SPCM Bear Put Spread Strategy
SPCM (Tradr 2X Long SpaceX Daily ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.
The Tradr 2X Long SpaceX Daily ETF seeks daily investment results, before fees and expenses, that correspond to two times (200%) the daily performance of the common shares of Space Exploration Technologies Corp.
SPCM (Tradr 2X Long SpaceX Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $16.3M, a trailing P/E of 10.81, a beta of 0.00 versus the broader market, a 52-week range of 9.04-46.71, average daily share volume of 1.0M, a public-listing history dating back to 2026. These structural characteristics shape how SPCM stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.00 indicates SPCM has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. The trailing P/E of 10.81 is on the value side, where IV often compresses outside event windows because forward growth expectations are already discounted into the share price.
What is a bear put spread on SPCM?
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.
SPCM snapshot
As of August 14, 2026, spot at $15.39, ATM IV 129.60%, expected move 37.16%. The bear put spread on SPCM 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 SPCM specifically: IV rank is unavailable in the current snapshot, so regime-based timing for SPCM is inferred from ATM IV at 129.60% alone, with a market-implied 1-standard-deviation move of approximately 37.16% (roughly $5.72 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 SPCM expiries trade a higher absolute premium for lower per-day decay. Position sizing on SPCM should anchor to the underlying notional of $15.39 per share and to the trader's directional view on SPCM stock.
SPCM bear put spread setup
The SPCM 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 SPCM at $15.39 on that close, the first option leg uses a $15.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SPCM 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 SPCM shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $15.00 | $2.30 |
| Sell 1 | Put | $15.00 | $2.30 |
SPCM bear put spread risk and reward
- Net Premium / Debit
- $0.00
- Max Profit (per contract)
- $0.00
- Max Loss (per contract)
- $0.00
- 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.
SPCM bear put spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bear put spread on SPCM. 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 | -99.9% | $0.00 |
| $3.41 | -77.8% | $0.00 |
| $6.81 | -55.7% | $0.00 |
| $10.22 | -33.6% | $0.00 |
| $13.62 | -11.5% | $0.00 |
| $17.02 | +10.6% | $0.00 |
| $20.42 | +32.7% | $0.00 |
| $23.82 | +54.8% | $0.00 |
| $27.22 | +76.9% | $0.00 |
| $30.63 | +99.0% | $0.00 |
When traders use bear put spread on SPCM
Bear put spreads on SPCM reduce the cost of a bearish SPCM stock position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
SPCM thesis for this bear put spread
The market-implied 1-standard-deviation range for SPCM extends from approximately $9.67 on the downside to $21.11 on the upside. A SPCM bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on SPCM, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. As a Financial Services name, SPCM options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SPCM-specific events.
SPCM 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. SPCM positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move SPCM alongside the broader basket even when SPCM-specific fundamentals are unchanged. Long-premium structures like a bear put spread on SPCM 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 SPCM chain quotes before placing a trade.
Frequently asked questions
- What is a bear put spread on SPCM?
- A bear put spread on SPCM is the bear put spread strategy applied to SPCM (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 SPCM stock at $15.39 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed SPCM chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are SPCM 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 SPCM bear put spread priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 129.60%), the computed maximum profit is $0.00 per contract and the computed maximum loss is $0.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a SPCM bear put spread?
- The breakeven for the SPCM bear put spread priced on this page is no defined breakeven on the modeled curve 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 SPCM market-implied 1-standard-deviation expected move in the same options snapshot is approximately 37.16%; 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 SPCM?
- Bear put spreads on SPCM reduce the cost of a bearish SPCM 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 SPCM implied volatility affect this bear put spread?
- Current SPCM ATM IV is 129.60%; IV rank context is unavailable in the current snapshot.