How are DXJ 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 DXJ long put priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 19.40%), the computed maximum profit is $17,854.00 per contract and the computed maximum loss is -$445.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a DXJ long put?

The breakeven for the DXJ long put priced on this page is roughly $178.55 at expiration, derived from the August 14, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The DXJ market-implied 1-standard-deviation expected move in the same options snapshot is approximately 5.56%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current DXJ implied volatility affect this long put?

DXJ ATM IV is at 19.40% with IV rank near 2.63%, 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.

DXJ Long Put Strategy

DXJ (WisdomTree Japan Hedged Equity Fund), in the Financial Services sector, (Asset Management - Global industry), listed on AMEX.

The WisdomTree Japan Hedged Equity Fund generally commits at least 95% of its entire portfolio (excluding assets held as collateral from securities lending) to either the securities within its tracking index or to investments that possess an equivalent economic profile. This underlying index is engineered to provide investors with exposure to the Japanese stock market, while concurrently neutralizing the effects of currency movements between the Japanese yen and the U.S. dollar. It is important to note that this fund is structured as a non-diversified investment vehicle.

DXJ (WisdomTree Japan Hedged Equity Fund) trades in the Financial Services sector, specifically Asset Management - Global, with a market capitalization of approximately $7.41B, a beta of 0.48 versus the broader market, a 52-week range of 123.84-182.78, average daily share volume of 338K, a public-listing history dating back to 2006. These structural characteristics shape how DXJ etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.48 indicates DXJ has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. DXJ pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a long put on DXJ?

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.

DXJ snapshot

As of August 14, 2026, spot at $182.76, ATM IV 19.40%, IV rank 2.63%, expected move 5.56%. The long put on DXJ below is built from the August 14, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.

Why this long put structure on DXJ specifically: DXJ IV at 19.40% is on the cheap side of its 1-year range, which favors premium-buying structures like a DXJ long put, with a market-implied 1-standard-deviation move of approximately 5.56% (roughly $10.16 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated DXJ expiries trade a higher absolute premium for lower per-day decay. Position sizing on DXJ should anchor to the underlying notional of $182.76 per share and to the trader's directional view on DXJ etf.

DXJ long put setup

The DXJ long put below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With DXJ at $182.76 on that close, the first option leg uses a $183.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed DXJ chain at a 35-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 DXJ shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Put	$183.00	$4.45

DXJ long put risk and reward

Net Premium / Debit: -$445.00
Max Profit (per contract): $17,854.00
Max Loss (per contract): -$445.00
Breakeven(s): $178.55
Risk / Reward Ratio: 40.121

Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.

DXJ long put payoff curve

Modeled P&L at expiration across a range of underlying prices for the long put on DXJ. 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.

P&L at expiration across the modeled underlying-price range. Green shading marks profitable regions, red shading marks loss regions. Dotted purple verticals mark breakevens; the solid dark vertical marks current spot.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-100.0%	+$17,854.00
$40.42	-77.9%	+$13,813.19
$80.83	-55.8%	+$9,772.37
$121.23	-33.7%	+$5,731.56
$161.64	-11.6%	+$1,690.74
$202.05	+10.6%	-$445.00
$242.46	+32.7%	-$445.00
$282.87	+54.8%	-$445.00
$323.28	+76.9%	-$445.00
$363.68	+99.0%	-$445.00

When traders use long put on DXJ

Long puts on DXJ hedge an existing long DXJ etf position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying DXJ exposure being hedged.

DXJ thesis for this long put

The market-implied 1-standard-deviation range for DXJ extends from approximately $172.60 on the downside to $192.92 on the upside. A DXJ long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long DXJ position with one put per 100 shares held. Current DXJ IV rank near 2.63% 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 DXJ at 19.40%. As a Financial Services name, DXJ options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to DXJ-specific events.

DXJ 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. DXJ positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move DXJ alongside the broader basket even when DXJ-specific fundamentals are unchanged. Long-premium structures like a long put on DXJ 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 DXJ chain quotes before placing a trade.

Frequently asked questions

What is a long put on DXJ?: A long put on DXJ is the long put strategy applied to DXJ (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 DXJ etf at $182.76 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed DXJ chain strike and the premiums come straight from that session's bid/ask midpoint.
How are DXJ 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 DXJ long put priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 19.40%), the computed maximum profit is $17,854.00 per contract and the computed maximum loss is -$445.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a DXJ long put?: The breakeven for the DXJ long put priced on this page is roughly $178.55 at expiration, derived from the August 14, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The DXJ market-implied 1-standard-deviation expected move in the same options snapshot is approximately 5.56%; 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 DXJ?: Long puts on DXJ hedge an existing long DXJ etf position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying DXJ exposure being hedged.
How does current DXJ implied volatility affect this long put?: DXJ ATM IV is at 19.40% with IV rank near 2.63%, 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.