How are SSPC straddle max profit and max loss calculated?

Upside max profit is unbounded; downside max profit is bounded at the strike minus the combined call plus put debit (reached at zero). Max loss equals the combined debit times 100 (reached when the underlying pins to the strike). Two breakevens at strike plus debit and strike minus debit. For the SSPC straddle priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 91.90%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$141.55 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a SSPC straddle?

The breakeven for the SSPC straddle priced on this page is roughly $7.58 and $10.43 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 SSPC market-implied 1-standard-deviation expected move in the same options snapshot is approximately 26.35%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current SSPC implied volatility affect this straddle?

Current SSPC ATM IV is 91.90%; IV rank context is unavailable in the current snapshot.

SSPC Straddle Strategy

SSPC (Themes ETF Trust - Leverage Shares 2X Short SPCX Daily ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.

SSPC is designed for making bearish bets on the stock price of Space Exploration Technologies Corp. (NASDAQ: SPCX) or SpaceX 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 SPCX's 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.

SSPC (Themes ETF Trust - Leverage Shares 2X Short SPCX Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $128.4M, a beta of 0.00 versus the broader market, a 52-week range of 6-24.66, average daily share volume of 21.9M, a public-listing history dating back to 2026. These structural characteristics shape how SSPC etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.00 indicates SSPC 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 straddle on SSPC?

A long straddle buys an ATM call and an ATM put at the same strike, profiting from a large move in either direction; max loss equals the combined debit when the underlying pins to the strike at expiration.

SSPC snapshot

As of September 29, 2026, spot at $9.05, ATM IV 91.90%, expected move 26.35%. The straddle on SSPC 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 straddle structure on SSPC specifically: IV rank is unavailable in the current snapshot, so regime-based timing for SSPC is inferred from ATM IV at 91.90% alone, with a market-implied 1-standard-deviation move of approximately 26.35% (roughly $2.38 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 SSPC expiries trade a higher absolute premium for lower per-day decay. Position sizing on SSPC should anchor to the underlying notional of $9.05 per share and to the trader's directional view on SSPC etf.

SSPC straddle setup

The SSPC straddle 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 SSPC at $9.05 on that close, the first option leg uses a $9.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SSPC 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 SSPC shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$9.00	$0.78
Buy 1	Put	$9.00	$0.65

SSPC straddle risk and reward

Net Premium / Debit: -$142.50
Max Profit (per contract): Unbounded
Max Loss (per contract): -$141.55
Breakeven(s): $7.58, $10.43
Risk / Reward Ratio: Unbounded

Upside max profit is unbounded; downside max profit is bounded at the strike minus the combined call plus put debit (reached at zero). Max loss equals the combined debit times 100 (reached when the underlying pins to the strike). Two breakevens at strike plus debit and strike minus debit.

SSPC straddle payoff curve

Modeled P&L at expiration across a range of underlying prices for the straddle on SSPC. 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%	+$756.50
$2.01	-77.8%	+$556.51
$4.01	-55.7%	+$356.52
$6.01	-33.6%	+$156.53
$8.01	-11.5%	-$43.46
$10.01	+10.6%	-$41.55
$12.01	+32.7%	+$158.44
$14.01	+54.8%	+$358.43
$16.01	+76.9%	+$558.42
$18.01	+99.0%	+$758.41

When traders use straddle on SSPC

Straddles on SSPC are pure-volatility plays that profit from large moves in either direction; traders typically buy SSPC straddles ahead of earnings, FDA decisions, or other catalysts where the realized move is expected to exceed the implied move priced into the chain.

SSPC thesis for this straddle

The market-implied 1-standard-deviation range for SSPC extends from approximately $6.67 on the downside to $11.43 on the upside. A SSPC long straddle is a pure-volatility play: it profits when the underlying moves far enough from the strike in either direction to overcome the combined call plus put debit, regardless of direction. As a Financial Services name, SSPC options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SSPC-specific events.

SSPC straddle positions are structurally neutral / high-volatility (long premium); 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. SSPC positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move SSPC alongside the broader basket even when SSPC-specific fundamentals are unchanged. Always rebuild the position from current SSPC chain quotes before placing a trade.

Frequently asked questions

What is a straddle on SSPC?: A straddle on SSPC is the straddle strategy applied to SSPC (etf). The strategy is structurally neutral / high-volatility (long premium): A long straddle buys an ATM call and an ATM put at the same strike, profiting from a large move in either direction; max loss equals the combined debit when the underlying pins to the strike at expiration. With SSPC etf at $9.05 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed SSPC chain strike and the premiums come straight from that session's bid/ask midpoint.
How are SSPC straddle max profit and max loss calculated?: Upside max profit is unbounded; downside max profit is bounded at the strike minus the combined call plus put debit (reached at zero). Max loss equals the combined debit times 100 (reached when the underlying pins to the strike). Two breakevens at strike plus debit and strike minus debit. For the SSPC straddle priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 91.90%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$141.55 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a SSPC straddle?: The breakeven for the SSPC straddle priced on this page is roughly $7.58 and $10.43 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 SSPC market-implied 1-standard-deviation expected move in the same options snapshot is approximately 26.35%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a straddle on SSPC?: Straddles on SSPC are pure-volatility plays that profit from large moves in either direction; traders typically buy SSPC straddles ahead of earnings, FDA decisions, or other catalysts where the realized move is expected to exceed the implied move priced into the chain.
How does current SSPC implied volatility affect this straddle?: Current SSPC ATM IV is 91.90%; IV rank context is unavailable in the current snapshot.