How are AUAU long put max profit and max loss calculated?

Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium. For the AUAU long put priced from the end-of-day chain at a 30-day expiry (ATM IV 58.10%), the computed maximum profit is $2,991.50 per contract and the computed maximum loss is -$207.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a AUAU long put?

The breakeven for the AUAU long put priced on this page is roughly $29.93 at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current AUAU market-implied 1-standard-deviation expected move is approximately 16.66%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current AUAU implied volatility affect this long put?

Current AUAU ATM IV is 58.10%; IV rank context is unavailable in the current snapshot.

AUAU Long Put Strategy

AUAU (Global X - Gold Miners ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.

The Global X Gold Miners ETF, trading under the ticker AUAU, is structured to provide investors with returns that generally correspond to the total performance—including both capital gains and income—of the NYSE Arca Gold Miners Index. This objective is measured prior to the deduction of the ETF's own operational fees and expenses.

AUAU (Global X - Gold Miners ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $12.9M, a beta of 0.38 versus the broader market, a 52-week range of 31.92-50.38, average daily share volume of 3K, a public-listing history dating back to 2025. These structural characteristics shape how AUAU etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.38 indicates AUAU has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.

What is a long put on AUAU?

A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration.

Current AUAU snapshot

As of June 29, 2026, spot at $32.45, ATM IV 58.10%, expected move 16.66%. The long put on AUAU below is built from the same end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 53-day expiry.

Why this long put structure on AUAU specifically: IV rank is unavailable in the current snapshot, so regime-based timing for AUAU is inferred from ATM IV at 58.10% alone, with a market-implied 1-standard-deviation move of approximately 16.66% (roughly $5.41 on the underlying). The 53-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated AUAU expiries trade a higher absolute premium for lower per-day decay. Position sizing on AUAU should anchor to the underlying notional of $32.45 per share and to the trader's directional view on AUAU etf.

AUAU long put setup

The AUAU long put below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With AUAU near $32.45, the first option leg uses a $32.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed AUAU chain at a 53-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 AUAU shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Put	$32.00	$2.08

AUAU long put risk and reward

Net Premium / Debit: -$207.50
Max Profit (per contract): $2,991.50
Max Loss (per contract): -$207.50
Breakeven(s): $29.93
Risk / Reward Ratio: 14.417

Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.

AUAU long put payoff curve

Modeled P&L at expiration across a range of underlying prices for the long put on AUAU. 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.

P&L at expiration across the modeled underlying-price range. Green shading marks profitable regions, red shading marks loss regions. Dotted purple verticals mark breakevens; the solid dark vertical marks current spot.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-100.0%	+$2,991.50
$7.18	-77.9%	+$2,274.12
$14.36	-55.8%	+$1,556.75
$21.53	-33.6%	+$839.37
$28.71	-11.5%	+$121.99
$35.88	+10.6%	-$207.50
$43.05	+32.7%	-$207.50
$50.23	+54.8%	-$207.50
$57.40	+76.9%	-$207.50
$64.57	+99.0%	-$207.50

When traders use long put on AUAU

Long puts on AUAU hedge an existing long AUAU etf position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying AUAU exposure being hedged.

AUAU thesis for this long put

The market-implied 1-standard-deviation range for AUAU extends from approximately $27.04 on the downside to $37.86 on the upside. A AUAU long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long AUAU position with one put per 100 shares held. As a Financial Services name, AUAU options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to AUAU-specific events.

AUAU long put positions are structurally 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. AUAU positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move AUAU alongside the broader basket even when AUAU-specific fundamentals are unchanged. Long-premium structures like a long put on AUAU 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 AUAU chain quotes before placing a trade.

Frequently asked questions

What is a long put on AUAU?: A long put on AUAU is the long put strategy applied to AUAU (etf). The strategy is structurally bearish: A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration. With AUAU etf trading near $32.45, the strikes shown on this page are snapped to the nearest listed AUAU chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are AUAU long put max profit and max loss calculated?: Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium. For the AUAU long put priced from the end-of-day chain at a 30-day expiry (ATM IV 58.10%), the computed maximum profit is $2,991.50 per contract and the computed maximum loss is -$207.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a AUAU long put?: The breakeven for the AUAU long put priced on this page is roughly $29.93 at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current AUAU market-implied 1-standard-deviation expected move is approximately 16.66%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a long put on AUAU?: Long puts on AUAU hedge an existing long AUAU etf position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying AUAU exposure being hedged.
How does current AUAU implied volatility affect this long put?: Current AUAU ATM IV is 58.10%; IV rank context is unavailable in the current snapshot.