FIGG Bear Put Spread Strategy
FIGG (Leverage Shares 2x Long FIG Daily ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.
The Leverage Shares 2x Long FIG Daily ETF (FIGG) is a 2x Daily Leveraged (Bull) ETF designed for active traders seeking to magnify short-term results. The FIGG ETF aims to achieve two times (200%) the daily performance of FIG stock, minus fees and expenses.
FIGG (Leverage Shares 2x Long FIG Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $2.0M, a beta of -0.17 versus the broader market, a 52-week range of 13.86-326.8, average daily share volume of 212K, a public-listing history dating back to 2025. These structural characteristics shape how FIGG etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of -0.17 indicates FIGG has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.
What is a bear put spread on FIGG?
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 FIGG snapshot
As of May 15, 2026, spot at $25.13, ATM IV 172.40%, expected move 49.43%. The bear put spread on FIGG 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 63-day expiry.
Why this bear put spread structure on FIGG specifically: IV rank is unavailable in the current snapshot, so regime-based timing for FIGG is inferred from ATM IV at 172.40% alone, with a market-implied 1-standard-deviation move of approximately 49.43% (roughly $12.42 on the underlying). The 63-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated FIGG expiries trade a higher absolute premium for lower per-day decay. Position sizing on FIGG should anchor to the underlying notional of $25.13 per share and to the trader's directional view on FIGG etf.
FIGG bear put spread setup
The FIGG 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 FIGG near $25.13, 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 FIGG chain at a 63-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 FIGG shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $25.00 | $6.50 |
| Sell 1 | Put | $24.00 | $5.95 |
FIGG bear put spread risk and reward
- Net Premium / Debit
- -$55.00
- Max Profit (per contract)
- $45.00
- Max Loss (per contract)
- -$55.00
- Breakeven(s)
- $24.45
- Risk / Reward Ratio
- 0.818
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.
FIGG bear put spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bear put spread on FIGG. 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% | +$45.00 |
| $5.57 | -77.9% | +$45.00 |
| $11.12 | -55.7% | +$45.00 |
| $16.68 | -33.6% | +$45.00 |
| $22.23 | -11.5% | +$45.00 |
| $27.79 | +10.6% | -$55.00 |
| $33.34 | +32.7% | -$55.00 |
| $38.90 | +54.8% | -$55.00 |
| $44.45 | +76.9% | -$55.00 |
| $50.01 | +99.0% | -$55.00 |
When traders use bear put spread on FIGG
Bear put spreads on FIGG reduce the cost of a bearish FIGG etf position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
FIGG thesis for this bear put spread
The market-implied 1-standard-deviation range for FIGG extends from approximately $12.71 on the downside to $37.55 on the upside. A FIGG bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on FIGG, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. As a Financial Services name, FIGG options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to FIGG-specific events.
FIGG 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. FIGG positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move FIGG alongside the broader basket even when FIGG-specific fundamentals are unchanged. Long-premium structures like a bear put spread on FIGG 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 FIGG chain quotes before placing a trade.
Frequently asked questions
- What is a bear put spread on FIGG?
- A bear put spread on FIGG is the bear put spread strategy applied to FIGG (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 FIGG etf trading near $25.13, the strikes shown on this page are snapped to the nearest listed FIGG chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are FIGG 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 FIGG bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 172.40%), the computed maximum profit is $45.00 per contract and the computed maximum loss is -$55.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a FIGG bear put spread?
- The breakeven for the FIGG bear put spread priced on this page is roughly $24.45 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 FIGG market-implied 1-standard-deviation expected move is approximately 49.43%; 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 FIGG?
- Bear put spreads on FIGG reduce the cost of a bearish FIGG 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 FIGG implied volatility affect this bear put spread?
- Current FIGG ATM IV is 172.40%; IV rank context is unavailable in the current snapshot.