How are SNDU 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 SNDU bear put spread priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 139.60%), the computed maximum profit is $40.00 per contract and the computed maximum loss is -$60.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a SNDU bear put spread?

The breakeven for the SNDU bear put spread priced on this page is roughly $24.40 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 SNDU market-implied 1-standard-deviation expected move in the same options snapshot is approximately 40.02%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

SNDU ATM IV is at 139.60% with IV rank near 4.94%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.

SNDU Bear Put Spread Strategy

SNDU (T-REX 2X Long SNDK Daily Target ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.

The fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in financial instruments that are designed to provide, in the aggregate, 200% exposure to the price performance of SNDK on a daily basis. The fund may also seek to achieve its investment objective by purchasing call options on SNDK or by investing directly in the common stock of SNDK. The fund is non-diversified.

SNDU (T-REX 2X Long SNDK Daily Target ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $264.5M, a beta of 17.10 versus the broader market, a 52-week range of 5.72-79, average daily share volume of 7.0M, a public-listing history dating back to 2026. These structural characteristics shape how SNDU etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 17.10 indicates SNDU has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.

What is a bear put spread on SNDU?

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.

SNDU snapshot

As of September 29, 2026, spot at $25.38, ATM IV 139.60%, IV rank 4.94%, expected move 40.02%. The bear put spread on SNDU 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 SNDU specifically: SNDU IV at 139.60% is on the cheap side of its 1-year range, which favors premium-buying structures like a SNDU bear put spread, with a market-implied 1-standard-deviation move of approximately 40.02% (roughly $10.16 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 SNDU expiries trade a higher absolute premium for lower per-day decay. Position sizing on SNDU should anchor to the underlying notional of $25.38 per share and to the trader's directional view on SNDU etf.

SNDU bear put spread setup

The SNDU 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 SNDU at $25.38 on that close, the first option leg uses a $25.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SNDU 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 SNDU shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Put	$25.00	$2.85
Sell 1	Put	$24.00	$2.25

SNDU bear put spread risk and reward

Net Premium / Debit: -$60.00
Max Profit (per contract): $40.00
Max Loss (per contract): -$60.00
Breakeven(s): $24.40
Risk / Reward Ratio: 0.667

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.

SNDU bear put spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bear put spread on SNDU. 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	-100.0%	+$40.00
$5.62	-77.9%	+$40.00
$11.23	-55.7%	+$40.00
$16.84	-33.6%	+$40.00
$22.45	-11.5%	+$40.00
$28.06	+10.6%	-$60.00
$33.67	+32.7%	-$60.00
$39.28	+54.8%	-$60.00
$44.89	+76.9%	-$60.00
$50.50	+99.0%	-$60.00

When traders use bear put spread on SNDU

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

SNDU thesis for this bear put spread

The market-implied 1-standard-deviation range for SNDU extends from approximately $15.22 on the downside to $35.54 on the upside. A SNDU bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on SNDU, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current SNDU IV rank near 4.94% sits in the lower third of its 1-year distribution, where IV often re-expands toward the mean; this favors premium-buying structures and disadvantages premium-selling structures on SNDU at 139.60%. As a Financial Services name, SNDU options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SNDU-specific events.

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

Frequently asked questions

What is a bear put spread on SNDU?: A bear put spread on SNDU is the bear put spread strategy applied to SNDU (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 SNDU etf at $25.38 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed SNDU chain strike and the premiums come straight from that session's bid/ask midpoint.
How are SNDU 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 SNDU bear put spread priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 139.60%), the computed maximum profit is $40.00 per contract and the computed maximum loss is -$60.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a SNDU bear put spread?: The breakeven for the SNDU bear put spread priced on this page is roughly $24.40 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 SNDU market-implied 1-standard-deviation expected move in the same options snapshot is approximately 40.02%; 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 SNDU?: Bear put spreads on SNDU reduce the cost of a bearish SNDU 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 SNDU implied volatility affect this bear put spread?: SNDU ATM IV is at 139.60% with IV rank near 4.94%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.