LCDL Long Put Strategy
LCDL (GraniteShares 2x Long LCID Daily ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.
The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Lucid Group Inc, (NASDAQ: LCID) There is no guarantee that the Fund will meet its stated objective. The fund should not be expected to provide 2 times the cumulative return of LCID for periods greater than a day.
LCDL (GraniteShares 2x Long LCID Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $247,532, a beta of -1.16 versus the broader market, a 52-week range of 0.73-41.67, average daily share volume of 668K, a public-listing history dating back to 2025. These structural characteristics shape how LCDL etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of -1.16 indicates LCDL has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.
What is a long put on LCDL?
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 LCDL snapshot
As of May 15, 2026, spot at $0.81, ATM IV 24.70%, expected move 7.08%. The long put on LCDL 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 LCDL specifically: IV rank is unavailable in the current snapshot, so regime-based timing for LCDL is inferred from ATM IV at 24.70% alone, with a market-implied 1-standard-deviation move of approximately 7.08% (roughly $0.06 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 LCDL expiries trade a higher absolute premium for lower per-day decay. Position sizing on LCDL should anchor to the underlying notional of $0.81 per share and to the trader's directional view on LCDL etf.
LCDL long put setup
The LCDL 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 LCDL near $0.81, the first option leg uses a $0.81 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed LCDL 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 LCDL shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $0.81 | N/A |
LCDL long put risk and reward
- Net Premium / Debit
- N/A
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- Unbounded
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- N/A
Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.
LCDL long put payoff curve
Modeled P&L at expiration across a range of underlying prices for the long put on LCDL. 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.
When traders use long put on LCDL
Long puts on LCDL hedge an existing long LCDL etf position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying LCDL exposure being hedged.
LCDL thesis for this long put
The market-implied 1-standard-deviation range for LCDL extends from approximately $0.75 on the downside to $0.87 on the upside. A LCDL long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long LCDL position with one put per 100 shares held. As a Financial Services name, LCDL options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to LCDL-specific events.
LCDL 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. LCDL positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move LCDL alongside the broader basket even when LCDL-specific fundamentals are unchanged. Long-premium structures like a long put on LCDL 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 LCDL chain quotes before placing a trade.
Frequently asked questions
- What is a long put on LCDL?
- A long put on LCDL is the long put strategy applied to LCDL (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 LCDL etf trading near $0.81, the strikes shown on this page are snapped to the nearest listed LCDL chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are LCDL 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 LCDL long put priced from the end-of-day chain at a 30-day expiry (ATM IV 24.70%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a LCDL long put?
- The breakeven for the LCDL long put priced on this page is no defined breakeven on the modeled curve 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 LCDL market-implied 1-standard-deviation expected move is approximately 7.08%; 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 LCDL?
- Long puts on LCDL hedge an existing long LCDL etf position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying LCDL exposure being hedged.
- How does current LCDL implied volatility affect this long put?
- Current LCDL ATM IV is 24.70%; IV rank context is unavailable in the current snapshot.