RPHS Long Put Strategy
RPHS (Regents Park Hedged Market Strategy ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.
The Regents Park Hedged Market Strategy ETF is a dynamically managed fund that typically seeks to accomplish its investment objective by deploying capital into assets closely tied to the S&P 500 Index. This involves investments in either the underlying S&P 500 equity securities themselves or various financial instruments and derivatives linked to the index. The fund's advisory team holds the discretion to determine the precise allocation between a direct portfolio of S&P 500-correlated stocks and equity market index derivatives. This allocation strategy is informed by their ongoing assessment of the relative valuations of these two asset classes.
RPHS (Regents Park Hedged Market Strategy ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $56.2M, a beta of 0.94 versus the broader market, a 52-week range of 9.49-11.49, average daily share volume of 78K, a public-listing history dating back to 2022. These structural characteristics shape how RPHS etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.94 places RPHS roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. RPHS pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a long put on RPHS?
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 RPHS snapshot
As of June 30, 2026, spot at $10.77, ATM IV 85.20%, IV rank 37.60%, expected move 24.43%. The long put on RPHS 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 17-day expiry.
Why this long put structure on RPHS specifically: RPHS IV at 85.20% 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 24.43% (roughly $2.63 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated RPHS expiries trade a higher absolute premium for lower per-day decay. Position sizing on RPHS should anchor to the underlying notional of $10.77 per share and to the trader's directional view on RPHS etf.
RPHS long put setup
The RPHS 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 RPHS near $10.77, the first option leg uses a $10.77 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed RPHS chain at a 17-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 RPHS shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $10.77 | N/A |
RPHS 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.
RPHS long put payoff curve
Modeled P&L at expiration across a range of underlying prices for the long put on RPHS. 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 RPHS
Long puts on RPHS hedge an existing long RPHS etf position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying RPHS exposure being hedged.
RPHS thesis for this long put
The market-implied 1-standard-deviation range for RPHS extends from approximately $8.14 on the downside to $13.40 on the upside. A RPHS long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long RPHS position with one put per 100 shares held. Current RPHS IV rank near 37.60% is mid-range against its 1-year distribution, so the IV signal is neutral; the long put thesis on RPHS should anchor more to the directional view and the expected-move geometry. As a Financial Services name, RPHS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to RPHS-specific events.
RPHS 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. RPHS positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move RPHS alongside the broader basket even when RPHS-specific fundamentals are unchanged. Long-premium structures like a long put on RPHS 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 RPHS chain quotes before placing a trade.
Frequently asked questions
- What is a long put on RPHS?
- A long put on RPHS is the long put strategy applied to RPHS (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 RPHS etf trading near $10.77, the strikes shown on this page are snapped to the nearest listed RPHS chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are RPHS 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 RPHS long put priced from the end-of-day chain at a 30-day expiry (ATM IV 85.20%), 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 RPHS long put?
- The breakeven for the RPHS 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 RPHS market-implied 1-standard-deviation expected move is approximately 24.43%; 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 RPHS?
- Long puts on RPHS hedge an existing long RPHS etf position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying RPHS exposure being hedged.
- How does current RPHS implied volatility affect this long put?
- RPHS ATM IV is at 85.20% with IV rank near 37.60%, 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.