How are GNMX 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 GNMX bear put spread priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 37.10%), the computed maximum profit is $131.00 per contract and the computed maximum loss is -$69.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a GNMX bear put spread?

The breakeven for the GNMX bear put spread priced on this page is roughly $37.31 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 GNMX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 10.64%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

GNMX ATM IV is at 37.10% with IV rank near 9.02%, 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.

GNMX Bear Put Spread Strategy

GNMX (Corgi ETF Trust I - Corgi Genomics & Precision Medicine ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.

GNMXtargets pure-play or the top 10 companies materially involved ingenomics and precision medicine, including those focused on gene sequencing, molecular diagnostics, gene editing and therapy, targeted treatments, and related healthcare technologies.The fund considers companies deriving significant revenue from this theme, spanningthose thatsupport personalized medicine through bioinformatics, clinical data platforms, laboratory tools, and services that improve disease detection, patient stratification, and treatment development.Using a bottom-up approach that combines fundamental analysis with thematic and quantitative screening, the fund invests in US and international stocks of any market capitalization. Otherfactors include supply chain positioning, growth potential, and valuation. Up to 15% may beallocatedto illiquid investments, including passive minority interests in SPVs. Holdings may include cash, cash equivalents, or short-term US treasuries for liquidity or portfolio management.

GNMX (Corgi ETF Trust I - Corgi Genomics & Precision Medicine ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $2.1M, a beta of 2.45 versus the broader market, a 52-week range of 23.88-38.7, average daily share volume of 1K, a public-listing history dating back to 2026. These structural characteristics shape how GNMX etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 2.45 indicates GNMX 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 GNMX?

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.

GNMX snapshot

As of September 29, 2026, spot at $38.33, ATM IV 37.10%, IV rank 9.02%, expected move 10.64%. The bear put spread on GNMX 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 GNMX specifically: GNMX IV at 37.10% is on the cheap side of its 1-year range, which favors premium-buying structures like a GNMX bear put spread, with a market-implied 1-standard-deviation move of approximately 10.64% (roughly $4.08 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 GNMX expiries trade a higher absolute premium for lower per-day decay. Position sizing on GNMX should anchor to the underlying notional of $38.33 per share and to the trader's directional view on GNMX etf.

GNMX bear put spread setup

The GNMX 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 GNMX at $38.33 on that close, the first option leg uses a $38.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed GNMX 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 GNMX shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Put	$38.00	$1.79
Sell 1	Put	$36.00	$1.10

GNMX bear put spread risk and reward

Net Premium / Debit: -$69.00
Max Profit (per contract): $131.00
Max Loss (per contract): -$69.00
Breakeven(s): $37.31
Risk / Reward Ratio: 1.899

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.

GNMX bear put spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bear put spread on GNMX. 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	-100.0%	+$131.00
$8.48	-77.9%	+$131.00
$16.96	-55.8%	+$131.00
$25.43	-33.7%	+$131.00
$33.91	-11.5%	+$131.00
$42.38	+10.6%	-$69.00
$50.85	+32.7%	-$69.00
$59.33	+54.8%	-$69.00
$67.80	+76.9%	-$69.00
$76.27	+99.0%	-$69.00

When traders use bear put spread on GNMX

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

GNMX thesis for this bear put spread

The market-implied 1-standard-deviation range for GNMX extends from approximately $34.25 on the downside to $42.41 on the upside. A GNMX bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on GNMX, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current GNMX IV rank near 9.02% 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 GNMX at 37.10%. As a Financial Services name, GNMX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to GNMX-specific events.

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

Frequently asked questions

What is a bear put spread on GNMX?: A bear put spread on GNMX is the bear put spread strategy applied to GNMX (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 GNMX etf at $38.33 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed GNMX chain strike and the premiums come straight from that session's bid/ask midpoint.
How are GNMX 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 GNMX bear put spread priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 37.10%), the computed maximum profit is $131.00 per contract and the computed maximum loss is -$69.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a GNMX bear put spread?: The breakeven for the GNMX bear put spread priced on this page is roughly $37.31 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 GNMX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 10.64%; 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 GNMX?: Bear put spreads on GNMX reduce the cost of a bearish GNMX 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 GNMX implied volatility affect this bear put spread?: GNMX ATM IV is at 37.10% with IV rank near 9.02%, 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.