How are PBRG 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 PBRG long put priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 97.70%), the computed maximum profit is $4,074.00 per contract and the computed maximum loss is -$425.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a PBRG long put?

The breakeven for the PBRG long put priced on this page is roughly $40.75 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 PBRG market-implied 1-standard-deviation expected move in the same options snapshot is approximately 28.01%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current PBRG implied volatility affect this long put?

PBRG ATM IV is at 97.70% with IV rank near 16.39%, 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.

PBRG Long Put Strategy

PBRG (Themes ETF Trust - Leverage Shares 2X Long PBR Daily ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.

PBRG is designed for making bullish bets on the stock price of Petroleo Brasileiro S.A., through swap agreements. The objective is to obtain daily leveraged exposure equivalent to 200% of the fund's net assets. To maintain this exposure, daily rebalancing is performed to make adjustments in response to PBR's daily price movements. As a geared product, the fund is intended as a short-term tactical tool, rather than as a long-term investment vehicle. As a result, returns may deviate from the expected 2x if held for longer than a single day due to compounding. This strategy is high-risk and does not include a defensive position as part of its overall process.

PBRG (Themes ETF Trust - Leverage Shares 2X Long PBR Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $1.2M, a beta of -2.58 versus the broader market, a 52-week range of 14.83-52.49, average daily share volume of 2K, a public-listing history dating back to 2025. These structural characteristics shape how PBRG etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of -2.58 indicates PBRG has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.

What is a long put on PBRG?

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.

PBRG snapshot

As of September 29, 2026, spot at $44.53, ATM IV 97.70%, IV rank 16.39%, expected move 28.01%. The long put on PBRG 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 PBRG specifically: PBRG IV at 97.70% is on the cheap side of its 1-year range, which favors premium-buying structures like a PBRG long put, with a market-implied 1-standard-deviation move of approximately 28.01% (roughly $12.47 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 PBRG expiries trade a higher absolute premium for lower per-day decay. Position sizing on PBRG should anchor to the underlying notional of $44.53 per share and to the trader's directional view on PBRG etf.

PBRG long put setup

The PBRG 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 PBRG at $44.53 on that close, the first option leg uses a $45.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed PBRG 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 PBRG shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Put	$45.00	$4.25

PBRG long put risk and reward

Net Premium / Debit: -$425.00
Max Profit (per contract): $4,074.00
Max Loss (per contract): -$425.00
Breakeven(s): $40.75
Risk / Reward Ratio: 9.586

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

PBRG long put payoff curve

Modeled P&L at expiration across a range of underlying prices for the long put on PBRG. 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%	+$4,074.00
$9.85	-77.9%	+$3,089.53
$19.70	-55.8%	+$2,105.06
$29.54	-33.7%	+$1,120.58
$39.39	-11.5%	+$136.11
$49.23	+10.6%	-$425.00
$59.08	+32.7%	-$425.00
$68.92	+54.8%	-$425.00
$78.77	+76.9%	-$425.00
$88.61	+99.0%	-$425.00

When traders use long put on PBRG

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

PBRG thesis for this long put

The market-implied 1-standard-deviation range for PBRG extends from approximately $32.06 on the downside to $57.00 on the upside. A PBRG long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long PBRG position with one put per 100 shares held. Current PBRG IV rank near 16.39% 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 PBRG at 97.70%. As a Financial Services name, PBRG options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to PBRG-specific events.

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

Frequently asked questions

What is a long put on PBRG?: A long put on PBRG is the long put strategy applied to PBRG (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 PBRG etf at $44.53 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed PBRG chain strike and the premiums come straight from that session's bid/ask midpoint.
How are PBRG 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 PBRG long put priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 97.70%), the computed maximum profit is $4,074.00 per contract and the computed maximum loss is -$425.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a PBRG long put?: The breakeven for the PBRG long put priced on this page is roughly $40.75 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 PBRG market-implied 1-standard-deviation expected move in the same options snapshot is approximately 28.01%; 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 PBRG?: Long puts on PBRG hedge an existing long PBRG etf position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying PBRG exposure being hedged.
How does current PBRG implied volatility affect this long put?: PBRG ATM IV is at 97.70% with IV rank near 16.39%, 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.