How are PTF 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 PTF long put priced from the end-of-day chain at a 30-day expiry (ATM IV 45.80%), the computed maximum profit is $11,329.00 per contract and the computed maximum loss is -$670.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a PTF long put?

The breakeven for the PTF long put priced on this page is roughly $113.30 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 PTF market-implied 1-standard-deviation expected move is approximately 13.13%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current PTF implied volatility affect this long put?

PTF ATM IV is at 45.80% with IV rank near 84.16%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.

PTF Long Put Strategy

PTF (Invesco Dorsey Wright Technology Momentum ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.

The Invesco Dorsey Wright Technology Momentum ETF (Fund) is based on the Dorsey Wright Technology Technical Leaders Index (Index). The Fund will normally invest at least 90% of its total assets in the securities that comprise the Index. The Index is designed to identify companies that are showing relative strength (momentum), and is composed of at least 30 securities from the NASDAQ US Benchmark Index. Relative strength is the measurement of a security's performance in a given universe over time as compared to the performance of all other securities in that universe. The Fund and the Index are rebalanced and reconstituted quarterly.

PTF (Invesco Dorsey Wright Technology Momentum ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $590.5M, a beta of 1.86 versus the broader market, a 52-week range of 62.14-126.65, average daily share volume of 78K, a public-listing history dating back to 2006. These structural characteristics shape how PTF etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.86 indicates PTF has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. PTF pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a long put on PTF?

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 PTF snapshot

As of May 15, 2026, spot at $120.09, ATM IV 45.80%, IV rank 84.16%, expected move 13.13%. The long put on PTF 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 PTF specifically: PTF IV at 45.80% is rich versus its 1-year range, which makes a premium-buying PTF long put relatively expensive in absolute-cost terms, with a market-implied 1-standard-deviation move of approximately 13.13% (roughly $15.77 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 PTF expiries trade a higher absolute premium for lower per-day decay. Position sizing on PTF should anchor to the underlying notional of $120.09 per share and to the trader's directional view on PTF etf.

PTF long put setup

The PTF 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 PTF near $120.09, the first option leg uses a $120.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed PTF 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 PTF shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Put	$120.00	$6.70

PTF long put risk and reward

Net Premium / Debit: -$670.00
Max Profit (per contract): $11,329.00
Max Loss (per contract): -$670.00
Breakeven(s): $113.30
Risk / Reward Ratio: 16.909

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

PTF long put payoff curve

Modeled P&L at expiration across a range of underlying prices for the long put on PTF. 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%	+$11,329.00
$26.56	-77.9%	+$8,673.85
$53.11	-55.8%	+$6,018.71
$79.66	-33.7%	+$3,363.56
$106.22	-11.6%	+$708.42
$132.77	+10.6%	-$670.00
$159.32	+32.7%	-$670.00
$185.87	+54.8%	-$670.00
$212.42	+76.9%	-$670.00
$238.97	+99.0%	-$670.00

When traders use long put on PTF

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

PTF thesis for this long put

The market-implied 1-standard-deviation range for PTF extends from approximately $104.32 on the downside to $135.86 on the upside. A PTF long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long PTF position with one put per 100 shares held. Current PTF IV rank near 84.16% sits in the upper third of its 1-year distribution, which historically reverts; this raises the bar for premium-buying structures and lowers it for premium-selling structures on PTF at 45.80%. As a Financial Services name, PTF options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to PTF-specific events.

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

Frequently asked questions

What is a long put on PTF?: A long put on PTF is the long put strategy applied to PTF (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 PTF etf trading near $120.09, the strikes shown on this page are snapped to the nearest listed PTF chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are PTF 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 PTF long put priced from the end-of-day chain at a 30-day expiry (ATM IV 45.80%), the computed maximum profit is $11,329.00 per contract and the computed maximum loss is -$670.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a PTF long put?: The breakeven for the PTF long put priced on this page is roughly $113.30 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 PTF market-implied 1-standard-deviation expected move is approximately 13.13%; 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 PTF?: Long puts on PTF hedge an existing long PTF etf position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying PTF exposure being hedged.
How does current PTF implied volatility affect this long put?: PTF ATM IV is at 45.80% with IV rank near 84.16%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.