How are SEMY 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 SEMY bull call spread priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 91.30%), the computed maximum profit is $60.00 per contract and the computed maximum loss is -$40.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a SEMY bull call spread?

The breakeven for the SEMY bull call spread priced on this page is roughly $14.40 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 SEMY market-implied 1-standard-deviation expected move in the same options snapshot is approximately 26.17%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

Current SEMY ATM IV is 91.30%; IV rank context is unavailable in the current snapshot.

SEMY Bull Call Spread Strategy

SEMY (GraniteShares YieldBOOST Semiconductor ETF), in the Financial Services sector, (Asset Management - Leveraged industry), listed on NASDAQ.

The GraniteShares YieldBOOST Semiconductor ETF primarily aims to produce income at three times (300%) the rate obtained from selling options linked to the Semiconductor Index (ICESEMI). This is achieved by writing options on specific leveraged exchange-traded funds, which are themselves structured to deliver a 300% amplified daily return compared to the aforementioned Semiconductor Index. A secondary goal for the Fund is to gain exposure to the performance of these underlying leveraged ETFs, although any potential appreciation in value will be subject to a predetermined upper limit. Furthermore, the Fund may choose to implement measures to protect against downside risks, which could, in turn, impact the final net income generated.

SEMY (GraniteShares YieldBOOST Semiconductor ETF) trades in the Financial Services sector, specifically Asset Management - Leveraged, with a market capitalization of approximately $3.7M, a beta of 0.92 versus the broader market, a 52-week range of 13.52-25.81, average daily share volume of 248K, a public-listing history dating back to 2025. These structural characteristics shape how SEMY etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.92 places SEMY roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. SEMY 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 SEMY?

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.

SEMY snapshot

As of August 14, 2026, spot at $13.93, ATM IV 91.30%, expected move 26.17%. The bull call spread on SEMY 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 35-day expiry.

Why this bull call spread structure on SEMY specifically: IV rank is unavailable in the current snapshot, so regime-based timing for SEMY is inferred from ATM IV at 91.30% alone, with a market-implied 1-standard-deviation move of approximately 26.17% (roughly $3.65 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated SEMY expiries trade a higher absolute premium for lower per-day decay. Position sizing on SEMY should anchor to the underlying notional of $13.93 per share and to the trader's directional view on SEMY etf.

SEMY bull call spread setup

The SEMY 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 SEMY at $13.93 on that close, the first option leg uses a $14.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SEMY chain at a 35-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 SEMY shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$14.00	$1.57
Sell 1	Call	$15.00	$1.17

SEMY bull call spread risk and reward

Net Premium / Debit: -$40.00
Max Profit (per contract): $60.00
Max Loss (per contract): -$40.00
Breakeven(s): $14.40
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.

SEMY bull call spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bull call spread on SEMY. 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%	-$40.00
$3.09	-77.8%	-$40.00
$6.17	-55.7%	-$40.00
$9.25	-33.6%	-$40.00
$12.33	-11.5%	-$40.00
$15.40	+10.6%	+$60.00
$18.48	+32.7%	+$60.00
$21.56	+54.8%	+$60.00
$24.64	+76.9%	+$60.00
$27.72	+99.0%	+$60.00

When traders use bull call spread on SEMY

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

SEMY thesis for this bull call spread

The market-implied 1-standard-deviation range for SEMY extends from approximately $10.28 on the downside to $17.58 on the upside. A SEMY bull call spread caps both the risk and the reward of a bullish position; relative to an outright long call on SEMY, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. As a Financial Services name, SEMY options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SEMY-specific events.

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

Frequently asked questions

What is a bull call spread on SEMY?: A bull call spread on SEMY is the bull call spread strategy applied to SEMY (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 SEMY etf at $13.93 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed SEMY chain strike and the premiums come straight from that session's bid/ask midpoint.
How are SEMY 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 SEMY bull call spread priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 91.30%), the computed maximum profit is $60.00 per contract and the computed maximum loss is -$40.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a SEMY bull call spread?: The breakeven for the SEMY bull call spread priced on this page is roughly $14.40 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 SEMY market-implied 1-standard-deviation expected move in the same options snapshot is approximately 26.17%; 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 SEMY?: Bull call spreads on SEMY reduce the cost of a bullish SEMY 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 SEMY implied volatility affect this bull call spread?: Current SEMY ATM IV is 91.30%; IV rank context is unavailable in the current snapshot.