TSYY Bear Put Spread Strategy
TSYY (GraniteShares YieldBOOST TSLA ETF), in the Financial Services sector, (Asset Management - Income industry), listed on NASDAQ.
The Fund’s primary investment objective is to achieve 2 times (200%) the income generated from selling options on Tesla Inc. (NASDAQ TSLA) (the “Underlying Stock”) by selling options on leveraged exchange-traded funds designed to deliver 2 times (200%) the daily performance of the Underlying Stock (the “Underlying Leveraged ETF”). The Fund’s secondary investment objective is to gain exposure to the performance of the Underlying Leveraged ETF, subject to a cap on potential investment gains. A downside protection may be implemented which could affect the net income level.
TSYY (GraniteShares YieldBOOST TSLA ETF) trades in the Financial Services sector, specifically Asset Management - Income, with a market capitalization of approximately $127.5M, a beta of 1.48 versus the broader market, a 52-week range of 3.1-13.06, average daily share volume of 1.1M, a public-listing history dating back to 2024. These structural characteristics shape how TSYY etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.48 indicates TSYY has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. TSYY 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 TSYY?
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 TSYY snapshot
As of May 15, 2026, spot at $3.13, ATM IV 218.40%, expected move 62.61%. The bear put spread on TSYY 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 34-day expiry.
Why this bear put spread structure on TSYY specifically: IV rank is unavailable in the current snapshot, so regime-based timing for TSYY is inferred from ATM IV at 218.40% alone, with a market-implied 1-standard-deviation move of approximately 62.61% (roughly $1.96 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated TSYY expiries trade a higher absolute premium for lower per-day decay. Position sizing on TSYY should anchor to the underlying notional of $3.13 per share and to the trader's directional view on TSYY etf.
TSYY bear put spread setup
The TSYY 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 TSYY near $3.13, the first option leg uses a $3.13 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed TSYY chain at a 34-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 TSYY shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $3.13 | N/A |
| Sell 1 | Put | $2.97 | N/A |
TSYY bear put spread risk and reward
- Net Premium / Debit
- N/A
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- Unbounded
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- N/A
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.
TSYY bear put spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bear put spread on TSYY. 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.
When traders use bear put spread on TSYY
Bear put spreads on TSYY reduce the cost of a bearish TSYY etf position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
TSYY thesis for this bear put spread
The market-implied 1-standard-deviation range for TSYY extends from approximately $1.17 on the downside to $5.09 on the upside. A TSYY bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on TSYY, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. As a Financial Services name, TSYY options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to TSYY-specific events.
TSYY 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. TSYY positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move TSYY alongside the broader basket even when TSYY-specific fundamentals are unchanged. Long-premium structures like a bear put spread on TSYY 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 TSYY chain quotes before placing a trade.
Frequently asked questions
- What is a bear put spread on TSYY?
- A bear put spread on TSYY is the bear put spread strategy applied to TSYY (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 TSYY etf trading near $3.13, the strikes shown on this page are snapped to the nearest listed TSYY chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are TSYY 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 TSYY bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 218.40%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a TSYY bear put spread?
- The breakeven for the TSYY bear put spread priced on this page is no defined breakeven on the modeled curve 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 TSYY market-implied 1-standard-deviation expected move is approximately 62.61%; 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 TSYY?
- Bear put spreads on TSYY reduce the cost of a bearish TSYY 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 TSYY implied volatility affect this bear put spread?
- Current TSYY ATM IV is 218.40%; IV rank context is unavailable in the current snapshot.