GPT Long Put Strategy
GPT (Intelligent Alpha Atlas ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.
GPT is designed to be highly dynamic, relying on both AI and human expertise to capitalize on evolving market opportunities. The strategy integrates human insight with AI-powered stock selection to construct a portfolio of global large-cap stocks. Portfolio construction begins with an analyst setting the portfolios parameters, including structure, concentration limits, and thematic inspiration from renowned trading strategies. AI then analyzes datasets to identify four to six major trading trends to choose positions that align with these trends based on key financial metrics such as revenue growth and earnings. Three independent AI models select 20 to 30 stocks to form an equal-weighted portfolio, with no single position exceeding 10%. The selection process combines both quantitative and qualitative analysis.
GPT (Intelligent Alpha Atlas ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $23.4M, a trailing P/E of 128.19, a beta of 0.87 versus the broader market, a 52-week range of 24.93-34.17, average daily share volume of 2K, a public-listing history dating back to 2024. These structural characteristics shape how GPT etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.87 places GPT roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. The trailing P/E of 128.19 is on the rich side, which tends to correlate with higher earnings-window IV expansion as the market debates whether forward growth supports the multiple. GPT pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a long put on GPT?
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 GPT snapshot
As of May 15, 2026, spot at $33.01, ATM IV 48.30%, IV rank 33.45%, expected move 13.85%. The long put on GPT 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 GPT specifically: GPT IV at 48.30% 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 13.85% (roughly $4.57 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 GPT expiries trade a higher absolute premium for lower per-day decay. Position sizing on GPT should anchor to the underlying notional of $33.01 per share and to the trader's directional view on GPT etf.
GPT long put setup
The GPT 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 GPT near $33.01, the first option leg uses a $33.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed GPT 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 GPT shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $33.00 | $1.35 |
GPT long put risk and reward
- Net Premium / Debit
- -$135.00
- Max Profit (per contract)
- $3,164.00
- Max Loss (per contract)
- -$135.00
- Breakeven(s)
- $31.65
- Risk / Reward Ratio
- 23.437
Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.
GPT long put payoff curve
Modeled P&L at expiration across a range of underlying prices for the long put on GPT. 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% | +$3,164.00 |
| $7.31 | -77.9% | +$2,434.24 |
| $14.61 | -55.8% | +$1,704.48 |
| $21.90 | -33.6% | +$974.72 |
| $29.20 | -11.5% | +$244.96 |
| $36.50 | +10.6% | -$135.00 |
| $43.80 | +32.7% | -$135.00 |
| $51.09 | +54.8% | -$135.00 |
| $58.39 | +76.9% | -$135.00 |
| $65.69 | +99.0% | -$135.00 |
When traders use long put on GPT
Long puts on GPT hedge an existing long GPT etf position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying GPT exposure being hedged.
GPT thesis for this long put
The market-implied 1-standard-deviation range for GPT extends from approximately $28.44 on the downside to $37.58 on the upside. A GPT long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long GPT position with one put per 100 shares held. Current GPT IV rank near 33.45% is mid-range against its 1-year distribution, so the IV signal is neutral; the long put thesis on GPT should anchor more to the directional view and the expected-move geometry. As a Financial Services name, GPT options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to GPT-specific events.
GPT 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. GPT positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move GPT alongside the broader basket even when GPT-specific fundamentals are unchanged. Long-premium structures like a long put on GPT 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 GPT chain quotes before placing a trade.
Frequently asked questions
- What is a long put on GPT?
- A long put on GPT is the long put strategy applied to GPT (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 GPT etf trading near $33.01, the strikes shown on this page are snapped to the nearest listed GPT chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are GPT 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 GPT long put priced from the end-of-day chain at a 30-day expiry (ATM IV 48.30%), the computed maximum profit is $3,164.00 per contract and the computed maximum loss is -$135.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a GPT long put?
- The breakeven for the GPT long put priced on this page is roughly $31.65 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 GPT market-implied 1-standard-deviation expected move is approximately 13.85%; 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 GPT?
- Long puts on GPT hedge an existing long GPT etf position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying GPT exposure being hedged.
- How does current GPT implied volatility affect this long put?
- GPT ATM IV is at 48.30% with IV rank near 33.45%, 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.