MULL Long Put Strategy
MULL (GraniteShares 2x Long MU 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 Micron Technology Inc, (NASDAQ: MU) 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 MU for periods greater than a day.
MULL (GraniteShares 2x Long MU Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $131.9M, a beta of 9.68 versus the broader market, a 52-week range of 12.03-564.06, average daily share volume of 443K, a public-listing history dating back to 2024. These structural characteristics shape how MULL etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 9.68 indicates MULL has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. MULL pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a long put on MULL?
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 MULL snapshot
As of May 15, 2026, spot at $447.53, ATM IV 169.80%, IV rank 61.14%, expected move 48.68%. The long put on MULL 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 MULL specifically: MULL IV at 169.80% 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 48.68% (roughly $217.86 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 MULL expiries trade a higher absolute premium for lower per-day decay. Position sizing on MULL should anchor to the underlying notional of $447.53 per share and to the trader's directional view on MULL etf.
MULL long put setup
The MULL 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 MULL near $447.53, the first option leg uses a $450.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed MULL 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 MULL shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $450.00 | $93.10 |
MULL long put risk and reward
- Net Premium / Debit
- -$9,310.00
- Max Profit (per contract)
- $35,689.00
- Max Loss (per contract)
- -$9,310.00
- Breakeven(s)
- $356.90
- Risk / Reward Ratio
- 3.833
Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.
MULL long put payoff curve
Modeled P&L at expiration across a range of underlying prices for the long put on MULL. 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% | +$35,689.00 |
| $98.96 | -77.9% | +$25,793.97 |
| $197.91 | -55.8% | +$15,898.95 |
| $296.86 | -33.7% | +$6,003.92 |
| $395.81 | -11.6% | -$3,891.10 |
| $494.76 | +10.6% | -$9,310.00 |
| $593.71 | +32.7% | -$9,310.00 |
| $692.66 | +54.8% | -$9,310.00 |
| $791.61 | +76.9% | -$9,310.00 |
| $890.56 | +99.0% | -$9,310.00 |
When traders use long put on MULL
Long puts on MULL hedge an existing long MULL etf position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying MULL exposure being hedged.
MULL thesis for this long put
The market-implied 1-standard-deviation range for MULL extends from approximately $229.67 on the downside to $665.39 on the upside. A MULL long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long MULL position with one put per 100 shares held. Current MULL IV rank near 61.14% is mid-range against its 1-year distribution, so the IV signal is neutral; the long put thesis on MULL should anchor more to the directional view and the expected-move geometry. As a Financial Services name, MULL options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to MULL-specific events.
MULL 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. MULL positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move MULL alongside the broader basket even when MULL-specific fundamentals are unchanged. Long-premium structures like a long put on MULL 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 MULL chain quotes before placing a trade.
Frequently asked questions
- What is a long put on MULL?
- A long put on MULL is the long put strategy applied to MULL (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 MULL etf trading near $447.53, the strikes shown on this page are snapped to the nearest listed MULL chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are MULL 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 MULL long put priced from the end-of-day chain at a 30-day expiry (ATM IV 169.80%), the computed maximum profit is $35,689.00 per contract and the computed maximum loss is -$9,310.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a MULL long put?
- The breakeven for the MULL long put priced on this page is roughly $356.90 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 MULL market-implied 1-standard-deviation expected move is approximately 48.68%; 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 MULL?
- Long puts on MULL hedge an existing long MULL etf position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying MULL exposure being hedged.
- How does current MULL implied volatility affect this long put?
- MULL ATM IV is at 169.80% with IV rank near 61.14%, 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.