SKHL Bear Put Spread Strategy
SKHL (Direxion Daily SK Hynix Bull 2X ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.
The Direxion Daily SK Hynix Bull 2X ETF seeks daily investment results, before fees and expenses, of 200% of the daily performance of SK hynix Inc.'s Nasdaq-listed American Depositary Receipt (SKHY), the world's leading supplier of high-bandwidth memory (HBM) chips used alongside AI accelerators from Nvidia, AMD, and other chipmakers. The Fund invests at least 80% of its net assets in financial instruments such as swap agreements and options to achieve its leveraged daily target, resetting exposure each trading day.
SKHL (Direxion Daily SK Hynix Bull 2X ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $432,400, a beta of 0.00 versus the broader market, a 52-week range of 5.67-14.06, average daily share volume of 2.2M, a public-listing history dating back to 2026. These structural characteristics shape how SKHL etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.00 indicates SKHL has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. SKHL 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 SKHL?
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.
SKHL snapshot
As of September 29, 2026, spot at $11.10, ATM IV 113.70%, expected move 32.60%. The bear put spread on SKHL 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 SKHL specifically: IV rank is unavailable in the current snapshot, so regime-based timing for SKHL is inferred from ATM IV at 113.70% alone, with a market-implied 1-standard-deviation move of approximately 32.60% (roughly $3.62 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 SKHL expiries trade a higher absolute premium for lower per-day decay. Position sizing on SKHL should anchor to the underlying notional of $11.10 per share and to the trader's directional view on SKHL etf.
SKHL bear put spread setup
The SKHL 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 SKHL at $11.10 on that close, the first option leg uses a $11.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SKHL 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 SKHL shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $11.00 | $0.93 |
| Sell 1 | Put | $11.00 | $0.93 |
SKHL bear put spread risk and reward
- Net Premium / Debit
- $0.00
- Max Profit (per contract)
- $0.00
- Max Loss (per contract)
- $0.00
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- N/A
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.
SKHL bear put spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bear put spread on SKHL. 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 | -99.9% | $0.00 |
| $2.46 | -77.8% | $0.00 |
| $4.92 | -55.7% | $0.00 |
| $7.37 | -33.6% | $0.00 |
| $9.82 | -11.5% | $0.00 |
| $12.28 | +10.6% | $0.00 |
| $14.73 | +32.7% | $0.00 |
| $17.18 | +54.8% | $0.00 |
| $19.64 | +76.9% | $0.00 |
| $22.09 | +99.0% | $0.00 |
When traders use bear put spread on SKHL
Bear put spreads on SKHL reduce the cost of a bearish SKHL etf position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
SKHL thesis for this bear put spread
The market-implied 1-standard-deviation range for SKHL extends from approximately $7.48 on the downside to $14.72 on the upside. A SKHL bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on SKHL, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. As a Financial Services name, SKHL options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SKHL-specific events.
SKHL 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. SKHL positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move SKHL alongside the broader basket even when SKHL-specific fundamentals are unchanged. Long-premium structures like a bear put spread on SKHL 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 SKHL chain quotes before placing a trade.
Frequently asked questions
- What is a bear put spread on SKHL?
- A bear put spread on SKHL is the bear put spread strategy applied to SKHL (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 SKHL etf at $11.10 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed SKHL chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are SKHL 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 SKHL bear put spread priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 113.70%), the computed maximum profit is $0.00 per contract and the computed maximum loss is $0.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a SKHL bear put spread?
- The breakeven for the SKHL bear put spread priced on this page is no defined breakeven on the modeled curve 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 SKHL market-implied 1-standard-deviation expected move in the same options snapshot is approximately 32.60%; 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 SKHL?
- Bear put spreads on SKHL reduce the cost of a bearish SKHL 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 SKHL implied volatility affect this bear put spread?
- Current SKHL ATM IV is 113.70%; IV rank context is unavailable in the current snapshot.