How are CORD 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 CORD bear put spread priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 131.70%), 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 CORD bear put spread?

The breakeven for the CORD 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 CORD market-implied 1-standard-deviation expected move in the same options snapshot is approximately 37.76%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

CORD ATM IV is at 131.70% with IV rank near 30.51%, 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.

CORD Bear Put Spread Strategy

CORD (ETF Opportunities Trust - T-Rex 2x Inverse CRWV Daily Target ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.

CORD is designed for making bearish bets on the stock price of CoreWeave Incorporated through swap agreements. The objective is to obtain daily inverse exposure equivalent to -200% of the fund's net assets. To maintain this exposure, daily rebalancing is performed to make adjustments in response to CRWV's 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.

CORD (ETF Opportunities Trust - T-Rex 2x Inverse CRWV Daily Target ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $25.5M, a beta of -4.87 versus the broader market, a 52-week range of 1.87-67.545, average daily share volume of 7.8M, a public-listing history dating back to 2025. These structural characteristics shape how CORD etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of -4.87 indicates CORD has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.

What is a bear put spread on CORD?

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.

CORD snapshot

As of September 29, 2026, spot at $3.02, ATM IV 131.70%, IV rank 30.51%, expected move 37.76%. The bear put spread on CORD 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 80-day expiry.

Why this bear put spread structure on CORD specifically: CORD IV at 131.70% 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 37.76% (roughly $1.14 on the underlying). The 80-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CORD expiries trade a higher absolute premium for lower per-day decay. Position sizing on CORD should anchor to the underlying notional of $3.02 per share and to the trader's directional view on CORD etf.

CORD bear put spread setup

The CORD 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 CORD at $3.02 on that close, the first option leg uses a $3.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CORD chain at a 80-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 CORD shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Put	$3.00	$0.85
Sell 1	Put	$3.00	$0.85

CORD 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.

CORD bear put spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bear put spread on CORD. 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	-99.7%	$0.00
$0.68	-77.6%	$0.00
$1.34	-55.5%	$0.00
$2.01	-33.4%	$0.00
$2.68	-11.4%	$0.00
$3.34	+10.7%	$0.00
$4.01	+32.8%	$0.00
$4.68	+54.8%	$0.00
$5.34	+76.9%	$0.00
$6.01	+99.0%	$0.00

When traders use bear put spread on CORD

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

CORD thesis for this bear put spread

The market-implied 1-standard-deviation range for CORD extends from approximately $1.88 on the downside to $4.16 on the upside. A CORD bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on CORD, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current CORD IV rank near 30.51% is mid-range against its 1-year distribution, so the IV signal is neutral; the bear put spread thesis on CORD should anchor more to the directional view and the expected-move geometry. As a Financial Services name, CORD options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CORD-specific events.

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

Frequently asked questions

What is a bear put spread on CORD?: A bear put spread on CORD is the bear put spread strategy applied to CORD (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 CORD etf at $3.02 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed CORD chain strike and the premiums come straight from that session's bid/ask midpoint.
How are CORD 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 CORD bear put spread priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 131.70%), 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 CORD bear put spread?: The breakeven for the CORD 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 CORD market-implied 1-standard-deviation expected move in the same options snapshot is approximately 37.76%; 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 CORD?: Bear put spreads on CORD reduce the cost of a bearish CORD 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 CORD implied volatility affect this bear put spread?: CORD ATM IV is at 131.70% with IV rank near 30.51%, 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.