SPAX Long Call Strategy
SPAX (T-Rex 2X Long SpaceX Daily Target ETF), in the Financial Services sector, (Asset Management - Leveraged industry), listed on AMEX.
The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of SpaceX. The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.
SPAX (T-Rex 2X Long SpaceX Daily Target ETF) trades in the Financial Services sector, specifically Asset Management - Leveraged, with a market capitalization of approximately $20.0M, a beta of -0.65 versus the broader market, a 52-week range of 5.36-28.05, average daily share volume of 2.4M, a public-listing history dating back to 2021. These structural characteristics shape how SPAX etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of -0.65 indicates SPAX 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 long call on SPAX?
A long call buys upside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes above the strike plus premium at expiration.
SPAX snapshot
As of September 29, 2026, spot at $9.98, ATM IV 90.40%, expected move 25.92%. The long call on SPAX 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 long call structure on SPAX specifically: IV rank is unavailable in the current snapshot, so regime-based timing for SPAX is inferred from ATM IV at 90.40% alone, with a market-implied 1-standard-deviation move of approximately 25.92% (roughly $2.59 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 SPAX expiries trade a higher absolute premium for lower per-day decay. Position sizing on SPAX should anchor to the underlying notional of $9.98 per share and to the trader's directional view on SPAX etf.
SPAX long call setup
The SPAX long call 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 SPAX at $9.98 on that close, the first option leg uses a $10.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SPAX 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 SPAX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $10.00 | $0.70 |
SPAX long call risk and reward
- Net Premium / Debit
- -$70.00
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- -$70.00
- Breakeven(s)
- $10.70
- Risk / Reward Ratio
- Unbounded
Max profit is unbounded; max loss equals the premium paid times 100. Breakeven is strike plus premium.
SPAX long call payoff curve
Modeled P&L at expiration across a range of underlying prices for the long call on SPAX. 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 | -99.9% | -$70.00 |
| $2.22 | -77.8% | -$70.00 |
| $4.42 | -55.7% | -$70.00 |
| $6.63 | -33.6% | -$70.00 |
| $8.83 | -11.5% | -$70.00 |
| $11.04 | +10.6% | +$33.76 |
| $13.24 | +32.7% | +$254.32 |
| $15.45 | +54.8% | +$474.87 |
| $17.65 | +76.9% | +$695.42 |
| $19.86 | +99.0% | +$915.97 |
When traders use long call on SPAX
Long calls on SPAX express a bullish thesis with defined risk; traders use them ahead of SPAX catalysts (earnings, product launches, macro events) when the expected upside justifies the premium and theta decay.
SPAX thesis for this long call
The market-implied 1-standard-deviation range for SPAX extends from approximately $7.39 on the downside to $12.57 on the upside. A SPAX long call expresses a directional view that the underlying closes above the strike plus premium at expiration, ideally with implied volatility holding or expanding to preserve extrinsic value through the hold period. As a Financial Services name, SPAX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SPAX-specific events.
SPAX long call positions are structurally 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. SPAX positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move SPAX alongside the broader basket even when SPAX-specific fundamentals are unchanged. Long-premium structures like a long call on SPAX 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 SPAX chain quotes before placing a trade.
Frequently asked questions
- What is a long call on SPAX?
- A long call on SPAX is the long call strategy applied to SPAX (etf). The strategy is structurally bullish: A long call buys upside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes above the strike plus premium at expiration. With SPAX etf at $9.98 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed SPAX chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are SPAX long call max profit and max loss calculated?
- Max profit is unbounded; max loss equals the premium paid times 100. Breakeven is strike plus premium. For the SPAX long call priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 90.40%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$70.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a SPAX long call?
- The breakeven for the SPAX long call priced on this page is roughly $10.70 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 SPAX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 25.92%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a long call on SPAX?
- Long calls on SPAX express a bullish thesis with defined risk; traders use them ahead of SPAX catalysts (earnings, product launches, macro events) when the expected upside justifies the premium and theta decay.
- How does current SPAX implied volatility affect this long call?
- Current SPAX ATM IV is 90.40%; IV rank context is unavailable in the current snapshot.