How are SEMY 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 SEMY covered call priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 91.30%), the computed maximum profit is $224.00 per contract and the computed maximum loss is -$1,275.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a SEMY covered call?

The breakeven for the SEMY covered call priced on this page is roughly $12.76 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 covered call?

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

SEMY Covered Call 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 covered call on SEMY?

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.

SEMY snapshot

As of August 14, 2026, spot at $13.93, ATM IV 91.30%, expected move 26.17%. The covered call 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 covered call 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 covered call setup

The SEMY covered call 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 $15.00 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 100 shares	Stock	$13.93	long
Sell 1	Call	$15.00	$1.17

SEMY covered call risk and reward

Net Premium / Debit: -$1,276.00
Max Profit (per contract): $224.00
Max Loss (per contract): -$1,275.00
Breakeven(s): $12.76
Risk / Reward Ratio: 0.176

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.

SEMY covered call payoff curve

Modeled P&L at expiration across a range of underlying prices for the covered call 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%	-$1,275.00
$3.09	-77.8%	-$967.11
$6.17	-55.7%	-$659.22
$9.25	-33.6%	-$351.33
$12.33	-11.5%	-$43.44
$15.40	+10.6%	+$224.00
$18.48	+32.7%	+$224.00
$21.56	+54.8%	+$224.00
$24.64	+76.9%	+$224.00
$27.72	+99.0%	+$224.00

When traders use covered call on SEMY

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

SEMY thesis for this covered call

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 covered call collects premium on an existing long SEMY position, trading off upside above the short call strike for immediate income; the short strike selection should reflect the trader's view on whether SEMY will breach that level within the expiration window. 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 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. 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. Short-premium structures like a covered call on SEMY carry tail risk when realized volatility exceeds the implied move; review historical SEMY earnings reactions and macro stress periods before sizing. Always rebuild the position from current SEMY chain quotes before placing a trade.

Frequently asked questions

What is a covered call on SEMY?: A covered call on SEMY is the covered call strategy applied to SEMY (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 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 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 SEMY covered call priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 91.30%), the computed maximum profit is $224.00 per contract and the computed maximum loss is -$1,275.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a SEMY covered call?: The breakeven for the SEMY covered call priced on this page is roughly $12.76 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 covered call on SEMY?: Covered calls on SEMY are an income strategy run on existing SEMY 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 SEMY implied volatility affect this covered call?: Current SEMY ATM IV is 91.30%; IV rank context is unavailable in the current snapshot.