How are SVIX 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 SVIX bull call spread priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 41.47%), the computed maximum profit is $90.00 per contract and the computed maximum loss is -$60.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a SVIX bull call spread?

The breakeven for the SVIX bull call spread priced on this page is roughly $27.10 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 SVIX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 11.89%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

SVIX ATM IV is at 41.47% with IV rank near 6.00%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.

SVIX Bull Call Spread Strategy

SVIX (-1x Short VIX Futures ETF), in the Financial Services sector, (Asset Management - Leveraged industry), listed on CBOE.

This index tracks the inverse daily returns generated by a basket of VIX futures, comprising those set to expire in the nearest two months. To ensure a steady time to expiration for these underlying contracts, this hypothetical portfolio undergoes a daily rebalancing process. Its valuation is finalized each day at 4:00 p.m. Eastern Time, with the closing price derived from the average futures prices observed during the final fifteen minutes of trading, between 3:45 p.m. and 4:00 p.m. Eastern Time.

SVIX (-1x Short VIX Futures ETF) trades in the Financial Services sector, specifically Asset Management - Leveraged, with a market capitalization of approximately $222.2M, a beta of 2.95 versus the broader market, a 52-week range of 14.13-26.395, average daily share volume of 3.2M, a public-listing history dating back to 2022. These structural characteristics shape how SVIX etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 2.95 indicates SVIX has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.

What is a bull call spread on SVIX?

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.

SVIX snapshot

As of August 14, 2026, spot at $26.49, ATM IV 41.47%, IV rank 6.00%, expected move 11.89%. The bull call spread on SVIX 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 28-day expiry.

Why this bull call spread structure on SVIX specifically: SVIX IV at 41.47% is on the cheap side of its 1-year range, which favors premium-buying structures like a SVIX bull call spread, with a market-implied 1-standard-deviation move of approximately 11.89% (roughly $3.15 on the underlying). The 28-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated SVIX expiries trade a higher absolute premium for lower per-day decay. Position sizing on SVIX should anchor to the underlying notional of $26.49 per share and to the trader's directional view on SVIX etf.

SVIX bull call spread setup

The SVIX 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 SVIX at $26.49 on that close, the first option leg uses a $26.50 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SVIX chain at a 28-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 SVIX shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$26.50	$1.13
Sell 1	Call	$28.00	$0.53

SVIX bull call spread risk and reward

Net Premium / Debit: -$60.00
Max Profit (per contract): $90.00
Max Loss (per contract): -$60.00
Breakeven(s): $27.10
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.

SVIX bull call spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bull call spread on SVIX. 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%	-$60.00
$5.87	-77.9%	-$60.00
$11.72	-55.7%	-$60.00
$17.58	-33.6%	-$60.00
$23.43	-11.5%	-$60.00
$29.29	+10.6%	+$90.00
$35.15	+32.7%	+$90.00
$41.00	+54.8%	+$90.00
$46.86	+76.9%	+$90.00
$52.71	+99.0%	+$90.00

When traders use bull call spread on SVIX

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

SVIX thesis for this bull call spread

The market-implied 1-standard-deviation range for SVIX extends from approximately $23.34 on the downside to $29.64 on the upside. A SVIX bull call spread caps both the risk and the reward of a bullish position; relative to an outright long call on SVIX, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current SVIX IV rank near 6.00% sits in the lower third of its 1-year distribution, where IV often re-expands toward the mean; this favors premium-buying structures and disadvantages premium-selling structures on SVIX at 41.47%. As a Financial Services name, SVIX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SVIX-specific events.

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

Frequently asked questions

What is a bull call spread on SVIX?: A bull call spread on SVIX is the bull call spread strategy applied to SVIX (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 SVIX etf at $26.49 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed SVIX chain strike and the premiums come straight from that session's bid/ask midpoint.
How are SVIX 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 SVIX bull call spread priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 41.47%), the computed maximum profit is $90.00 per contract and the computed maximum loss is -$60.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a SVIX bull call spread?: The breakeven for the SVIX bull call spread priced on this page is roughly $27.10 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 SVIX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 11.89%; 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 SVIX?: Bull call spreads on SVIX reduce the cost of a bullish SVIX 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 SVIX implied volatility affect this bull call spread?: SVIX ATM IV is at 41.47% with IV rank near 6.00%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.