Options strategy for 08/21

$Mini Standard & Poor's 500 (.XSP.US)$ Trading strategy - XSP (mini S&P 500)

Buy Put options on August 28 with a strike price of $558, paying a premium of $3.06; profit taking at $550 price level.
Potential return: 8
Potential loss: ($3.06)
Risk-return ratio: 2.61 times