How are UBR long call max profit and max loss calculated?

Max profit is unbounded; max loss equals the premium paid times 100. Breakeven is strike plus premium. For the UBR long call priced from the September 30, 2026 end-of-day chain at a 30-day expiry (ATM IV 107.20%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$287.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a UBR long call?

The breakeven for the UBR long call priced on this page is roughly $35.88 at expiration, derived from the September 30, 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 UBR market-implied 1-standard-deviation expected move in the same options snapshot is approximately 30.73%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current UBR implied volatility affect this long call?

UBR ATM IV is at 107.20% with IV rank near 100.00%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.

UBR Long Call Strategy

UBR (ProShares - Ultra MSCI Brazil Capped), in the Financial Services sector, (Asset Management - Leveraged industry), listed on AMEX.

The ProShares Ultra MSCI Brazil Capped fund's primary goal is to deliver daily investment returns that are double (2x) the daily performance of the MSCI Brazil 25/50 Index. These results are calculated before any fees or expenses are taken into account.

UBR (ProShares - Ultra MSCI Brazil Capped) trades in the Financial Services sector, specifically Asset Management - Leveraged, with a market capitalization of approximately $3.6M, a beta of 0.80 versus the broader market, a 52-week range of 20.79-43.88, average daily share volume of 2K, a public-listing history dating back to 2010. These structural characteristics shape how UBR etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.80 places UBR roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. UBR pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a long call on UBR?

A long call buys upside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes above the strike plus premium at expiration.

UBR snapshot

As of September 30, 2026, spot at $33.15, ATM IV 107.20%, IV rank 100.00%, expected move 30.73%. The long call on UBR below is built from the September 30, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 16-day expiry.

Why this long call structure on UBR specifically: UBR IV at 107.20% is rich versus its 1-year range, which makes a premium-buying UBR long call relatively expensive in absolute-cost terms, with a market-implied 1-standard-deviation move of approximately 30.73% (roughly $10.19 on the underlying). The 16-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated UBR expiries trade a higher absolute premium for lower per-day decay. Position sizing on UBR should anchor to the underlying notional of $33.15 per share and to the trader's directional view on UBR etf.

UBR long call setup

The UBR long call below is built from the September 30, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With UBR at $33.15 on that close, the first option leg uses a $33.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed UBR chain at a 16-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 UBR shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$33.00	$2.88

UBR long call risk and reward

Net Premium / Debit: -$287.50
Max Profit (per contract): Unbounded
Max Loss (per contract): -$287.50
Breakeven(s): $35.88
Risk / Reward Ratio: Unbounded

Max profit is unbounded; max loss equals the premium paid times 100. Breakeven is strike plus premium.

UBR long call payoff curve

Modeled P&L at expiration across a range of underlying prices for the long call on UBR. 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%	-$287.50
$7.34	-77.9%	-$287.50
$14.67	-55.8%	-$287.50
$22.00	-33.6%	-$287.50
$29.32	-11.5%	-$287.50
$36.65	+10.6%	+$77.77
$43.98	+32.7%	+$810.63
$51.31	+54.8%	+$1,543.48
$58.64	+76.9%	+$2,276.33
$65.97	+99.0%	+$3,009.19

When traders use long call on UBR

Long calls on UBR express a bullish thesis with defined risk; traders use them ahead of UBR catalysts (earnings, product launches, macro events) when the expected upside justifies the premium and theta decay.

UBR thesis for this long call

The market-implied 1-standard-deviation range for UBR extends from approximately $22.96 on the downside to $43.34 on the upside. A UBR long call expresses a directional view that the underlying closes above the strike plus premium at expiration, ideally with implied volatility holding or expanding to preserve extrinsic value through the hold period. Current UBR IV rank near 100.00% sits in the upper third of its 1-year distribution, which historically reverts; this raises the bar for premium-buying structures and lowers it for premium-selling structures on UBR at 107.20%. As a Financial Services name, UBR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to UBR-specific events.

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

Frequently asked questions

What is a long call on UBR?: A long call on UBR is the long call strategy applied to UBR (etf). The strategy is structurally bullish: A long call buys upside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes above the strike plus premium at expiration. With UBR etf at $33.15 on the September 30, 2026 close, the strikes shown on this page are snapped to the nearest listed UBR chain strike and the premiums come straight from that session's bid/ask midpoint.
How are UBR long call max profit and max loss calculated?: Max profit is unbounded; max loss equals the premium paid times 100. Breakeven is strike plus premium. For the UBR long call priced from the September 30, 2026 end-of-day chain at a 30-day expiry (ATM IV 107.20%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$287.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a UBR long call?: The breakeven for the UBR long call priced on this page is roughly $35.88 at expiration, derived from the September 30, 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 UBR market-implied 1-standard-deviation expected move in the same options snapshot is approximately 30.73%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a long call on UBR?: Long calls on UBR express a bullish thesis with defined risk; traders use them ahead of UBR catalysts (earnings, product launches, macro events) when the expected upside justifies the premium and theta decay.
How does current UBR implied volatility affect this long call?: UBR ATM IV is at 107.20% with IV rank near 100.00%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.