EZJ Long Put Strategy
EZJ (ProShares - Ultra MSCI Japan), in the Financial Services sector, (Asset Management industry), listed on AMEX.
ProShares Ultra MSCI Japan seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the MSCI Japan Index.
EZJ (ProShares - Ultra MSCI Japan) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $10.3M, a beta of 1.25 versus the broader market, a 52-week range of 39.5-70.5, average daily share volume of 12K, a public-listing history dating back to 2009. These structural characteristics shape how EZJ etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.25 places EZJ roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. EZJ pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a long put on EZJ?
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 EZJ snapshot
As of May 15, 2026, spot at $63.20, ATM IV 45.00%, IV rank 10.50%, expected move 12.90%. The long put on EZJ 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 63-day expiry.
Why this long put structure on EZJ specifically: EZJ IV at 45.00% is on the cheap side of its 1-year range, which favors premium-buying structures like a EZJ long put, with a market-implied 1-standard-deviation move of approximately 12.90% (roughly $8.15 on the underlying). The 63-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated EZJ expiries trade a higher absolute premium for lower per-day decay. Position sizing on EZJ should anchor to the underlying notional of $63.20 per share and to the trader's directional view on EZJ etf.
EZJ long put setup
The EZJ 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 EZJ near $63.20, the first option leg uses a $63.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed EZJ chain at a 63-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 EZJ shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $63.00 | $5.00 |
EZJ long put risk and reward
- Net Premium / Debit
- -$500.00
- Max Profit (per contract)
- $5,799.00
- Max Loss (per contract)
- -$500.00
- Breakeven(s)
- $58.00
- Risk / Reward Ratio
- 11.598
Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.
EZJ long put payoff curve
Modeled P&L at expiration across a range of underlying prices for the long put on EZJ. 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% | +$5,799.00 |
| $13.98 | -77.9% | +$4,401.72 |
| $27.96 | -55.8% | +$3,004.45 |
| $41.93 | -33.7% | +$1,607.17 |
| $55.90 | -11.5% | +$209.89 |
| $69.87 | +10.6% | -$500.00 |
| $83.85 | +32.7% | -$500.00 |
| $97.82 | +54.8% | -$500.00 |
| $111.79 | +76.9% | -$500.00 |
| $125.76 | +99.0% | -$500.00 |
When traders use long put on EZJ
Long puts on EZJ hedge an existing long EZJ etf position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying EZJ exposure being hedged.
EZJ thesis for this long put
The market-implied 1-standard-deviation range for EZJ extends from approximately $55.05 on the downside to $71.35 on the upside. A EZJ long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long EZJ position with one put per 100 shares held. Current EZJ IV rank near 10.50% 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 EZJ at 45.00%. As a Financial Services name, EZJ options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to EZJ-specific events.
EZJ 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. EZJ positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move EZJ alongside the broader basket even when EZJ-specific fundamentals are unchanged. Long-premium structures like a long put on EZJ 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 EZJ chain quotes before placing a trade.
Frequently asked questions
- What is a long put on EZJ?
- A long put on EZJ is the long put strategy applied to EZJ (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 EZJ etf trading near $63.20, the strikes shown on this page are snapped to the nearest listed EZJ chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are EZJ 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 EZJ long put priced from the end-of-day chain at a 30-day expiry (ATM IV 45.00%), the computed maximum profit is $5,799.00 per contract and the computed maximum loss is -$500.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a EZJ long put?
- The breakeven for the EZJ long put priced on this page is roughly $58.00 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 EZJ market-implied 1-standard-deviation expected move is approximately 12.90%; 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 EZJ?
- Long puts on EZJ hedge an existing long EZJ etf position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying EZJ exposure being hedged.
- How does current EZJ implied volatility affect this long put?
- EZJ ATM IV is at 45.00% with IV rank near 10.50%, 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.