How are MNRS 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 MNRS covered call priced from the end-of-day chain at a 30-day expiry (ATM IV 75.10%), the computed maximum profit is $367.50 per contract and the computed maximum loss is -$4,031.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a MNRS covered call?

The breakeven for the MNRS covered call priced on this page is roughly $40.33 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 MNRS market-implied 1-standard-deviation expected move is approximately 21.53%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current MNRS implied volatility affect this covered call?

MNRS ATM IV is at 75.10% with IV rank near 67.92%, 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.

MNRS Covered Call Strategy

MNRS (Grayscale Bitcoin Miners ETF), in the Financial Services sector, (Asset Management - Cryptocurrency industry), listed on AMEX.

The Grayscale Bitcoin Miners ETF (MNRS) is designed to offer investors targeted participation in the Bitcoin mining industry and its broader ecosystem. It provides a gateway to companies that form the operational core of Bitcoin, a foundational element of the entire Bitcoin economy. MNRS concentrates its holdings on publicly listed global Bitcoin mining firms that are crucial to the security and functioning of the Bitcoin network. Ultimately, the fund endeavors to replicate the gross returns (before any fees or expenses) of its underlying benchmark, the Indxx Bitcoin Miners Index.

MNRS (Grayscale Bitcoin Miners ETF) trades in the Financial Services sector, specifically Asset Management - Cryptocurrency, with a market capitalization of approximately $6.6M, a beta of 4.47 versus the broader market, a 52-week range of 23.24-56.46, average daily share volume of 11K, a public-listing history dating back to 2025. These structural characteristics shape how MNRS etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 4.47 indicates MNRS has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. MNRS pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a covered call on MNRS?

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.

Current MNRS snapshot

As of June 30, 2026, spot at $42.25, ATM IV 75.10%, IV rank 67.92%, expected move 21.53%. The covered call on MNRS 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 17-day expiry.

Why this covered call structure on MNRS specifically: MNRS IV at 75.10% is mid-range versus its 1-year history, so the credit collected on a MNRS covered call sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 21.53% (roughly $9.10 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated MNRS expiries trade a higher absolute premium for lower per-day decay. Position sizing on MNRS should anchor to the underlying notional of $42.25 per share and to the trader's directional view on MNRS etf.

MNRS covered call setup

The MNRS covered call below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With MNRS near $42.25, the first option leg uses a $44.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed MNRS chain at a 17-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 MNRS shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 100 shares	Stock	$42.25	long
Sell 1	Call	$44.00	$1.93

MNRS covered call risk and reward

Net Premium / Debit: -$4,032.50
Max Profit (per contract): $367.50
Max Loss (per contract): -$4,031.50
Breakeven(s): $40.33
Risk / Reward Ratio: 0.091

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.

MNRS covered call payoff curve

Modeled P&L at expiration across a range of underlying prices for the covered call on MNRS. 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%	-$4,031.50
$9.35	-77.9%	-$3,097.44
$18.69	-55.8%	-$2,163.38
$28.03	-33.7%	-$1,229.32
$37.37	-11.5%	-$295.26
$46.71	+10.6%	+$367.50
$56.05	+32.7%	+$367.50
$65.39	+54.8%	+$367.50
$74.73	+76.9%	+$367.50
$84.08	+99.0%	+$367.50

When traders use covered call on MNRS

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

MNRS thesis for this covered call

The market-implied 1-standard-deviation range for MNRS extends from approximately $33.15 on the downside to $51.35 on the upside. A MNRS covered call collects premium on an existing long MNRS position, trading off upside above the short call strike for immediate income; the short strike selection should reflect the trader's view on whether MNRS will breach that level within the expiration window. Current MNRS IV rank near 67.92% is mid-range against its 1-year distribution, so the IV signal is neutral; the covered call thesis on MNRS should anchor more to the directional view and the expected-move geometry. As a Financial Services name, MNRS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to MNRS-specific events.

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

Frequently asked questions

What is a covered call on MNRS?: A covered call on MNRS is the covered call strategy applied to MNRS (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 MNRS etf trading near $42.25, the strikes shown on this page are snapped to the nearest listed MNRS chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are MNRS 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 MNRS covered call priced from the end-of-day chain at a 30-day expiry (ATM IV 75.10%), the computed maximum profit is $367.50 per contract and the computed maximum loss is -$4,031.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a MNRS covered call?: The breakeven for the MNRS covered call priced on this page is roughly $40.33 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 MNRS market-implied 1-standard-deviation expected move is approximately 21.53%; 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 MNRS?: Covered calls on MNRS are an income strategy run on existing MNRS 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 MNRS implied volatility affect this covered call?: MNRS ATM IV is at 75.10% with IV rank near 67.92%, 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.