COMB Long Put Strategy
COMB (GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.
The GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF seeks to provide long-term capital appreciation, primarily through exposure to commodity futures markets.
COMB (GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $127.9M, a beta of 1.00 versus the broader market, a 52-week range of 20.23-28.05, average daily share volume of 80K, a public-listing history dating back to 2017. These structural characteristics shape how COMB etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.00 places COMB roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. COMB pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a long put on COMB?
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 COMB snapshot
As of May 15, 2026, spot at $27.41, ATM IV 27.30%, IV rank 2.42%, expected move 7.83%. The long put on COMB 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 COMB specifically: COMB IV at 27.30% is on the cheap side of its 1-year range, which favors premium-buying structures like a COMB long put, with a market-implied 1-standard-deviation move of approximately 7.83% (roughly $2.15 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 COMB expiries trade a higher absolute premium for lower per-day decay. Position sizing on COMB should anchor to the underlying notional of $27.41 per share and to the trader's directional view on COMB etf.
COMB long put setup
The COMB 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 COMB near $27.41, the first option leg uses a $27.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed COMB 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 COMB shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $27.00 | $0.75 |
COMB long put risk and reward
- Net Premium / Debit
- -$75.00
- Max Profit (per contract)
- $2,624.00
- Max Loss (per contract)
- -$75.00
- Breakeven(s)
- $26.25
- Risk / Reward Ratio
- 34.987
Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.
COMB long put payoff curve
Modeled P&L at expiration across a range of underlying prices for the long put on COMB. 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.
| Underlying Price | % From Spot | P&L at Expiration |
|---|---|---|
| $0.01 | -100.0% | +$2,624.00 |
| $6.07 | -77.9% | +$2,018.06 |
| $12.13 | -55.8% | +$1,412.12 |
| $18.19 | -33.6% | +$806.18 |
| $24.25 | -11.5% | +$200.24 |
| $30.31 | +10.6% | -$75.00 |
| $36.37 | +32.7% | -$75.00 |
| $42.43 | +54.8% | -$75.00 |
| $48.49 | +76.9% | -$75.00 |
| $54.54 | +99.0% | -$75.00 |
When traders use long put on COMB
Long puts on COMB hedge an existing long COMB etf position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying COMB exposure being hedged.
COMB thesis for this long put
The market-implied 1-standard-deviation range for COMB extends from approximately $25.26 on the downside to $29.56 on the upside. A COMB long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long COMB position with one put per 100 shares held. Current COMB IV rank near 2.42% 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 COMB at 27.30%. As a Financial Services name, COMB options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to COMB-specific events.
COMB 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. COMB positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move COMB alongside the broader basket even when COMB-specific fundamentals are unchanged. Long-premium structures like a long put on COMB 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 COMB chain quotes before placing a trade.
Frequently asked questions
- What is a long put on COMB?
- A long put on COMB is the long put strategy applied to COMB (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 COMB etf trading near $27.41, the strikes shown on this page are snapped to the nearest listed COMB chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are COMB 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 COMB long put priced from the end-of-day chain at a 30-day expiry (ATM IV 27.30%), the computed maximum profit is $2,624.00 per contract and the computed maximum loss is -$75.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a COMB long put?
- The breakeven for the COMB long put priced on this page is roughly $26.25 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 COMB market-implied 1-standard-deviation expected move is approximately 7.83%; 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 COMB?
- Long puts on COMB hedge an existing long COMB etf position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying COMB exposure being hedged.
- How does current COMB implied volatility affect this long put?
- COMB ATM IV is at 27.30% with IV rank near 2.42%, 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.