CURE Long Put Strategy
CURE (Direxion Daily Healthcare Bull 3X ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.
The Direxion Daily Healthcare Bull 3X Shares seeks daily investment results, before fees and expenses, of 300% of the performance of the Health Care Select Sector Index. There is no guarantee the fund will achieve its stated investment objectives.
CURE (Direxion Daily Healthcare Bull 3X ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $140.9M, a beta of 1.45 versus the broader market, a 52-week range of 66-123.8, average daily share volume of 51K, a public-listing history dating back to 2011. These structural characteristics shape how CURE etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.45 indicates CURE has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. CURE pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a long put on CURE?
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 CURE snapshot
As of May 15, 2026, spot at $87.22, ATM IV 48.90%, IV rank 48.54%, expected move 14.02%. The long put on CURE 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 CURE specifically: CURE IV at 48.90% 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 14.02% (roughly $12.23 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 CURE expiries trade a higher absolute premium for lower per-day decay. Position sizing on CURE should anchor to the underlying notional of $87.22 per share and to the trader's directional view on CURE etf.
CURE long put setup
The CURE 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 CURE near $87.22, the first option leg uses a $87.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CURE 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 CURE shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $87.00 | $4.65 |
CURE long put risk and reward
- Net Premium / Debit
- -$465.00
- Max Profit (per contract)
- $8,234.00
- Max Loss (per contract)
- -$465.00
- Breakeven(s)
- $82.35
- Risk / Reward Ratio
- 17.708
Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.
CURE long put payoff curve
Modeled P&L at expiration across a range of underlying prices for the long put on CURE. 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% | +$8,234.00 |
| $19.29 | -77.9% | +$6,305.63 |
| $38.58 | -55.8% | +$4,377.26 |
| $57.86 | -33.7% | +$2,448.88 |
| $77.14 | -11.6% | +$520.51 |
| $96.43 | +10.6% | -$465.00 |
| $115.71 | +32.7% | -$465.00 |
| $135.00 | +54.8% | -$465.00 |
| $154.28 | +76.9% | -$465.00 |
| $173.56 | +99.0% | -$465.00 |
When traders use long put on CURE
Long puts on CURE hedge an existing long CURE etf position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying CURE exposure being hedged.
CURE thesis for this long put
The market-implied 1-standard-deviation range for CURE extends from approximately $74.99 on the downside to $99.45 on the upside. A CURE long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long CURE position with one put per 100 shares held. Current CURE IV rank near 48.54% is mid-range against its 1-year distribution, so the IV signal is neutral; the long put thesis on CURE should anchor more to the directional view and the expected-move geometry. As a Financial Services name, CURE options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CURE-specific events.
CURE 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. CURE positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CURE alongside the broader basket even when CURE-specific fundamentals are unchanged. Long-premium structures like a long put on CURE 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 CURE chain quotes before placing a trade.
Frequently asked questions
- What is a long put on CURE?
- A long put on CURE is the long put strategy applied to CURE (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 CURE etf trading near $87.22, the strikes shown on this page are snapped to the nearest listed CURE chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are CURE 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 CURE long put priced from the end-of-day chain at a 30-day expiry (ATM IV 48.90%), the computed maximum profit is $8,234.00 per contract and the computed maximum loss is -$465.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a CURE long put?
- The breakeven for the CURE long put priced on this page is roughly $82.35 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 CURE market-implied 1-standard-deviation expected move is approximately 14.02%; 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 CURE?
- Long puts on CURE hedge an existing long CURE etf position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying CURE exposure being hedged.
- How does current CURE implied volatility affect this long put?
- CURE ATM IV is at 48.90% with IV rank near 48.54%, 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.