YINN Bear Put Spread Strategy
YINN (Direxion Daily FTSE China Bull 3X ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.
The Direxion Daily FTSE China Bull and Bear 3X ETFs seek daily investment results, before fees and expenses, of 300%, or 300% of the inverse (or opposite), of the performance of the FTSE China 50 Index. There is no guarantee the funds will achieve their stated investment objectives.
YINN (Direxion Daily FTSE China Bull 3X ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $823.1M, a beta of 1.16 versus the broader market, a 52-week range of 29.93-57.71, average daily share volume of 2.2M, a public-listing history dating back to 2009. These structural characteristics shape how YINN etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.16 places YINN roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. YINN 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 YINN?
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 YINN snapshot
As of May 15, 2026, spot at $32.89, ATM IV 68.70%, IV rank 42.24%, expected move 19.70%. The bear put spread on YINN 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 28-day expiry.
Why this bear put spread structure on YINN specifically: YINN IV at 68.70% is mid-range versus its 1-year history, so strategy selection should anchor more to the directional thesis than to the IV regime, with a market-implied 1-standard-deviation move of approximately 19.70% (roughly $6.48 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 YINN expiries trade a higher absolute premium for lower per-day decay. Position sizing on YINN should anchor to the underlying notional of $32.89 per share and to the trader's directional view on YINN etf.
YINN bear put spread setup
The YINN 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 YINN near $32.89, the first option leg uses a $33.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed YINN 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 YINN shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $33.00 | $2.52 |
| Sell 1 | Put | $31.00 | $1.54 |
YINN bear put spread risk and reward
- Net Premium / Debit
- -$98.00
- Max Profit (per contract)
- $102.00
- Max Loss (per contract)
- -$98.00
- Breakeven(s)
- $32.02
- Risk / Reward Ratio
- 1.041
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.
YINN bear put spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bear put spread on YINN. 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.
| Underlying Price | % From Spot | P&L at Expiration |
|---|---|---|
| $0.01 | -100.0% | +$102.00 |
| $7.28 | -77.9% | +$102.00 |
| $14.55 | -55.8% | +$102.00 |
| $21.82 | -33.6% | +$102.00 |
| $29.09 | -11.5% | +$102.00 |
| $36.37 | +10.6% | -$98.00 |
| $43.64 | +32.7% | -$98.00 |
| $50.91 | +54.8% | -$98.00 |
| $58.18 | +76.9% | -$98.00 |
| $65.45 | +99.0% | -$98.00 |
When traders use bear put spread on YINN
Bear put spreads on YINN reduce the cost of a bearish YINN etf position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
YINN thesis for this bear put spread
The market-implied 1-standard-deviation range for YINN extends from approximately $26.41 on the downside to $39.37 on the upside. A YINN bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on YINN, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current YINN IV rank near 42.24% is mid-range against its 1-year distribution, so the IV signal is neutral; the bear put spread thesis on YINN should anchor more to the directional view and the expected-move geometry. As a Financial Services name, YINN options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to YINN-specific events.
YINN 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. YINN positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move YINN alongside the broader basket even when YINN-specific fundamentals are unchanged. Long-premium structures like a bear put spread on YINN 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 YINN chain quotes before placing a trade.
Frequently asked questions
- What is a bear put spread on YINN?
- A bear put spread on YINN is the bear put spread strategy applied to YINN (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 YINN etf trading near $32.89, the strikes shown on this page are snapped to the nearest listed YINN chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are YINN 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 YINN bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 68.70%), the computed maximum profit is $102.00 per contract and the computed maximum loss is -$98.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a YINN bear put spread?
- The breakeven for the YINN bear put spread priced on this page is roughly $32.02 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 YINN market-implied 1-standard-deviation expected move is approximately 19.70%; 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 YINN?
- Bear put spreads on YINN reduce the cost of a bearish YINN 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 YINN implied volatility affect this bear put spread?
- YINN ATM IV is at 68.70% with IV rank near 42.24%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.