How are STXU 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 STXU bull call spread priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 161.70%), the computed maximum profit is $67.50 per contract and the computed maximum loss is -$32.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a STXU bull call spread?

The breakeven for the STXU bull call spread priced on this page is roughly $13.33 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 STXU market-implied 1-standard-deviation expected move in the same options snapshot is approximately 46.36%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

Current STXU ATM IV is 161.70%; IV rank context is unavailable in the current snapshot.

STXU Bull Call Spread Strategy

STXU (Themes ETF Trust - Leverage Shares 2X Long STX Daily ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.

STXU is designedfor makingbullishbets on the stock price ofSeagate Technology Holdings plc (Nasdaq: STX), through swap agreements. Theobjectiveis to obtain daily leveraged exposure equivalent to 200% of the fund's net assets. Tomaintainthis exposure, daily rebalancing is performed tomake adjustmentsin response toSTX's daily price movements. As a geared product, the fund is intended as a short-term tactical tool, ratherthan asa long-term investment vehicle. As a result, returns may deviate from the expected 2x if held for longer than a single day due to compounding. This strategy is high-risk and does not include a defensive position as part of its overall process.

STXU (Themes ETF Trust - Leverage Shares 2X Long STX Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $5.8M, a beta of -3.14 versus the broader market, a 52-week range of 8.7-26.34, average daily share volume of 65K, a public-listing history dating back to 2026. These structural characteristics shape how STXU etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of -3.14 indicates STXU 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 STXU?

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.

STXU snapshot

As of September 29, 2026, spot at $13.50, ATM IV 161.70%, expected move 46.36%. The bull call spread on STXU 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 80-day expiry.

Why this bull call spread structure on STXU specifically: IV rank is unavailable in the current snapshot, so regime-based timing for STXU is inferred from ATM IV at 161.70% alone, with a market-implied 1-standard-deviation move of approximately 46.36% (roughly $6.26 on the underlying). The 80-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated STXU expiries trade a higher absolute premium for lower per-day decay. Position sizing on STXU should anchor to the underlying notional of $13.50 per share and to the trader's directional view on STXU etf.

STXU bull call spread setup

The STXU 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 STXU at $13.50 on that close, the first option leg uses a $13.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed STXU chain at a 80-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 STXU shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$13.00	$4.05
Sell 1	Call	$14.00	$3.73

STXU bull call spread risk and reward

Net Premium / Debit: -$32.50
Max Profit (per contract): $67.50
Max Loss (per contract): -$32.50
Breakeven(s): $13.33
Risk / Reward Ratio: 2.077

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.

STXU bull call spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bull call spread on STXU. 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%	-$32.50
$2.99	-77.8%	-$32.50
$5.98	-55.7%	-$32.50
$8.96	-33.6%	-$32.50
$11.95	-11.5%	-$32.50
$14.93	+10.6%	+$67.50
$17.91	+32.7%	+$67.50
$20.90	+54.8%	+$67.50
$23.88	+76.9%	+$67.50
$26.86	+99.0%	+$67.50

When traders use bull call spread on STXU

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

STXU thesis for this bull call spread

The market-implied 1-standard-deviation range for STXU extends from approximately $7.24 on the downside to $19.76 on the upside. A STXU bull call spread caps both the risk and the reward of a bullish position; relative to an outright long call on STXU, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. As a Financial Services name, STXU options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to STXU-specific events.

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

Frequently asked questions

What is a bull call spread on STXU?: A bull call spread on STXU is the bull call spread strategy applied to STXU (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 STXU etf at $13.50 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed STXU chain strike and the premiums come straight from that session's bid/ask midpoint.
How are STXU 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 STXU bull call spread priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 161.70%), the computed maximum profit is $67.50 per contract and the computed maximum loss is -$32.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a STXU bull call spread?: The breakeven for the STXU bull call spread priced on this page is roughly $13.33 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 STXU market-implied 1-standard-deviation expected move in the same options snapshot is approximately 46.36%; 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 STXU?: Bull call spreads on STXU reduce the cost of a bullish STXU 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 STXU implied volatility affect this bull call spread?: Current STXU ATM IV is 161.70%; IV rank context is unavailable in the current snapshot.