How are USLV 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 USLV long put priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 70.20%), the computed maximum profit is $1,311.50 per contract and the computed maximum loss is -$87.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a USLV long put?

The breakeven for the USLV long put priced on this page is roughly $13.13 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 USLV market-implied 1-standard-deviation expected move in the same options snapshot is approximately 20.13%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current USLV implied volatility affect this long put?

Current USLV ATM IV is 70.20%; IV rank context is unavailable in the current snapshot.

USLV Long Put Strategy

USLV (Direxion Daily Silver Bull 2X ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.

VelocityShares 3x Long Silver ETN Linked to the S&P GSCI Silver Index ER. Delisted by Credit Suisse AG on July 2, 2020. No longer actively trading on exchanges and has no current business operations as a financial product.

USLV (Direxion Daily Silver Bull 2X ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $1.9M, a beta of 0.00 versus the broader market, a 52-week range of 11.97-24.49, average daily share volume of 126K, a public-listing history dating back to 2026. These structural characteristics shape how USLV etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.00 indicates USLV has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. USLV pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a long put on USLV?

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.

USLV snapshot

As of September 29, 2026, spot at $14.04, ATM IV 70.20%, expected move 20.13%. The long put on USLV 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 USLV specifically: IV rank is unavailable in the current snapshot, so regime-based timing for USLV is inferred from ATM IV at 70.20% alone, with a market-implied 1-standard-deviation move of approximately 20.13% (roughly $2.83 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 USLV expiries trade a higher absolute premium for lower per-day decay. Position sizing on USLV should anchor to the underlying notional of $14.04 per share and to the trader's directional view on USLV etf.

USLV long put setup

The USLV 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 USLV at $14.04 on that close, the first option leg uses a $14.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed USLV 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 USLV shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Put	$14.00	$0.88

USLV long put risk and reward

Net Premium / Debit: -$87.50
Max Profit (per contract): $1,311.50
Max Loss (per contract): -$87.50
Breakeven(s): $13.13
Risk / Reward Ratio: 14.989

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

USLV long put payoff curve

Modeled P&L at expiration across a range of underlying prices for the long put on USLV. 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.

P&L at expiration across the modeled underlying-price range. Green shading marks profitable regions, red shading marks loss regions. Dotted purple verticals mark breakevens; the solid dark vertical marks current spot.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-99.9%	+$1,311.50
$3.11	-77.8%	+$1,001.18
$6.22	-55.7%	+$690.86
$9.32	-33.6%	+$380.54
$12.42	-11.5%	+$70.21
$15.53	+10.6%	-$87.50
$18.63	+32.7%	-$87.50
$21.73	+54.8%	-$87.50
$24.84	+76.9%	-$87.50
$27.94	+99.0%	-$87.50

When traders use long put on USLV

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

USLV thesis for this long put

The market-implied 1-standard-deviation range for USLV extends from approximately $11.21 on the downside to $16.87 on the upside. A USLV long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long USLV position with one put per 100 shares held. As a Financial Services name, USLV options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to USLV-specific events.

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

Frequently asked questions

What is a long put on USLV?: A long put on USLV is the long put strategy applied to USLV (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 USLV etf at $14.04 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed USLV chain strike and the premiums come straight from that session's bid/ask midpoint.
How are USLV 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 USLV long put priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 70.20%), the computed maximum profit is $1,311.50 per contract and the computed maximum loss is -$87.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a USLV long put?: The breakeven for the USLV long put priced on this page is roughly $13.13 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 USLV market-implied 1-standard-deviation expected move in the same options snapshot is approximately 20.13%; 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 USLV?: Long puts on USLV hedge an existing long USLV etf position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying USLV exposure being hedged.
How does current USLV implied volatility affect this long put?: Current USLV ATM IV is 70.20%; IV rank context is unavailable in the current snapshot.