DOCK Bear Put Spread Strategy

DOCK (Corgi Etf Trust I - Portfolios Rail & Freight Etf), in the Financial Services sector, (Asset Management industry), listed on CBOE.

DOCK seeks capital appreciation by actively managing a portfolio of companies materially involved in freight transportation and logistics infrastructure used to move goods across domestic and international supply chains. The fund considers companies deriving significant revenue from the theme, spanning freight transportation and logistics, spanning ports, railroads, trucking, ocean shipping, air cargo, freight forwarding, warehousing, and related infrastructure. The fund invests in US and non-US companies of any market cap, using a bottom-up process combining fundamental analysis with thematic and quantitative screening. Other factors include supply chain positioning, growth potential, and valuation. Up to 15% may be allocated to illiquid investments, including passive minority interests in special purpose vehicles (SPVs). The fund may hold cash, cash equivalents, or short-term US Treasuries for liquidity and portfolio management.

DOCK (Corgi Etf Trust I - Portfolios Rail & Freight Etf) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $758,630, a beta of -0.26 versus the broader market, a 52-week range of 25.07-28.52, average daily share volume of 1K, a public-listing history dating back to 2026. These structural characteristics shape how DOCK stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of -0.26 indicates DOCK 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 DOCK?

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.

DOCK snapshot

As of September 29, 2026, spot at $25.13, ATM IV 18.50%, expected move 5.30%. The bear put spread on DOCK below is built from the end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 17-day expiry.

Why this bear put spread structure on DOCK specifically: IV rank is unavailable in the current snapshot, so regime-based timing for DOCK is inferred from ATM IV at 18.50% alone, with a market-implied 1-standard-deviation move of approximately 5.30% (roughly $1.33 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated DOCK expiries trade a higher absolute premium for lower per-day decay. Position sizing on DOCK should anchor to the underlying notional of $25.13 per share and to the trader's directional view on DOCK stock.

DOCK bear put spread setup

The DOCK 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 DOCK at $25.13 on that close, the first option leg uses a $25.13 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed DOCK chain at a 17-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 DOCK shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Put	$25.13	N/A
Sell 1	Put	$23.87	N/A

DOCK bear put spread risk and reward

Net Premium / Debit: N/A
Max Profit (per contract): Unbounded
Max Loss (per contract): Unbounded
Breakeven(s): None on modeled curve
Risk / Reward Ratio: N/A

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.

DOCK bear put spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bear put spread on DOCK. 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.

When traders use bear put spread on DOCK

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

DOCK thesis for this bear put spread

The market-implied 1-standard-deviation range for DOCK extends from approximately $23.80 on the downside to $26.46 on the upside. A DOCK bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on DOCK, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. As a Financial Services name, DOCK options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to DOCK-specific events.

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

Frequently asked questions

What is a bear put spread on DOCK?: A bear put spread on DOCK is the bear put spread strategy applied to DOCK (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 DOCK stock at $25.13 on the most recent close, the strikes shown on this page are snapped to the nearest listed DOCK chain strike and the premiums come straight from that session's bid/ask midpoint.
How are DOCK 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 DOCK bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 18.50%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a DOCK bear put spread?: The breakeven for the DOCK bear put spread priced on this page is no defined breakeven on the modeled curve at expiration, derived from the 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 DOCK market-implied 1-standard-deviation expected move in the same options snapshot is approximately 5.30%; 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 DOCK?: Bear put spreads on DOCK reduce the cost of a bearish DOCK 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 DOCK implied volatility affect this bear put spread?: Current DOCK ATM IV is 18.50%; IV rank context is unavailable in the current snapshot.