How are XLSR 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 XLSR bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 23.30%), the computed maximum profit is $201.00 per contract and the computed maximum loss is -$99.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a XLSR bear put spread?

The breakeven for the XLSR bear put spread priced on this page is roughly $63.01 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 XLSR market-implied 1-standard-deviation expected move is approximately 6.68%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

XLSR ATM IV is at 23.30% with IV rank near 17.14%, 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.

XLSR Bear Put Spread Strategy

XLSR (State Street US Sector Rotation ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.

SSGA Active Trust - State Street US Sector Rotation ETF is an exchange traded fund of fund launched by State Street Global Advisors, Inc. The fund is managed by SSGA Funds Management, Inc. It invests in directly and through other fund in public equity markets of the United States. The fund invests in stocks of companies operating across diversified sectors. It invests in stocks of large-cap companies. It employs proprietary research to create its portfolio.

XLSR (State Street US Sector Rotation ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $993.0M, a beta of 1.00 versus the broader market, a 52-week range of 54.64-66.69, average daily share volume of 70K, a public-listing history dating back to 2019. These structural characteristics shape how XLSR etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.00 places XLSR roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. XLSR 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 XLSR?

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 XLSR snapshot

As of June 29, 2026, spot at $64.07, ATM IV 23.30%, IV rank 17.14%, expected move 6.68%. The bear put spread on XLSR 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 144-day expiry.

Why this bear put spread structure on XLSR specifically: XLSR IV at 23.30% is on the cheap side of its 1-year range, which favors premium-buying structures like a XLSR bear put spread, with a market-implied 1-standard-deviation move of approximately 6.68% (roughly $4.28 on the underlying). The 144-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated XLSR expiries trade a higher absolute premium for lower per-day decay. Position sizing on XLSR should anchor to the underlying notional of $64.07 per share and to the trader's directional view on XLSR etf.

XLSR bear put spread setup

The XLSR 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 XLSR near $64.07, the first option leg uses a $64.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed XLSR chain at a 144-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 XLSR shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Put	$64.00	$2.06
Sell 1	Put	$61.00	$1.07

XLSR bear put spread risk and reward

Net Premium / Debit: -$99.00
Max Profit (per contract): $201.00
Max Loss (per contract): -$99.00
Breakeven(s): $63.01
Risk / Reward Ratio: 2.030

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.

XLSR bear put spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bear put spread on XLSR. 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%	+$201.00
$14.18	-77.9%	+$201.00
$28.34	-55.8%	+$201.00
$42.51	-33.7%	+$201.00
$56.67	-11.5%	+$201.00
$70.84	+10.6%	-$99.00
$85.00	+32.7%	-$99.00
$99.17	+54.8%	-$99.00
$113.33	+76.9%	-$99.00
$127.50	+99.0%	-$99.00

When traders use bear put spread on XLSR

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

XLSR thesis for this bear put spread

The market-implied 1-standard-deviation range for XLSR extends from approximately $59.79 on the downside to $68.35 on the upside. A XLSR bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on XLSR, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current XLSR IV rank near 17.14% 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 XLSR at 23.30%. As a Financial Services name, XLSR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to XLSR-specific events.

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

Frequently asked questions

What is a bear put spread on XLSR?: A bear put spread on XLSR is the bear put spread strategy applied to XLSR (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 XLSR etf trading near $64.07, the strikes shown on this page are snapped to the nearest listed XLSR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are XLSR 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 XLSR bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 23.30%), the computed maximum profit is $201.00 per contract and the computed maximum loss is -$99.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a XLSR bear put spread?: The breakeven for the XLSR bear put spread priced on this page is roughly $63.01 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 XLSR market-implied 1-standard-deviation expected move is approximately 6.68%; 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 XLSR?: Bear put spreads on XLSR reduce the cost of a bearish XLSR 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 XLSR implied volatility affect this bear put spread?: XLSR ATM IV is at 23.30% with IV rank near 17.14%, 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.