How are FNGG 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 FNGG bear put spread priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 37.20%), the computed maximum profit is $955.00 per contract and the computed maximum loss is -$545.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a FNGG bear put spread?

The breakeven for the FNGG bear put spread priced on this page is roughly $259.55 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 FNGG market-implied 1-standard-deviation expected move in the same options snapshot is approximately 10.66%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

FNGG ATM IV is at 37.20% with IV rank near 19.15%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.

FNGG Bear Put Spread Strategy

FNGG (Direxion Daily NYSE FANG+ Bull 2X ETF), in the Financial Services sector, (Asset Management - Leveraged industry), listed on AMEX.

The Direxion Daily NYSE FANG+ Bull 2X ETF is designed to achieve daily investment returns that are 200% (or two times) the performance of the NYSE FANG+ Index, calculated before the subtraction of fees and expenses. However, there is no assurance that the fund will successfully attain its stated investment objective.

FNGG (Direxion Daily NYSE FANG+ Bull 2X ETF) trades in the Financial Services sector, specifically Asset Management - Leveraged, with a market capitalization of approximately $133.4M, a beta of 2.81 versus the broader market, a 52-week range of 139.116-276, average daily share volume of 8K, a public-listing history dating back to 2021. These structural characteristics shape how FNGG etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 2.81 indicates FNGG has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. FNGG 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 FNGG?

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.

FNGG snapshot

As of August 14, 2026, spot at $265.19, ATM IV 37.20%, IV rank 19.15%, expected move 10.66%. The bear put spread on FNGG 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 bear put spread structure on FNGG specifically: FNGG IV at 37.20% is on the cheap side of its 1-year range, which favors premium-buying structures like a FNGG bear put spread, with a market-implied 1-standard-deviation move of approximately 10.66% (roughly $28.28 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 FNGG expiries trade a higher absolute premium for lower per-day decay. Position sizing on FNGG should anchor to the underlying notional of $265.19 per share and to the trader's directional view on FNGG etf.

FNGG bear put spread setup

The FNGG bear put spread 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 FNGG at $265.19 on that close, the first option leg uses a $265.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed FNGG 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 FNGG shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Put	$265.00	$12.00
Sell 1	Put	$250.00	$6.55

FNGG bear put spread risk and reward

Net Premium / Debit: -$545.00
Max Profit (per contract): $955.00
Max Loss (per contract): -$545.00
Breakeven(s): $259.55
Risk / Reward Ratio: 1.752

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.

FNGG bear put spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bear put spread on FNGG. 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%	+$955.00
$58.64	-77.9%	+$955.00
$117.28	-55.8%	+$955.00
$175.91	-33.7%	+$955.00
$234.55	-11.6%	+$955.00
$293.18	+10.6%	-$545.00
$351.81	+32.7%	-$545.00
$410.45	+54.8%	-$545.00
$469.08	+76.9%	-$545.00
$527.71	+99.0%	-$545.00

When traders use bear put spread on FNGG

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

FNGG thesis for this bear put spread

The market-implied 1-standard-deviation range for FNGG extends from approximately $236.91 on the downside to $293.47 on the upside. A FNGG bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on FNGG, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current FNGG IV rank near 19.15% sits in the lower third of its 1-year distribution, where IV often re-expands toward the mean; this favors premium-buying structures and disadvantages premium-selling structures on FNGG at 37.20%. As a Financial Services name, FNGG options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to FNGG-specific events.

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

Frequently asked questions

What is a bear put spread on FNGG?: A bear put spread on FNGG is the bear put spread strategy applied to FNGG (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 FNGG etf at $265.19 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed FNGG chain strike and the premiums come straight from that session's bid/ask midpoint.
How are FNGG 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 FNGG bear put spread priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 37.20%), the computed maximum profit is $955.00 per contract and the computed maximum loss is -$545.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a FNGG bear put spread?: The breakeven for the FNGG bear put spread priced on this page is roughly $259.55 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 FNGG market-implied 1-standard-deviation expected move in the same options snapshot is approximately 10.66%; 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 FNGG?: Bear put spreads on FNGG reduce the cost of a bearish FNGG 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 FNGG implied volatility affect this bear put spread?: FNGG ATM IV is at 37.20% with IV rank near 19.15%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.