How are NVDX 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 NVDX long put priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 76.67%), the computed maximum profit is $1,886.50 per contract and the computed maximum loss is -$162.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a NVDX long put?

The breakeven for the NVDX long put priced on this page is roughly $18.88 at expiration, derived from the August 14, 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 NVDX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 21.98%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current NVDX implied volatility affect this long put?

NVDX ATM IV is at 76.67% with IV rank near 28.96%, 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.

NVDX Long Put Strategy

NVDX (T-REX 2X Long NVIDIA Daily Target ETF), in the Financial Services sector, (Asset Management - Leveraged industry), listed on CBOE.

Under typical market conditions, this fund primarily allocates at least 80% of its net assets to swap agreements. These agreements are structured to deliver two times (200%) the daily return of NVIDIA (NVDA) stock. The fund enters into these derivative contracts with major global financial institutions. Through these arrangements, the fund and the counterparty institution agree to exchange returns, targeting a daily outcome equivalent to 200% of the fund's net asset value. This investment vehicle maintains a non-diversified portfolio.

NVDX (T-REX 2X Long NVIDIA Daily Target ETF) trades in the Financial Services sector, specifically Asset Management - Leveraged, with a market capitalization of approximately $570.6M, a beta of 4.18 versus the broader market, a 52-week range of 12.41-24.72, average daily share volume of 9.2M, a public-listing history dating back to 2023. These structural characteristics shape how NVDX etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 4.18 indicates NVDX has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. NVDX pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a long put on NVDX?

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.

NVDX snapshot

As of August 14, 2026, spot at $20.74, ATM IV 76.67%, IV rank 28.96%, expected move 21.98%. The long put on NVDX below is built from the August 14, 2026 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 long put structure on NVDX specifically: NVDX IV at 76.67% is on the cheap side of its 1-year range, which favors premium-buying structures like a NVDX long put, with a market-implied 1-standard-deviation move of approximately 21.98% (roughly $4.56 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 NVDX expiries trade a higher absolute premium for lower per-day decay. Position sizing on NVDX should anchor to the underlying notional of $20.74 per share and to the trader's directional view on NVDX etf.

NVDX long put setup

The NVDX long put below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With NVDX at $20.74 on that close, the first option leg uses a $20.50 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed NVDX 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 NVDX shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Put	$20.50	$1.63

NVDX long put risk and reward

Net Premium / Debit: -$162.50
Max Profit (per contract): $1,886.50
Max Loss (per contract): -$162.50
Breakeven(s): $18.88
Risk / Reward Ratio: 11.609

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

NVDX long put payoff curve

Modeled P&L at expiration across a range of underlying prices for the long put on NVDX. 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%	+$1,886.50
$4.59	-77.8%	+$1,428.04
$9.18	-55.7%	+$969.58
$13.76	-33.6%	+$511.11
$18.35	-11.5%	+$52.65
$22.93	+10.6%	-$162.50
$27.52	+32.7%	-$162.50
$32.10	+54.8%	-$162.50
$36.69	+76.9%	-$162.50
$41.27	+99.0%	-$162.50

When traders use long put on NVDX

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

NVDX thesis for this long put

The market-implied 1-standard-deviation range for NVDX extends from approximately $16.18 on the downside to $25.30 on the upside. A NVDX long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long NVDX position with one put per 100 shares held. Current NVDX IV rank near 28.96% 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 NVDX at 76.67%. As a Financial Services name, NVDX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to NVDX-specific events.

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

Frequently asked questions

What is a long put on NVDX?: A long put on NVDX is the long put strategy applied to NVDX (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 NVDX etf at $20.74 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed NVDX chain strike and the premiums come straight from that session's bid/ask midpoint.
How are NVDX 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 NVDX long put priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 76.67%), the computed maximum profit is $1,886.50 per contract and the computed maximum loss is -$162.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a NVDX long put?: The breakeven for the NVDX long put priced on this page is roughly $18.88 at expiration, derived from the August 14, 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 NVDX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 21.98%; 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 NVDX?: Long puts on NVDX hedge an existing long NVDX etf position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying NVDX exposure being hedged.
How does current NVDX implied volatility affect this long put?: NVDX ATM IV is at 76.67% with IV rank near 28.96%, 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.