How are NUG 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 NUG bull call spread priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 76.10%), the computed maximum profit is $61.00 per contract and the computed maximum loss is -$39.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a NUG bull call spread?

The breakeven for the NUG bull call spread priced on this page is roughly $11.39 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 NUG market-implied 1-standard-deviation expected move in the same options snapshot is approximately 21.82%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

NUG ATM IV is at 76.10% with IV rank near 7.97%, 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.

NUG Bull Call Spread Strategy

NUG (Leverage Shares 2X Long NU Daily ETF), in the Financial Services sector, (Asset Management - Leveraged industry), listed on NASDAQ.

NUG is an exchange-traded fund designed to provide leveraged exposure to the daily performance of Nu Holdings (NYSE: NU) stock. Its primary goal is to generate returns equivalent to 200% of NU's daily price movements, essentially doubling a bullish bet on the stock. This 2x daily leverage is maintained primarily through swap agreements and daily rebalancing, where the fund adjusts its holdings in response to NU's price fluctuations. In addition to swaps, the fund may also employ a synthetic forward options strategy, depending on market conditions and operational considerations, to achieve its objective. It's crucial to understand that NUG is structured as a short-term, tactical trading instrument, not a long-term investment. Due to the effects of compounding, holding the fund for longer than a single day can lead to returns deviating significantly from the targeted 2x daily multiplier.

NUG (Leverage Shares 2X Long NU Daily ETF) trades in the Financial Services sector, specifically Asset Management - Leveraged, with a market capitalization of approximately $238,228, a beta of 0.41 versus the broader market, a 52-week range of 6.4-20.43, average daily share volume of 12K, a public-listing history dating back to 2016. These structural characteristics shape how NUG etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.41 indicates NUG has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.

What is a bull call spread on NUG?

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.

NUG snapshot

As of August 14, 2026, spot at $11.13, ATM IV 76.10%, IV rank 7.97%, expected move 21.82%. The bull call spread on NUG 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 7-day expiry.

Why this bull call spread structure on NUG specifically: NUG IV at 76.10% is on the cheap side of its 1-year range, which favors premium-buying structures like a NUG bull call spread, with a market-implied 1-standard-deviation move of approximately 21.82% (roughly $2.43 on the underlying). The 7-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated NUG expiries trade a higher absolute premium for lower per-day decay. Position sizing on NUG should anchor to the underlying notional of $11.13 per share and to the trader's directional view on NUG etf.

NUG bull call spread setup

The NUG 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 NUG at $11.13 on that close, the first option leg uses a $11.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed NUG chain at a 7-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 NUG shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$11.00	$0.71
Sell 1	Call	$12.00	$0.32

NUG bull call spread risk and reward

Net Premium / Debit: -$39.00
Max Profit (per contract): $61.00
Max Loss (per contract): -$39.00
Breakeven(s): $11.39
Risk / Reward Ratio: 1.564

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.

NUG bull call spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bull call spread on NUG. 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	-99.9%	-$39.00
$2.47	-77.8%	-$39.00
$4.93	-55.7%	-$39.00
$7.39	-33.6%	-$39.00
$9.85	-11.5%	-$39.00
$12.31	+10.6%	+$61.00
$14.77	+32.7%	+$61.00
$17.23	+54.8%	+$61.00
$19.69	+76.9%	+$61.00
$22.15	+99.0%	+$61.00

When traders use bull call spread on NUG

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

NUG thesis for this bull call spread

The market-implied 1-standard-deviation range for NUG extends from approximately $8.70 on the downside to $13.56 on the upside. A NUG bull call spread caps both the risk and the reward of a bullish position; relative to an outright long call on NUG, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current NUG IV rank near 7.97% 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 NUG at 76.10%. As a Financial Services name, NUG options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to NUG-specific events.

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

Frequently asked questions

What is a bull call spread on NUG?: A bull call spread on NUG is the bull call spread strategy applied to NUG (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 NUG etf at $11.13 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed NUG chain strike and the premiums come straight from that session's bid/ask midpoint.
How are NUG 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 NUG bull call spread priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 76.10%), the computed maximum profit is $61.00 per contract and the computed maximum loss is -$39.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a NUG bull call spread?: The breakeven for the NUG bull call spread priced on this page is roughly $11.39 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 NUG market-implied 1-standard-deviation expected move in the same options snapshot is approximately 21.82%; 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 NUG?: Bull call spreads on NUG reduce the cost of a bullish NUG 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 NUG implied volatility affect this bull call spread?: NUG ATM IV is at 76.10% with IV rank near 7.97%, 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.