CONI Bear Put Spread Strategy
CONI (GraniteShares 2x Short COIN Daily ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.
The fund manager will enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the fund and the financial institution will agree to exchange the return earned or realized on the underlying stock. The fund is non-diversified.
CONI (GraniteShares 2x Short COIN Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $4.9M, a beta of -4.23 versus the broader market, a 52-week range of 19.3-141.65, average daily share volume of 243K, a public-listing history dating back to 2024. These structural characteristics shape how CONI etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of -4.23 indicates CONI has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. CONI 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 CONI?
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.
CONI snapshot
As of September 29, 2026, spot at $23.59, ATM IV 117.70%, IV rank 29.21%, expected move 33.74%. The bear put spread on CONI below is built from the September 29, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 17-day expiry.
Why this bear put spread structure on CONI specifically: CONI IV at 117.70% is on the cheap side of its 1-year range, which favors premium-buying structures like a CONI bear put spread, with a market-implied 1-standard-deviation move of approximately 33.74% (roughly $7.96 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CONI expiries trade a higher absolute premium for lower per-day decay. Position sizing on CONI should anchor to the underlying notional of $23.59 per share and to the trader's directional view on CONI etf.
CONI bear put spread setup
The CONI bear put spread below is built from the September 29, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With CONI at $23.59 on that close, the first option leg uses a $23.59 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CONI chain at a 17-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 CONI shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $23.59 | N/A |
| Sell 1 | Put | $22.41 | N/A |
CONI 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.
CONI bear put spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bear put spread on CONI. 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 CONI
Bear put spreads on CONI reduce the cost of a bearish CONI etf position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
CONI thesis for this bear put spread
The market-implied 1-standard-deviation range for CONI extends from approximately $15.63 on the downside to $31.55 on the upside. A CONI bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on CONI, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current CONI IV rank near 29.21% 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 CONI at 117.70%. As a Financial Services name, CONI options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CONI-specific events.
CONI 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. CONI positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CONI alongside the broader basket even when CONI-specific fundamentals are unchanged. Long-premium structures like a bear put spread on CONI 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 CONI chain quotes before placing a trade.
Frequently asked questions
- What is a bear put spread on CONI?
- A bear put spread on CONI is the bear put spread strategy applied to CONI (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 CONI etf at $23.59 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed CONI chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are CONI 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 CONI bear put spread priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 117.70%), 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 CONI bear put spread?
- The breakeven for the CONI bear put spread priced on this page is no defined breakeven on the modeled curve at expiration, derived from the September 29, 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 CONI market-implied 1-standard-deviation expected move in the same options snapshot is approximately 33.74%; 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 CONI?
- Bear put spreads on CONI reduce the cost of a bearish CONI 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 CONI implied volatility affect this bear put spread?
- CONI ATM IV is at 117.70% with IV rank near 29.21%, 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.