YINN Long Put Strategy
YINN (Direxion Daily FTSE China Bull 3X Shares), in the Financial Services sector, (Asset Management industry), listed on AMEX.
Direxion Shares ETF Trust - Direxion Daily FTSE China Bull 3X ETF is an exchange traded fund launched by Direxion Investments. It is managed by Rafferty Asset Management, LLC. The fund invests in public equity markets of China. The fund invests directly, through derivatives and through other funds in stocks of companies operating across diversified sectors. The fund uses derivatives such as futures, swaps to create its portfolio. The fund invests in growth and value stocks of large-cap companies.
YINN (Direxion Daily FTSE China Bull 3X Shares) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $682.9M, a beta of 0.94 versus the broader market, a 52-week range of 20.69-57.71, average daily share volume of 2.3M, 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 0.94 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 long put on YINN?
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.
Current YINN snapshot
As of June 29, 2026, spot at $21.63, ATM IV 75.78%, IV rank 59.93%, expected move 21.72%. The long put 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 32-day expiry.
Why this long put structure on YINN specifically: YINN IV at 75.78% 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 21.72% (roughly $4.70 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 YINN expiries trade a higher absolute premium for lower per-day decay. Position sizing on YINN should anchor to the underlying notional of $21.63 per share and to the trader's directional view on YINN etf.
YINN long put setup
The YINN long put 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 $21.63, the first option leg uses a $21.50 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 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 YINN shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $21.50 | $1.87 |
YINN long put risk and reward
- Net Premium / Debit
- -$187.00
- Max Profit (per contract)
- $1,962.00
- Max Loss (per contract)
- -$187.00
- Breakeven(s)
- $19.63
- Risk / Reward Ratio
- 10.492
Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.
YINN long put payoff curve
Modeled P&L at expiration across a range of underlying prices for the long put 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% | +$1,962.00 |
| $4.79 | -77.8% | +$1,483.86 |
| $9.57 | -55.7% | +$1,005.72 |
| $14.35 | -33.6% | +$527.58 |
| $19.14 | -11.5% | +$49.44 |
| $23.92 | +10.6% | -$187.00 |
| $28.70 | +32.7% | -$187.00 |
| $33.48 | +54.8% | -$187.00 |
| $38.26 | +76.9% | -$187.00 |
| $43.04 | +99.0% | -$187.00 |
When traders use long put on YINN
Long puts on YINN hedge an existing long YINN etf position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying YINN exposure being hedged.
YINN thesis for this long put
The market-implied 1-standard-deviation range for YINN extends from approximately $16.93 on the downside to $26.33 on the upside. A YINN long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long YINN position with one put per 100 shares held. Current YINN IV rank near 59.93% is mid-range against its 1-year distribution, so the IV signal is neutral; the long put 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 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. 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 long put 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 long put on YINN?
- A long put on YINN is the long put strategy applied to YINN (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 YINN etf trading near $21.63, 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 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 YINN long put priced from the end-of-day chain at a 30-day expiry (ATM IV 75.78%), the computed maximum profit is $1,962.00 per contract and the computed maximum loss is -$187.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a YINN long put?
- The breakeven for the YINN long put priced on this page is roughly $19.63 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 21.72%; 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 YINN?
- Long puts on YINN hedge an existing long YINN etf position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying YINN exposure being hedged.
- How does current YINN implied volatility affect this long put?
- YINN ATM IV is at 75.78% with IV rank near 59.93%, 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.