SKHA Bear Put Spread Strategy
SKHA (Investment Managers Series Trust II - Tradr 2X Long SK Hynix Daily ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.
SKHA uses swap agreements and listed call options to make bullish bets on the share price of SK hynix, Inc. (Nasdaq: SKHY). The fund may also invest directly in SKHY. SK hynix, Inc. engages in the design, manufacture, and sale of semiconductor products. Its products include dynamic random access memory, not-AND flash memory, and multi-chip package. The fund seeks to maintain daily leveraged exposure equivalent to 200% of the daily percentage change in SKHY price through daily rebalancing. Returns may deviate from the expected 2x if held for longer than a single day due to factors such as volatility and compounding effects.
SKHA (Investment Managers Series Trust II - Tradr 2X Long SK Hynix Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $723,889, a beta of 0.00 versus the broader market, a 52-week range of 19.25-43.62, average daily share volume of 8K, a public-listing history dating back to 2026. These structural characteristics shape how SKHA etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.00 indicates SKHA 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 SKHA?
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.
SKHA snapshot
As of September 29, 2026, spot at $37.22, ATM IV 110.00%, expected move 31.54%. The bear put spread on SKHA 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 SKHA specifically: IV rank is unavailable in the current snapshot, so regime-based timing for SKHA is inferred from ATM IV at 110.00% alone, with a market-implied 1-standard-deviation move of approximately 31.54% (roughly $11.74 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 SKHA expiries trade a higher absolute premium for lower per-day decay. Position sizing on SKHA should anchor to the underlying notional of $37.22 per share and to the trader's directional view on SKHA etf.
SKHA bear put spread setup
The SKHA 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 SKHA at $37.22 on that close, the first option leg uses a $37.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SKHA 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 SKHA shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $37.00 | $3.33 |
| Sell 1 | Put | $35.00 | $2.30 |
SKHA bear put spread risk and reward
- Net Premium / Debit
- -$102.50
- Max Profit (per contract)
- $97.50
- Max Loss (per contract)
- -$102.50
- Breakeven(s)
- $35.98
- Risk / Reward Ratio
- 0.951
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.
SKHA bear put spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bear put spread on SKHA. 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% | +$97.50 |
| $8.24 | -77.9% | +$97.50 |
| $16.47 | -55.8% | +$97.50 |
| $24.70 | -33.7% | +$97.50 |
| $32.92 | -11.5% | +$97.50 |
| $41.15 | +10.6% | -$102.50 |
| $49.38 | +32.7% | -$102.50 |
| $57.61 | +54.8% | -$102.50 |
| $65.84 | +76.9% | -$102.50 |
| $74.07 | +99.0% | -$102.50 |
When traders use bear put spread on SKHA
Bear put spreads on SKHA reduce the cost of a bearish SKHA etf position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
SKHA thesis for this bear put spread
The market-implied 1-standard-deviation range for SKHA extends from approximately $25.48 on the downside to $48.96 on the upside. A SKHA bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on SKHA, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. As a Financial Services name, SKHA options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SKHA-specific events.
SKHA 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. SKHA positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move SKHA alongside the broader basket even when SKHA-specific fundamentals are unchanged. Long-premium structures like a bear put spread on SKHA 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 SKHA chain quotes before placing a trade.
Frequently asked questions
- What is a bear put spread on SKHA?
- A bear put spread on SKHA is the bear put spread strategy applied to SKHA (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 SKHA etf at $37.22 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed SKHA chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are SKHA 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 SKHA bear put spread priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 110.00%), the computed maximum profit is $97.50 per contract and the computed maximum loss is -$102.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a SKHA bear put spread?
- The breakeven for the SKHA bear put spread priced on this page is roughly $35.98 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 SKHA market-implied 1-standard-deviation expected move in the same options snapshot is approximately 31.54%; 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 SKHA?
- Bear put spreads on SKHA reduce the cost of a bearish SKHA 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 SKHA implied volatility affect this bear put spread?
- Current SKHA ATM IV is 110.00%; IV rank context is unavailable in the current snapshot.