How are NBIL 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 NBIL bear put spread priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 156.70%), the computed maximum profit is $87.50 per contract and the computed maximum loss is -$112.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a NBIL bear put spread?

The breakeven for the NBIL bear put spread priced on this page is roughly $25.88 at expiration, derived from the September 29, 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 NBIL market-implied 1-standard-deviation expected move in the same options snapshot is approximately 44.92%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

Current NBIL ATM IV is 156.70%; IV rank context is unavailable in the current snapshot.

NBIL Bear Put Spread Strategy

NBIL (GraniteShares 2x Long NBIS Daily ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.

NBIL is a short-term tactical tool that aims to deliver 2x the price return, less fees and expenses, for a single day of Nebius Group N.V. stock. Purchasers holding shares for longer than a day need to monitor and frequently rebalance their position to attempt to achieve the 2x multiple. At the adviser's discretion, the fund may utilize standardized exchange-traded and FLEX call and put options with 1-week to 1-month terms. It may either buy deep in-the-money calls or use a synthetic forward options strategy. Aside from the leverage, the shares take on added volatility due to the lack of diversification. Purchasers should conduct their own stock research prior to initiating a position and trade with conviction.

NBIL (GraniteShares 2x Long NBIS Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $227.3M, a beta of 7.83 versus the broader market, a 52-week range of 6.37-68.49, average daily share volume of 3.2M, a public-listing history dating back to 2025. These structural characteristics shape how NBIL etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 7.83 indicates NBIL has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.

What is a bear put spread on NBIL?

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.

NBIL snapshot

As of September 29, 2026, spot at $26.71, ATM IV 156.70%, expected move 44.92%. The bear put spread on NBIL below is built from the September 29, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 17-day expiry.

Why this bear put spread structure on NBIL specifically: IV rank is unavailable in the current snapshot, so regime-based timing for NBIL is inferred from ATM IV at 156.70% alone, with a market-implied 1-standard-deviation move of approximately 44.92% (roughly $12.00 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated NBIL expiries trade a higher absolute premium for lower per-day decay. Position sizing on NBIL should anchor to the underlying notional of $26.71 per share and to the trader's directional view on NBIL etf.

NBIL bear put spread setup

The NBIL bear put spread below is built from the September 29, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With NBIL at $26.71 on that close, the first option leg uses a $27.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed NBIL chain at a 17-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 NBIL shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Put	$27.00	$3.60
Sell 1	Put	$25.00	$2.48

NBIL bear put spread risk and reward

Net Premium / Debit: -$112.50
Max Profit (per contract): $87.50
Max Loss (per contract): -$112.50
Breakeven(s): $25.88
Risk / Reward Ratio: 0.778

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.

NBIL bear put spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bear put spread on NBIL. 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%	+$87.50
$5.91	-77.9%	+$87.50
$11.82	-55.7%	+$87.50
$17.72	-33.6%	+$87.50
$23.63	-11.5%	+$87.50
$29.53	+10.6%	-$112.50
$35.44	+32.7%	-$112.50
$41.34	+54.8%	-$112.50
$47.25	+76.9%	-$112.50
$53.15	+99.0%	-$112.50

When traders use bear put spread on NBIL

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

NBIL thesis for this bear put spread

The market-implied 1-standard-deviation range for NBIL extends from approximately $14.71 on the downside to $38.71 on the upside. A NBIL bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on NBIL, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. As a Financial Services name, NBIL options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to NBIL-specific events.

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

Frequently asked questions

What is a bear put spread on NBIL?: A bear put spread on NBIL is the bear put spread strategy applied to NBIL (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 NBIL etf at $26.71 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed NBIL chain strike and the premiums come straight from that session's bid/ask midpoint.
How are NBIL 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 NBIL bear put spread priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 156.70%), the computed maximum profit is $87.50 per contract and the computed maximum loss is -$112.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a NBIL bear put spread?: The breakeven for the NBIL bear put spread priced on this page is roughly $25.88 at expiration, derived from the September 29, 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 NBIL market-implied 1-standard-deviation expected move in the same options snapshot is approximately 44.92%; 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 NBIL?: Bear put spreads on NBIL reduce the cost of a bearish NBIL 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 NBIL implied volatility affect this bear put spread?: Current NBIL ATM IV is 156.70%; IV rank context is unavailable in the current snapshot.