SKHX Bear Put Spread Strategy
SKHX (Themes ETF Trust - Leverage Shares 2X Long SK Hynix Daily ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.
SKHX is designed for making bullish bets on the ADR of SK Hynix Inc. through swap agreements. The fund seeks to obtain daily leveraged exposure equivalent to 200% of the fund's net assets. To maintain this exposure, daily rebalancing is performed to make adjustments in response to SK Hynixs daily price movements. As a geared product, the fund is intended as a short-term tactical tool, rather than as a long-term investment vehicle. As a result, returns may deviate from the expected 2x if held for longer than a single day due to compounding. This strategy is high-risk and does not include a defensive position as part of its overall process.
SKHX (Themes ETF Trust - Leverage Shares 2X Long SK Hynix Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $87.5M, a beta of 0.00 versus the broader market, a 52-week range of 8.8-23.27, average daily share volume of 4.3M, a public-listing history dating back to 2026. These structural characteristics shape how SKHX etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.00 indicates SKHX 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 SKHX?
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.
SKHX snapshot
As of September 29, 2026, spot at $17.19, ATM IV 111.70%, expected move 32.02%. The bear put spread on SKHX 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 SKHX specifically: IV rank is unavailable in the current snapshot, so regime-based timing for SKHX is inferred from ATM IV at 111.70% alone, with a market-implied 1-standard-deviation move of approximately 32.02% (roughly $5.50 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 SKHX expiries trade a higher absolute premium for lower per-day decay. Position sizing on SKHX should anchor to the underlying notional of $17.19 per share and to the trader's directional view on SKHX etf.
SKHX bear put spread setup
The SKHX 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 SKHX at $17.19 on that close, the first option leg uses a $17.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SKHX 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 SKHX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $17.00 | $1.55 |
| Sell 1 | Put | $16.00 | $1.05 |
SKHX bear put spread risk and reward
- Net Premium / Debit
- -$50.00
- Max Profit (per contract)
- $50.00
- Max Loss (per contract)
- -$50.00
- Breakeven(s)
- $16.50
- Risk / Reward Ratio
- 1.000
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.
SKHX bear put spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bear put spread on SKHX. 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% | +$50.00 |
| $3.81 | -77.8% | +$50.00 |
| $7.61 | -55.7% | +$50.00 |
| $11.41 | -33.6% | +$50.00 |
| $15.21 | -11.5% | +$50.00 |
| $19.01 | +10.6% | -$50.00 |
| $22.81 | +32.7% | -$50.00 |
| $26.61 | +54.8% | -$50.00 |
| $30.41 | +76.9% | -$50.00 |
| $34.21 | +99.0% | -$50.00 |
When traders use bear put spread on SKHX
Bear put spreads on SKHX reduce the cost of a bearish SKHX etf position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
SKHX thesis for this bear put spread
The market-implied 1-standard-deviation range for SKHX extends from approximately $11.69 on the downside to $22.69 on the upside. A SKHX bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on SKHX, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. As a Financial Services name, SKHX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SKHX-specific events.
SKHX 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. SKHX positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move SKHX alongside the broader basket even when SKHX-specific fundamentals are unchanged. Long-premium structures like a bear put spread on SKHX 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 SKHX chain quotes before placing a trade.
Frequently asked questions
- What is a bear put spread on SKHX?
- A bear put spread on SKHX is the bear put spread strategy applied to SKHX (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 SKHX etf at $17.19 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed SKHX chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are SKHX 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 SKHX bear put spread priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 111.70%), the computed maximum profit is $50.00 per contract and the computed maximum loss is -$50.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a SKHX bear put spread?
- The breakeven for the SKHX bear put spread priced on this page is roughly $16.50 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 SKHX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 32.02%; 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 SKHX?
- Bear put spreads on SKHX reduce the cost of a bearish SKHX 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 SKHX implied volatility affect this bear put spread?
- Current SKHX ATM IV is 111.70%; IV rank context is unavailable in the current snapshot.