How are CPTL 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 CPTL bear put spread priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 16.90%), the computed maximum profit is $198.00 per contract and the computed maximum loss is -$102.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a CPTL bear put spread?

The breakeven for the CPTL bear put spread priced on this page is roughly $48.98 at expiration, derived from the August 14, 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 CPTL market-implied 1-standard-deviation expected move in the same options snapshot is approximately 4.85%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

Current CPTL ATM IV is 16.90%; IV rank context is unavailable in the current snapshot.

CPTL Bear Put Spread Strategy

CPTL (Global X Conscious Companies ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.

KRMA tracks an equal-weighted index that focuses on ESG factors as they relate to the five stakeholders of a company: customers, employees, suppliers, stock and debt holders, and communities in which the company operates. Specifically, the index uses a multitude of information resources, public rankings, and proprietary models to score and rank companies that exhibit positive ESG characteristics such as employee productivity, customer loyalty, corporate governance, executive integrity, and quality of financial reporting, among a number of other categories. The final step in the process screens out companies that havent exhibited these ESG characteristics for three consecutive years. Minimum capitalization for KRMA is USD 2 billion, effectively screening out many small caps. The fund makes no claims to sector constraints. The Index undergoes annual reconstitution in October and quarterly rebalance starting each in January.

CPTL (Global X Conscious Companies ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $120.2M, a beta of 1.01 versus the broader market, a 52-week range of 40.412-49.684, average daily share volume of 4K, a public-listing history dating back to 2016. These structural characteristics shape how CPTL stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.01 places CPTL roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. CPTL 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 CPTL?

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.

CPTL snapshot

As of August 14, 2026, spot at $49.55, ATM IV 16.90%, expected move 4.85%. The bear put spread on CPTL below is built from the August 14, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 98-day expiry.

Why this bear put spread structure on CPTL specifically: IV rank is unavailable in the current snapshot, so regime-based timing for CPTL is inferred from ATM IV at 16.90% alone, with a market-implied 1-standard-deviation move of approximately 4.85% (roughly $2.40 on the underlying). The 98-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CPTL expiries trade a higher absolute premium for lower per-day decay. Position sizing on CPTL should anchor to the underlying notional of $49.55 per share and to the trader's directional view on CPTL stock.

CPTL bear put spread setup

The CPTL bear put spread below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With CPTL at $49.55 on that close, the first option leg uses a $50.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CPTL chain at a 98-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 CPTL shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Put	$50.00	$1.48
Sell 1	Put	$47.00	$0.46

CPTL bear put spread risk and reward

Net Premium / Debit: -$102.00
Max Profit (per contract): $198.00
Max Loss (per contract): -$102.00
Breakeven(s): $48.98
Risk / Reward Ratio: 1.941

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.

CPTL bear put spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bear put spread on CPTL. 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%	+$198.00
$10.96	-77.9%	+$198.00
$21.92	-55.8%	+$198.00
$32.87	-33.7%	+$198.00
$43.83	-11.5%	+$198.00
$54.78	+10.6%	-$102.00
$65.74	+32.7%	-$102.00
$76.69	+54.8%	-$102.00
$87.65	+76.9%	-$102.00
$98.60	+99.0%	-$102.00

When traders use bear put spread on CPTL

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

CPTL thesis for this bear put spread

The market-implied 1-standard-deviation range for CPTL extends from approximately $47.15 on the downside to $51.95 on the upside. A CPTL bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on CPTL, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. As a Financial Services name, CPTL options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CPTL-specific events.

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

Frequently asked questions

What is a bear put spread on CPTL?: A bear put spread on CPTL is the bear put spread strategy applied to CPTL (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 CPTL stock at $49.55 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed CPTL chain strike and the premiums come straight from that session's bid/ask midpoint.
How are CPTL 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 CPTL bear put spread priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 16.90%), the computed maximum profit is $198.00 per contract and the computed maximum loss is -$102.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a CPTL bear put spread?: The breakeven for the CPTL bear put spread priced on this page is roughly $48.98 at expiration, derived from the August 14, 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 CPTL market-implied 1-standard-deviation expected move in the same options snapshot is approximately 4.85%; 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 CPTL?: Bear put spreads on CPTL reduce the cost of a bearish CPTL 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 CPTL implied volatility affect this bear put spread?: Current CPTL ATM IV is 16.90%; IV rank context is unavailable in the current snapshot.