How are SKHA 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 SKHA bull call spread priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 110.00%), the computed maximum profit is $112.50 per contract and the computed maximum loss is -$87.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a SKHA bull call spread?

The breakeven for the SKHA bull call spread priced on this page is roughly $37.88 at expiration, derived from the September 29, 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 SKHA market-implied 1-standard-deviation expected move in the same options snapshot is approximately 31.54%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

Current SKHA ATM IV is 110.00%; IV rank context is unavailable in the current snapshot.

SKHA Bull Call Spread Strategy

SKHA (Investment Managers Series Trust II - Tradr 2X Long SK Hynix Daily ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.

SKHA uses swap agreements and listed call options to make bullish bets on the share price of SK hynix, Inc. (Nasdaq: SKHY). The fund may also invest directly in SKHY. SK hynix, Inc. engages in the design, manufacture, and sale of semiconductor products. Its products include dynamic random access memory, not-AND flash memory, and multi-chip package. The fund seeks to maintain daily leveraged exposure equivalent to 200% of the daily percentage change in SKHY price through daily rebalancing. Returns may deviate from the expected 2x if held for longer than a single day due to factors such as volatility and compounding effects.

SKHA (Investment Managers Series Trust II - Tradr 2X Long SK Hynix Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $723,889, a beta of 0.00 versus the broader market, a 52-week range of 19.25-43.62, average daily share volume of 8K, a public-listing history dating back to 2026. These structural characteristics shape how SKHA etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.00 indicates SKHA 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 SKHA?

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.

SKHA snapshot

As of September 29, 2026, spot at $37.22, ATM IV 110.00%, expected move 31.54%. The bull call spread on SKHA below is built from the September 29, 2026 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 bull call spread structure on SKHA specifically: IV rank is unavailable in the current snapshot, so regime-based timing for SKHA is inferred from ATM IV at 110.00% alone, with a market-implied 1-standard-deviation move of approximately 31.54% (roughly $11.74 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 SKHA expiries trade a higher absolute premium for lower per-day decay. Position sizing on SKHA should anchor to the underlying notional of $37.22 per share and to the trader's directional view on SKHA etf.

SKHA bull call spread setup

The SKHA bull call spread below is built from the September 29, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With SKHA at $37.22 on that close, the first option leg uses a $37.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SKHA 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 SKHA shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$37.00	$3.75
Sell 1	Call	$39.00	$2.88

SKHA bull call spread risk and reward

Net Premium / Debit: -$87.50
Max Profit (per contract): $112.50
Max Loss (per contract): -$87.50
Breakeven(s): $37.88
Risk / Reward Ratio: 1.286

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.

SKHA bull call spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bull call spread on SKHA. 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%	-$87.50
$8.24	-77.9%	-$87.50
$16.47	-55.8%	-$87.50
$24.70	-33.7%	-$87.50
$32.92	-11.5%	-$87.50
$41.15	+10.6%	+$112.50
$49.38	+32.7%	+$112.50
$57.61	+54.8%	+$112.50
$65.84	+76.9%	+$112.50
$74.07	+99.0%	+$112.50

When traders use bull call spread on SKHA

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

SKHA thesis for this bull call spread

The market-implied 1-standard-deviation range for SKHA extends from approximately $25.48 on the downside to $48.96 on the upside. A SKHA bull call spread caps both the risk and the reward of a bullish position; relative to an outright long call on SKHA, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. As a Financial Services name, SKHA options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SKHA-specific events.

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

Frequently asked questions

What is a bull call spread on SKHA?: A bull call spread on SKHA is the bull call spread strategy applied to SKHA (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 SKHA etf at $37.22 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed SKHA chain strike and the premiums come straight from that session's bid/ask midpoint.
How are SKHA 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 SKHA bull call spread priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 110.00%), the computed maximum profit is $112.50 per contract and the computed maximum loss is -$87.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a SKHA bull call spread?: The breakeven for the SKHA bull call spread priced on this page is roughly $37.88 at expiration, derived from the September 29, 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 SKHA market-implied 1-standard-deviation expected move in the same options snapshot is approximately 31.54%; 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 SKHA?: Bull call spreads on SKHA reduce the cost of a bullish SKHA 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 SKHA implied volatility affect this bull call spread?: Current SKHA ATM IV is 110.00%; IV rank context is unavailable in the current snapshot.