TUR Long Put Strategy
TUR (iShares MSCI Turkey ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.
The iShares MSCI Turkey ETF seeks to track the investment results of a broad-based index composed of Turkish equities.
TUR (iShares MSCI Turkey ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $191.2M, a beta of 0.42 versus the broader market, a 52-week range of 29.64-43.98, average daily share volume of 384K, a public-listing history dating back to 2008. These structural characteristics shape how TUR etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.42 indicates TUR has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. TUR pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a long put on TUR?
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 TUR snapshot
As of May 15, 2026, spot at $41.40, ATM IV 35.80%, IV rank 31.10%, expected move 10.26%. The long put on TUR 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 TUR specifically: TUR IV at 35.80% 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 10.26% (roughly $4.25 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 TUR expiries trade a higher absolute premium for lower per-day decay. Position sizing on TUR should anchor to the underlying notional of $41.40 per share and to the trader's directional view on TUR etf.
TUR long put setup
The TUR 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 TUR near $41.40, the first option leg uses a $41.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed TUR 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 TUR shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $41.00 | $1.93 |
TUR long put risk and reward
- Net Premium / Debit
- -$192.50
- Max Profit (per contract)
- $3,906.50
- Max Loss (per contract)
- -$192.50
- Breakeven(s)
- $39.08
- Risk / Reward Ratio
- 20.294
Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.
TUR long put payoff curve
Modeled P&L at expiration across a range of underlying prices for the long put on TUR. 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% | +$3,906.50 |
| $9.16 | -77.9% | +$2,991.23 |
| $18.32 | -55.8% | +$2,075.97 |
| $27.47 | -33.7% | +$1,160.70 |
| $36.62 | -11.5% | +$245.43 |
| $45.77 | +10.6% | -$192.50 |
| $54.93 | +32.7% | -$192.50 |
| $64.08 | +54.8% | -$192.50 |
| $73.23 | +76.9% | -$192.50 |
| $82.38 | +99.0% | -$192.50 |
When traders use long put on TUR
Long puts on TUR hedge an existing long TUR etf position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying TUR exposure being hedged.
TUR thesis for this long put
The market-implied 1-standard-deviation range for TUR extends from approximately $37.15 on the downside to $45.65 on the upside. A TUR long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long TUR position with one put per 100 shares held. Current TUR IV rank near 31.10% is mid-range against its 1-year distribution, so the IV signal is neutral; the long put thesis on TUR should anchor more to the directional view and the expected-move geometry. As a Financial Services name, TUR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to TUR-specific events.
TUR 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. TUR positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move TUR alongside the broader basket even when TUR-specific fundamentals are unchanged. Long-premium structures like a long put on TUR 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 TUR chain quotes before placing a trade.
Frequently asked questions
- What is a long put on TUR?
- A long put on TUR is the long put strategy applied to TUR (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 TUR etf trading near $41.40, the strikes shown on this page are snapped to the nearest listed TUR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are TUR 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 TUR long put priced from the end-of-day chain at a 30-day expiry (ATM IV 35.80%), the computed maximum profit is $3,906.50 per contract and the computed maximum loss is -$192.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a TUR long put?
- The breakeven for the TUR long put priced on this page is roughly $39.08 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 TUR market-implied 1-standard-deviation expected move is approximately 10.26%; 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 TUR?
- Long puts on TUR hedge an existing long TUR etf position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying TUR exposure being hedged.
- How does current TUR implied volatility affect this long put?
- TUR ATM IV is at 35.80% with IV rank near 31.10%, 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.