How are NFLY 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 NFLY bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 51.00%), the computed maximum profit is $0.00 per contract and the computed maximum loss is $0.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a NFLY bear put spread?

The breakeven for the NFLY bear put spread priced on this page is no defined breakeven on the modeled curve 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 NFLY market-implied 1-standard-deviation expected move is approximately 14.62%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

NFLY ATM IV is at 51.00% with IV rank near 9.43%, 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.

NFLY Bear Put Spread Strategy

NFLY (YieldMax NFLX Option Income Strategy ETF), in the Financial Services sector, (Asset Management - Income industry), listed on AMEX.

The YieldMax NFLX Option Income Strategy ETF (NFLY) functions as a dynamically managed exchange-traded fund. Its primary objective is to deliver consistent weekly earnings by implementing a strategy of selling call options or call spreads tied to NFLX stock. This method is structured to capitalize on the premiums generated from these option contracts, concurrently offering investors exposure to potential upside in NFLX's share price.

NFLY (YieldMax NFLX Option Income Strategy ETF) trades in the Financial Services sector, specifically Asset Management - Income, with a market capitalization of approximately $54.5M, a beta of 0.45 versus the broader market, a 52-week range of 7.811-19.25, average daily share volume of 114K, a public-listing history dating back to 2023. These structural characteristics shape how NFLY etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.45 indicates NFLY has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. NFLY 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 NFLY?

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 NFLY snapshot

As of June 29, 2026, spot at $8.07, ATM IV 51.00%, IV rank 9.43%, expected move 14.62%. The bear put spread on NFLY 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 144-day expiry.

Why this bear put spread structure on NFLY specifically: NFLY IV at 51.00% is on the cheap side of its 1-year range, which favors premium-buying structures like a NFLY bear put spread, with a market-implied 1-standard-deviation move of approximately 14.62% (roughly $1.18 on the underlying). The 144-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated NFLY expiries trade a higher absolute premium for lower per-day decay. Position sizing on NFLY should anchor to the underlying notional of $8.07 per share and to the trader's directional view on NFLY etf.

NFLY bear put spread setup

The NFLY 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 NFLY near $8.07, the first option leg uses a $8.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed NFLY chain at a 144-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 NFLY shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Put	$8.00	$1.40
Sell 1	Put	$8.00	$1.40

NFLY bear put spread risk and reward

Net Premium / Debit: $0.00
Max Profit (per contract): $0.00
Max Loss (per contract): $0.00
Breakeven(s): None on modeled curve
Risk / Reward Ratio: N/A

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.

NFLY bear put spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bear put spread on NFLY. 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	-99.9%	$0.00
$1.79	-77.8%	$0.00
$3.58	-55.7%	$0.00
$5.36	-33.6%	$0.00
$7.14	-11.5%	$0.00
$8.93	+10.6%	$0.00
$10.71	+32.7%	$0.00
$12.49	+54.8%	$0.00
$14.28	+76.9%	$0.00
$16.06	+99.0%	$0.00

When traders use bear put spread on NFLY

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

NFLY thesis for this bear put spread

The market-implied 1-standard-deviation range for NFLY extends from approximately $6.89 on the downside to $9.25 on the upside. A NFLY bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on NFLY, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current NFLY IV rank near 9.43% 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 NFLY at 51.00%. As a Financial Services name, NFLY options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to NFLY-specific events.

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

Frequently asked questions

What is a bear put spread on NFLY?: A bear put spread on NFLY is the bear put spread strategy applied to NFLY (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 NFLY etf trading near $8.07, the strikes shown on this page are snapped to the nearest listed NFLY chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are NFLY 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 NFLY bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 51.00%), the computed maximum profit is $0.00 per contract and the computed maximum loss is $0.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a NFLY bear put spread?: The breakeven for the NFLY bear put spread priced on this page is no defined breakeven on the modeled curve 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 NFLY market-implied 1-standard-deviation expected move is approximately 14.62%; 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 NFLY?: Bear put spreads on NFLY reduce the cost of a bearish NFLY 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 NFLY implied volatility affect this bear put spread?: NFLY ATM IV is at 51.00% with IV rank near 9.43%, 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.