How are TSMU 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 TSMU bull call spread priced from the end-of-day chain at a 30-day expiry (ATM IV 105.40%), the computed maximum profit is $320.00 per contract and the computed maximum loss is -$180.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a TSMU bull call spread?

The breakeven for the TSMU bull call spread priced on this page is roughly $86.80 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 TSMU market-implied 1-standard-deviation expected move is approximately 30.22%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

TSMU ATM IV is at 105.40% with IV rank near 53.65%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.

TSMU Bull Call Spread Strategy

TSMU (GraniteShares 2x Long TSM Daily ETF), in the Financial Services sector, (Asset Management - Leveraged industry), listed on NASDAQ.

This Fund is engineered to capture daily investment results mirroring 200% (or double) the daily percentage change in the common stock of Taiwan Semiconductor Manufacturing Co Ltd (TSM), exclusive of fees and expenses. However, success in achieving this stated objective cannot be guaranteed. Crucially, the fund is not intended to provide twice the cumulative return of TSM over periods longer than a single trading day.

TSMU (GraniteShares 2x Long TSM Daily ETF) trades in the Financial Services sector, specifically Asset Management - Leveraged, with a market capitalization of approximately $35.0M, a beta of 3.61 versus the broader market, a 52-week range of 25.973-93.29, average daily share volume of 101K, a public-listing history dating back to 2024. These structural characteristics shape how TSMU etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 3.61 indicates TSMU 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 TSMU?

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 TSMU snapshot

As of June 29, 2026, spot at $83.38, ATM IV 105.40%, IV rank 53.65%, expected move 30.22%. The bull call spread on TSMU 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 18-day expiry.

Why this bull call spread structure on TSMU specifically: TSMU IV at 105.40% is mid-range versus its 1-year history, so strategy selection should anchor more to the directional thesis than to the IV regime, with a market-implied 1-standard-deviation move of approximately 30.22% (roughly $25.20 on the underlying). The 18-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated TSMU expiries trade a higher absolute premium for lower per-day decay. Position sizing on TSMU should anchor to the underlying notional of $83.38 per share and to the trader's directional view on TSMU etf.

TSMU bull call spread setup

The TSMU 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 TSMU near $83.38, the first option leg uses a $85.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed TSMU chain at a 18-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 TSMU shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$85.00	$6.70
Sell 1	Call	$90.00	$4.90

TSMU bull call spread risk and reward

Net Premium / Debit: -$180.00
Max Profit (per contract): $320.00
Max Loss (per contract): -$180.00
Breakeven(s): $86.80
Risk / Reward Ratio: 1.778

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.

TSMU bull call spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bull call spread on TSMU. 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%	-$180.00
$18.44	-77.9%	-$180.00
$36.88	-55.8%	-$180.00
$55.31	-33.7%	-$180.00
$73.75	-11.6%	-$180.00
$92.18	+10.6%	+$320.00
$110.62	+32.7%	+$320.00
$129.05	+54.8%	+$320.00
$147.49	+76.9%	+$320.00
$165.92	+99.0%	+$320.00

When traders use bull call spread on TSMU

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

TSMU thesis for this bull call spread

The market-implied 1-standard-deviation range for TSMU extends from approximately $58.18 on the downside to $108.58 on the upside. A TSMU bull call spread caps both the risk and the reward of a bullish position; relative to an outright long call on TSMU, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current TSMU IV rank near 53.65% is mid-range against its 1-year distribution, so the IV signal is neutral; the bull call spread thesis on TSMU should anchor more to the directional view and the expected-move geometry. As a Financial Services name, TSMU options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to TSMU-specific events.

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

Frequently asked questions

What is a bull call spread on TSMU?: A bull call spread on TSMU is the bull call spread strategy applied to TSMU (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 TSMU etf trading near $83.38, the strikes shown on this page are snapped to the nearest listed TSMU chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are TSMU 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 TSMU bull call spread priced from the end-of-day chain at a 30-day expiry (ATM IV 105.40%), the computed maximum profit is $320.00 per contract and the computed maximum loss is -$180.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a TSMU bull call spread?: The breakeven for the TSMU bull call spread priced on this page is roughly $86.80 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 TSMU market-implied 1-standard-deviation expected move is approximately 30.22%; 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 TSMU?: Bull call spreads on TSMU reduce the cost of a bullish TSMU 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 TSMU implied volatility affect this bull call spread?: TSMU ATM IV is at 105.40% with IV rank near 53.65%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.