FIGG Straddle Strategy
FIGG (Leverage Shares 2x Long FIG Daily ETF), in the Financial Services sector, (Asset Management - Leveraged industry), listed on NASDAQ.
The Leverage Shares 2x Long FIG Daily ETF, identified by its ticker FIGG, is a financial product specifically tailored for active traders aiming to significantly amplify their short-term market gains. This fund is engineered to provide twice (200%) the daily return, or loss, of FIG stock. As a "bullish" or "long" investment, it's designed to profit from upward price movements, with its leveraged exposure resetting each day. All reported performance is net of the ETF's operational fees and expenses.
FIGG (Leverage Shares 2x Long FIG Daily ETF) trades in the Financial Services sector, specifically Asset Management - Leveraged, with a market capitalization of approximately $13.0M, a beta of 2.61 versus the broader market, a 52-week range of 12.4-326.8, average daily share volume of 253K, a public-listing history dating back to 2025. These structural characteristics shape how FIGG etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 2.61 indicates FIGG has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.
What is a straddle on FIGG?
A long straddle buys an ATM call and an ATM put at the same strike, profiting from a large move in either direction; max loss equals the combined debit when the underlying pins to the strike at expiration.
FIGG snapshot
As of August 14, 2026, spot at $24.14, ATM IV 147.40%, IV rank 26.66%, expected move 42.26%. The straddle on FIGG 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 straddle structure on FIGG specifically: FIGG IV at 147.40% is on the cheap side of its 1-year range, which favors premium-buying structures like a FIGG straddle, with a market-implied 1-standard-deviation move of approximately 42.26% (roughly $10.20 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 FIGG expiries trade a higher absolute premium for lower per-day decay. Position sizing on FIGG should anchor to the underlying notional of $24.14 per share and to the trader's directional view on FIGG etf.
FIGG straddle setup
The FIGG straddle 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 FIGG at $24.14 on that close, the first option leg uses a $25.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed FIGG 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 FIGG shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $25.00 | $4.10 |
| Buy 1 | Put | $25.00 | $4.75 |
FIGG straddle risk and reward
- Net Premium / Debit
- -$885.00
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- -$884.40
- Breakeven(s)
- $16.15, $33.85
- Risk / Reward Ratio
- Unbounded
Upside max profit is unbounded; downside max profit is bounded at the strike minus the combined call plus put debit (reached at zero). Max loss equals the combined debit times 100 (reached when the underlying pins to the strike). Two breakevens at strike plus debit and strike minus debit.
FIGG straddle payoff curve
Modeled P&L at expiration across a range of underlying prices for the straddle on FIGG. 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% | +$1,614.00 |
| $5.35 | -77.9% | +$1,080.36 |
| $10.68 | -55.7% | +$546.72 |
| $16.02 | -33.6% | +$13.09 |
| $21.36 | -11.5% | -$520.55 |
| $26.69 | +10.6% | -$715.81 |
| $32.03 | +32.7% | -$182.17 |
| $37.36 | +54.8% | +$351.47 |
| $42.70 | +76.9% | +$885.11 |
| $48.04 | +99.0% | +$1,418.74 |
When traders use straddle on FIGG
Straddles on FIGG are pure-volatility plays that profit from large moves in either direction; traders typically buy FIGG straddles ahead of earnings, FDA decisions, or other catalysts where the realized move is expected to exceed the implied move priced into the chain.
FIGG thesis for this straddle
The market-implied 1-standard-deviation range for FIGG extends from approximately $13.94 on the downside to $34.34 on the upside. A FIGG long straddle is a pure-volatility play: it profits when the underlying moves far enough from the strike in either direction to overcome the combined call plus put debit, regardless of direction. Current FIGG IV rank near 26.66% 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 FIGG at 147.40%. As a Financial Services name, FIGG options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to FIGG-specific events.
FIGG straddle positions are structurally neutral / high-volatility (long premium); 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. FIGG positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move FIGG alongside the broader basket even when FIGG-specific fundamentals are unchanged. Always rebuild the position from current FIGG chain quotes before placing a trade.
Frequently asked questions
- What is a straddle on FIGG?
- A straddle on FIGG is the straddle strategy applied to FIGG (etf). The strategy is structurally neutral / high-volatility (long premium): A long straddle buys an ATM call and an ATM put at the same strike, profiting from a large move in either direction; max loss equals the combined debit when the underlying pins to the strike at expiration. With FIGG etf at $24.14 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed FIGG chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are FIGG straddle max profit and max loss calculated?
- Upside max profit is unbounded; downside max profit is bounded at the strike minus the combined call plus put debit (reached at zero). Max loss equals the combined debit times 100 (reached when the underlying pins to the strike). Two breakevens at strike plus debit and strike minus debit. For the FIGG straddle priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 147.40%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$884.40 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a FIGG straddle?
- The breakeven for the FIGG straddle priced on this page is roughly $16.15 and $33.85 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 FIGG market-implied 1-standard-deviation expected move in the same options snapshot is approximately 42.26%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a straddle on FIGG?
- Straddles on FIGG are pure-volatility plays that profit from large moves in either direction; traders typically buy FIGG straddles ahead of earnings, FDA decisions, or other catalysts where the realized move is expected to exceed the implied move priced into the chain.
- How does current FIGG implied volatility affect this straddle?
- FIGG ATM IV is at 147.40% with IV rank near 26.66%, 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.