How are ETHT 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 ETHT bear put spread priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 99.90%), 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 ETHT bear put spread?

The breakeven for the ETHT bear put spread priced on this page is no defined breakeven on the modeled curve at expiration, derived from the August 14, 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 ETHT market-implied 1-standard-deviation expected move in the same options snapshot is approximately 28.64%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

ETHT ATM IV is at 99.90% with IV rank near 21.78%, 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.

ETHT Bear Put Spread Strategy

ETHT (ProShares - Ultra Ether ETF), in the Financial Services sector, (Asset Management - Leveraged industry), listed on AMEX.

The ProShares Ultra Ether ETF is engineered to deliver daily investment outcomes that are double (2x) the day-to-day performance of the Bloomberg Ethereum Index. This measure is taken before any associated management fees and operating expenses are factored in.

ETHT (ProShares - Ultra Ether ETF) trades in the Financial Services sector, specifically Asset Management - Leveraged, with a market capitalization of approximately $74.4M, a beta of 5.11 versus the broader market, a 52-week range of 7.07-131.74, average daily share volume of 1.9M, a public-listing history dating back to 2024. These structural characteristics shape how ETHT etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 5.11 indicates ETHT has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. ETHT 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 ETHT?

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.

ETHT snapshot

As of August 14, 2026, spot at $10.12, ATM IV 99.90%, IV rank 21.78%, expected move 28.64%. The bear put spread on ETHT below is built from the August 14, 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 ETHT specifically: ETHT IV at 99.90% is on the cheap side of its 1-year range, which favors premium-buying structures like a ETHT bear put spread, with a market-implied 1-standard-deviation move of approximately 28.64% (roughly $2.90 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 ETHT expiries trade a higher absolute premium for lower per-day decay. Position sizing on ETHT should anchor to the underlying notional of $10.12 per share and to the trader's directional view on ETHT etf.

ETHT bear put spread setup

The ETHT bear put spread below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With ETHT at $10.12 on that close, the first option leg uses a $10.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ETHT 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 ETHT shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Put	$10.00	$1.10
Sell 1	Put	$10.00	$1.10

ETHT 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.

ETHT bear put spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bear put spread on ETHT. 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
$2.25	-77.8%	$0.00
$4.48	-55.7%	$0.00
$6.72	-33.6%	$0.00
$8.96	-11.5%	$0.00
$11.19	+10.6%	$0.00
$13.43	+32.7%	$0.00
$15.67	+54.8%	$0.00
$17.90	+76.9%	$0.00
$20.14	+99.0%	$0.00

When traders use bear put spread on ETHT

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

ETHT thesis for this bear put spread

The market-implied 1-standard-deviation range for ETHT extends from approximately $7.22 on the downside to $13.02 on the upside. A ETHT bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on ETHT, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current ETHT IV rank near 21.78% 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 ETHT at 99.90%. As a Financial Services name, ETHT options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ETHT-specific events.

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

Frequently asked questions

What is a bear put spread on ETHT?: A bear put spread on ETHT is the bear put spread strategy applied to ETHT (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 ETHT etf at $10.12 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed ETHT chain strike and the premiums come straight from that session's bid/ask midpoint.
How are ETHT 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 ETHT bear put spread priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 99.90%), 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 ETHT bear put spread?: The breakeven for the ETHT bear put spread priced on this page is no defined breakeven on the modeled curve at expiration, derived from the August 14, 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 ETHT market-implied 1-standard-deviation expected move in the same options snapshot is approximately 28.64%; 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 ETHT?: Bear put spreads on ETHT reduce the cost of a bearish ETHT 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 ETHT implied volatility affect this bear put spread?: ETHT ATM IV is at 99.90% with IV rank near 21.78%, 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.