YXI Bear Put Spread Strategy
YXI (ProShares - Short FTSE China 50), in the Financial Services sector, (Asset Management - Leveraged industry), listed on AMEX.
ProShares Short FTSE China 50 seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the FTSE China 50 Index.
YXI (ProShares - Short FTSE China 50) trades in the Financial Services sector, specifically Asset Management - Leveraged, with a market capitalization of approximately $2.8M, a beta of -0.36 versus the broader market, a 52-week range of 18.86-23.28, average daily share volume of 7K, a public-listing history dating back to 2010. These structural characteristics shape how YXI etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of -0.36 indicates YXI has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. YXI 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 YXI?
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 YXI snapshot
As of May 15, 2026, spot at $21.56, ATM IV 57.40%, IV rank 9.12%, expected move 16.46%. The bear put spread on YXI 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 YXI specifically: YXI IV at 57.40% is on the cheap side of its 1-year range, which favors premium-buying structures like a YXI bear put spread, with a market-implied 1-standard-deviation move of approximately 16.46% (roughly $3.55 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 YXI expiries trade a higher absolute premium for lower per-day decay. Position sizing on YXI should anchor to the underlying notional of $21.56 per share and to the trader's directional view on YXI etf.
YXI bear put spread setup
The YXI 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 YXI near $21.56, the first option leg uses a $22.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed YXI 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 YXI shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $22.00 | $1.72 |
| Sell 1 | Put | $20.00 | $0.78 |
YXI bear put spread risk and reward
- Net Premium / Debit
- -$94.00
- Max Profit (per contract)
- $106.00
- Max Loss (per contract)
- -$94.00
- Breakeven(s)
- $21.06
- Risk / Reward Ratio
- 1.128
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.
YXI bear put spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bear put spread on YXI. 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% | +$106.00 |
| $4.78 | -77.8% | +$106.00 |
| $9.54 | -55.7% | +$106.00 |
| $14.31 | -33.6% | +$106.00 |
| $19.07 | -11.5% | +$106.00 |
| $23.84 | +10.6% | -$94.00 |
| $28.61 | +32.7% | -$94.00 |
| $33.37 | +54.8% | -$94.00 |
| $38.14 | +76.9% | -$94.00 |
| $42.90 | +99.0% | -$94.00 |
When traders use bear put spread on YXI
Bear put spreads on YXI reduce the cost of a bearish YXI etf position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
YXI thesis for this bear put spread
The market-implied 1-standard-deviation range for YXI extends from approximately $18.01 on the downside to $25.11 on the upside. A YXI bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on YXI, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current YXI IV rank near 9.12% 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 YXI at 57.40%. As a Financial Services name, YXI options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to YXI-specific events.
YXI 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. YXI positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move YXI alongside the broader basket even when YXI-specific fundamentals are unchanged. Long-premium structures like a bear put spread on YXI 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 YXI chain quotes before placing a trade.
Frequently asked questions
- What is a bear put spread on YXI?
- A bear put spread on YXI is the bear put spread strategy applied to YXI (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 YXI etf trading near $21.56, the strikes shown on this page are snapped to the nearest listed YXI chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are YXI 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 YXI bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 57.40%), the computed maximum profit is $106.00 per contract and the computed maximum loss is -$94.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a YXI bear put spread?
- The breakeven for the YXI bear put spread priced on this page is roughly $21.06 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 YXI market-implied 1-standard-deviation expected move is approximately 16.46%; 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 YXI?
- Bear put spreads on YXI reduce the cost of a bearish YXI 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 YXI implied volatility affect this bear put spread?
- YXI ATM IV is at 57.40% with IV rank near 9.12%, 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.