SPX Index at or above 1390 at expiration
Buy 1 SPX 1390 Put at $25
Say the SPX index did not move as anticipated, but instead increased with the exercise settlement value at or above $1390 put strike price at expiration. The SPX 1390 put would expire out-of-the-money and with no value, so the investor would lose the total premium of $2,500 initially paid for the option. This would be the limited, maximum loss no matter how high index SPX had risen.