How are WULX 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 WULX bear put spread priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 144.10%), the computed maximum profit is $0.00 per contract and the computed maximum loss is $0.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a WULX bear put spread?

The breakeven for the WULX bear put spread priced on this page is no defined breakeven on the modeled curve 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 WULX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 41.31%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

WULX ATM IV is at 144.10% with IV rank near 0.00%, 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.

WULX Bear Put Spread Strategy

WULX (Investment Managers Series Trust II - Tradr 2x Long WULF Daily ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.

WULX uses swap agreements and listed call options to make bullish bets on the share price of TeraWulf Inc. (NASDAQ: WULF). The fund may also invest directly in WULF. TeraWulf Inc. owns and operates fully integrated Bitcoin mining facilities in the US, primarily powered by zero-carbon energy. It aims to generate domestically produced Bitcoin powered by nuclear, hydro, and solar energy. The fund seeks to maintain daily leveraged exposure equivalent to 200% of the daily percentage change in WULF price through daily rebalancing. Returns may deviate from the expected 2x if held for longer than a single day due to factors such as volatility and compounding effects.

WULX (Investment Managers Series Trust II - Tradr 2x Long WULF Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $12.9M, a beta of 8.94 versus the broader market, a 52-week range of 12.295-68.49, average daily share volume of 268K, a public-listing history dating back to 2025. These structural characteristics shape how WULX etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 8.94 indicates WULX 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 WULX?

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.

WULX snapshot

As of September 29, 2026, spot at $13.18, ATM IV 144.10%, IV rank 0.00%, expected move 41.31%. The bear put spread on WULX 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 80-day expiry.

Why this bear put spread structure on WULX specifically: WULX IV at 144.10% is on the cheap side of its 1-year range, which favors premium-buying structures like a WULX bear put spread, with a market-implied 1-standard-deviation move of approximately 41.31% (roughly $5.44 on the underlying). The 80-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated WULX expiries trade a higher absolute premium for lower per-day decay. Position sizing on WULX should anchor to the underlying notional of $13.18 per share and to the trader's directional view on WULX etf.

WULX bear put spread setup

The WULX 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 WULX at $13.18 on that close, the first option leg uses a $13.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed WULX chain at a 80-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 WULX shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Put	$13.00	$3.65
Sell 1	Put	$13.00	$3.65

WULX bear put spread risk and reward

Net Premium / Debit: $0.00
Max Profit (per contract): $0.00
Max Loss (per contract): $0.00
Breakeven(s): None on modeled curve
Risk / Reward Ratio: N/A

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.

WULX bear put spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bear put spread on WULX. 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%	$0.00
$2.92	-77.8%	$0.00
$5.84	-55.7%	$0.00
$8.75	-33.6%	$0.00
$11.66	-11.5%	$0.00
$14.58	+10.6%	$0.00
$17.49	+32.7%	$0.00
$20.40	+54.8%	$0.00
$23.31	+76.9%	$0.00
$26.23	+99.0%	$0.00

When traders use bear put spread on WULX

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

WULX thesis for this bear put spread

The market-implied 1-standard-deviation range for WULX extends from approximately $7.74 on the downside to $18.62 on the upside. A WULX bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on WULX, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current WULX IV rank near 0.00% 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 WULX at 144.10%. As a Financial Services name, WULX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to WULX-specific events.

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

Frequently asked questions

What is a bear put spread on WULX?: A bear put spread on WULX is the bear put spread strategy applied to WULX (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 WULX etf at $13.18 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed WULX chain strike and the premiums come straight from that session's bid/ask midpoint.
How are WULX 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 WULX bear put spread priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 144.10%), the computed maximum profit is $0.00 per contract and the computed maximum loss is $0.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a WULX bear put spread?: The breakeven for the WULX bear put spread priced on this page is no defined breakeven on the modeled curve 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 WULX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 41.31%; 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 WULX?: Bear put spreads on WULX reduce the cost of a bearish WULX 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 WULX implied volatility affect this bear put spread?: WULX ATM IV is at 144.10% with IV rank near 0.00%, 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.