How are UTHY 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 UTHY bull call spread priced from the end-of-day chain at a 30-day expiry (ATM IV 36.50%), the computed maximum profit is $131.00 per contract and the computed maximum loss is -$69.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a UTHY bull call spread?

The breakeven for the UTHY bull call spread priced on this page is roughly $41.69 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 UTHY market-implied 1-standard-deviation expected move is approximately 10.46%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

UTHY ATM IV is at 36.50% with IV rank near 5.54%, 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.

UTHY Bull Call Spread Strategy

UTHY (US Treasury 30 Year Bond ETF), in the Financial Services sector, (Asset Management - Bonds industry), listed on NASDAQ.

The fund's manager primarily aims to fulfill its investment targets by committing at least 80% of the fund's total capital (which includes any funds borrowed for investment) to the securities comprising its benchmark index, during typical market environments. This benchmark is the ICE BofA Current 30-Year US Treasury Index, an index composed entirely of the most recently issued 30-year U.S. Treasury bond.

UTHY (US Treasury 30 Year Bond ETF) trades in the Financial Services sector, specifically Asset Management - Bonds, with a market capitalization of approximately $20.8M, a beta of 2.34 versus the broader market, a 52-week range of 39.115-43.44, average daily share volume of 95K, a public-listing history dating back to 2023. These structural characteristics shape how UTHY etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 2.34 indicates UTHY has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. UTHY 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 UTHY?

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.

Current UTHY snapshot

As of June 30, 2026, spot at $40.76, ATM IV 36.50%, IV rank 5.54%, expected move 10.46%. The bull call spread on UTHY 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 17-day expiry.

Why this bull call spread structure on UTHY specifically: UTHY IV at 36.50% is on the cheap side of its 1-year range, which favors premium-buying structures like a UTHY bull call spread, with a market-implied 1-standard-deviation move of approximately 10.46% (roughly $4.27 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated UTHY expiries trade a higher absolute premium for lower per-day decay. Position sizing on UTHY should anchor to the underlying notional of $40.76 per share and to the trader's directional view on UTHY etf.

UTHY bull call spread setup

The UTHY bull call spread below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With UTHY near $40.76, the first option leg uses a $41.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed UTHY chain at a 17-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 UTHY shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$41.00	$1.20
Sell 1	Call	$43.00	$0.51

UTHY bull call spread risk and reward

Net Premium / Debit: -$69.00
Max Profit (per contract): $131.00
Max Loss (per contract): -$69.00
Breakeven(s): $41.69
Risk / Reward Ratio: 1.899

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.

UTHY bull call spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bull call spread on UTHY. 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%	-$69.00
$9.02	-77.9%	-$69.00
$18.03	-55.8%	-$69.00
$27.04	-33.7%	-$69.00
$36.05	-11.5%	-$69.00
$45.07	+10.6%	+$131.00
$54.08	+32.7%	+$131.00
$63.09	+54.8%	+$131.00
$72.10	+76.9%	+$131.00
$81.11	+99.0%	+$131.00

When traders use bull call spread on UTHY

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

UTHY thesis for this bull call spread

The market-implied 1-standard-deviation range for UTHY extends from approximately $36.49 on the downside to $45.03 on the upside. A UTHY bull call spread caps both the risk and the reward of a bullish position; relative to an outright long call on UTHY, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current UTHY IV rank near 5.54% 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 UTHY at 36.50%. As a Financial Services name, UTHY options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to UTHY-specific events.

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

Frequently asked questions

What is a bull call spread on UTHY?: A bull call spread on UTHY is the bull call spread strategy applied to UTHY (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 UTHY etf trading near $40.76, the strikes shown on this page are snapped to the nearest listed UTHY chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are UTHY 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 UTHY bull call spread priced from the end-of-day chain at a 30-day expiry (ATM IV 36.50%), the computed maximum profit is $131.00 per contract and the computed maximum loss is -$69.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a UTHY bull call spread?: The breakeven for the UTHY bull call spread priced on this page is roughly $41.69 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 UTHY market-implied 1-standard-deviation expected move is approximately 10.46%; 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 UTHY?: Bull call spreads on UTHY reduce the cost of a bullish UTHY 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 UTHY implied volatility affect this bull call spread?: UTHY ATM IV is at 36.50% with IV rank near 5.54%, 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.