EXI Long Put Strategy
EXI (iShares Global Industrials ETF), in the Financial Services sector, (Asset Management - Global industry), listed on AMEX.
The iShares Global Industrials ETF seeks to track the investment results of an index composed of global equities in the industrials sector.
EXI (iShares Global Industrials ETF) trades in the Financial Services sector, specifically Asset Management - Global, with a market capitalization of approximately $1.38B, a beta of 1.13 versus the broader market, a 52-week range of 156.84-201.02, average daily share volume of 57K, a public-listing history dating back to 2006. These structural characteristics shape how EXI etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.13 places EXI roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. EXI pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a long put on EXI?
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 EXI snapshot
As of May 15, 2026, spot at $192.48, ATM IV 21.30%, IV rank 2.07%, expected move 6.11%. The long put on EXI 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 EXI specifically: EXI IV at 21.30% is on the cheap side of its 1-year range, which favors premium-buying structures like a EXI long put, with a market-implied 1-standard-deviation move of approximately 6.11% (roughly $11.75 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 EXI expiries trade a higher absolute premium for lower per-day decay. Position sizing on EXI should anchor to the underlying notional of $192.48 per share and to the trader's directional view on EXI etf.
EXI long put setup
The EXI 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 EXI near $192.48, the first option leg uses a $192.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed EXI 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 EXI shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $192.00 | $5.30 |
EXI long put risk and reward
- Net Premium / Debit
- -$530.00
- Max Profit (per contract)
- $18,669.00
- Max Loss (per contract)
- -$530.00
- Breakeven(s)
- $186.70
- Risk / Reward Ratio
- 35.225
Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.
EXI long put payoff curve
Modeled P&L at expiration across a range of underlying prices for the long put on EXI. 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% | +$18,669.00 |
| $42.57 | -77.9% | +$14,413.27 |
| $85.12 | -55.8% | +$10,157.54 |
| $127.68 | -33.7% | +$5,901.81 |
| $170.24 | -11.6% | +$1,646.09 |
| $212.80 | +10.6% | -$530.00 |
| $255.35 | +32.7% | -$530.00 |
| $297.91 | +54.8% | -$530.00 |
| $340.47 | +76.9% | -$530.00 |
| $383.03 | +99.0% | -$530.00 |
When traders use long put on EXI
Long puts on EXI hedge an existing long EXI etf position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying EXI exposure being hedged.
EXI thesis for this long put
The market-implied 1-standard-deviation range for EXI extends from approximately $180.73 on the downside to $204.23 on the upside. A EXI long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long EXI position with one put per 100 shares held. Current EXI IV rank near 2.07% 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 EXI at 21.30%. As a Financial Services name, EXI options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to EXI-specific events.
EXI 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. EXI positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move EXI alongside the broader basket even when EXI-specific fundamentals are unchanged. Long-premium structures like a long put on EXI 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 EXI chain quotes before placing a trade.
Frequently asked questions
- What is a long put on EXI?
- A long put on EXI is the long put strategy applied to EXI (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 EXI etf trading near $192.48, the strikes shown on this page are snapped to the nearest listed EXI chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are EXI 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 EXI long put priced from the end-of-day chain at a 30-day expiry (ATM IV 21.30%), the computed maximum profit is $18,669.00 per contract and the computed maximum loss is -$530.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a EXI long put?
- The breakeven for the EXI long put priced on this page is roughly $186.70 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 EXI market-implied 1-standard-deviation expected move is approximately 6.11%; 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 EXI?
- Long puts on EXI hedge an existing long EXI etf position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying EXI exposure being hedged.
- How does current EXI implied volatility affect this long put?
- EXI ATM IV is at 21.30% with IV rank near 2.07%, 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.