How are SPAX long put max profit and max loss calculated?

Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium. For the SPAX long put priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 90.40%), the computed maximum profit is $914.00 per contract and the computed maximum loss is -$85.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a SPAX long put?

The breakeven for the SPAX long put priced on this page is roughly $9.15 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 SPAX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 25.92%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current SPAX implied volatility affect this long put?

Current SPAX ATM IV is 90.40%; IV rank context is unavailable in the current snapshot.

SPAX Long Put Strategy

SPAX (T-Rex 2X Long SpaceX Daily Target ETF), in the Financial Services sector, (Asset Management - Leveraged industry), listed on AMEX.

The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of SpaceX. The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.

SPAX (T-Rex 2X Long SpaceX Daily Target ETF) trades in the Financial Services sector, specifically Asset Management - Leveraged, with a market capitalization of approximately $20.0M, a beta of -0.65 versus the broader market, a 52-week range of 5.36-28.05, average daily share volume of 2.4M, a public-listing history dating back to 2021. These structural characteristics shape how SPAX etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of -0.65 indicates SPAX 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 long put on SPAX?

A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration.

SPAX snapshot

As of September 29, 2026, spot at $9.98, ATM IV 90.40%, expected move 25.92%. The long put on SPAX 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 long put structure on SPAX specifically: IV rank is unavailable in the current snapshot, so regime-based timing for SPAX is inferred from ATM IV at 90.40% alone, with a market-implied 1-standard-deviation move of approximately 25.92% (roughly $2.59 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 SPAX expiries trade a higher absolute premium for lower per-day decay. Position sizing on SPAX should anchor to the underlying notional of $9.98 per share and to the trader's directional view on SPAX etf.

SPAX long put setup

The SPAX long put 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 SPAX at $9.98 on that close, the first option leg uses a $10.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SPAX 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 SPAX shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Put	$10.00	$0.85

SPAX long put risk and reward

Net Premium / Debit: -$85.00
Max Profit (per contract): $914.00
Max Loss (per contract): -$85.00
Breakeven(s): $9.15
Risk / Reward Ratio: 10.753

Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.

SPAX long put payoff curve

Modeled P&L at expiration across a range of underlying prices for the long put on SPAX. 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	-99.9%	+$914.00
$2.22	-77.8%	+$693.45
$4.42	-55.7%	+$472.89
$6.63	-33.6%	+$252.34
$8.83	-11.5%	+$31.79
$11.04	+10.6%	-$85.00
$13.24	+32.7%	-$85.00
$15.45	+54.8%	-$85.00
$17.65	+76.9%	-$85.00
$19.86	+99.0%	-$85.00

When traders use long put on SPAX

Long puts on SPAX hedge an existing long SPAX etf position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying SPAX exposure being hedged.

SPAX thesis for this long put

The market-implied 1-standard-deviation range for SPAX extends from approximately $7.39 on the downside to $12.57 on the upside. A SPAX long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long SPAX position with one put per 100 shares held. As a Financial Services name, SPAX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SPAX-specific events.

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

Frequently asked questions

What is a long put on SPAX?: A long put on SPAX is the long put strategy applied to SPAX (etf). The strategy is structurally bearish: A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration. With SPAX etf at $9.98 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed SPAX chain strike and the premiums come straight from that session's bid/ask midpoint.
How are SPAX long put max profit and max loss calculated?: Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium. For the SPAX long put priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 90.40%), the computed maximum profit is $914.00 per contract and the computed maximum loss is -$85.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a SPAX long put?: The breakeven for the SPAX long put priced on this page is roughly $9.15 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 SPAX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 25.92%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a long put on SPAX?: Long puts on SPAX hedge an existing long SPAX etf position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying SPAX exposure being hedged.
How does current SPAX implied volatility affect this long put?: Current SPAX ATM IV is 90.40%; IV rank context is unavailable in the current snapshot.