How are EFZ 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 EFZ bear put spread priced from the November 13, 2026 end-of-day chain at a 30-day expiry (ATM IV 15.60%), the computed maximum profit is $67.50 per contract and the computed maximum loss is -$32.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a EFZ bear put spread?

The breakeven for the EFZ bear put spread priced on this page is roughly $22.68 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. The EFZ market-implied 1-standard-deviation expected move in the same options snapshot is approximately 4.47%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current EFZ implied volatility affect this bear put spread?

Current EFZ ATM IV is 15.60%; IV rank context is unavailable in the current snapshot.

EFZ Bear Put Spread Strategy

EFZ (ProShares - Short MSCI EAFE), in the Financial Services sector, (Asset Management - Leveraged industry), listed on AMEX.

This ProShares fund is designed to generate daily returns that are precisely inverse (-1x) to the daily performance of the MSCI EAFE Index, prior to accounting for any charges and expenses.

EFZ (ProShares - Short MSCI EAFE) trades in the Financial Services sector, specifically Asset Management - Leveraged, with a market capitalization of approximately $6.7M, a beta of -0.62 versus the broader market, a 52-week range of 21.94-27.28, average daily share volume of 9K, a public-listing history dating back to 2007. These structural characteristics shape how EFZ etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of -0.62 indicates EFZ has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. EFZ pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a bear put spread on EFZ?

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.

EFZ snapshot

As of November 13, 2026, spot at $23.04, ATM IV 15.60%, expected move 4.47%. The bear put spread on EFZ 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 35-day expiry.

Why this bear put spread structure on EFZ specifically: IV rank is unavailable in the current snapshot, so regime-based timing for EFZ is inferred from ATM IV at 15.60% alone, with a market-implied 1-standard-deviation move of approximately 4.47% (roughly $1.03 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 EFZ expiries trade a higher absolute premium for lower per-day decay. Position sizing on EFZ should anchor to the underlying notional of $23.04 per share and to the trader's directional view on EFZ etf.

EFZ bear put spread setup

The EFZ 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 EFZ at $23.04 on that close, the first option leg uses a $23.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed EFZ 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 EFZ shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Put	$23.00	$0.43
Sell 1	Put	$22.00	$0.10

EFZ bear put spread risk and reward

Net Premium / Debit: -$32.50
Max Profit (per contract): $67.50
Max Loss (per contract): -$32.50
Breakeven(s): $22.68
Risk / Reward Ratio: 2.077

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.

EFZ bear put spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bear put spread on EFZ. 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%	+$67.50
$5.10	-77.9%	+$67.50
$10.20	-55.7%	+$67.50
$15.29	-33.6%	+$67.50
$20.38	-11.5%	+$67.50
$25.48	+10.6%	-$32.50
$30.57	+32.7%	-$32.50
$35.66	+54.8%	-$32.50
$40.76	+76.9%	-$32.50
$45.85	+99.0%	-$32.50

When traders use bear put spread on EFZ

Bear put spreads on EFZ reduce the cost of a bearish EFZ etf position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.

EFZ thesis for this bear put spread

The market-implied 1-standard-deviation range for EFZ extends from approximately $22.01 on the downside to $24.07 on the upside. A EFZ bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on EFZ, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. As a Financial Services name, EFZ options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to EFZ-specific events.

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

Frequently asked questions

What is a bear put spread on EFZ?: A bear put spread on EFZ is the bear put spread strategy applied to EFZ (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 EFZ etf at $23.04 on the November 13, 2026 close, the strikes shown on this page are snapped to the nearest listed EFZ chain strike and the premiums come straight from that session's bid/ask midpoint.
How are EFZ 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 EFZ bear put spread priced from the November 13, 2026 end-of-day chain at a 30-day expiry (ATM IV 15.60%), the computed maximum profit is $67.50 per contract and the computed maximum loss is -$32.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a EFZ bear put spread?: The breakeven for the EFZ bear put spread priced on this page is roughly $22.68 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. The EFZ market-implied 1-standard-deviation expected move in the same options snapshot is approximately 4.47%; 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 EFZ?: Bear put spreads on EFZ reduce the cost of a bearish EFZ 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 EFZ implied volatility affect this bear put spread?: Current EFZ ATM IV is 15.60%; IV rank context is unavailable in the current snapshot.