GSUS Long Put Strategy
GSUS (Goldman Sachs MarketBeta U.S. Equity ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.
This ETF aims to mirror the financial performance of its designated benchmark index.
GSUS (Goldman Sachs MarketBeta U.S. Equity ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $1.43B, a beta of 1.02 versus the broader market, a 52-week range of 86.68-107.67, average daily share volume of 86K, a public-listing history dating back to 2020. These structural characteristics shape how GSUS etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.02 places GSUS roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. GSUS pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a long put on GSUS?
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.
GSUS snapshot
As of August 14, 2026, spot at $107.23, ATM IV 12.60%, IV rank 2.65%, expected move 3.61%. The long put on GSUS 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 long put structure on GSUS specifically: GSUS IV at 12.60% is on the cheap side of its 1-year range, which favors premium-buying structures like a GSUS long put, with a market-implied 1-standard-deviation move of approximately 3.61% (roughly $3.87 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 GSUS expiries trade a higher absolute premium for lower per-day decay. Position sizing on GSUS should anchor to the underlying notional of $107.23 per share and to the trader's directional view on GSUS etf.
GSUS long put setup
The GSUS long put 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 GSUS at $107.23 on that close, the first option leg uses a $107.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed GSUS 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 GSUS shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $107.00 | $1.38 |
GSUS long put risk and reward
- Net Premium / Debit
- -$137.50
- Max Profit (per contract)
- $10,561.50
- Max Loss (per contract)
- -$137.50
- Breakeven(s)
- $105.63
- Risk / Reward Ratio
- 76.811
Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.
GSUS long put payoff curve
Modeled P&L at expiration across a range of underlying prices for the long put on GSUS. 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% | +$10,561.50 |
| $23.72 | -77.9% | +$8,190.70 |
| $47.43 | -55.8% | +$5,819.89 |
| $71.13 | -33.7% | +$3,449.09 |
| $94.84 | -11.6% | +$1,078.28 |
| $118.55 | +10.6% | -$137.50 |
| $142.26 | +32.7% | -$137.50 |
| $165.97 | +54.8% | -$137.50 |
| $189.67 | +76.9% | -$137.50 |
| $213.38 | +99.0% | -$137.50 |
When traders use long put on GSUS
Long puts on GSUS hedge an existing long GSUS etf position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying GSUS exposure being hedged.
GSUS thesis for this long put
The market-implied 1-standard-deviation range for GSUS extends from approximately $103.36 on the downside to $111.10 on the upside. A GSUS long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long GSUS position with one put per 100 shares held. Current GSUS IV rank near 2.65% 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 GSUS at 12.60%. As a Financial Services name, GSUS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to GSUS-specific events.
GSUS 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. GSUS positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move GSUS alongside the broader basket even when GSUS-specific fundamentals are unchanged. Long-premium structures like a long put on GSUS 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 GSUS chain quotes before placing a trade.
Frequently asked questions
- What is a long put on GSUS?
- A long put on GSUS is the long put strategy applied to GSUS (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 GSUS etf at $107.23 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed GSUS chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are GSUS 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 GSUS long put priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 12.60%), the computed maximum profit is $10,561.50 per contract and the computed maximum loss is -$137.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a GSUS long put?
- The breakeven for the GSUS long put priced on this page is roughly $105.63 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 GSUS market-implied 1-standard-deviation expected move in the same options snapshot is approximately 3.61%; 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 GSUS?
- Long puts on GSUS hedge an existing long GSUS etf position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying GSUS exposure being hedged.
- How does current GSUS implied volatility affect this long put?
- GSUS ATM IV is at 12.60% with IV rank near 2.65%, 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.