.500
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.
HIMZ bull call spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bull call spread on HIMZ. 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.
| Underlying Price | % From Spot | P&L at Expiration |
|---|---|---|
| $0.01 | -100.0% | -$80.00 |
| $10.34 | -77.9% | -$80.00 |
| $20.67 | -55.8% | -$80.00 |
| $31.00 | -33.7% | -$80.00 |
| $41.33 | -11.5% | -$80.00 |
| $51.65 | +10.6% | +$120.00 |
| $61.98 | +32.7% | +$120.00 |
| $72.31 | +54.8% | +$120.00 |
| $82.64 | +76.9% | +$120.00 |
| $92.97 | +99.0% | +$120.00 |
When traders use bull call spread on HIMZ
Bull call spreads on HIMZ reduce the cost of a bullish HIMZ etf position by selling a higher-strike call; suited to moderate-move theses where price reaches but does not vastly exceed the short strike.
HIMZ thesis for this bull call spread
The market-implied 1-standard-deviation range for HIMZ extends from approximately $22.05 on the downside to $71.39 on the upside. A HIMZ bull call spread caps both the risk and the reward of a bullish position; relative to an outright long call on HIMZ, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current HIMZ IV rank near 23.44% 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 HIMZ at 184.20%. As a Financial Services name, HIMZ options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to HIMZ-specific events.
HIMZ 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. HIMZ positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move HIMZ alongside the broader basket even when HIMZ-specific fundamentals are unchanged. Long-premium structures like a bull call spread on HIMZ 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 HIMZ chain quotes before placing a trade.
Frequently asked questions
- What is a bull call spread on HIMZ?
- A bull call spread on HIMZ is the bull call spread strategy applied to HIMZ (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 HIMZ etf trading near $46.72, the strikes shown on this page are snapped to the nearest listed HIMZ chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are HIMZ 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 HIMZ bull call spread priced from the end-of-day chain at a 30-day expiry (ATM IV 184.20%), the computed maximum profit is $120.00 per contract and the computed maximum loss is -$80.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a HIMZ bull call spread?
- The breakeven for the HIMZ bull call spread priced on this page is roughly $47.80 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 HIMZ market-implied 1-standard-deviation expected move is approximately 52.81%; 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 HIMZ?
- Bull call spreads on HIMZ reduce the cost of a bullish HIMZ 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 HIMZ implied volatility affect this bull call spread?
- HIMZ ATM IV is at 184.20% with IV rank near 23.44%, 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.