FTC Long Put Strategy
FTC (First Trust Large Cap Growth AlphaDEX Fund), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.
The First Trust Large Cap Growth AlphaDEX Fund, identified by its symbol FTC, functions as a publicly traded investment vehicle. Its primary aim is to mirror the overall performance—both capital appreciation and income generation—of the Nasdaq AlphaDEX Large Cap Growth Index, prior to the deduction of any management fees or operational expenses.
FTC (First Trust Large Cap Growth AlphaDEX Fund) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $1.35B, a beta of 1.23 versus the broader market, a 52-week range of 147.94-194.18, average daily share volume of 16K, a public-listing history dating back to 2007. These structural characteristics shape how FTC etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.23 places FTC roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. FTC pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a long put on FTC?
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 FTC snapshot
As of June 29, 2026, spot at $190.14, ATM IV 25.10%, IV rank 45.83%, expected move 7.20%. The long put on FTC 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 18-day expiry.
Why this long put structure on FTC specifically: FTC IV at 25.10% 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 7.20% (roughly $13.68 on the underlying). The 18-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated FTC expiries trade a higher absolute premium for lower per-day decay. Position sizing on FTC should anchor to the underlying notional of $190.14 per share and to the trader's directional view on FTC etf.
FTC long put setup
The FTC 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 FTC near $190.14, the first option leg uses a $190.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed FTC chain at a 18-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 FTC shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $190.00 | $4.80 |
FTC long put risk and reward
- Net Premium / Debit
- -$480.00
- Max Profit (per contract)
- $18,519.00
- Max Loss (per contract)
- -$480.00
- Breakeven(s)
- $185.20
- Risk / Reward Ratio
- 38.581
Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.
FTC long put payoff curve
Modeled P&L at expiration across a range of underlying prices for the long put on FTC. 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% | +$18,519.00 |
| $42.05 | -77.9% | +$14,315.01 |
| $84.09 | -55.8% | +$10,111.02 |
| $126.13 | -33.7% | +$5,907.03 |
| $168.17 | -11.6% | +$1,703.04 |
| $210.21 | +10.6% | -$480.00 |
| $252.25 | +32.7% | -$480.00 |
| $294.29 | +54.8% | -$480.00 |
| $336.33 | +76.9% | -$480.00 |
| $378.37 | +99.0% | -$480.00 |
When traders use long put on FTC
Long puts on FTC hedge an existing long FTC etf position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying FTC exposure being hedged.
FTC thesis for this long put
The market-implied 1-standard-deviation range for FTC extends from approximately $176.46 on the downside to $203.82 on the upside. A FTC long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long FTC position with one put per 100 shares held. Current FTC IV rank near 45.83% is mid-range against its 1-year distribution, so the IV signal is neutral; the long put thesis on FTC should anchor more to the directional view and the expected-move geometry. As a Financial Services name, FTC options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to FTC-specific events.
FTC 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. FTC positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move FTC alongside the broader basket even when FTC-specific fundamentals are unchanged. Long-premium structures like a long put on FTC 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 FTC chain quotes before placing a trade.
Frequently asked questions
- What is a long put on FTC?
- A long put on FTC is the long put strategy applied to FTC (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 FTC etf trading near $190.14, the strikes shown on this page are snapped to the nearest listed FTC chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are FTC 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 FTC long put priced from the end-of-day chain at a 30-day expiry (ATM IV 25.10%), the computed maximum profit is $18,519.00 per contract and the computed maximum loss is -$480.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a FTC long put?
- The breakeven for the FTC long put priced on this page is roughly $185.20 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 FTC market-implied 1-standard-deviation expected move is approximately 7.20%; 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 FTC?
- Long puts on FTC hedge an existing long FTC etf position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying FTC exposure being hedged.
- How does current FTC implied volatility affect this long put?
- FTC ATM IV is at 25.10% with IV rank near 45.83%, 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.