TRFK Bear Put Spread Strategy
TRFK (Pacer Data and Digital Revolution ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.
A rules-based exchange traded fund (ETF) that aims to offer investors exposure to globally listed stocks and depositary receipts of data and digital revolution companies.
TRFK (Pacer Data and Digital Revolution ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $260.6M, a beta of 1.56 versus the broader market, a 52-week range of 50.58-91.12, average daily share volume of 108K, a public-listing history dating back to 2022. These structural characteristics shape how TRFK etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.56 indicates TRFK has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. TRFK 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 TRFK?
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.
Current TRFK snapshot
As of May 15, 2026, spot at $90.93, ATM IV 35.40%, IV rank 38.35%, expected move 10.15%. The bear put spread on TRFK below is built from the same end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 34-day expiry.
Why this bear put spread structure on TRFK specifically: TRFK IV at 35.40% is mid-range versus its 1-year history, so strategy selection should anchor more to the directional thesis than to the IV regime, with a market-implied 1-standard-deviation move of approximately 10.15% (roughly $9.23 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated TRFK expiries trade a higher absolute premium for lower per-day decay. Position sizing on TRFK should anchor to the underlying notional of $90.93 per share and to the trader's directional view on TRFK etf.
TRFK bear put spread setup
The TRFK bear put spread below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With TRFK near $90.93, the first option leg uses a $90.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed TRFK chain at a 34-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 TRFK shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $90.00 | $3.60 |
| Sell 1 | Put | $85.00 | $2.00 |
TRFK bear put spread risk and reward
- Net Premium / Debit
- -$160.00
- Max Profit (per contract)
- $340.00
- Max Loss (per contract)
- -$160.00
- Breakeven(s)
- $88.40
- Risk / Reward Ratio
- 2.125
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.
TRFK bear put spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bear put spread on TRFK. 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 | -100.0% | +$340.00 |
| $20.11 | -77.9% | +$340.00 |
| $40.22 | -55.8% | +$340.00 |
| $60.32 | -33.7% | +$340.00 |
| $80.43 | -11.6% | +$340.00 |
| $100.53 | +10.6% | -$160.00 |
| $120.63 | +32.7% | -$160.00 |
| $140.74 | +54.8% | -$160.00 |
| $160.84 | +76.9% | -$160.00 |
| $180.95 | +99.0% | -$160.00 |
When traders use bear put spread on TRFK
Bear put spreads on TRFK reduce the cost of a bearish TRFK etf position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
TRFK thesis for this bear put spread
The market-implied 1-standard-deviation range for TRFK extends from approximately $81.70 on the downside to $100.16 on the upside. A TRFK bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on TRFK, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current TRFK IV rank near 38.35% is mid-range against its 1-year distribution, so the IV signal is neutral; the bear put spread thesis on TRFK should anchor more to the directional view and the expected-move geometry. As a Financial Services name, TRFK options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to TRFK-specific events.
TRFK 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. TRFK positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move TRFK alongside the broader basket even when TRFK-specific fundamentals are unchanged. Long-premium structures like a bear put spread on TRFK 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 TRFK chain quotes before placing a trade.
Frequently asked questions
- What is a bear put spread on TRFK?
- A bear put spread on TRFK is the bear put spread strategy applied to TRFK (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 TRFK etf trading near $90.93, the strikes shown on this page are snapped to the nearest listed TRFK chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are TRFK 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 TRFK bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 35.40%), the computed maximum profit is $340.00 per contract and the computed maximum loss is -$160.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a TRFK bear put spread?
- The breakeven for the TRFK bear put spread priced on this page is roughly $88.40 at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current TRFK market-implied 1-standard-deviation expected move is approximately 10.15%; 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 TRFK?
- Bear put spreads on TRFK reduce the cost of a bearish TRFK 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 TRFK implied volatility affect this bear put spread?
- TRFK ATM IV is at 35.40% with IV rank near 38.35%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.