How are TXXD 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 TXXD bear put spread priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 111.30%), the computed maximum profit is $92.50 per contract and the computed maximum loss is -$107.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a TXXD bear put spread?

The breakeven for the TXXD bear put spread priced on this page is roughly $45.93 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 TXXD market-implied 1-standard-deviation expected move in the same options snapshot is approximately 31.91%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

Current TXXD ATM IV is 111.30%; IV rank context is unavailable in the current snapshot.

TXXD Bear Put Spread Strategy

TXXD (21Shares 2x Long Dogecoin ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.

TXXD fund aims to deliver 2x the price return of Dogecoin (DOGE) net fees and expenses, for a single day, through a combination of different derivatives. This includes swaps, futures, and options. A Cayman Islands subsidiary is used to hold DOGE-related investments under rules aligned with the Investment Company Act. The fund may employ reverse repurchase agreements or similar tools to help maintain exposure and manage cash flows. To maintain this exposure, the fund undergoes daily rebalancing. Returns may deviate from the expected 2x if held for longer than a single day due to compounding.

TXXD (21Shares 2x Long Dogecoin ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $287,778, a beta of 3.54 versus the broader market, a 52-week range of 28-276.8, average daily share volume of 69K, a public-listing history dating back to 2025. These structural characteristics shape how TXXD etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 3.54 indicates TXXD has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. TXXD 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 TXXD?

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.

TXXD snapshot

As of September 29, 2026, spot at $46.98, ATM IV 111.30%, expected move 31.91%. The bear put spread on TXXD 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 TXXD specifically: IV rank is unavailable in the current snapshot, so regime-based timing for TXXD is inferred from ATM IV at 111.30% alone, with a market-implied 1-standard-deviation move of approximately 31.91% (roughly $14.99 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 TXXD expiries trade a higher absolute premium for lower per-day decay. Position sizing on TXXD should anchor to the underlying notional of $46.98 per share and to the trader's directional view on TXXD etf.

TXXD bear put spread setup

The TXXD 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 TXXD at $46.98 on that close, the first option leg uses a $47.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed TXXD 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 TXXD shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Put	$47.00	$4.75
Sell 1	Put	$45.00	$3.68

TXXD bear put spread risk and reward

Net Premium / Debit: -$107.50
Max Profit (per contract): $92.50
Max Loss (per contract): -$107.50
Breakeven(s): $45.93
Risk / Reward Ratio: 0.860

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.

TXXD bear put spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bear put spread on TXXD. 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%	+$92.50
$10.40	-77.9%	+$92.50
$20.78	-55.8%	+$92.50
$31.17	-33.7%	+$92.50
$41.56	-11.5%	+$92.50
$51.94	+10.6%	-$107.50
$62.33	+32.7%	-$107.50
$72.72	+54.8%	-$107.50
$83.10	+76.9%	-$107.50
$93.49	+99.0%	-$107.50

When traders use bear put spread on TXXD

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

TXXD thesis for this bear put spread

The market-implied 1-standard-deviation range for TXXD extends from approximately $31.99 on the downside to $61.97 on the upside. A TXXD bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on TXXD, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. As a Financial Services name, TXXD options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to TXXD-specific events.

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

Frequently asked questions

What is a bear put spread on TXXD?: A bear put spread on TXXD is the bear put spread strategy applied to TXXD (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 TXXD etf at $46.98 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed TXXD chain strike and the premiums come straight from that session's bid/ask midpoint.
How are TXXD 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 TXXD bear put spread priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 111.30%), the computed maximum profit is $92.50 per contract and the computed maximum loss is -$107.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a TXXD bear put spread?: The breakeven for the TXXD bear put spread priced on this page is roughly $45.93 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 TXXD market-implied 1-standard-deviation expected move in the same options snapshot is approximately 31.91%; 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 TXXD?: Bear put spreads on TXXD reduce the cost of a bearish TXXD 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 TXXD implied volatility affect this bear put spread?: Current TXXD ATM IV is 111.30%; IV rank context is unavailable in the current snapshot.