How are SOXY 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 SOXY long put priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 33.90%), the computed maximum profit is $9,029.00 per contract and the computed maximum loss is -$470.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a SOXY long put?

The breakeven for the SOXY long put priced on this page is roughly $90.30 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 SOXY market-implied 1-standard-deviation expected move in the same options snapshot is approximately 9.72%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current SOXY implied volatility affect this long put?

SOXY ATM IV is at 33.90% with IV rank near 4.70%, 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.

SOXY Long Put Strategy

SOXY (YieldMax Target 12 Semiconductor Option Income ETF), in the Financial Services sector, (Asset Management - Income industry), listed on AMEX.

The YieldMax Target 12 Semiconductor Option Income ETF (SOXY) is an actively managed exchange-traded fund. Its dual objective is to deliver an annualized income target of 12% while also pursuing capital appreciation. This is achieved by investing in a focused selection of 15 to 30 companies within the semiconductor industry. The fund's primary method for generating income involves selling call options and call spreads against its underlying equity holdings. Growth is also sought through direct ownership of company shares. The Adviser's strategy for selecting and maintaining holdings considers factors such as stock and options market liquidity, current price levels, and implied volatility.

SOXY (YieldMax Target 12 Semiconductor Option Income ETF) trades in the Financial Services sector, specifically Asset Management - Income, with a market capitalization of approximately $68.5M, a beta of 2.30 versus the broader market, a 52-week range of 50.53-115.36, average daily share volume of 19K, a public-listing history dating back to 2024. These structural characteristics shape how SOXY etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 2.30 indicates SOXY has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. SOXY pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a long put on SOXY?

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.

SOXY snapshot

As of August 14, 2026, spot at $94.13, ATM IV 33.90%, IV rank 4.70%, expected move 9.72%. The long put on SOXY 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 35-day expiry.

Why this long put structure on SOXY specifically: SOXY IV at 33.90% is on the cheap side of its 1-year range, which favors premium-buying structures like a SOXY long put, with a market-implied 1-standard-deviation move of approximately 9.72% (roughly $9.15 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated SOXY expiries trade a higher absolute premium for lower per-day decay. Position sizing on SOXY should anchor to the underlying notional of $94.13 per share and to the trader's directional view on SOXY etf.

SOXY long put setup

The SOXY 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 SOXY at $94.13 on that close, the first option leg uses a $95.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SOXY chain at a 35-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 SOXY shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Put	$95.00	$4.70

SOXY long put risk and reward

Net Premium / Debit: -$470.00
Max Profit (per contract): $9,029.00
Max Loss (per contract): -$470.00
Breakeven(s): $90.30
Risk / Reward Ratio: 19.211

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

SOXY long put payoff curve

Modeled P&L at expiration across a range of underlying prices for the long put on SOXY. 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%	+$9,029.00
$20.82	-77.9%	+$6,947.84
$41.63	-55.8%	+$4,866.69
$62.44	-33.7%	+$2,785.53
$83.26	-11.6%	+$704.38
$104.07	+10.6%	-$470.00
$124.88	+32.7%	-$470.00
$145.69	+54.8%	-$470.00
$166.50	+76.9%	-$470.00
$187.31	+99.0%	-$470.00

When traders use long put on SOXY

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

SOXY thesis for this long put

The market-implied 1-standard-deviation range for SOXY extends from approximately $84.98 on the downside to $103.28 on the upside. A SOXY long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long SOXY position with one put per 100 shares held. Current SOXY IV rank near 4.70% 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 SOXY at 33.90%. As a Financial Services name, SOXY options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SOXY-specific events.

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

Frequently asked questions

What is a long put on SOXY?: A long put on SOXY is the long put strategy applied to SOXY (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 SOXY etf at $94.13 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed SOXY chain strike and the premiums come straight from that session's bid/ask midpoint.
How are SOXY 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 SOXY long put priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 33.90%), the computed maximum profit is $9,029.00 per contract and the computed maximum loss is -$470.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a SOXY long put?: The breakeven for the SOXY long put priced on this page is roughly $90.30 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 SOXY market-implied 1-standard-deviation expected move in the same options snapshot is approximately 9.72%; 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 SOXY?: Long puts on SOXY hedge an existing long SOXY etf position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying SOXY exposure being hedged.
How does current SOXY implied volatility affect this long put?: SOXY ATM IV is at 33.90% with IV rank near 4.70%, 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.