How are XCEM 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 XCEM bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 28.20%), the computed maximum profit is $127.00 per contract and the computed maximum loss is -$73.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a XCEM bear put spread?

The breakeven for the XCEM bear put spread priced on this page is roughly $47.27 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 XCEM market-implied 1-standard-deviation expected move is approximately 8.08%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

XCEM ATM IV is at 28.20% with IV rank near 12.26%, 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.

XCEM Bear Put Spread Strategy

XCEM (Columbia EM Core ex-China ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.

The fund will invest at least 80% of its net assets in the companies included in the index and the advisor generally expects to be substantially invested at such times, with at least 95% of its net assets invested in these securities. The index is designed to provide broad, core emerging markets equity exposure by measuring the stock performance of up to 700 emerging markets companies, excluding companies domiciled or exchange-listed in China or domiciled in Hong Kong. It is non-diversified.

XCEM (Columbia EM Core ex-China ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $1.75B, a beta of 1.16 versus the broader market, a 52-week range of 31.624-50.65, average daily share volume of 228K, a public-listing history dating back to 2015. These structural characteristics shape how XCEM etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.16 places XCEM roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. XCEM 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 XCEM?

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 XCEM snapshot

As of May 15, 2026, spot at $48.40, ATM IV 28.20%, IV rank 12.26%, expected move 8.08%. The bear put spread on XCEM 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 XCEM specifically: XCEM IV at 28.20% is on the cheap side of its 1-year range, which favors premium-buying structures like a XCEM bear put spread, with a market-implied 1-standard-deviation move of approximately 8.08% (roughly $3.91 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 XCEM expiries trade a higher absolute premium for lower per-day decay. Position sizing on XCEM should anchor to the underlying notional of $48.40 per share and to the trader's directional view on XCEM etf.

XCEM bear put spread setup

The XCEM 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 XCEM near $48.40, the first option leg uses a $48.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed XCEM 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 XCEM shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Put	$48.00	$1.40
Sell 1	Put	$46.00	$0.67

XCEM bear put spread risk and reward

Net Premium / Debit: -$73.00
Max Profit (per contract): $127.00
Max Loss (per contract): -$73.00
Breakeven(s): $47.27
Risk / Reward Ratio: 1.740

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.

XCEM bear put spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bear put spread on XCEM. 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%	+$127.00
$10.71	-77.9%	+$127.00
$21.41	-55.8%	+$127.00
$32.11	-33.7%	+$127.00
$42.81	-11.5%	+$127.00
$53.51	+10.6%	-$73.00
$64.21	+32.7%	-$73.00
$74.91	+54.8%	-$73.00
$85.61	+76.9%	-$73.00
$96.31	+99.0%	-$73.00

When traders use bear put spread on XCEM

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

XCEM thesis for this bear put spread

The market-implied 1-standard-deviation range for XCEM extends from approximately $44.49 on the downside to $52.31 on the upside. A XCEM bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on XCEM, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current XCEM IV rank near 12.26% 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 XCEM at 28.20%. As a Financial Services name, XCEM options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to XCEM-specific events.

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

Frequently asked questions

What is a bear put spread on XCEM?: A bear put spread on XCEM is the bear put spread strategy applied to XCEM (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 XCEM etf trading near $48.40, the strikes shown on this page are snapped to the nearest listed XCEM chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are XCEM 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 XCEM bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 28.20%), the computed maximum profit is $127.00 per contract and the computed maximum loss is -$73.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a XCEM bear put spread?: The breakeven for the XCEM bear put spread priced on this page is roughly $47.27 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 XCEM market-implied 1-standard-deviation expected move is approximately 8.08%; 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 XCEM?: Bear put spreads on XCEM reduce the cost of a bearish XCEM 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 XCEM implied volatility affect this bear put spread?: XCEM ATM IV is at 28.20% with IV rank near 12.26%, 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.