TSL Bull Call Spread Strategy
TSL (GraniteShares 1.25x Long TSLA Daily ETF), in the Financial Services sector, (Asset Management - Leveraged industry), listed on NASDAQ.
The Fund seeks daily investment results, before fees and expenses, of 1.25 times (125%) the daily percentage change of the common stock of Tesla Inc, (NASDAQ: TSLA) There is no guarantee that the Fund will meet its stated objective. The fund should not be expected to provide 1.25 times the cumulative return of TSLA for periods greater than a day.
TSL (GraniteShares 1.25x Long TSLA Daily ETF) trades in the Financial Services sector, specifically Asset Management - Leveraged, with a market capitalization of approximately $35.5M, a beta of 2.14 versus the broader market, a 52-week range of 10.47-21.31, average daily share volume of 1.4M, a public-listing history dating back to 2022. These structural characteristics shape how TSL etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 2.14 indicates TSL has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. TSL pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a bull call spread on TSL?
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.
Current TSL snapshot
As of May 15, 2026, spot at $17.01, ATM IV 55.90%, IV rank 7.35%, expected move 16.03%. The bull call spread on TSL below is built from the same end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 34-day expiry.
Why this bull call spread structure on TSL specifically: TSL IV at 55.90% is on the cheap side of its 1-year range, which favors premium-buying structures like a TSL bull call spread, with a market-implied 1-standard-deviation move of approximately 16.03% (roughly $2.73 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated TSL expiries trade a higher absolute premium for lower per-day decay. Position sizing on TSL should anchor to the underlying notional of $17.01 per share and to the trader's directional view on TSL etf.
TSL bull call spread setup
The TSL bull call spread below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With TSL near $17.01, the first option leg uses a $17.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed TSL chain at a 34-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 TSL shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $17.00 | $1.23 |
| Sell 1 | Call | $18.00 | $0.88 |
TSL bull call spread risk and reward
- Net Premium / Debit
- -$35.00
- Max Profit (per contract)
- $65.00
- Max Loss (per contract)
- -$35.00
- Breakeven(s)
- $17.35
- Risk / Reward Ratio
- 1.857
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.
TSL bull call spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bull call spread on TSL. 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% | -$35.00 |
| $3.77 | -77.8% | -$35.00 |
| $7.53 | -55.7% | -$35.00 |
| $11.29 | -33.6% | -$35.00 |
| $15.05 | -11.5% | -$35.00 |
| $18.81 | +10.6% | +$65.00 |
| $22.57 | +32.7% | +$65.00 |
| $26.33 | +54.8% | +$65.00 |
| $30.09 | +76.9% | +$65.00 |
| $33.85 | +99.0% | +$65.00 |
When traders use bull call spread on TSL
Bull call spreads on TSL reduce the cost of a bullish TSL etf position by selling a higher-strike call; suited to moderate-move theses where price reaches but does not vastly exceed the short strike.
TSL thesis for this bull call spread
The market-implied 1-standard-deviation range for TSL extends from approximately $14.28 on the downside to $19.74 on the upside. A TSL bull call spread caps both the risk and the reward of a bullish position; relative to an outright long call on TSL, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current TSL IV rank near 7.35% 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 TSL at 55.90%. As a Financial Services name, TSL options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to TSL-specific events.
TSL 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. TSL positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move TSL alongside the broader basket even when TSL-specific fundamentals are unchanged. Long-premium structures like a bull call spread on TSL 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 TSL chain quotes before placing a trade.
Frequently asked questions
- What is a bull call spread on TSL?
- A bull call spread on TSL is the bull call spread strategy applied to TSL (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 TSL etf trading near $17.01, the strikes shown on this page are snapped to the nearest listed TSL chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are TSL 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 TSL bull call spread priced from the end-of-day chain at a 30-day expiry (ATM IV 55.90%), the computed maximum profit is $65.00 per contract and the computed maximum loss is -$35.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a TSL bull call spread?
- The breakeven for the TSL bull call spread priced on this page is roughly $17.35 at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current TSL market-implied 1-standard-deviation expected move is approximately 16.03%; 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 TSL?
- Bull call spreads on TSL reduce the cost of a bullish TSL 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 TSL implied volatility affect this bull call spread?
- TSL ATM IV is at 55.90% with IV rank near 7.35%, 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.