CRPT Long Put Strategy
CRPT (First Trust SkyBridge Crypto Industry and Digital Economy ETF), in the Financial Services sector, (Asset Management - Cryptocurrency industry), listed on AMEX.
The First Trust SkyBridge Crypto Industry and Digital Economy ETF seeks to achieve capital growth for its investors. Typically, the Fund commits a minimum of 80% of its net assets (including any borrowed capital) to common equities and American Depositary Receipts (ADRs) issued by businesses operating within the cryptocurrency industry and the broader digital economy. Of this 80% allocation, at least 50% of the Fund's net assets are dedicated specifically to companies in the crypto sector. The balance of the 80% allocation will then be directed towards firms in the digital economy. While the Fund generally aims to invest up to 25% of its net assets in Bitcoin Exchange-Traded Products (ETPs), it reserves the option to exceed this percentage under certain market circumstances.
CRPT (First Trust SkyBridge Crypto Industry and Digital Economy ETF) trades in the Financial Services sector, specifically Asset Management - Cryptocurrency, with a market capitalization of approximately $69.3M, a beta of 3.49 versus the broader market, a 52-week range of 10.745-25.9, average daily share volume of 100K, a public-listing history dating back to 2021. These structural characteristics shape how CRPT etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 3.49 indicates CRPT has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. CRPT pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a long put on CRPT?
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 CRPT snapshot
As of June 30, 2026, spot at $11.52, ATM IV 23.40%, IV rank 4.95%, expected move 6.71%. The long put on CRPT 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 17-day expiry.
Why this long put structure on CRPT specifically: CRPT IV at 23.40% is on the cheap side of its 1-year range, which favors premium-buying structures like a CRPT long put, with a market-implied 1-standard-deviation move of approximately 6.71% (roughly $0.77 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CRPT expiries trade a higher absolute premium for lower per-day decay. Position sizing on CRPT should anchor to the underlying notional of $11.52 per share and to the trader's directional view on CRPT etf.
CRPT long put setup
The CRPT 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 CRPT near $11.52, the first option leg uses a $12.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CRPT chain at a 17-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 CRPT shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $12.00 | $1.38 |
CRPT long put risk and reward
- Net Premium / Debit
- -$137.50
- Max Profit (per contract)
- $1,061.50
- Max Loss (per contract)
- -$137.50
- Breakeven(s)
- $10.63
- Risk / Reward Ratio
- 7.720
Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.
CRPT long put payoff curve
Modeled P&L at expiration across a range of underlying prices for the long put on CRPT. 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 | -99.9% | +$1,061.50 |
| $2.56 | -77.8% | +$806.90 |
| $5.10 | -55.7% | +$552.29 |
| $7.65 | -33.6% | +$297.69 |
| $10.19 | -11.5% | +$43.09 |
| $12.74 | +10.6% | -$137.50 |
| $15.29 | +32.7% | -$137.50 |
| $17.83 | +54.8% | -$137.50 |
| $20.38 | +76.9% | -$137.50 |
| $22.92 | +99.0% | -$137.50 |
When traders use long put on CRPT
Long puts on CRPT hedge an existing long CRPT etf position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying CRPT exposure being hedged.
CRPT thesis for this long put
The market-implied 1-standard-deviation range for CRPT extends from approximately $10.75 on the downside to $12.29 on the upside. A CRPT long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long CRPT position with one put per 100 shares held. Current CRPT IV rank near 4.95% 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 CRPT at 23.40%. As a Financial Services name, CRPT options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CRPT-specific events.
CRPT 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. CRPT positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CRPT alongside the broader basket even when CRPT-specific fundamentals are unchanged. Long-premium structures like a long put on CRPT 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 CRPT chain quotes before placing a trade.
Frequently asked questions
- What is a long put on CRPT?
- A long put on CRPT is the long put strategy applied to CRPT (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 CRPT etf trading near $11.52, the strikes shown on this page are snapped to the nearest listed CRPT chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are CRPT 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 CRPT long put priced from the end-of-day chain at a 30-day expiry (ATM IV 23.40%), the computed maximum profit is $1,061.50 per contract and the computed maximum loss is -$137.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a CRPT long put?
- The breakeven for the CRPT long put priced on this page is roughly $10.63 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 CRPT market-implied 1-standard-deviation expected move is approximately 6.71%; 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 CRPT?
- Long puts on CRPT hedge an existing long CRPT etf position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying CRPT exposure being hedged.
- How does current CRPT implied volatility affect this long put?
- CRPT ATM IV is at 23.40% with IV rank near 4.95%, 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.