AMDL Bear Put Spread Strategy
AMDL (GraniteShares 2x Long AMD Daily ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.
The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Advanced Micro Devices, Inc, (NASDAQ: AMD) There is no guarantee that the Fund will meet its stated objective. The fund should not be expected to provide 2 times the cumulative return of AMD for periods greater than a day.
AMDL (GraniteShares 2x Long AMD Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $2.32B, a beta of 8.21 versus the broader market, a 52-week range of 5.054-59.18, average daily share volume of 12.3M, a public-listing history dating back to 2024. These structural characteristics shape how AMDL etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 8.21 indicates AMDL 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 bear put spread on AMDL?
A bear put spread buys an at-the-money put and sells an out-of-the-money put at a lower strike for defined risk and defined reward bounded by the strike width.
Current AMDL snapshot
As of May 15, 2026, spot at $49.19, ATM IV 131.41%, IV rank 78.55%, expected move 37.68%. The bear put spread on AMDL 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 28-day expiry.
Why this bear put spread structure on AMDL specifically: AMDL IV at 131.41% is rich versus its 1-year range, which makes a premium-buying AMDL bear put spread relatively expensive in absolute-cost terms, with a market-implied 1-standard-deviation move of approximately 37.68% (roughly $18.53 on the underlying). The 28-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated AMDL expiries trade a higher absolute premium for lower per-day decay. Position sizing on AMDL should anchor to the underlying notional of $49.19 per share and to the trader's directional view on AMDL etf.
AMDL bear put spread setup
The AMDL bear put 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 AMDL near $49.19, the first option leg uses a $49.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed AMDL chain at a 28-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 AMDL shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $49.00 | $6.55 |
| Sell 1 | Put | $47.00 | $5.55 |
AMDL bear put spread risk and reward
- Net Premium / Debit
- -$100.00
- Max Profit (per contract)
- $100.00
- Max Loss (per contract)
- -$100.00
- Breakeven(s)
- $48.00
- Risk / Reward Ratio
- 1.000
Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-put strike minus net debit.
AMDL bear put spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bear put spread on AMDL. 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.
| Underlying Price | % From Spot | P&L at Expiration |
|---|---|---|
| $0.01 | -100.0% | +$100.00 |
| $10.89 | -77.9% | +$100.00 |
| $21.76 | -55.8% | +$100.00 |
| $32.64 | -33.7% | +$100.00 |
| $43.51 | -11.5% | +$100.00 |
| $54.39 | +10.6% | -$100.00 |
| $65.26 | +32.7% | -$100.00 |
| $76.14 | +54.8% | -$100.00 |
| $87.01 | +76.9% | -$100.00 |
| $97.89 | +99.0% | -$100.00 |
When traders use bear put spread on AMDL
Bear put spreads on AMDL reduce the cost of a bearish AMDL etf position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
AMDL thesis for this bear put spread
The market-implied 1-standard-deviation range for AMDL extends from approximately $30.66 on the downside to $67.72 on the upside. A AMDL bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on AMDL, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current AMDL IV rank near 78.55% sits in the upper third of its 1-year distribution, which historically reverts; this raises the bar for premium-buying structures and lowers it for premium-selling structures on AMDL at 131.41%. As a Financial Services name, AMDL options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to AMDL-specific events.
AMDL bear put spread positions are structurally moderately bearish; 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. AMDL positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move AMDL alongside the broader basket even when AMDL-specific fundamentals are unchanged. Long-premium structures like a bear put spread on AMDL 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 AMDL chain quotes before placing a trade.
Frequently asked questions
- What is a bear put spread on AMDL?
- A bear put spread on AMDL is the bear put spread strategy applied to AMDL (etf). The strategy is structurally moderately bearish: A bear put spread buys an at-the-money put and sells an out-of-the-money put at a lower strike for defined risk and defined reward bounded by the strike width. With AMDL etf trading near $49.19, the strikes shown on this page are snapped to the nearest listed AMDL chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are AMDL bear put 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-put strike minus net debit. For the AMDL bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 131.41%), the computed maximum profit is $100.00 per contract and the computed maximum loss is -$100.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a AMDL bear put spread?
- The breakeven for the AMDL bear put spread priced on this page is roughly $48.00 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 AMDL market-implied 1-standard-deviation expected move is approximately 37.68%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a bear put spread on AMDL?
- Bear put spreads on AMDL reduce the cost of a bearish AMDL etf position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
- How does current AMDL implied volatility affect this bear put spread?
- AMDL ATM IV is at 131.41% with IV rank near 78.55%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.