How are NVDL 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 NVDL bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 94.74%), the computed maximum profit is $250.00 per contract and the computed maximum loss is -$350.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a NVDL bear put spread?

The breakeven for the NVDL bear put spread priced on this page is roughly $115.50 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 NVDL market-implied 1-standard-deviation expected move is approximately 27.16%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

NVDL ATM IV is at 94.74% with IV rank near 72.22%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.

NVDL Bear Put Spread Strategy

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

The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of NVIDIA Corp, (NASDAQ: NVDA) There is no guarantee that the Fund will meet its stated objective. The fund should not be expected to provide 2 times the cumulative return of NVDA for periods greater than a day.

NVDL (GraniteShares 2x Long NVDA Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $4.01B, a beta of 3.62 versus the broader market, a 52-week range of 48.08-120.61, average daily share volume of 9.1M, a public-listing history dating back to 2022. These structural characteristics shape how NVDL etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 3.62 indicates NVDL has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. NVDL 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 NVDL?

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 NVDL snapshot

As of May 15, 2026, spot at $119.27, ATM IV 94.74%, IV rank 72.22%, expected move 27.16%. The bear put spread on NVDL 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 28-day expiry.

Why this bear put spread structure on NVDL specifically: NVDL IV at 94.74% is rich versus its 1-year range, which makes a premium-buying NVDL bear put spread relatively expensive in absolute-cost terms, with a market-implied 1-standard-deviation move of approximately 27.16% (roughly $32.40 on the underlying). The 28-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated NVDL expiries trade a higher absolute premium for lower per-day decay. Position sizing on NVDL should anchor to the underlying notional of $119.27 per share and to the trader's directional view on NVDL etf.

NVDL bear put spread setup

The NVDL 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 NVDL near $119.27, the first option leg uses a $119.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed NVDL chain at a 28-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 NVDL shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Put	$119.00	$12.05
Sell 1	Put	$113.00	$8.55

NVDL bear put spread risk and reward

Net Premium / Debit: -$350.00
Max Profit (per contract): $250.00
Max Loss (per contract): -$350.00
Breakeven(s): $115.50
Risk / Reward Ratio: 0.714

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.

NVDL bear put spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bear put spread on NVDL. 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%	+$250.00
$26.38	-77.9%	+$250.00
$52.75	-55.8%	+$250.00
$79.12	-33.7%	+$250.00
$105.49	-11.6%	+$250.00
$131.86	+10.6%	-$350.00
$158.23	+32.7%	-$350.00
$184.60	+54.8%	-$350.00
$210.97	+76.9%	-$350.00
$237.34	+99.0%	-$350.00

When traders use bear put spread on NVDL

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

NVDL thesis for this bear put spread

The market-implied 1-standard-deviation range for NVDL extends from approximately $86.87 on the downside to $151.67 on the upside. A NVDL bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on NVDL, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current NVDL IV rank near 72.22% sits in the upper third of its 1-year distribution, which historically reverts; this raises the bar for premium-buying structures and lowers it for premium-selling structures on NVDL at 94.74%. As a Financial Services name, NVDL options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to NVDL-specific events.

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

Frequently asked questions

What is a bear put spread on NVDL?: A bear put spread on NVDL is the bear put spread strategy applied to NVDL (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 NVDL etf trading near $119.27, the strikes shown on this page are snapped to the nearest listed NVDL chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are NVDL 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 NVDL bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 94.74%), the computed maximum profit is $250.00 per contract and the computed maximum loss is -$350.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a NVDL bear put spread?: The breakeven for the NVDL bear put spread priced on this page is roughly $115.50 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 NVDL market-implied 1-standard-deviation expected move is approximately 27.16%; 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 NVDL?: Bear put spreads on NVDL reduce the cost of a bearish NVDL 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 NVDL implied volatility affect this bear put spread?: NVDL ATM IV is at 94.74% with IV rank near 72.22%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.