UPSX Long Put Strategy
UPSX (Investment Managers Series Trust II - Tradr 2X Long UPST Daily ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.
UPSX is a short-term tactical tool that aims to deliver twice (200%) the daily performance of Upstart Holdings (UPST), before fees and expenses. The fund primarily enters into total return swap agreements with major global financial institutions that mirror UPSTs daily returns. In case swaps are unavailable or less efficient, the fund may use FLEX call options or directly hold UPST stock. Purchasers holding shares for longer than a day will need to monitor and rebalance their position frequently to attempt to achieve the 2x multiple. Purchasers should conduct their own individual stock research prior to initiating a position and trade with conviction. Due to the complexities of the product, shares tend to perform as anticipated only when the underlying shares are trending and holders are on the positive corresponding side of that trade.
UPSX (Investment Managers Series Trust II - Tradr 2X Long UPST Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $14.7M, a beta of 4.27 versus the broader market, a 52-week range of 8.55-90.2, average daily share volume of 68K, a public-listing history dating back to 2025. These structural characteristics shape how UPSX etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 4.27 indicates UPSX 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 UPSX?
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.
UPSX snapshot
As of September 29, 2026, spot at $8.79, ATM IV 117.20%, IV rank 8.96%, expected move 33.60%. The long put on UPSX below is built from the September 29, 2026 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 UPSX specifically: UPSX IV at 117.20% is on the cheap side of its 1-year range, which favors premium-buying structures like a UPSX long put, with a market-implied 1-standard-deviation move of approximately 33.60% (roughly $2.95 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 UPSX expiries trade a higher absolute premium for lower per-day decay. Position sizing on UPSX should anchor to the underlying notional of $8.79 per share and to the trader's directional view on UPSX etf.
UPSX long put setup
The UPSX long put below is built from the September 29, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With UPSX at $8.79 on that close, the first option leg uses a $9.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed UPSX 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 UPSX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $9.00 | $0.95 |
UPSX long put risk and reward
- Net Premium / Debit
- -$95.00
- Max Profit (per contract)
- $804.00
- Max Loss (per contract)
- -$95.00
- Breakeven(s)
- $8.05
- Risk / Reward Ratio
- 8.463
Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.
UPSX long put payoff curve
Modeled P&L at expiration across a range of underlying prices for the long put on UPSX. 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% | +$804.00 |
| $1.95 | -77.8% | +$609.76 |
| $3.89 | -55.7% | +$415.52 |
| $5.84 | -33.6% | +$221.28 |
| $7.78 | -11.5% | +$27.04 |
| $9.72 | +10.6% | -$95.00 |
| $11.66 | +32.7% | -$95.00 |
| $13.61 | +54.8% | -$95.00 |
| $15.55 | +76.9% | -$95.00 |
| $17.49 | +99.0% | -$95.00 |
When traders use long put on UPSX
Long puts on UPSX hedge an existing long UPSX etf position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying UPSX exposure being hedged.
UPSX thesis for this long put
The market-implied 1-standard-deviation range for UPSX extends from approximately $5.84 on the downside to $11.74 on the upside. A UPSX long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long UPSX position with one put per 100 shares held. Current UPSX IV rank near 8.96% 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 UPSX at 117.20%. As a Financial Services name, UPSX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to UPSX-specific events.
UPSX 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. UPSX positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move UPSX alongside the broader basket even when UPSX-specific fundamentals are unchanged. Long-premium structures like a long put on UPSX 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 UPSX chain quotes before placing a trade.
Frequently asked questions
- What is a long put on UPSX?
- A long put on UPSX is the long put strategy applied to UPSX (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 UPSX etf at $8.79 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed UPSX chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are UPSX 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 UPSX long put priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 117.20%), the computed maximum profit is $804.00 per contract and the computed maximum loss is -$95.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a UPSX long put?
- The breakeven for the UPSX long put priced on this page is roughly $8.05 at expiration, derived from the September 29, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The UPSX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 33.60%; 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 UPSX?
- Long puts on UPSX hedge an existing long UPSX etf position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying UPSX exposure being hedged.
- How does current UPSX implied volatility affect this long put?
- UPSX ATM IV is at 117.20% with IV rank near 8.96%, 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.