RDTL Long Put Strategy
RDTL (GraniteShares 2x Long RDDT 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 Reddit Inc, (NASDAQ: RDDT) 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 RDDT for periods greater than a day.
RDTL (GraniteShares 2x Long RDDT Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $12.8M, a beta of 2.84 versus the broader market, a 52-week range of 11.761-89.84, average daily share volume of 610K, a public-listing history dating back to 2025. These structural characteristics shape how RDTL etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 2.84 indicates RDTL has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.
What is a long put on RDTL?
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 RDTL snapshot
As of May 15, 2026, spot at $19.03, ATM IV 123.50%, IV rank 15.05%, expected move 35.41%. The long put on RDTL 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 RDTL specifically: RDTL IV at 123.50% is on the cheap side of its 1-year range, which favors premium-buying structures like a RDTL long put, with a market-implied 1-standard-deviation move of approximately 35.41% (roughly $6.74 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 RDTL expiries trade a higher absolute premium for lower per-day decay. Position sizing on RDTL should anchor to the underlying notional of $19.03 per share and to the trader's directional view on RDTL etf.
RDTL long put setup
The RDTL 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 RDTL near $19.03, the first option leg uses a $19.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed RDTL 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 RDTL shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $19.00 | $3.03 |
RDTL long put risk and reward
- Net Premium / Debit
- -$302.50
- Max Profit (per contract)
- $1,596.50
- Max Loss (per contract)
- -$302.50
- Breakeven(s)
- $15.98
- Risk / Reward Ratio
- 5.278
Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.
RDTL long put payoff curve
Modeled P&L at expiration across a range of underlying prices for the long put on RDTL. 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 | -99.9% | +$1,596.50 |
| $4.22 | -77.8% | +$1,175.85 |
| $8.42 | -55.7% | +$755.19 |
| $12.63 | -33.6% | +$334.54 |
| $16.84 | -11.5% | -$86.11 |
| $21.04 | +10.6% | -$302.50 |
| $25.25 | +32.7% | -$302.50 |
| $29.46 | +54.8% | -$302.50 |
| $33.66 | +76.9% | -$302.50 |
| $37.87 | +99.0% | -$302.50 |
When traders use long put on RDTL
Long puts on RDTL hedge an existing long RDTL etf position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying RDTL exposure being hedged.
RDTL thesis for this long put
The market-implied 1-standard-deviation range for RDTL extends from approximately $12.29 on the downside to $25.77 on the upside. A RDTL long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long RDTL position with one put per 100 shares held. Current RDTL IV rank near 15.05% 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 RDTL at 123.50%. As a Financial Services name, RDTL options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to RDTL-specific events.
RDTL 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. RDTL positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move RDTL alongside the broader basket even when RDTL-specific fundamentals are unchanged. Long-premium structures like a long put on RDTL 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 RDTL chain quotes before placing a trade.
Frequently asked questions
- What is a long put on RDTL?
- A long put on RDTL is the long put strategy applied to RDTL (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 RDTL etf trading near $19.03, the strikes shown on this page are snapped to the nearest listed RDTL chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are RDTL 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 RDTL long put priced from the end-of-day chain at a 30-day expiry (ATM IV 123.50%), the computed maximum profit is $1,596.50 per contract and the computed maximum loss is -$302.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a RDTL long put?
- The breakeven for the RDTL long put priced on this page is roughly $15.98 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 RDTL market-implied 1-standard-deviation expected move is approximately 35.41%; 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 RDTL?
- Long puts on RDTL hedge an existing long RDTL etf position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying RDTL exposure being hedged.
- How does current RDTL implied volatility affect this long put?
- RDTL ATM IV is at 123.50% with IV rank near 15.05%, 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.