How are NEBX long put max profit and max loss calculated?

Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium. For the NEBX long put priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 151.40%), the computed maximum profit is $2,376.50 per contract and the computed maximum loss is -$322.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a NEBX long put?

The breakeven for the NEBX long put priced on this page is roughly $23.78 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 NEBX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 43.41%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current NEBX implied volatility affect this long put?

NEBX ATM IV is at 151.40% with IV rank near 3.69%, 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.

NEBX Long Put Strategy

NEBX (Tradr 2X Long NBIS Daily ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.

NEBX is a short-term tactical tool that aims to deliver twice (200%) the daily performance of Nebius Group (NASDAQ: NBIS), before fees and expenses. The fund primarily enters into total return swap agreements with major global financial institutions that mirror NBISs daily returns. In case swaps are unavailable or less efficient, the fund may use FLEX call options or directly hold NBIS stock. Purchasers holding shares for longer than a day will need to monitor and rebalance their position frequently to attempt to achieve the 2x multiple. Purchasers should conduct their own individual stock research prior to initiating a position and trade with conviction. Due to the complexities of the product, shares tend to perform as anticipated only when the underlying shares are trending, and holders are on the positive corresponding side of that trade.

NEBX (Tradr 2X Long NBIS Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $198.2M, a beta of 7.89 versus the broader market, a 52-week range of 6.61633-70.77, average daily share volume of 2.5M, a public-listing history dating back to 2025. These structural characteristics shape how NEBX etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 7.89 indicates NEBX 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 long put on NEBX?

A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration.

NEBX snapshot

As of September 29, 2026, spot at $27.36, ATM IV 151.40%, IV rank 3.69%, expected move 43.41%. The long put on NEBX 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 long put structure on NEBX specifically: NEBX IV at 151.40% is on the cheap side of its 1-year range, which favors premium-buying structures like a NEBX long put, with a market-implied 1-standard-deviation move of approximately 43.41% (roughly $11.88 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 NEBX expiries trade a higher absolute premium for lower per-day decay. Position sizing on NEBX should anchor to the underlying notional of $27.36 per share and to the trader's directional view on NEBX etf.

NEBX long put setup

The NEBX long put 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 NEBX at $27.36 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 NEBX 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 NEBX shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Put	$27.00	$3.23

NEBX long put risk and reward

Net Premium / Debit: -$322.50
Max Profit (per contract): $2,376.50
Max Loss (per contract): -$322.50
Breakeven(s): $23.78
Risk / Reward Ratio: 7.369

Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.

NEBX long put payoff curve

Modeled P&L at expiration across a range of underlying prices for the long put on NEBX. 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%	+$2,376.50
$6.06	-77.9%	+$1,771.67
$12.11	-55.8%	+$1,166.83
$18.16	-33.6%	+$562.00
$24.20	-11.5%	-$42.84
$30.25	+10.6%	-$322.50
$36.30	+32.7%	-$322.50
$42.35	+54.8%	-$322.50
$48.40	+76.9%	-$322.50
$54.45	+99.0%	-$322.50

When traders use long put on NEBX

Long puts on NEBX hedge an existing long NEBX etf position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying NEBX exposure being hedged.

NEBX thesis for this long put

The market-implied 1-standard-deviation range for NEBX extends from approximately $15.48 on the downside to $39.24 on the upside. A NEBX long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long NEBX position with one put per 100 shares held. Current NEBX IV rank near 3.69% 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 NEBX at 151.40%. As a Financial Services name, NEBX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to NEBX-specific events.

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

Frequently asked questions

What is a long put on NEBX?: A long put on NEBX is the long put strategy applied to NEBX (etf). The strategy is structurally bearish: A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration. With NEBX etf at $27.36 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed NEBX chain strike and the premiums come straight from that session's bid/ask midpoint.
How are NEBX long put max profit and max loss calculated?: Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium. For the NEBX long put priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 151.40%), the computed maximum profit is $2,376.50 per contract and the computed maximum loss is -$322.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a NEBX long put?: The breakeven for the NEBX long put priced on this page is roughly $23.78 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 NEBX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 43.41%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a long put on NEBX?: Long puts on NEBX hedge an existing long NEBX etf position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying NEBX exposure being hedged.
How does current NEBX implied volatility affect this long put?: NEBX ATM IV is at 151.40% with IV rank near 3.69%, 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.