NFLP Long Put Strategy
NFLP (Kurv Yield Premium Strategy Netflix (NFLX) ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.
Kurv Yield Premium Strategy Netflix (NFLX) ETF seeks to provide current income while maintaining the opportunity for exposure to the share price of the common stock of Netflix, Inc., subject to a limit on potential investment gains.
NFLP (Kurv Yield Premium Strategy Netflix (NFLX) ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $7.4M, a beta of 0.48 versus the broader market, a 52-week range of 21.07-42.49, average daily share volume of 7K, a public-listing history dating back to 2023. These structural characteristics shape how NFLP etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.48 indicates NFLP has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. NFLP pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a long put on NFLP?
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.
Current NFLP snapshot
As of May 15, 2026, spot at $22.88, ATM IV 56.10%, IV rank 30.32%, expected move 16.08%. The long put on NFLP 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 63-day expiry.
Why this long put structure on NFLP specifically: NFLP IV at 56.10% 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 16.08% (roughly $3.68 on the underlying). The 63-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated NFLP expiries trade a higher absolute premium for lower per-day decay. Position sizing on NFLP should anchor to the underlying notional of $22.88 per share and to the trader's directional view on NFLP etf.
NFLP long put setup
The NFLP long put below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With NFLP near $22.88, the first option leg uses a $23.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed NFLP chain at a 63-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 NFLP shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $23.00 | $2.19 |
NFLP long put risk and reward
- Net Premium / Debit
- -$219.00
- Max Profit (per contract)
- $2,080.00
- Max Loss (per contract)
- -$219.00
- Breakeven(s)
- $20.81
- Risk / Reward Ratio
- 9.498
Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.
NFLP long put payoff curve
Modeled P&L at expiration across a range of underlying prices for the long put on NFLP. 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% | +$2,080.00 |
| $5.07 | -77.9% | +$1,574.22 |
| $10.13 | -55.7% | +$1,068.44 |
| $15.18 | -33.6% | +$562.66 |
| $20.24 | -11.5% | +$56.88 |
| $25.30 | +10.6% | -$219.00 |
| $30.36 | +32.7% | -$219.00 |
| $35.41 | +54.8% | -$219.00 |
| $40.47 | +76.9% | -$219.00 |
| $45.53 | +99.0% | -$219.00 |
When traders use long put on NFLP
Long puts on NFLP hedge an existing long NFLP etf position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying NFLP exposure being hedged.
NFLP thesis for this long put
The market-implied 1-standard-deviation range for NFLP extends from approximately $19.20 on the downside to $26.56 on the upside. A NFLP long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long NFLP position with one put per 100 shares held. Current NFLP IV rank near 30.32% is mid-range against its 1-year distribution, so the IV signal is neutral; the long put thesis on NFLP should anchor more to the directional view and the expected-move geometry. As a Financial Services name, NFLP options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to NFLP-specific events.
NFLP 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. NFLP positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move NFLP alongside the broader basket even when NFLP-specific fundamentals are unchanged. Long-premium structures like a long put on NFLP 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 NFLP chain quotes before placing a trade.
Frequently asked questions
- What is a long put on NFLP?
- A long put on NFLP is the long put strategy applied to NFLP (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 NFLP etf trading near $22.88, the strikes shown on this page are snapped to the nearest listed NFLP chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are NFLP 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 NFLP long put priced from the end-of-day chain at a 30-day expiry (ATM IV 56.10%), the computed maximum profit is $2,080.00 per contract and the computed maximum loss is -$219.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a NFLP long put?
- The breakeven for the NFLP long put priced on this page is roughly $20.81 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 NFLP market-implied 1-standard-deviation expected move is approximately 16.08%; 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 NFLP?
- Long puts on NFLP hedge an existing long NFLP etf position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying NFLP exposure being hedged.
- How does current NFLP implied volatility affect this long put?
- NFLP ATM IV is at 56.10% with IV rank near 30.32%, 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.