How are TNA 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 TNA bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 62.51%), the computed maximum profit is $235.00 per contract and the computed maximum loss is -$165.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a TNA bear put spread?

The breakeven for the TNA bear put spread priced on this page is roughly $72.35 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 TNA market-implied 1-standard-deviation expected move is approximately 17.92%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

TNA ATM IV is at 62.51% with IV rank near 22.39%, 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.

TNA Bear Put Spread Strategy

TNA (Direxion Daily Small Cap Bull 3X ETF), in the Financial Services sector, (Asset Management - Leveraged industry), listed on AMEX.

These Direxion Daily Small Cap Bull and Bear 3X ETFs aim to generate daily investment outcomes that track either 300% of the Russell 2000 Index's performance or 300% of its inverse (opposite) movement, all prior to the deduction of fees and expenses. However, the funds cannot guarantee that they will successfully achieve their specified investment goals.

TNA (Direxion Daily Small Cap Bull 3X ETF) trades in the Financial Services sector, specifically Asset Management - Leveraged, with a market capitalization of approximately $2.48B, a beta of 3.93 versus the broader market, a 52-week range of 31.34-75.92, average daily share volume of 8.0M, a public-listing history dating back to 2008. These structural characteristics shape how TNA etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 3.93 indicates TNA has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. TNA 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 TNA?

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 TNA snapshot

As of June 29, 2026, spot at $73.72, ATM IV 62.51%, IV rank 22.39%, expected move 17.92%. The bear put spread on TNA 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 32-day expiry.

Why this bear put spread structure on TNA specifically: TNA IV at 62.51% is on the cheap side of its 1-year range, which favors premium-buying structures like a TNA bear put spread, with a market-implied 1-standard-deviation move of approximately 17.92% (roughly $13.21 on the underlying). The 32-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated TNA expiries trade a higher absolute premium for lower per-day decay. Position sizing on TNA should anchor to the underlying notional of $73.72 per share and to the trader's directional view on TNA etf.

TNA bear put spread setup

The TNA 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 TNA near $73.72, the first option leg uses a $74.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed TNA chain at a 32-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 TNA shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Put	$74.00	$5.90
Sell 1	Put	$70.00	$4.25

TNA bear put spread risk and reward

Net Premium / Debit: -$165.00
Max Profit (per contract): $235.00
Max Loss (per contract): -$165.00
Breakeven(s): $72.35
Risk / Reward Ratio: 1.424

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.

TNA bear put spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bear put spread on TNA. 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%	+$235.00
$16.31	-77.9%	+$235.00
$32.61	-55.8%	+$235.00
$48.91	-33.7%	+$235.00
$65.21	-11.6%	+$235.00
$81.50	+10.6%	-$165.00
$97.80	+32.7%	-$165.00
$114.10	+54.8%	-$165.00
$130.40	+76.9%	-$165.00
$146.70	+99.0%	-$165.00

When traders use bear put spread on TNA

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

TNA thesis for this bear put spread

The market-implied 1-standard-deviation range for TNA extends from approximately $60.51 on the downside to $86.93 on the upside. A TNA bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on TNA, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current TNA IV rank near 22.39% 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 TNA at 62.51%. As a Financial Services name, TNA options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to TNA-specific events.

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

Frequently asked questions

What is a bear put spread on TNA?: A bear put spread on TNA is the bear put spread strategy applied to TNA (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 TNA etf trading near $73.72, the strikes shown on this page are snapped to the nearest listed TNA chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are TNA 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 TNA bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 62.51%), the computed maximum profit is $235.00 per contract and the computed maximum loss is -$165.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a TNA bear put spread?: The breakeven for the TNA bear put spread priced on this page is roughly $72.35 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 TNA market-implied 1-standard-deviation expected move is approximately 17.92%; 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 TNA?: Bear put spreads on TNA reduce the cost of a bearish TNA 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 TNA implied volatility affect this bear put spread?: TNA ATM IV is at 62.51% with IV rank near 22.39%, 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.