CHGX Long Put Strategy
CHGX (Stance Sustainable Beta ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.
The index measures the performance of an equal-weighted portfolio of approximately 100 large-, mid-capitalization equity securities of U.S.-listed companies. The fund adviser attempts to invest all, or substantially all, of its assets in the component securities that make up the index. The adviser expects that, over time, the correlation between the fund’s performance and that of the index will be 95% or better.
CHGX (Stance Sustainable Beta ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $151.2M, a beta of 1.07 versus the broader market, a 52-week range of 24.27-31.29, average daily share volume of 9K, a public-listing history dating back to 2017. These structural characteristics shape how CHGX etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.07 places CHGX roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. CHGX pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a long put on CHGX?
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 CHGX snapshot
As of May 15, 2026, spot at $31.13, ATM IV 41.50%, IV rank 2.90%, expected move 11.90%. The long put on CHGX 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 34-day expiry.
Why this long put structure on CHGX specifically: CHGX IV at 41.50% is on the cheap side of its 1-year range, which favors premium-buying structures like a CHGX long put, with a market-implied 1-standard-deviation move of approximately 11.90% (roughly $3.70 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CHGX expiries trade a higher absolute premium for lower per-day decay. Position sizing on CHGX should anchor to the underlying notional of $31.13 per share and to the trader's directional view on CHGX etf.
CHGX long put setup
The CHGX 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 CHGX near $31.13, the first option leg uses a $31.13 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CHGX chain at a 34-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 CHGX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $31.13 | N/A |
CHGX long put risk and reward
- Net Premium / Debit
- N/A
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- Unbounded
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- N/A
Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.
CHGX long put payoff curve
Modeled P&L at expiration across a range of underlying prices for the long put on CHGX. 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.
When traders use long put on CHGX
Long puts on CHGX hedge an existing long CHGX etf position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying CHGX exposure being hedged.
CHGX thesis for this long put
The market-implied 1-standard-deviation range for CHGX extends from approximately $27.43 on the downside to $34.83 on the upside. A CHGX long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long CHGX position with one put per 100 shares held. Current CHGX IV rank near 2.90% sits in the lower third of its 1-year distribution, where IV often re-expands toward the mean; this favors premium-buying structures and disadvantages premium-selling structures on CHGX at 41.50%. As a Financial Services name, CHGX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CHGX-specific events.
CHGX 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. CHGX positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CHGX alongside the broader basket even when CHGX-specific fundamentals are unchanged. Long-premium structures like a long put on CHGX 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 CHGX chain quotes before placing a trade.
Frequently asked questions
- What is a long put on CHGX?
- A long put on CHGX is the long put strategy applied to CHGX (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 CHGX etf trading near $31.13, the strikes shown on this page are snapped to the nearest listed CHGX chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are CHGX 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 CHGX long put priced from the end-of-day chain at a 30-day expiry (ATM IV 41.50%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a CHGX long put?
- The breakeven for the CHGX long put priced on this page is no defined breakeven on the modeled curve 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 CHGX market-implied 1-standard-deviation expected move is approximately 11.90%; 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 CHGX?
- Long puts on CHGX hedge an existing long CHGX etf position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying CHGX exposure being hedged.
- How does current CHGX implied volatility affect this long put?
- CHGX ATM IV is at 41.50% with IV rank near 2.90%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.