How are CPNX 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 CPNX bear put spread priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 386.60%), the computed maximum profit is $69.50 per contract and the computed maximum loss is -$30.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a CPNX bear put spread?

The breakeven for the CPNX bear put spread priced on this page is roughly $9.70 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 CPNX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 110.83%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

Current CPNX ATM IV is 386.60%; IV rank context is unavailable in the current snapshot.

CPNX Bear Put Spread Strategy

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

CPNX is a short-term tactical tool that aims to deliver twice (200%) the daily performance of Coupang, Inc. (CPNG), before fees and expenses. The fund primarily enters into total return swap agreements with major global financial institutions that mirror CPNGs daily returns. In case swaps are unavailable or less efficient, the fund may use FLEX call options or directly hold CPNG stock. Purchasers holding shares for longer than a day will need to monitor and rebalance their position frequently to attempt to achieve the 2x multiple. Purchasers should conduct their own individual stock research prior to initiating a position and trade with conviction. Due to the complexities of the product, shares tend to perform as anticipated only when the underlying shares are trending, and holders are on the positive corresponding side of that trade.

CPNX (Investment Managers Series Trust II - Tradr 2X Long CPNG Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $1.3M, a beta of -4.89 versus the broader market, a 52-week range of 9.58-25.43, average daily share volume of 11K, a public-listing history dating back to 2026. These structural characteristics shape how CPNX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of -4.89 indicates CPNX has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.

What is a bear put spread on CPNX?

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.

CPNX snapshot

As of September 29, 2026, spot at $9.57, ATM IV 386.60%, expected move 110.83%. The bear put spread on CPNX 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 CPNX specifically: IV rank is unavailable in the current snapshot, so regime-based timing for CPNX is inferred from ATM IV at 386.60% alone, with a market-implied 1-standard-deviation move of approximately 110.83% (roughly $10.61 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 CPNX expiries trade a higher absolute premium for lower per-day decay. Position sizing on CPNX should anchor to the underlying notional of $9.57 per share and to the trader's directional view on CPNX stock.

CPNX bear put spread setup

The CPNX 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 CPNX at $9.57 on that close, the first option leg uses a $10.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CPNX 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 CPNX shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Put	$10.00	$2.93
Sell 1	Put	$9.00	$2.62

CPNX bear put spread risk and reward

Net Premium / Debit: -$30.50
Max Profit (per contract): $69.50
Max Loss (per contract): -$30.50
Breakeven(s): $9.70
Risk / Reward Ratio: 2.279

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.

CPNX bear put spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bear put spread on CPNX. 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%	+$69.50
$2.12	-77.8%	+$69.50
$4.24	-55.7%	+$69.50
$6.35	-33.6%	+$69.50
$8.47	-11.5%	+$69.50
$10.58	+10.6%	-$30.50
$12.70	+32.7%	-$30.50
$14.81	+54.8%	-$30.50
$16.93	+76.9%	-$30.50
$19.04	+99.0%	-$30.50

When traders use bear put spread on CPNX

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

CPNX thesis for this bear put spread

The market-implied 1-standard-deviation range for CPNX extends from approximately $-1.04 on the downside to $20.18 on the upside. A CPNX bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on CPNX, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. As a Financial Services name, CPNX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CPNX-specific events.

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

Frequently asked questions

What is a bear put spread on CPNX?: A bear put spread on CPNX is the bear put spread strategy applied to CPNX (stock). 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 CPNX stock at $9.57 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed CPNX chain strike and the premiums come straight from that session's bid/ask midpoint.
How are CPNX 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 CPNX bear put spread priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 386.60%), the computed maximum profit is $69.50 per contract and the computed maximum loss is -$30.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a CPNX bear put spread?: The breakeven for the CPNX bear put spread priced on this page is roughly $9.70 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 CPNX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 110.83%; 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 CPNX?: Bear put spreads on CPNX reduce the cost of a bearish CPNX stock 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 CPNX implied volatility affect this bear put spread?: Current CPNX ATM IV is 386.60%; IV rank context is unavailable in the current snapshot.