How are ION 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 ION bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 43.50%), the computed maximum profit is $193.50 per contract and the computed maximum loss is -$106.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a ION bear put spread?

The breakeven for the ION bear put spread priced on this page is roughly $58.94 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 ION market-implied 1-standard-deviation expected move is approximately 12.47%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

ION ATM IV is at 43.50% with IV rank near 34.81%, 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.

ION Bear Put Spread Strategy

ION (ProShares - S&P Global Core Battery Metals ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.

The index consists of companies that had (i) positive total revenue and (ii) positive production value from, in aggregate, the mining of lithium, nickel and cobalt during the previous year. Production value is the dollar market value of the lithium, nickel or cobalt produced. Under normal circumstances, the fund will invest at least 80% of its net assets, plus any borrowings for investment purposes, in the securities that comprise the index. It is non-diversified.

ION (ProShares - S&P Global Core Battery Metals ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $4.9M, a beta of 1.34 versus the broader market, a 52-week range of 25.49-69.55, average daily share volume of 7K, a public-listing history dating back to 2022. These structural characteristics shape how ION etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.34 indicates ION has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. ION 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 ION?

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 ION snapshot

As of May 15, 2026, spot at $59.53, ATM IV 43.50%, IV rank 34.81%, expected move 12.47%. The bear put spread on ION 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 ION specifically: ION IV at 43.50% 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 12.47% (roughly $7.42 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 ION expiries trade a higher absolute premium for lower per-day decay. Position sizing on ION should anchor to the underlying notional of $59.53 per share and to the trader's directional view on ION etf.

ION bear put spread setup

The ION 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 ION near $59.53, the first option leg uses a $60.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ION 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 ION shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Put	$60.00	$2.98
Sell 1	Put	$57.00	$1.91

ION bear put spread risk and reward

Net Premium / Debit: -$106.50
Max Profit (per contract): $193.50
Max Loss (per contract): -$106.50
Breakeven(s): $58.94
Risk / Reward Ratio: 1.817

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.

ION bear put spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bear put spread on ION. 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.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-100.0%	+$193.50
$13.17	-77.9%	+$193.50
$26.33	-55.8%	+$193.50
$39.49	-33.7%	+$193.50
$52.66	-11.5%	+$193.50
$65.82	+10.6%	-$106.50
$78.98	+32.7%	-$106.50
$92.14	+54.8%	-$106.50
$105.30	+76.9%	-$106.50
$118.46	+99.0%	-$106.50

When traders use bear put spread on ION

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

ION thesis for this bear put spread

The market-implied 1-standard-deviation range for ION extends from approximately $52.11 on the downside to $66.95 on the upside. A ION bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on ION, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current ION IV rank near 34.81% is mid-range against its 1-year distribution, so the IV signal is neutral; the bear put spread thesis on ION should anchor more to the directional view and the expected-move geometry. As a Financial Services name, ION options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ION-specific events.

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

Frequently asked questions

What is a bear put spread on ION?: A bear put spread on ION is the bear put spread strategy applied to ION (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 ION etf trading near $59.53, the strikes shown on this page are snapped to the nearest listed ION chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are ION 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 ION bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 43.50%), the computed maximum profit is $193.50 per contract and the computed maximum loss is -$106.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a ION bear put spread?: The breakeven for the ION bear put spread priced on this page is roughly $58.94 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 ION market-implied 1-standard-deviation expected move is approximately 12.47%; 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 ION?: Bear put spreads on ION reduce the cost of a bearish ION 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 ION implied volatility affect this bear put spread?: ION ATM IV is at 43.50% with IV rank near 34.81%, 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.