QCML Bull Call Spread Strategy
QCML (GraniteShares 2x Long QCOM Daily ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.
The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Qualcomm Inc, (NASDAQ: QCOM) There is no guarantee that the Fund will meet its stated objective. The fund should not be expected to provide 2 times the cumulative return of QCOM for periods greater than a day.
QCML (GraniteShares 2x Long QCOM Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $8.0M, a beta of 4.70 versus the broader market, a 52-week range of 10.46-40, average daily share volume of 714K, a public-listing history dating back to 2025. These structural characteristics shape how QCML etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 4.70 indicates QCML has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.
What is a bull call spread on QCML?
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 QCML snapshot
As of May 15, 2026, spot at $26.67, ATM IV 144.10%, IV rank 22.11%, expected move 41.31%. The bull call spread on QCML 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 34-day expiry.
Why this bull call spread structure on QCML specifically: QCML IV at 144.10% is on the cheap side of its 1-year range, which favors premium-buying structures like a QCML bull call spread, with a market-implied 1-standard-deviation move of approximately 41.31% (roughly $11.02 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated QCML expiries trade a higher absolute premium for lower per-day decay. Position sizing on QCML should anchor to the underlying notional of $26.67 per share and to the trader's directional view on QCML etf.
QCML bull call spread setup
The QCML 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 QCML near $26.67, the first option leg uses a $27.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed QCML chain at a 34-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 QCML shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $27.00 | $3.95 |
| Sell 1 | Call | $28.00 | $3.65 |
QCML bull call spread risk and reward
- Net Premium / Debit
- -$30.00
- Max Profit (per contract)
- $70.00
- Max Loss (per contract)
- -$30.00
- Breakeven(s)
- $27.30
- Risk / Reward Ratio
- 2.333
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.
QCML bull call spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bull call spread on QCML. 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% | -$30.00 |
| $5.91 | -77.9% | -$30.00 |
| $11.80 | -55.7% | -$30.00 |
| $17.70 | -33.6% | -$30.00 |
| $23.59 | -11.5% | -$30.00 |
| $29.49 | +10.6% | +$70.00 |
| $35.38 | +32.7% | +$70.00 |
| $41.28 | +54.8% | +$70.00 |
| $47.18 | +76.9% | +$70.00 |
| $53.07 | +99.0% | +$70.00 |
When traders use bull call spread on QCML
Bull call spreads on QCML reduce the cost of a bullish QCML etf position by selling a higher-strike call; suited to moderate-move theses where price reaches but does not vastly exceed the short strike.
QCML thesis for this bull call spread
The market-implied 1-standard-deviation range for QCML extends from approximately $15.65 on the downside to $37.69 on the upside. A QCML bull call spread caps both the risk and the reward of a bullish position; relative to an outright long call on QCML, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current QCML IV rank near 22.11% 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 QCML at 144.10%. As a Financial Services name, QCML options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to QCML-specific events.
QCML 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. QCML positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move QCML alongside the broader basket even when QCML-specific fundamentals are unchanged. Long-premium structures like a bull call spread on QCML 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 QCML chain quotes before placing a trade.
Frequently asked questions
- What is a bull call spread on QCML?
- A bull call spread on QCML is the bull call spread strategy applied to QCML (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 QCML etf trading near $26.67, the strikes shown on this page are snapped to the nearest listed QCML chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are QCML 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 QCML bull call spread priced from the end-of-day chain at a 30-day expiry (ATM IV 144.10%), the computed maximum profit is $70.00 per contract and the computed maximum loss is -$30.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a QCML bull call spread?
- The breakeven for the QCML bull call spread priced on this page is roughly $27.30 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 QCML market-implied 1-standard-deviation expected move is approximately 41.31%; 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 QCML?
- Bull call spreads on QCML reduce the cost of a bullish QCML 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 QCML implied volatility affect this bull call spread?
- QCML ATM IV is at 144.10% with IV rank near 22.11%, 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.