How are QUS 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 QUS bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 13.00%), the computed maximum profit is $765.50 per contract and the computed maximum loss is -$234.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a QUS bear put spread?

The breakeven for the QUS bear put spread priced on this page is roughly $181.66 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 QUS market-implied 1-standard-deviation expected move is approximately 3.73%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

QUS ATM IV is at 13.00% with IV rank near 25.15%, 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.

QUS Bear Put Spread Strategy

QUS (State Street SPDR MSCI USA StrategicFactors ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.

The State Street SPDR MSCI USA StrategicFactors ETF seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the MSCI USA Factor Mix A-Series Capped Index (the "Index")Seeks to track a Smart Beta index that blends low volatility, quality and value exposures together in a single strategyThe resulting mix may offer a low-volatility strategy with an equal focus on high-quality and attractively valued firmsMulti-factor smart beta strategies can bridge the gap between active and passive management, providing an opportunity for investors to rethink exposures and potentially maximize risk-adjusted returns more efficiently

QUS (State Street SPDR MSCI USA StrategicFactors ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $1.49B, a beta of 0.76 versus the broader market, a 52-week range of 156.191-183.59, average daily share volume of 36K, a public-listing history dating back to 2015. These structural characteristics shape how QUS etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.76 places QUS roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. QUS 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 QUS?

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 QUS snapshot

As of May 15, 2026, spot at $183.53, ATM IV 13.00%, IV rank 25.15%, expected move 3.73%. The bear put spread on QUS 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 QUS specifically: QUS IV at 13.00% is on the cheap side of its 1-year range, which favors premium-buying structures like a QUS bear put spread, with a market-implied 1-standard-deviation move of approximately 3.73% (roughly $6.84 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 QUS expiries trade a higher absolute premium for lower per-day decay. Position sizing on QUS should anchor to the underlying notional of $183.53 per share and to the trader's directional view on QUS etf.

QUS bear put spread setup

The QUS 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 QUS near $183.53, the first option leg uses a $184.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed QUS 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 QUS shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Put	$184.00	$3.03
Sell 1	Put	$174.00	$0.68

QUS bear put spread risk and reward

Net Premium / Debit: -$234.50
Max Profit (per contract): $765.50
Max Loss (per contract): -$234.50
Breakeven(s): $181.66
Risk / Reward Ratio: 3.264

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.

QUS bear put spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bear put spread on QUS. 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%	+$765.50
$40.59	-77.9%	+$765.50
$81.17	-55.8%	+$765.50
$121.75	-33.7%	+$765.50
$162.32	-11.6%	+$765.50
$202.90	+10.6%	-$234.50
$243.48	+32.7%	-$234.50
$284.06	+54.8%	-$234.50
$324.64	+76.9%	-$234.50
$365.22	+99.0%	-$234.50

When traders use bear put spread on QUS

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

QUS thesis for this bear put spread

The market-implied 1-standard-deviation range for QUS extends from approximately $176.69 on the downside to $190.37 on the upside. A QUS bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on QUS, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current QUS IV rank near 25.15% 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 QUS at 13.00%. As a Financial Services name, QUS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to QUS-specific events.

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

Frequently asked questions

What is a bear put spread on QUS?: A bear put spread on QUS is the bear put spread strategy applied to QUS (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 QUS etf trading near $183.53, the strikes shown on this page are snapped to the nearest listed QUS chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are QUS 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 QUS bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 13.00%), the computed maximum profit is $765.50 per contract and the computed maximum loss is -$234.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a QUS bear put spread?: The breakeven for the QUS bear put spread priced on this page is roughly $181.66 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 QUS market-implied 1-standard-deviation expected move is approximately 3.73%; 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 QUS?: Bear put spreads on QUS reduce the cost of a bearish QUS 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 QUS implied volatility affect this bear put spread?: QUS ATM IV is at 13.00% with IV rank near 25.15%, 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.