CONI Long Put Strategy
CONI (GraniteShares 2x Short COIN Daily ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.
The Fund seeks daily investment results, before fees and expenses, of -2 times (-200%) the daily percentage change of the common stock of Coinbase Global Inc, (NASDAQ: COIN) There is no guarantee that the Fund will meet its stated objective. The fund should not be expected to provide -2 times the cumulative return of COIN for periods greater than a day.
CONI (GraniteShares 2x Short COIN Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $443.0M, a beta of -4.06 versus the broader market, a 52-week range of 28.4-141.65, average daily share volume of 267K, a public-listing history dating back to 2024. These structural characteristics shape how CONI etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of -4.06 indicates CONI has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. CONI pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a long put on CONI?
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 CONI snapshot
As of May 15, 2026, spot at $41.20, ATM IV 131.90%, IV rank 33.08%, expected move 37.81%. The long put on CONI 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 CONI specifically: CONI IV at 131.90% is mid-range versus its 1-year history, so strategy selection should anchor more to the directional thesis than to the IV regime, with a market-implied 1-standard-deviation move of approximately 37.81% (roughly $15.58 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 CONI expiries trade a higher absolute premium for lower per-day decay. Position sizing on CONI should anchor to the underlying notional of $41.20 per share and to the trader's directional view on CONI etf.
CONI long put setup
The CONI 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 CONI near $41.20, the first option leg uses a $42.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CONI 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 CONI shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $42.00 | $7.15 |
CONI long put risk and reward
- Net Premium / Debit
- -$715.00
- Max Profit (per contract)
- $3,484.00
- Max Loss (per contract)
- -$715.00
- Breakeven(s)
- $34.85
- Risk / Reward Ratio
- 4.873
Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.
CONI long put payoff curve
Modeled P&L at expiration across a range of underlying prices for the long put on CONI. 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% | +$3,484.00 |
| $9.12 | -77.9% | +$2,573.16 |
| $18.23 | -55.8% | +$1,662.31 |
| $27.34 | -33.7% | +$751.47 |
| $36.44 | -11.5% | -$159.38 |
| $45.55 | +10.6% | -$715.00 |
| $54.66 | +32.7% | -$715.00 |
| $63.77 | +54.8% | -$715.00 |
| $72.88 | +76.9% | -$715.00 |
| $81.99 | +99.0% | -$715.00 |
When traders use long put on CONI
Long puts on CONI hedge an existing long CONI etf position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying CONI exposure being hedged.
CONI thesis for this long put
The market-implied 1-standard-deviation range for CONI extends from approximately $25.62 on the downside to $56.78 on the upside. A CONI long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long CONI position with one put per 100 shares held. Current CONI IV rank near 33.08% is mid-range against its 1-year distribution, so the IV signal is neutral; the long put thesis on CONI should anchor more to the directional view and the expected-move geometry. As a Financial Services name, CONI options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CONI-specific events.
CONI 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. CONI positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CONI alongside the broader basket even when CONI-specific fundamentals are unchanged. Long-premium structures like a long put on CONI 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 CONI chain quotes before placing a trade.
Frequently asked questions
- What is a long put on CONI?
- A long put on CONI is the long put strategy applied to CONI (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 CONI etf trading near $41.20, the strikes shown on this page are snapped to the nearest listed CONI chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are CONI 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 CONI long put priced from the end-of-day chain at a 30-day expiry (ATM IV 131.90%), the computed maximum profit is $3,484.00 per contract and the computed maximum loss is -$715.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a CONI long put?
- The breakeven for the CONI long put priced on this page is roughly $34.85 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 CONI market-implied 1-standard-deviation expected move is approximately 37.81%; 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 CONI?
- Long puts on CONI hedge an existing long CONI etf position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying CONI exposure being hedged.
- How does current CONI implied volatility affect this long put?
- CONI ATM IV is at 131.90% with IV rank near 33.08%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.