HYNX Bear Put Spread Strategy
HYNX (T-REX 2X Long SK Hynix Daily Target ETF), in the Financial Services sector, (Asset Management - Leveraged industry), listed on AMEX.
The T-REX 2X Long SK Hynix Daily Target ETF is a leveraged exchange-traded fund designed to seek 200% of the daily performance of SK Hynix (or its US-traded ADRs). Managed by Tuttle Capital Management, it uses derivatives like swaps to amplify daily returns, carrying significant compounding and market volatility risks.
HYNX (T-REX 2X Long SK Hynix Daily Target ETF) trades in the Financial Services sector, specifically Asset Management - Leveraged, with a market capitalization of approximately $18.1M, a beta of 0.00 versus the broader market, a 52-week range of 14.69-38.83, average daily share volume of 1.5M, a public-listing history dating back to 2026. These structural characteristics shape how HYNX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.00 indicates HYNX 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 HYNX?
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.
HYNX snapshot
As of August 14, 2026, spot at $24.10, ATM IV 147.80%, expected move 42.37%. The bear put spread on HYNX 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 35-day expiry.
Why this bear put spread structure on HYNX specifically: IV rank is unavailable in the current snapshot, so regime-based timing for HYNX is inferred from ATM IV at 147.80% alone, with a market-implied 1-standard-deviation move of approximately 42.37% (roughly $10.21 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated HYNX expiries trade a higher absolute premium for lower per-day decay. Position sizing on HYNX should anchor to the underlying notional of $24.10 per share and to the trader's directional view on HYNX stock.
HYNX bear put spread setup
The HYNX 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 HYNX at $24.10 on that close, the first option leg uses a $24.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed HYNX chain at a 35-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 HYNX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $24.00 | $4.20 |
| Sell 1 | Put | $23.00 | $3.60 |
HYNX bear put spread risk and reward
- Net Premium / Debit
- -$60.00
- Max Profit (per contract)
- $40.00
- Max Loss (per contract)
- -$60.00
- Breakeven(s)
- $23.40
- Risk / Reward Ratio
- 0.667
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.
HYNX bear put spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bear put spread on HYNX. 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% | +$40.00 |
| $5.34 | -77.9% | +$40.00 |
| $10.67 | -55.7% | +$40.00 |
| $15.99 | -33.6% | +$40.00 |
| $21.32 | -11.5% | +$40.00 |
| $26.65 | +10.6% | -$60.00 |
| $31.98 | +32.7% | -$60.00 |
| $37.30 | +54.8% | -$60.00 |
| $42.63 | +76.9% | -$60.00 |
| $47.96 | +99.0% | -$60.00 |
When traders use bear put spread on HYNX
Bear put spreads on HYNX reduce the cost of a bearish HYNX stock position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
HYNX thesis for this bear put spread
The market-implied 1-standard-deviation range for HYNX extends from approximately $13.89 on the downside to $34.31 on the upside. A HYNX bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on HYNX, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. As a Financial Services name, HYNX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to HYNX-specific events.
HYNX 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. HYNX positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move HYNX alongside the broader basket even when HYNX-specific fundamentals are unchanged. Long-premium structures like a bear put spread on HYNX 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 HYNX chain quotes before placing a trade.
Frequently asked questions
- What is a bear put spread on HYNX?
- A bear put spread on HYNX is the bear put spread strategy applied to HYNX (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 HYNX stock at $24.10 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed HYNX chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are HYNX 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 HYNX bear put spread priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 147.80%), the computed maximum profit is $40.00 per contract and the computed maximum loss is -$60.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a HYNX bear put spread?
- The breakeven for the HYNX bear put spread priced on this page is roughly $23.40 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 HYNX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 42.37%; 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 HYNX?
- Bear put spreads on HYNX reduce the cost of a bearish HYNX 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 HYNX implied volatility affect this bear put spread?
- Current HYNX ATM IV is 147.80%; IV rank context is unavailable in the current snapshot.