How are SPCI straddle max profit and max loss calculated?

Upside max profit is unbounded; downside max profit is bounded at the strike minus the combined call plus put debit (reached at zero). Max loss equals the combined debit times 100 (reached when the underlying pins to the strike). Two breakevens at strike plus debit and strike minus debit. For the SPCI straddle priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 71.60%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$459.18 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a SPCI straddle?

The breakeven for the SPCI straddle priced on this page is roughly $20.30 and $29.70 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 SPCI market-implied 1-standard-deviation expected move in the same options snapshot is approximately 20.53%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current SPCI implied volatility affect this straddle?

Current SPCI ATM IV is 71.60%; IV rank context is unavailable in the current snapshot.

SPCI Straddle Strategy

SPCI (Tuttle Capital Space Industry Income Blast ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.

SPCI is an actively managed ETF that seeks to provide exposure to the price performance of the constituents of the Syntax Space Index through equity positions, call options, and synthetic long positions. The equally-weighted index is typically comprised of 10 to 50 companies with significant space-related business activities. The objective of the fund is to achieve approximately 100% economic exposure of the indexs upside performance. To reach the targeted exposure, SPCI will utilize exchange-traded call options on the index, including deep in-the-money calls, along with synthetic long positions that combine long call options and sold put options with the same strike price and expiration date. The fund will also employ a systematic put credit spread strategy for income by selling near-the-money puts to collect premiums and simultaneously buying out-of-the-money puts to cap downside risk on each company. Weekly income distributions are targeted.

SPCI (Tuttle Capital Space Industry Income Blast ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $15.9M, a beta of 6.24 versus the broader market, a 52-week range of 19.42-52.9, average daily share volume of 20K, a public-listing history dating back to 2026. These structural characteristics shape how SPCI stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 6.24 indicates SPCI has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. SPCI pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a straddle on SPCI?

A long straddle buys an ATM call and an ATM put at the same strike, profiting from a large move in either direction; max loss equals the combined debit when the underlying pins to the strike at expiration.

SPCI snapshot

As of August 14, 2026, spot at $25.23, ATM IV 71.60%, expected move 20.53%. The straddle on SPCI 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 straddle structure on SPCI specifically: IV rank is unavailable in the current snapshot, so regime-based timing for SPCI is inferred from ATM IV at 71.60% alone, with a market-implied 1-standard-deviation move of approximately 20.53% (roughly $5.18 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 SPCI expiries trade a higher absolute premium for lower per-day decay. Position sizing on SPCI should anchor to the underlying notional of $25.23 per share and to the trader's directional view on SPCI stock.

SPCI straddle setup

The SPCI straddle 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 SPCI at $25.23 on that close, the first option leg uses a $25.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SPCI 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 SPCI shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$25.00	$2.51
Buy 1	Put	$25.00	$2.19

SPCI straddle risk and reward

Net Premium / Debit: -$470.00
Max Profit (per contract): Unbounded
Max Loss (per contract): -$459.18
Breakeven(s): $20.30, $29.70
Risk / Reward Ratio: Unbounded

Upside max profit is unbounded; downside max profit is bounded at the strike minus the combined call plus put debit (reached at zero). Max loss equals the combined debit times 100 (reached when the underlying pins to the strike). Two breakevens at strike plus debit and strike minus debit.

SPCI straddle payoff curve

Modeled P&L at expiration across a range of underlying prices for the straddle on SPCI. 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%	+$2,029.00
$5.59	-77.9%	+$1,471.26
$11.16	-55.7%	+$913.52
$16.74	-33.6%	+$355.78
$22.32	-11.5%	-$201.95
$27.90	+10.6%	-$180.31
$33.47	+32.7%	+$377.43
$39.05	+54.8%	+$935.17
$44.63	+76.9%	+$1,492.91
$50.21	+99.0%	+$2,050.65

When traders use straddle on SPCI

Straddles on SPCI are pure-volatility plays that profit from large moves in either direction; traders typically buy SPCI straddles ahead of earnings, FDA decisions, or other catalysts where the realized move is expected to exceed the implied move priced into the chain.

SPCI thesis for this straddle

The market-implied 1-standard-deviation range for SPCI extends from approximately $20.05 on the downside to $30.41 on the upside. A SPCI long straddle is a pure-volatility play: it profits when the underlying moves far enough from the strike in either direction to overcome the combined call plus put debit, regardless of direction. As a Financial Services name, SPCI options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SPCI-specific events.

SPCI straddle positions are structurally neutral / high-volatility (long premium); 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. SPCI positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move SPCI alongside the broader basket even when SPCI-specific fundamentals are unchanged. Always rebuild the position from current SPCI chain quotes before placing a trade.

Frequently asked questions

What is a straddle on SPCI?: A straddle on SPCI is the straddle strategy applied to SPCI (stock). The strategy is structurally neutral / high-volatility (long premium): A long straddle buys an ATM call and an ATM put at the same strike, profiting from a large move in either direction; max loss equals the combined debit when the underlying pins to the strike at expiration. With SPCI stock at $25.23 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed SPCI chain strike and the premiums come straight from that session's bid/ask midpoint.
How are SPCI straddle max profit and max loss calculated?: Upside max profit is unbounded; downside max profit is bounded at the strike minus the combined call plus put debit (reached at zero). Max loss equals the combined debit times 100 (reached when the underlying pins to the strike). Two breakevens at strike plus debit and strike minus debit. For the SPCI straddle priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 71.60%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$459.18 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a SPCI straddle?: The breakeven for the SPCI straddle priced on this page is roughly $20.30 and $29.70 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 SPCI market-implied 1-standard-deviation expected move in the same options snapshot is approximately 20.53%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a straddle on SPCI?: Straddles on SPCI are pure-volatility plays that profit from large moves in either direction; traders typically buy SPCI straddles ahead of earnings, FDA decisions, or other catalysts where the realized move is expected to exceed the implied move priced into the chain.
How does current SPCI implied volatility affect this straddle?: Current SPCI ATM IV is 71.60%; IV rank context is unavailable in the current snapshot.