Do I understand correctly that you’re aiming for a crash in the next 3 months? Why 3, instead of 1 or 6? Even assuming you’re right that the Swiss market is currently overpriced, that feels like a very narrow window to be right. And your puts are worthless after that window.
Some companies have stayed overpriced for way longer than this. MSTR (Strategy) is maybe the clearest example: even though their main thing is to own BTC (no significant cashflow), they had been trading at a big premium over their main asset for what, more than a year now?
If it takes months for an individual company to stop being overpriced, why can’t the Swiss market take more than 3 months?