SK Bear Put Spread Strategy
SK (Corgi ETF Trust I - Corgi SK hynix 2x Daily ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.
SEUS seeks to deliver 200% of the daily performance of SK Hynix Inc. through derivatives such as swap agreements and exchange-traded equity futures to create leveraged exposure. SK Hynix Inc. manufactures and sells semiconductor microchips globally, specializing in dynamic random-access memory (DRAM), NAND flash memory chips, and system-on-chips for various tech hardware. The portfolio is rebalanced at the end of each trading day to maintain its targeted leverage level, meaning returns over periods longer than a single day can differ significantly from two times the cumulative return of SK Hynix Inc., due to compounding effects. Collateral supporting these derivative positions may be invested in money market instruments, repurchase agreements, or short-term US government securities.
SK (Corgi ETF Trust I - Corgi SK hynix 2x Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $22.0M, a beta of 0.00 versus the broader market, a 52-week range of 14.64-38.6, average daily share volume of 611K, a public-listing history dating back to 2026. These structural characteristics shape how SK etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.00 indicates SK has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.
What is a bear put spread on SK?
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.
SK snapshot
As of September 29, 2026, spot at $28.76, ATM IV 108.00%, expected move 30.96%. The bear put spread on SK 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 17-day expiry.
Why this bear put spread structure on SK specifically: IV rank is unavailable in the current snapshot, so regime-based timing for SK is inferred from ATM IV at 108.00% alone, with a market-implied 1-standard-deviation move of approximately 30.96% (roughly $8.90 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated SK expiries trade a higher absolute premium for lower per-day decay. Position sizing on SK should anchor to the underlying notional of $28.76 per share and to the trader's directional view on SK etf.
SK bear put spread setup
The SK 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 SK at $28.76 on that close, the first option leg uses a $29.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SK chain at a 17-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 SK shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $29.00 | $2.73 |
| Sell 1 | Put | $27.00 | $1.75 |
SK bear put spread risk and reward
- Net Premium / Debit
- -$97.50
- Max Profit (per contract)
- $102.50
- Max Loss (per contract)
- -$97.50
- Breakeven(s)
- $28.03
- Risk / Reward Ratio
- 1.051
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.
SK bear put spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bear put spread on SK. 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% | +$102.50 |
| $6.37 | -77.9% | +$102.50 |
| $12.73 | -55.8% | +$102.50 |
| $19.08 | -33.6% | +$102.50 |
| $25.44 | -11.5% | +$102.50 |
| $31.80 | +10.6% | -$97.50 |
| $38.16 | +32.7% | -$97.50 |
| $44.52 | +54.8% | -$97.50 |
| $50.87 | +76.9% | -$97.50 |
| $57.23 | +99.0% | -$97.50 |
When traders use bear put spread on SK
Bear put spreads on SK reduce the cost of a bearish SK etf position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
SK thesis for this bear put spread
The market-implied 1-standard-deviation range for SK extends from approximately $19.86 on the downside to $37.66 on the upside. A SK bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on SK, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. As a Financial Services name, SK options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SK-specific events.
SK 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. SK positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move SK alongside the broader basket even when SK-specific fundamentals are unchanged. Long-premium structures like a bear put spread on SK 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 SK chain quotes before placing a trade.
Frequently asked questions
- What is a bear put spread on SK?
- A bear put spread on SK is the bear put spread strategy applied to SK (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 SK etf at $28.76 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed SK chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are SK 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 SK bear put spread priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 108.00%), the computed maximum profit is $102.50 per contract and the computed maximum loss is -$97.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a SK bear put spread?
- The breakeven for the SK bear put spread priced on this page is roughly $28.03 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 SK market-implied 1-standard-deviation expected move in the same options snapshot is approximately 30.96%; 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 SK?
- Bear put spreads on SK reduce the cost of a bearish SK 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 SK implied volatility affect this bear put spread?
- Current SK ATM IV is 108.00%; IV rank context is unavailable in the current snapshot.