How are UNHG 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 UNHG bull call spread priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 51.00%), the computed maximum profit is $62.50 per contract and the computed maximum loss is -$37.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a UNHG bull call spread?

The breakeven for the UNHG bull call spread priced on this page is roughly $21.38 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 UNHG market-implied 1-standard-deviation expected move in the same options snapshot is approximately 14.62%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

UNHG ATM IV is at 51.00% with IV rank near 0.47%, 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.

UNHG Bull Call Spread Strategy

UNHG (Leverage Shares 2x Long UNH Daily ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.

The Fund seeks daily leveraged investment results and is very different from most other exchange-traded funds. The fund is an exchange traded fund that seeks daily levered investment results, before fees and expenses, of two times (200%) of the daily percentage change in the price of the common stock of UNH.

UNHG (Leverage Shares 2x Long UNH Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $115.4M, a beta of 5.63 versus the broader market, a 52-week range of 9.145-27.59, average daily share volume of 1.0M, a public-listing history dating back to 2025. These structural characteristics shape how UNHG etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 5.63 indicates UNHG 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 UNHG?

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.

UNHG snapshot

As of August 14, 2026, spot at $20.83, ATM IV 51.00%, IV rank 0.47%, expected move 14.62%. The bull call spread on UNHG 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 35-day expiry.

Why this bull call spread structure on UNHG specifically: UNHG IV at 51.00% is on the cheap side of its 1-year range, which favors premium-buying structures like a UNHG bull call spread, with a market-implied 1-standard-deviation move of approximately 14.62% (roughly $3.05 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated UNHG expiries trade a higher absolute premium for lower per-day decay. Position sizing on UNHG should anchor to the underlying notional of $20.83 per share and to the trader's directional view on UNHG etf.

UNHG bull call spread setup

The UNHG 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 UNHG at $20.83 on that close, the first option leg uses a $21.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed UNHG chain at a 35-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 UNHG shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$21.00	$1.18
Sell 1	Call	$22.00	$0.80

UNHG bull call spread risk and reward

Net Premium / Debit: -$37.50
Max Profit (per contract): $62.50
Max Loss (per contract): -$37.50
Breakeven(s): $21.38
Risk / Reward Ratio: 1.667

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.

UNHG bull call spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bull call spread on UNHG. 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%	-$37.50
$4.61	-77.8%	-$37.50
$9.22	-55.7%	-$37.50
$13.82	-33.6%	-$37.50
$18.43	-11.5%	-$37.50
$23.03	+10.6%	+$62.50
$27.64	+32.7%	+$62.50
$32.24	+54.8%	+$62.50
$36.85	+76.9%	+$62.50
$41.45	+99.0%	+$62.50

When traders use bull call spread on UNHG

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

UNHG thesis for this bull call spread

The market-implied 1-standard-deviation range for UNHG extends from approximately $17.78 on the downside to $23.88 on the upside. A UNHG bull call spread caps both the risk and the reward of a bullish position; relative to an outright long call on UNHG, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current UNHG IV rank near 0.47% 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 UNHG at 51.00%. As a Financial Services name, UNHG options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to UNHG-specific events.

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

Frequently asked questions

What is a bull call spread on UNHG?: A bull call spread on UNHG is the bull call spread strategy applied to UNHG (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 UNHG etf at $20.83 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed UNHG chain strike and the premiums come straight from that session's bid/ask midpoint.
How are UNHG 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 UNHG bull call spread priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 51.00%), the computed maximum profit is $62.50 per contract and the computed maximum loss is -$37.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a UNHG bull call spread?: The breakeven for the UNHG bull call spread priced on this page is roughly $21.38 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 UNHG market-implied 1-standard-deviation expected move in the same options snapshot is approximately 14.62%; 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 UNHG?: Bull call spreads on UNHG reduce the cost of a bullish UNHG 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 UNHG implied volatility affect this bull call spread?: UNHG ATM IV is at 51.00% with IV rank near 0.47%, 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.