XA Long Put Strategy
XA (Corgi Etf Trust I - Corgi AI Cybersecurity ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.
XA is designed to provide exposure to companies in AI-enabled cybersecurity through an actively managed global portfolio. This includes, but is not limited to, threat detection, behavioral analytics, identity management, endpoint and cloud security, data loss prevention, security analytics, and secure computing infrastructure. Eligible firms are selected based on revenue, profit, asset, or industry ranking criteria. The fund may invest in both US and foreign equities, hold ADRs, and allocate up to 15% in illiquid assets such as special purpose vehicles (SPVs) to provide limited exposure to private securities. In determining constituents, a bottom-up security selection process is utilized, combining fundamental analysis, thematic screening, and quantitative methods to evaluate strategic positioning, growth potential, and valuation. It may also hold cash, cash equivalents, or short-term US Treasurys for liquidity or portfolio management purposes.
XA (Corgi Etf Trust I - Corgi AI Cybersecurity ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $4.7M, a beta of 2.85 versus the broader market, a 52-week range of 26.03-45.36, average daily share volume of 4K, a public-listing history dating back to 2026. These structural characteristics shape how XA etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 2.85 indicates XA 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 XA?
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.
XA snapshot
As of September 29, 2026, spot at $43.21, ATM IV 40.00%, expected move 11.47%. The long put on XA 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 80-day expiry.
Why this long put structure on XA specifically: IV rank is unavailable in the current snapshot, so regime-based timing for XA is inferred from ATM IV at 40.00% alone, with a market-implied 1-standard-deviation move of approximately 11.47% (roughly $4.96 on the underlying). The 80-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated XA expiries trade a higher absolute premium for lower per-day decay. Position sizing on XA should anchor to the underlying notional of $43.21 per share and to the trader's directional view on XA etf.
XA long put setup
The XA 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 XA at $43.21 on that close, the first option leg uses a $43.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed XA chain at a 80-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 XA shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $43.00 | $2.88 |
XA long put risk and reward
- Net Premium / Debit
- -$287.50
- Max Profit (per contract)
- $4,011.50
- Max Loss (per contract)
- -$287.50
- Breakeven(s)
- $40.13
- Risk / Reward Ratio
- 13.953
Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.
XA long put payoff curve
Modeled P&L at expiration across a range of underlying prices for the long put on XA. 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% | +$4,011.50 |
| $9.56 | -77.9% | +$3,056.21 |
| $19.12 | -55.8% | +$2,100.93 |
| $28.67 | -33.7% | +$1,145.64 |
| $38.22 | -11.5% | +$190.35 |
| $47.77 | +10.6% | -$287.50 |
| $57.33 | +32.7% | -$287.50 |
| $66.88 | +54.8% | -$287.50 |
| $76.43 | +76.9% | -$287.50 |
| $85.99 | +99.0% | -$287.50 |
When traders use long put on XA
Long puts on XA hedge an existing long XA etf position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying XA exposure being hedged.
XA thesis for this long put
The market-implied 1-standard-deviation range for XA extends from approximately $38.25 on the downside to $48.17 on the upside. A XA long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long XA position with one put per 100 shares held. As a Financial Services name, XA options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to XA-specific events.
XA 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. XA positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move XA alongside the broader basket even when XA-specific fundamentals are unchanged. Long-premium structures like a long put on XA 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 XA chain quotes before placing a trade.
Frequently asked questions
- What is a long put on XA?
- A long put on XA is the long put strategy applied to XA (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 XA etf at $43.21 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed XA chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are XA 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 XA long put priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 40.00%), the computed maximum profit is $4,011.50 per contract and the computed maximum loss is -$287.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a XA long put?
- The breakeven for the XA long put priced on this page is roughly $40.13 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 XA market-implied 1-standard-deviation expected move in the same options snapshot is approximately 11.47%; 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 XA?
- Long puts on XA hedge an existing long XA etf position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying XA exposure being hedged.
- How does current XA implied volatility affect this long put?
- Current XA ATM IV is 40.00%; IV rank context is unavailable in the current snapshot.