How are KORU 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 KORU bull call spread priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 149.83%), the computed maximum profit is $52.50 per contract and the computed maximum loss is -$47.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a KORU bull call spread?

The breakeven for the KORU bull call spread priced on this page is roughly $22.48 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 KORU market-implied 1-standard-deviation expected move in the same options snapshot is approximately 42.96%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

KORU ATM IV is at 149.83% with IV rank near 40.04%, 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.

KORU Bull Call Spread Strategy

KORU (Direxion Daily MSCI South Korea Bull 3X ETF), in the Financial Services sector, (Asset Management - Leveraged industry), listed on AMEX.

The Direxion Daily MSCI South Korea Bull 3X ETF aims to provide daily returns that are triple (300%) the performance of the MSCI Korea 25/50 Index. This target is measured prior to the deduction of any fees and operating expenses. However, investors should be aware that there is no guarantee the fund will consistently meet its stated objective.

KORU (Direxion Daily MSCI South Korea Bull 3X ETF) trades in the Financial Services sector, specifically Asset Management - Leveraged, with a market capitalization of approximately $1.51B, a beta of 6.02 versus the broader market, a 52-week range of 3.7615-63.985, average daily share volume of 24.7M, a public-listing history dating back to 2013. These structural characteristics shape how KORU etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 6.02 indicates KORU has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. KORU 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 KORU?

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.

KORU snapshot

As of August 14, 2026, spot at $21.55, ATM IV 149.83%, IV rank 40.04%, expected move 42.96%. The bull call spread on KORU 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 28-day expiry.

Why this bull call spread structure on KORU specifically: KORU IV at 149.83% 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 42.96% (roughly $9.26 on the underlying). The 28-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated KORU expiries trade a higher absolute premium for lower per-day decay. Position sizing on KORU should anchor to the underlying notional of $21.55 per share and to the trader's directional view on KORU etf.

KORU bull call spread setup

The KORU 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 KORU at $21.55 on that close, the first option leg uses a $22.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed KORU chain at a 28-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 KORU shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$22.00	$3.40
Sell 1	Call	$23.00	$2.93

KORU bull call spread risk and reward

Net Premium / Debit: -$47.50
Max Profit (per contract): $52.50
Max Loss (per contract): -$47.50
Breakeven(s): $22.48
Risk / Reward Ratio: 1.105

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.

KORU bull call spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bull call spread on KORU. 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%	-$47.50
$4.77	-77.8%	-$47.50
$9.54	-55.7%	-$47.50
$14.30	-33.6%	-$47.50
$19.06	-11.5%	-$47.50
$23.83	+10.6%	+$52.50
$28.59	+32.7%	+$52.50
$33.36	+54.8%	+$52.50
$38.12	+76.9%	+$52.50
$42.88	+99.0%	+$52.50

When traders use bull call spread on KORU

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

KORU thesis for this bull call spread

The market-implied 1-standard-deviation range for KORU extends from approximately $12.29 on the downside to $30.81 on the upside. A KORU bull call spread caps both the risk and the reward of a bullish position; relative to an outright long call on KORU, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current KORU IV rank near 40.04% is mid-range against its 1-year distribution, so the IV signal is neutral; the bull call spread thesis on KORU should anchor more to the directional view and the expected-move geometry. As a Financial Services name, KORU options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to KORU-specific events.

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

Frequently asked questions

What is a bull call spread on KORU?: A bull call spread on KORU is the bull call spread strategy applied to KORU (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 KORU etf at $21.55 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed KORU chain strike and the premiums come straight from that session's bid/ask midpoint.
How are KORU 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 KORU bull call spread priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 149.83%), the computed maximum profit is $52.50 per contract and the computed maximum loss is -$47.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a KORU bull call spread?: The breakeven for the KORU bull call spread priced on this page is roughly $22.48 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 KORU market-implied 1-standard-deviation expected move in the same options snapshot is approximately 42.96%; 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 KORU?: Bull call spreads on KORU reduce the cost of a bullish KORU 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 KORU implied volatility affect this bull call spread?: KORU ATM IV is at 149.83% with IV rank near 40.04%, 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.