How are JNUG 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 JNUG bear put spread priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 95.70%), the computed maximum profit is $250.00 per contract and the computed maximum loss is -$250.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a JNUG bear put spread?

The breakeven for the JNUG bear put spread priced on this page is roughly $162.50 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 JNUG market-implied 1-standard-deviation expected move in the same options snapshot is approximately 27.44%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

JNUG ATM IV is at 95.70% with IV rank near 42.39%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.

JNUG Bear Put Spread Strategy

JNUG (Direxion Daily Junior Gold Miners Index Bull 2X ETF), in the Financial Services sector, (Asset Management - Leveraged industry), listed on AMEX.

These specialized Direxion funds, comprising both a "Bull" and a "Bear" version, aim to deliver daily investment returns that either double the performance of the MVIS Global Junior Gold Miners Index, or double its inverse movement. This calculation is made before any deductions for fees and operational expenses. However, it's crucial to understand that the consistent achievement of these stated financial objectives is not assured.

JNUG (Direxion Daily Junior Gold Miners Index Bull 2X ETF) trades in the Financial Services sector, specifically Asset Management - Leveraged, with a market capitalization of approximately $534.2M, a beta of 0.86 versus the broader market, a 52-week range of 86.18-363.55, average daily share volume of 288K, a public-listing history dating back to 2013. These structural characteristics shape how JNUG etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.86 places JNUG roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. JNUG 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 JNUG?

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.

JNUG snapshot

As of August 14, 2026, spot at $166.53, ATM IV 95.70%, IV rank 42.39%, expected move 27.44%. The bear put spread on JNUG 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 JNUG specifically: JNUG IV at 95.70% is mid-range versus its 1-year history, so strategy selection should anchor more to the directional thesis than to the IV regime, with a market-implied 1-standard-deviation move of approximately 27.44% (roughly $45.69 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 JNUG expiries trade a higher absolute premium for lower per-day decay. Position sizing on JNUG should anchor to the underlying notional of $166.53 per share and to the trader's directional view on JNUG etf.

JNUG bear put spread setup

The JNUG 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 JNUG at $166.53 on that close, the first option leg uses a $165.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed JNUG 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 JNUG shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Put	$165.00	$17.95
Sell 1	Put	$160.00	$15.45

JNUG bear put spread risk and reward

Net Premium / Debit: -$250.00
Max Profit (per contract): $250.00
Max Loss (per contract): -$250.00
Breakeven(s): $162.50
Risk / Reward Ratio: 1.000

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.

JNUG bear put spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bear put spread on JNUG. 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%	+$250.00
$36.83	-77.9%	+$250.00
$73.65	-55.8%	+$250.00
$110.47	-33.7%	+$250.00
$147.29	-11.6%	+$250.00
$184.11	+10.6%	-$250.00
$220.93	+32.7%	-$250.00
$257.75	+54.8%	-$250.00
$294.57	+76.9%	-$250.00
$331.39	+99.0%	-$250.00

When traders use bear put spread on JNUG

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

JNUG thesis for this bear put spread

The market-implied 1-standard-deviation range for JNUG extends from approximately $120.84 on the downside to $212.22 on the upside. A JNUG bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on JNUG, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current JNUG IV rank near 42.39% is mid-range against its 1-year distribution, so the IV signal is neutral; the bear put spread thesis on JNUG should anchor more to the directional view and the expected-move geometry. As a Financial Services name, JNUG options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to JNUG-specific events.

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

Frequently asked questions

What is a bear put spread on JNUG?: A bear put spread on JNUG is the bear put spread strategy applied to JNUG (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 JNUG etf at $166.53 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed JNUG chain strike and the premiums come straight from that session's bid/ask midpoint.
How are JNUG 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 JNUG bear put spread priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 95.70%), the computed maximum profit is $250.00 per contract and the computed maximum loss is -$250.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a JNUG bear put spread?: The breakeven for the JNUG bear put spread priced on this page is roughly $162.50 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 JNUG market-implied 1-standard-deviation expected move in the same options snapshot is approximately 27.44%; 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 JNUG?: Bear put spreads on JNUG reduce the cost of a bearish JNUG 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 JNUG implied volatility affect this bear put spread?: JNUG ATM IV is at 95.70% with IV rank near 42.39%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.