How are TSYY covered call max profit and max loss calculated?

Max profit equals short-strike minus cost basis plus premium times 100; max loss is cost basis minus premium (at zero). Breakeven is cost basis minus premium. For the TSYY covered call priced from the end-of-day chain at a 30-day expiry (ATM IV 54.90%), the computed maximum profit is $399.00 per contract and the computed maximum loss is -$2,100.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a TSYY covered call?

The breakeven for the TSYY covered call priced on this page is roughly $21.01 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 TSYY market-implied 1-standard-deviation expected move is approximately 15.74%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current TSYY implied volatility affect this covered call?

TSYY ATM IV is at 54.90% with IV rank near 10.82%, 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.

TSYY Covered Call Strategy

TSYY (GraniteShares YieldBOOST TSLA ETF), in the Financial Services sector, (Asset Management - Leveraged industry), listed on NASDAQ.

The Fund's primary aim is to double (200%) the income earned from writing options on Tesla Inc. (TSLA). This is achieved by selling options on leveraged exchange-traded funds (ETFs) that are designed to deliver two times the daily performance of TSLA. A secondary goal is to capture the performance of these underlying leveraged ETFs, though any potential investment gains are capped. Furthermore, the fund has the option to implement downside protection measures, which might affect the overall net income generated.

TSYY (GraniteShares YieldBOOST TSLA ETF) trades in the Financial Services sector, specifically Asset Management - Leveraged, with a market capitalization of approximately $78.8M, a beta of 1.50 versus the broader market, a 52-week range of 20.28-82.96, average daily share volume of 104K, a public-listing history dating back to 2024. These structural characteristics shape how TSYY etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.50 indicates TSYY has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. TSYY pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a covered call on TSYY?

A covered call pairs long stock with a short out-of-the-money call, collecting premium and capping upside above the short strike in exchange for income.

Current TSYY snapshot

As of June 30, 2026, spot at $23.39, ATM IV 54.90%, IV rank 10.82%, expected move 15.74%. The covered call on TSYY 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 234-day expiry.

Why this covered call structure on TSYY specifically: TSYY IV at 54.90% is on the cheap side of its 1-year range, which means a premium-selling TSYY covered call collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 15.74% (roughly $3.68 on the underlying). The 234-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated TSYY expiries trade a higher absolute premium for lower per-day decay. Position sizing on TSYY should anchor to the underlying notional of $23.39 per share and to the trader's directional view on TSYY etf.

TSYY covered call setup

The TSYY covered call below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With TSYY near $23.39, the first option leg uses a $25.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed TSYY chain at a 234-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 TSYY shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 100 shares	Stock	$23.39	long
Sell 1	Call	$25.00	$2.38

TSYY covered call risk and reward

Net Premium / Debit: -$2,101.00
Max Profit (per contract): $399.00
Max Loss (per contract): -$2,100.00
Breakeven(s): $21.01
Risk / Reward Ratio: 0.190

Max profit equals short-strike minus cost basis plus premium times 100; max loss is cost basis minus premium (at zero). Breakeven is cost basis minus premium.

TSYY covered call payoff curve

Modeled P&L at expiration across a range of underlying prices for the covered call on TSYY. 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%	-$2,100.00
$5.18	-77.9%	-$1,582.94
$10.35	-55.7%	-$1,065.89
$15.52	-33.6%	-$548.83
$20.69	-11.5%	-$31.78
$25.86	+10.6%	+$399.00
$31.03	+32.7%	+$399.00
$36.20	+54.8%	+$399.00
$41.37	+76.9%	+$399.00
$46.54	+99.0%	+$399.00

When traders use covered call on TSYY

Covered calls on TSYY are an income strategy run on existing TSYY etf positions; traders typically sell calls at 25-35 delta with 30-45 days to expiration to balance premium against upside cap.

TSYY thesis for this covered call

The market-implied 1-standard-deviation range for TSYY extends from approximately $19.71 on the downside to $27.07 on the upside. A TSYY covered call collects premium on an existing long TSYY position, trading off upside above the short call strike for immediate income; the short strike selection should reflect the trader's view on whether TSYY will breach that level within the expiration window. Current TSYY IV rank near 10.82% 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 TSYY at 54.90%. As a Financial Services name, TSYY options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to TSYY-specific events.

TSYY covered call positions are structurally neutral to slightly 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. TSYY positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move TSYY alongside the broader basket even when TSYY-specific fundamentals are unchanged. Short-premium structures like a covered call on TSYY carry tail risk when realized volatility exceeds the implied move; review historical TSYY earnings reactions and macro stress periods before sizing. Always rebuild the position from current TSYY chain quotes before placing a trade.

Frequently asked questions

What is a covered call on TSYY?: A covered call on TSYY is the covered call strategy applied to TSYY (etf). The strategy is structurally neutral to slightly bullish: A covered call pairs long stock with a short out-of-the-money call, collecting premium and capping upside above the short strike in exchange for income. With TSYY etf trading near $23.39, the strikes shown on this page are snapped to the nearest listed TSYY chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are TSYY covered call max profit and max loss calculated?: Max profit equals short-strike minus cost basis plus premium times 100; max loss is cost basis minus premium (at zero). Breakeven is cost basis minus premium. For the TSYY covered call priced from the end-of-day chain at a 30-day expiry (ATM IV 54.90%), the computed maximum profit is $399.00 per contract and the computed maximum loss is -$2,100.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a TSYY covered call?: The breakeven for the TSYY covered call priced on this page is roughly $21.01 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 TSYY market-implied 1-standard-deviation expected move is approximately 15.74%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a covered call on TSYY?: Covered calls on TSYY are an income strategy run on existing TSYY etf positions; traders typically sell calls at 25-35 delta with 30-45 days to expiration to balance premium against upside cap.
How does current TSYY implied volatility affect this covered call?: TSYY ATM IV is at 54.90% with IV rank near 10.82%, 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.