How are SJB 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 SJB bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 409.10%), the computed maximum profit is $82.00 per contract and the computed maximum loss is -$18.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a SJB bear put spread?

The breakeven for the SJB bear put spread priced on this page is roughly $14.82 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 SJB market-implied 1-standard-deviation expected move is approximately 117.28%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

SJB ATM IV is at 409.10% with IV rank near 98.17%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.

SJB Bear Put Spread Strategy

SJB (ProShares - Short High Yield), in the Financial Services sector, (Asset Management - Leveraged industry), listed on AMEX.

The ProShares Short High Yield fund (SJB) is designed to deliver daily investment returns that are the exact opposite of the Markit iBoxx $ Liquid High Yield Index's daily performance, before any deductions for management fees and other operational expenses.

SJB (ProShares - Short High Yield) trades in the Financial Services sector, specifically Asset Management - Leveraged, with a market capitalization of approximately $80.9M, a beta of -0.66 versus the broader market, a 52-week range of 15.11-15.76, average daily share volume of 331K, a public-listing history dating back to 2011. These structural characteristics shape how SJB etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of -0.66 indicates SJB has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. SJB 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 SJB?

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 SJB snapshot

As of June 29, 2026, spot at $15.14, ATM IV 409.10%, IV rank 98.17%, expected move 117.28%. The bear put spread on SJB 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 53-day expiry.

Why this bear put spread structure on SJB specifically: SJB IV at 409.10% is rich versus its 1-year range, which makes a premium-buying SJB bear put spread relatively expensive in absolute-cost terms, with a market-implied 1-standard-deviation move of approximately 117.28% (roughly $17.76 on the underlying). The 53-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated SJB expiries trade a higher absolute premium for lower per-day decay. Position sizing on SJB should anchor to the underlying notional of $15.14 per share and to the trader's directional view on SJB etf.

SJB bear put spread setup

The SJB 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 SJB near $15.14, the first option leg uses a $15.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SJB chain at a 53-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 SJB shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Put	$15.00	$0.20
Sell 1	Put	$14.00	$0.02

SJB bear put spread risk and reward

Net Premium / Debit: -$18.00
Max Profit (per contract): $82.00
Max Loss (per contract): -$18.00
Breakeven(s): $14.82
Risk / Reward Ratio: 4.556

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.

SJB bear put spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bear put spread on SJB. 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%	+$82.00
$3.36	-77.8%	+$82.00
$6.70	-55.7%	+$82.00
$10.05	-33.6%	+$82.00
$13.40	-11.5%	+$82.00
$16.74	+10.6%	-$18.00
$20.09	+32.7%	-$18.00
$23.44	+54.8%	-$18.00
$26.78	+76.9%	-$18.00
$30.13	+99.0%	-$18.00

When traders use bear put spread on SJB

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

SJB thesis for this bear put spread

The market-implied 1-standard-deviation range for SJB extends from approximately $-2.62 on the downside to $32.90 on the upside. A SJB bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on SJB, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current SJB IV rank near 98.17% sits in the upper third of its 1-year distribution, which historically reverts; this raises the bar for premium-buying structures and lowers it for premium-selling structures on SJB at 409.10%. As a Financial Services name, SJB options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SJB-specific events.

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

Frequently asked questions

What is a bear put spread on SJB?: A bear put spread on SJB is the bear put spread strategy applied to SJB (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 SJB etf trading near $15.14, the strikes shown on this page are snapped to the nearest listed SJB chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are SJB 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 SJB bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 409.10%), the computed maximum profit is $82.00 per contract and the computed maximum loss is -$18.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a SJB bear put spread?: The breakeven for the SJB bear put spread priced on this page is roughly $14.82 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 SJB market-implied 1-standard-deviation expected move is approximately 117.28%; 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 SJB?: Bear put spreads on SJB reduce the cost of a bearish SJB 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 SJB implied volatility affect this bear put spread?: SJB ATM IV is at 409.10% with IV rank near 98.17%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.