How are AXTU 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 AXTU bear put spread priced from the November 13, 2026 end-of-day chain at a 30-day expiry (ATM IV 218.00%), the computed maximum profit is $0.00 per contract and the computed maximum loss is $0.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a AXTU bear put spread?

The breakeven for the AXTU bear put spread priced on this page is no defined breakeven on the modeled curve at expiration, derived from the November 13, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The AXTU market-implied 1-standard-deviation expected move in the same options snapshot is approximately 62.50%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

Current AXTU ATM IV is 218.00%; IV rank context is unavailable in the current snapshot.

AXTU Bear Put Spread Strategy

AXTU (ETF Opportunities Trust - T-REX 2X Long AXTI Daily Target ETF), in the Financial Services sector, (Asset Management - Leveraged industry), listed on CBOE.

AXTU is designed for making bullish bets on the stock price of AXT, Inc. (NASDAQ: AXTI) through swap agreements. The objective is to obtain daily leveraged exposure equivalent to 200% of the fund's net assets. To maintain this exposure, daily rebalancing is performed to make adjustments in response to AXTIs daily price movements. As a geared product, the fund is intended as a short-term tactical tool, rather than as a long-term investment vehicle. As a result, returns may deviate from the expected 2x if held for longer than a single day due to compounding. This strategy is high-risk and does not include a defensive position as part of its overall process.

AXTU (ETF Opportunities Trust - T-REX 2X Long AXTI Daily Target ETF) trades in the Financial Services sector, specifically Asset Management - Leveraged, with a market capitalization of approximately $2.8M, a beta of 2.87 versus the broader market, a 52-week range of 7.92-403.7, average daily share volume of 103K, a public-listing history dating back to 2026. These structural characteristics shape how AXTU etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 2.87 indicates AXTU has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.

What is a bear put spread on AXTU?

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.

AXTU snapshot

As of November 13, 2026, spot at $9.46, ATM IV 218.00%, expected move 62.50%. The bear put spread on AXTU below is built from the November 13, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.

Why this bear put spread structure on AXTU specifically: IV rank is unavailable in the current snapshot, so regime-based timing for AXTU is inferred from ATM IV at 218.00% alone, with a market-implied 1-standard-deviation move of approximately 62.50% (roughly $5.91 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated AXTU expiries trade a higher absolute premium for lower per-day decay. Position sizing on AXTU should anchor to the underlying notional of $9.46 per share and to the trader's directional view on AXTU etf.

AXTU bear put spread setup

The AXTU bear put spread below is built from the November 13, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With AXTU at $9.46 on that close, the first option leg uses a $9.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed AXTU chain at a 35-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 AXTU shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Put	$9.00	$2.25
Sell 1	Put	$9.00	$2.25

AXTU bear put spread risk and reward

Net Premium / Debit: $0.00
Max Profit (per contract): $0.00
Max Loss (per contract): $0.00
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.

AXTU bear put spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bear put spread on AXTU. 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	-99.9%	$0.00
$2.10	-77.8%	$0.00
$4.19	-55.7%	$0.00
$6.28	-33.6%	$0.00
$8.37	-11.5%	$0.00
$10.46	+10.6%	$0.00
$12.55	+32.7%	$0.00
$14.64	+54.8%	$0.00
$16.73	+76.9%	$0.00
$18.82	+99.0%	$0.00

When traders use bear put spread on AXTU

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

AXTU thesis for this bear put spread

The market-implied 1-standard-deviation range for AXTU extends from approximately $3.55 on the downside to $15.37 on the upside. A AXTU bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on AXTU, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. As a Financial Services name, AXTU options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to AXTU-specific events.

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

Frequently asked questions

What is a bear put spread on AXTU?: A bear put spread on AXTU is the bear put spread strategy applied to AXTU (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 AXTU etf at $9.46 on the November 13, 2026 close, the strikes shown on this page are snapped to the nearest listed AXTU chain strike and the premiums come straight from that session's bid/ask midpoint.
How are AXTU 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 AXTU bear put spread priced from the November 13, 2026 end-of-day chain at a 30-day expiry (ATM IV 218.00%), the computed maximum profit is $0.00 per contract and the computed maximum loss is $0.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a AXTU bear put spread?: The breakeven for the AXTU bear put spread priced on this page is no defined breakeven on the modeled curve at expiration, derived from the November 13, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The AXTU market-implied 1-standard-deviation expected move in the same options snapshot is approximately 62.50%; 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 AXTU?: Bear put spreads on AXTU reduce the cost of a bearish AXTU 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 AXTU implied volatility affect this bear put spread?: Current AXTU ATM IV is 218.00%; IV rank context is unavailable in the current snapshot.