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Wednesday, October 7, 2026Vol. I · No. 1
Daily
Capital

Trader pays $44 million for bearish S&P 500 put spread on October 6

The position on the SPDR S&P 500 ETF Trust pays off most if the fund drops about 35%, and was four times larger than the next-biggest trade.

By The Carnegie Standard Markets Desk

An unidentified investor spent a net $44 million on October 6 on a large bearish options position tied to the SPDR S&P 500 ETF Trust, CNBC reported, roughly an hour into the session.

The position covered 100,000 contracts and appeared to combine the purchase of $61 million of March 655-strike puts with the sale of $17 million of 500-strike puts in the same expiration. It starts to pay off if the S&P 500 slides more than 18%, and delivers the most if the exchange-traded fund sinks to $500, about 35% below where it was trading.

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Trader pays $44 million for bearish S&P 500 put spread on October 6

The position on the SPDR S&P 500 ETF Trust pays off most if the fund drops about 35%, and was four times larger than the next-biggest trade.

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