How are FTAG 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 FTAG bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 360.00%), the computed maximum profit is $135.50 per contract and the computed maximum loss is -$64.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a FTAG bear put spread?

The breakeven for the FTAG bear put spread priced on this page is roughly $29.36 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 FTAG market-implied 1-standard-deviation expected move is approximately 6.84%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

FTAG ATM IV is at 360.00% with IV rank near 71.46%, 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.

FTAG Bear Put Spread Strategy

FTAG (First Trust Indxx Global Agriculture ETF), in the Financial Services sector, (Asset Management - Global industry), listed on NASDAQ.

The First Trust Indxx Global Agriculture ETF is an exchange-trade fund. The investment objective of the Fund is to seek investment results that correspond generally to the price and yield, before the Fund's fees and expenses, of an equity index called the Indxx Global Agriculture Index.

FTAG (First Trust Indxx Global Agriculture ETF) trades in the Financial Services sector, specifically Asset Management - Global, with a market capitalization of approximately $6.6M, a beta of 0.67 versus the broader market, a 52-week range of 24.98-31.13, average daily share volume of 5K, a public-listing history dating back to 2010. These structural characteristics shape how FTAG etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.67 indicates FTAG has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. FTAG 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 FTAG?

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 FTAG snapshot

As of May 15, 2026, spot at $29.81, ATM IV 360.00%, IV rank 71.46%, expected move 6.84%. The bear put spread on FTAG 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 34-day expiry.

Why this bear put spread structure on FTAG specifically: FTAG IV at 360.00% is rich versus its 1-year range, which makes a premium-buying FTAG bear put spread relatively expensive in absolute-cost terms, with a market-implied 1-standard-deviation move of approximately 6.84% (roughly $2.04 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated FTAG expiries trade a higher absolute premium for lower per-day decay. Position sizing on FTAG should anchor to the underlying notional of $29.81 per share and to the trader's directional view on FTAG etf.

FTAG bear put spread setup

The FTAG 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 FTAG near $29.81, the first option leg uses a $30.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed FTAG chain at a 34-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 FTAG shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Put	$30.00	$0.93
Sell 1	Put	$28.00	$0.28

FTAG bear put spread risk and reward

Net Premium / Debit: -$64.50
Max Profit (per contract): $135.50
Max Loss (per contract): -$64.50
Breakeven(s): $29.36
Risk / Reward Ratio: 2.101

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.

FTAG bear put spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bear put spread on FTAG. 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%	+$135.50
$6.60	-77.9%	+$135.50
$13.19	-55.8%	+$135.50
$19.78	-33.6%	+$135.50
$26.37	-11.5%	+$135.50
$32.96	+10.6%	-$64.50
$39.55	+32.7%	-$64.50
$46.14	+54.8%	-$64.50
$52.73	+76.9%	-$64.50
$59.32	+99.0%	-$64.50

When traders use bear put spread on FTAG

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

FTAG thesis for this bear put spread

The market-implied 1-standard-deviation range for FTAG extends from approximately $27.77 on the downside to $31.85 on the upside. A FTAG bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on FTAG, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current FTAG IV rank near 71.46% 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 FTAG at 360.00%. As a Financial Services name, FTAG options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to FTAG-specific events.

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

Frequently asked questions

What is a bear put spread on FTAG?: A bear put spread on FTAG is the bear put spread strategy applied to FTAG (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 FTAG etf trading near $29.81, the strikes shown on this page are snapped to the nearest listed FTAG chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are FTAG 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 FTAG bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 360.00%), the computed maximum profit is $135.50 per contract and the computed maximum loss is -$64.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a FTAG bear put spread?: The breakeven for the FTAG bear put spread priced on this page is roughly $29.36 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 FTAG market-implied 1-standard-deviation expected move is approximately 6.84%; 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 FTAG?: Bear put spreads on FTAG reduce the cost of a bearish FTAG 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 FTAG implied volatility affect this bear put spread?: FTAG ATM IV is at 360.00% with IV rank near 71.46%, 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.