CNBS Bear Put Spread Strategy
CNBS (Amplify Seymour Cannabis ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.
CNBS is an actively managed exchange-traded fund designed to offer broad U.S. market access to the cannabis sector. It invests across the diverse landscape of this industry, encompassing companies involved in cannabis cultivation (plants), essential operational support, and various ancillary businesses. The primary aim of CNBS is to generate capital appreciation for its investors.
CNBS (Amplify Seymour Cannabis ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $73.6M, a beta of 0.92 versus the broader market, a 52-week range of 18.43-43.94, average daily share volume of 5K, a public-listing history dating back to 2019. These structural characteristics shape how CNBS etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.92 places CNBS roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.
What is a bear put spread on CNBS?
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.
CNBS snapshot
As of November 13, 2026, spot at $21.77. The bear put spread on CNBS below is built from the November 13, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 7-day expiry.
Why this bear put spread structure on CNBS specifically: IV rank is unavailable in the current snapshot, so regime-based timing for CNBS is inferred from ATM IV alone. The 7-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CNBS expiries trade a higher absolute premium for lower per-day decay. Position sizing on CNBS should anchor to the underlying notional of $21.77 per share and to the trader's directional view on CNBS etf.
CNBS bear put spread setup
The CNBS bear put spread below is built from the November 13, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With CNBS at $21.77 on that close, the first option leg uses a $22.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CNBS chain at a 7-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 CNBS shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $22.00 | $1.20 |
| Sell 1 | Put | $21.00 | $0.72 |
CNBS bear put spread risk and reward
- Net Premium / Debit
- -$48.00
- Max Profit (per contract)
- $52.00
- Max Loss (per contract)
- -$48.00
- Breakeven(s)
- $21.52
- Risk / Reward Ratio
- 1.083
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.
CNBS bear put spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bear put spread on CNBS. 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% | +$52.00 |
| $4.82 | -77.8% | +$52.00 |
| $9.63 | -55.7% | +$52.00 |
| $14.45 | -33.6% | +$52.00 |
| $19.26 | -11.5% | +$52.00 |
| $24.07 | +10.6% | -$48.00 |
| $28.88 | +32.7% | -$48.00 |
| $33.70 | +54.8% | -$48.00 |
| $38.51 | +76.9% | -$48.00 |
| $43.32 | +99.0% | -$48.00 |
When traders use bear put spread on CNBS
Bear put spreads on CNBS reduce the cost of a bearish CNBS etf position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
CNBS thesis for this bear put spread
A CNBS bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on CNBS, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. As a Financial Services name, CNBS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CNBS-specific events.
CNBS 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. CNBS positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CNBS alongside the broader basket even when CNBS-specific fundamentals are unchanged. Long-premium structures like a bear put spread on CNBS 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 CNBS chain quotes before placing a trade.
Frequently asked questions
- What is a bear put spread on CNBS?
- A bear put spread on CNBS is the bear put spread strategy applied to CNBS (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 CNBS etf at $21.77 on the November 13, 2026 close, the strikes shown on this page are snapped to the nearest listed CNBS chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are CNBS 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 CNBS bear put spread priced from the November 13, 2026 end-of-day chain at a 30-day expiry (ATM IV the current ATM IV), the computed maximum profit is $52.00 per contract and the computed maximum loss is -$48.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a CNBS bear put spread?
- The breakeven for the CNBS bear put spread priced on this page is roughly $21.52 at expiration, derived from the November 13, 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.
- When should you consider a bear put spread on CNBS?
- Bear put spreads on CNBS reduce the cost of a bearish CNBS 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 CNBS implied volatility affect this bear put spread?
- Current CNBS ATM IV is the current ATM IV; IV rank context is unavailable in the current snapshot.