How are URNM 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 URNM bull call spread priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 42.80%), the computed maximum profit is $130.00 per contract and the computed maximum loss is -$70.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a URNM bull call spread?

The breakeven for the URNM bull call spread priced on this page is roughly $55.70 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 URNM market-implied 1-standard-deviation expected move in the same options snapshot is approximately 12.27%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

URNM ATM IV is at 42.80% with IV rank near 19.57%, 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.

URNM Bull Call Spread Strategy

URNM (Sprott Uranium Miners ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.

The Sprott Uranium Miners ETF (URNM) primarily invests a minimum of 80% of its total assets in companies included in its benchmark index. This index is specifically designed to track businesses that dedicate a substantial portion—at least 50%—of their assets to either: (1) the direct activities of uranium mining, exploration, development, and production, or (2) related non-mining ventures such as holding physical uranium, owning uranium royalties, or providing other support services to the uranium industry. It's important to note that this fund is not diversified, concentrating its investments within this specific sector.

URNM (Sprott Uranium Miners ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $1.28B, a beta of 0.92 versus the broader market, a 52-week range of 43.56-84.95, average daily share volume of 625K, a public-listing history dating back to 2019. These structural characteristics shape how URNM etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.92 places URNM roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. URNM 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 URNM?

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.

URNM snapshot

As of August 14, 2026, spot at $54.67, ATM IV 42.80%, IV rank 19.57%, expected move 12.27%. The bull call spread on URNM 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 URNM specifically: URNM IV at 42.80% is on the cheap side of its 1-year range, which favors premium-buying structures like a URNM bull call spread, with a market-implied 1-standard-deviation move of approximately 12.27% (roughly $6.71 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 URNM expiries trade a higher absolute premium for lower per-day decay. Position sizing on URNM should anchor to the underlying notional of $54.67 per share and to the trader's directional view on URNM etf.

URNM bull call spread setup

The URNM 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 URNM at $54.67 on that close, the first option leg uses a $55.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed URNM 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 URNM shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$55.00	$2.85
Sell 1	Call	$57.00	$2.15

URNM bull call spread risk and reward

Net Premium / Debit: -$70.00
Max Profit (per contract): $130.00
Max Loss (per contract): -$70.00
Breakeven(s): $55.70
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.

URNM bull call spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bull call spread on URNM. 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%	-$70.00
$12.10	-77.9%	-$70.00
$24.18	-55.8%	-$70.00
$36.27	-33.7%	-$70.00
$48.36	-11.5%	-$70.00
$60.44	+10.6%	+$130.00
$72.53	+32.7%	+$130.00
$84.62	+54.8%	+$130.00
$96.70	+76.9%	+$130.00
$108.79	+99.0%	+$130.00

When traders use bull call spread on URNM

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

URNM thesis for this bull call spread

The market-implied 1-standard-deviation range for URNM extends from approximately $47.96 on the downside to $61.38 on the upside. A URNM bull call spread caps both the risk and the reward of a bullish position; relative to an outright long call on URNM, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current URNM IV rank near 19.57% 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 URNM at 42.80%. As a Financial Services name, URNM options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to URNM-specific events.

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

Frequently asked questions

What is a bull call spread on URNM?: A bull call spread on URNM is the bull call spread strategy applied to URNM (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 URNM etf at $54.67 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed URNM chain strike and the premiums come straight from that session's bid/ask midpoint.
How are URNM 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 URNM bull call spread priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 42.80%), the computed maximum profit is $130.00 per contract and the computed maximum loss is -$70.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a URNM bull call spread?: The breakeven for the URNM bull call spread priced on this page is roughly $55.70 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 URNM market-implied 1-standard-deviation expected move in the same options snapshot is approximately 12.27%; 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 URNM?: Bull call spreads on URNM reduce the cost of a bullish URNM 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 URNM implied volatility affect this bull call spread?: URNM ATM IV is at 42.80% with IV rank near 19.57%, 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.