CRUS Bear Put Spread Strategy
CRUS (Cirrus Logic, Inc.), in the Technology sector, (Semiconductors industry), listed on NASDAQ.
Cirrus Logic, Inc., a fabless semiconductor company, provides low-power and high-precision mixed-signal processing solutions in the United States and internationally. It offers portable products, including codecs components that integrate analog-to-digital converters (ADCs) and digital-to-analog converters (DACs) into a single integrated circuit (IC); smart codecs, a codec with digital signal processer; boosted amplifiers; digital signal processors; and SoundClear technology, which consists of a portfolio of tools, software, and algorithms that helps to enhance user experience with features, such as louder, high-fidelity sound, audio playback, voice capture, hearing augmentation, and active noise cancellation. The company's audio products are used in smartphones, tablets, wireless headsets, laptops, AR/VR headsets, home theater systems, automotive entertainment systems, and professional audio systems. It also provides high-performance mixed-signal products, such as haptic driver and sensing solutions, camera controllers, power conversion, and control ICs and fast-charging ICs used in various industrial and energy applications comprising digital utility meters, power supplies, energy control, energy measurement, and energy exploration. The company markets and sells its products through direct sales force, external sales representatives, and distributors. Cirrus Logic, Inc. was incorporated in 1984 and is headquartered in Austin, Texas.
CRUS (Cirrus Logic, Inc.) trades in the Technology sector, specifically Semiconductors, with a market capitalization of approximately $8.49B, a trailing P/E of 20.41, a beta of 1.15 versus the broader market, a 52-week range of 92.02-179, average daily share volume of 639K, a public-listing history dating back to 1989, approximately 2K full-time employees. These structural characteristics shape how CRUS stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.15 places CRUS roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.
What is a bear put spread on CRUS?
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 CRUS snapshot
As of May 15, 2026, spot at $160.14, ATM IV 43.90%, IV rank 28.13%, expected move 12.59%. The bear put spread on CRUS 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 CRUS specifically: CRUS IV at 43.90% is on the cheap side of its 1-year range, which favors premium-buying structures like a CRUS bear put spread, with a market-implied 1-standard-deviation move of approximately 12.59% (roughly $20.15 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 CRUS expiries trade a higher absolute premium for lower per-day decay. Position sizing on CRUS should anchor to the underlying notional of $160.14 per share and to the trader's directional view on CRUS stock.
CRUS bear put spread setup
The CRUS 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 CRUS near $160.14, the first option leg uses a $160.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CRUS 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 CRUS shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $160.00 | $8.10 |
| Sell 1 | Put | $150.00 | $4.05 |
CRUS bear put spread risk and reward
- Net Premium / Debit
- -$405.00
- Max Profit (per contract)
- $595.00
- Max Loss (per contract)
- -$405.00
- Breakeven(s)
- $155.95
- Risk / Reward Ratio
- 1.469
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.
CRUS bear put spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bear put spread on CRUS. 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% | +$595.00 |
| $35.42 | -77.9% | +$595.00 |
| $70.82 | -55.8% | +$595.00 |
| $106.23 | -33.7% | +$595.00 |
| $141.64 | -11.6% | +$595.00 |
| $177.04 | +10.6% | -$405.00 |
| $212.45 | +32.7% | -$405.00 |
| $247.86 | +54.8% | -$405.00 |
| $283.26 | +76.9% | -$405.00 |
| $318.67 | +99.0% | -$405.00 |
When traders use bear put spread on CRUS
Bear put spreads on CRUS reduce the cost of a bearish CRUS stock position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
CRUS thesis for this bear put spread
The market-implied 1-standard-deviation range for CRUS extends from approximately $139.99 on the downside to $180.29 on the upside. A CRUS bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on CRUS, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current CRUS IV rank near 28.13% 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 CRUS at 43.90%. As a Technology name, CRUS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CRUS-specific events.
CRUS 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. CRUS positions also carry Technology sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CRUS alongside the broader basket even when CRUS-specific fundamentals are unchanged. Long-premium structures like a bear put spread on CRUS 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 CRUS chain quotes before placing a trade.
Frequently asked questions
- What is a bear put spread on CRUS?
- A bear put spread on CRUS is the bear put spread strategy applied to CRUS (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 CRUS stock trading near $160.14, the strikes shown on this page are snapped to the nearest listed CRUS chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are CRUS 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 CRUS bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 43.90%), the computed maximum profit is $595.00 per contract and the computed maximum loss is -$405.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a CRUS bear put spread?
- The breakeven for the CRUS bear put spread priced on this page is roughly $155.95 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 CRUS market-implied 1-standard-deviation expected move is approximately 12.59%; 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 CRUS?
- Bear put spreads on CRUS reduce the cost of a bearish CRUS 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 CRUS implied volatility affect this bear put spread?
- CRUS ATM IV is at 43.90% with IV rank near 28.13%, 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.