How are KTUP 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 KTUP long put priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 103.30%), the computed maximum profit is $316.50 per contract and the computed maximum loss is -$82.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a KTUP long put?

The breakeven for the KTUP long put priced on this page is roughly $3.18 at expiration, derived from the September 29, 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 KTUP market-implied 1-standard-deviation expected move in the same options snapshot is approximately 29.62%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current KTUP implied volatility affect this long put?

KTUP ATM IV is at 103.30% with IV rank near 12.30%, 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.

KTUP Long Put Strategy

KTUP (ETF Opportunities Trust - T-REX 2X Long KTOS Daily Target ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.

KTUP primarily uses swap agreements to make bullish bets on the share price of Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS). Additionally, the fund may purchase FLEX call options on KTOS or invest directly in the stocks of KTOS. KTOS is an American technology company with manufacturing concentrations in weapons and military electronics. The fund seeks to maintain daily leveraged exposure equivalent to 200% of the daily percentage change in KTOS price through daily rebalancing. As a leveraged product, it is designed for short-term tactical use, not as a long-term investment vehicle. Returns may deviate from the expected 2x if held for longer than a single day due to factors such as volatility and compounding effects.

KTUP (ETF Opportunities Trust - T-REX 2X Long KTOS Daily Target ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $7.3M, a beta of 1.84 versus the broader market, a 52-week range of 4.07-67.571, average daily share volume of 328K, a public-listing history dating back to 2025. These structural characteristics shape how KTUP etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.84 indicates KTUP has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. KTUP pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a long put on KTUP?

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.

KTUP snapshot

As of September 29, 2026, spot at $4.17, ATM IV 103.30%, IV rank 12.30%, expected move 29.62%. The long put on KTUP below is built from the September 29, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 80-day expiry.

Why this long put structure on KTUP specifically: KTUP IV at 103.30% is on the cheap side of its 1-year range, which favors premium-buying structures like a KTUP long put, with a market-implied 1-standard-deviation move of approximately 29.62% (roughly $1.23 on the underlying). The 80-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated KTUP expiries trade a higher absolute premium for lower per-day decay. Position sizing on KTUP should anchor to the underlying notional of $4.17 per share and to the trader's directional view on KTUP etf.

KTUP long put setup

The KTUP long put below is built from the September 29, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With KTUP at $4.17 on that close, the first option leg uses a $4.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed KTUP chain at a 80-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 KTUP shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Put	$4.00	$0.83

KTUP long put risk and reward

Net Premium / Debit: -$82.50
Max Profit (per contract): $316.50
Max Loss (per contract): -$82.50
Breakeven(s): $3.18
Risk / Reward Ratio: 3.836

Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.

KTUP long put payoff curve

Modeled P&L at expiration across a range of underlying prices for the long put on KTUP. 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.

P&L at expiration across the modeled underlying-price range. Green shading marks profitable regions, red shading marks loss regions. Dotted purple verticals mark breakevens; the solid dark vertical marks current spot.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-99.8%	+$316.50
$0.93	-77.7%	+$224.41
$1.85	-55.6%	+$132.32
$2.77	-33.5%	+$40.23
$3.69	-11.4%	-$51.86
$4.61	+10.7%	-$82.50
$5.54	+32.7%	-$82.50
$6.46	+54.8%	-$82.50
$7.38	+76.9%	-$82.50
$8.30	+99.0%	-$82.50

When traders use long put on KTUP

Long puts on KTUP hedge an existing long KTUP etf position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying KTUP exposure being hedged.

KTUP thesis for this long put

The market-implied 1-standard-deviation range for KTUP extends from approximately $2.94 on the downside to $5.40 on the upside. A KTUP long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long KTUP position with one put per 100 shares held. Current KTUP IV rank near 12.30% 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 KTUP at 103.30%. As a Financial Services name, KTUP options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to KTUP-specific events.

KTUP 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. KTUP positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move KTUP alongside the broader basket even when KTUP-specific fundamentals are unchanged. Long-premium structures like a long put on KTUP 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 KTUP chain quotes before placing a trade.

Frequently asked questions

What is a long put on KTUP?: A long put on KTUP is the long put strategy applied to KTUP (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 KTUP etf at $4.17 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed KTUP chain strike and the premiums come straight from that session's bid/ask midpoint.
How are KTUP 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 KTUP long put priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 103.30%), the computed maximum profit is $316.50 per contract and the computed maximum loss is -$82.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a KTUP long put?: The breakeven for the KTUP long put priced on this page is roughly $3.18 at expiration, derived from the September 29, 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 KTUP market-implied 1-standard-deviation expected move in the same options snapshot is approximately 29.62%; 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 KTUP?: Long puts on KTUP hedge an existing long KTUP etf position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying KTUP exposure being hedged.
How does current KTUP implied volatility affect this long put?: KTUP ATM IV is at 103.30% with IV rank near 12.30%, 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.