How are USG 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 USG bull call spread priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 26.10%), the computed maximum profit is $133.50 per contract and the computed maximum loss is -$66.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a USG bull call spread?

The breakeven for the USG bull call spread priced on this page is roughly $34.67 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 USG market-implied 1-standard-deviation expected move in the same options snapshot is approximately 7.48%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

USG ATM IV is at 26.10% with IV rank near 6.03%, 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.

USG Bull Call Spread Strategy

USG (USCF Gold Strategy Plus Income Fund), in the Financial Services sector, (Asset Management industry), listed on AMEX.

The fund's advisor aims to achieve its investment goal by gaining significant financial exposure to the performance of both physical gold and gold futures markets, known as the 'Gold Markets'. All investments are exclusively made in COMEX Gold Warrants and gold futures contracts, facilitated through its subsidiary. The fund operates with a concentrated, non-diversified portfolio.

USG (USCF Gold Strategy Plus Income Fund) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $12.5M, a beta of 0.28 versus the broader market, a 52-week range of 31.49-44.178, average daily share volume of 5K, a public-listing history dating back to 2021. These structural characteristics shape how USG etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.28 indicates USG has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. USG 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 USG?

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.

USG snapshot

As of August 14, 2026, spot at $33.95, ATM IV 26.10%, IV rank 6.03%, expected move 7.48%. The bull call spread on USG 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 USG specifically: USG IV at 26.10% is on the cheap side of its 1-year range, which favors premium-buying structures like a USG bull call spread, with a market-implied 1-standard-deviation move of approximately 7.48% (roughly $2.54 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 USG expiries trade a higher absolute premium for lower per-day decay. Position sizing on USG should anchor to the underlying notional of $33.95 per share and to the trader's directional view on USG etf.

USG bull call spread setup

The USG 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 USG at $33.95 on that close, the first option leg uses a $34.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed USG 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 USG shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$34.00	$1.03
Sell 1	Call	$36.00	$0.36

USG bull call spread risk and reward

Net Premium / Debit: -$66.50
Max Profit (per contract): $133.50
Max Loss (per contract): -$66.50
Breakeven(s): $34.67
Risk / Reward Ratio: 2.008

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.

USG bull call spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bull call spread on USG. 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%	-$66.50
$7.52	-77.9%	-$66.50
$15.02	-55.8%	-$66.50
$22.53	-33.6%	-$66.50
$30.03	-11.5%	-$66.50
$37.54	+10.6%	+$133.50
$45.04	+32.7%	+$133.50
$52.55	+54.8%	+$133.50
$60.05	+76.9%	+$133.50
$67.56	+99.0%	+$133.50

When traders use bull call spread on USG

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

USG thesis for this bull call spread

The market-implied 1-standard-deviation range for USG extends from approximately $31.41 on the downside to $36.49 on the upside. A USG bull call spread caps both the risk and the reward of a bullish position; relative to an outright long call on USG, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current USG IV rank near 6.03% 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 USG at 26.10%. As a Financial Services name, USG options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to USG-specific events.

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

Frequently asked questions

What is a bull call spread on USG?: A bull call spread on USG is the bull call spread strategy applied to USG (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 USG etf at $33.95 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed USG chain strike and the premiums come straight from that session's bid/ask midpoint.
How are USG 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 USG bull call spread priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 26.10%), the computed maximum profit is $133.50 per contract and the computed maximum loss is -$66.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a USG bull call spread?: The breakeven for the USG bull call spread priced on this page is roughly $34.67 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 USG market-implied 1-standard-deviation expected move in the same options snapshot is approximately 7.48%; 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 USG?: Bull call spreads on USG reduce the cost of a bullish USG 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 USG implied volatility affect this bull call spread?: USG ATM IV is at 26.10% with IV rank near 6.03%, 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.