CRMG Bear Put Spread Strategy
CRMG (Leverage Shares 2x Long CRM Daily ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.
The Leverage Shares 2x Long CRM Daily ETF (CRMG) is a 2x Daily Leveraged (Bull) ETF designed for active traders seeking to magnify short-term results. The CRMG ETF aims to achieve two times (200%) the daily performance of CRM stock, minus fees and expenses.
CRMG (Leverage Shares 2x Long CRM Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $5.6M, a beta of 0.11 versus the broader market, a 52-week range of 4.73-18.851, average daily share volume of 1.3M, a public-listing history dating back to 2025. These structural characteristics shape how CRMG etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.11 indicates CRMG 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 CRMG?
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 CRMG snapshot
As of May 15, 2026, spot at $5.29, ATM IV 108.60%, IV rank 60.63%, expected move 31.13%. The bear put spread on CRMG 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 CRMG specifically: CRMG IV at 108.60% 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 31.13% (roughly $1.65 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 CRMG expiries trade a higher absolute premium for lower per-day decay. Position sizing on CRMG should anchor to the underlying notional of $5.29 per share and to the trader's directional view on CRMG etf.
CRMG bear put spread setup
The CRMG 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 CRMG near $5.29, the first option leg uses a $5.29 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CRMG 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 CRMG shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $5.29 | N/A |
| Sell 1 | Put | $5.03 | N/A |
CRMG 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.
CRMG bear put spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bear put spread on CRMG. 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 CRMG
Bear put spreads on CRMG reduce the cost of a bearish CRMG etf position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
CRMG thesis for this bear put spread
The market-implied 1-standard-deviation range for CRMG extends from approximately $3.64 on the downside to $6.94 on the upside. A CRMG bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on CRMG, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current CRMG IV rank near 60.63% is mid-range against its 1-year distribution, so the IV signal is neutral; the bear put spread thesis on CRMG should anchor more to the directional view and the expected-move geometry. As a Financial Services name, CRMG options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CRMG-specific events.
CRMG 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. CRMG positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CRMG alongside the broader basket even when CRMG-specific fundamentals are unchanged. Long-premium structures like a bear put spread on CRMG 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 CRMG chain quotes before placing a trade.
Frequently asked questions
- What is a bear put spread on CRMG?
- A bear put spread on CRMG is the bear put spread strategy applied to CRMG (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 CRMG etf trading near $5.29, the strikes shown on this page are snapped to the nearest listed CRMG chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are CRMG 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 CRMG bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 108.60%), 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 CRMG bear put spread?
- The breakeven for the CRMG bear put spread priced on this page is no defined breakeven on the modeled curve 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 CRMG market-implied 1-standard-deviation expected move is approximately 31.13%; 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 CRMG?
- Bear put spreads on CRMG reduce the cost of a bearish CRMG 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 CRMG implied volatility affect this bear put spread?
- CRMG ATM IV is at 108.60% with IV rank near 60.63%, 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.