How are XME 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 XME long put priced from the end-of-day chain at a 30-day expiry (ATM IV 37.60%), the computed maximum profit is $11,084.00 per contract and the computed maximum loss is -$515.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a XME long put?

The breakeven for the XME long put priced on this page is roughly $110.85 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 XME market-implied 1-standard-deviation expected move is approximately 10.78%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current XME implied volatility affect this long put?

XME ATM IV is at 37.60% with IV rank near 40.63%, 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.

XME Long Put Strategy

XME (State Street SPDR S&P Metals & Mining ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.

The State Street SPDR S&P Metals & Mining ETF seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the S&P Metals and Mining Select Industry Index (the "Index")Seeks to provide exposure to the metals & mining segment of the S&P TMI, which comprises the following sub-industries: Aluminum, Coal & Consumable Fuels, Copper, Diversified Metals & Mining, Gold, Precious Metals & Minerals, Silver, and SteelSeeks to track a modified equal weighted index which provides the potential for unconcentrated industry exposure across large, mid and small cap stocksAllows investors to take strategic or tactical positions at a more targeted level than traditional sector based investing

XME (State Street SPDR S&P Metals & Mining ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $5.62B, a beta of 1.45 versus the broader market, a 52-week range of 58-135.68, average daily share volume of 2.3M, a public-listing history dating back to 2006. These structural characteristics shape how XME etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.45 indicates XME has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. XME pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a long put on XME?

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 XME snapshot

As of May 15, 2026, spot at $115.69, ATM IV 37.60%, IV rank 40.63%, expected move 10.78%. The long put on XME 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 XME specifically: XME IV at 37.60% 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 10.78% (roughly $12.47 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 XME expiries trade a higher absolute premium for lower per-day decay. Position sizing on XME should anchor to the underlying notional of $115.69 per share and to the trader's directional view on XME etf.

XME long put setup

The XME 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 XME near $115.69, the first option leg uses a $116.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed XME 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 XME shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Put	$116.00	$5.15

XME long put risk and reward

Net Premium / Debit: -$515.00
Max Profit (per contract): $11,084.00
Max Loss (per contract): -$515.00
Breakeven(s): $110.85
Risk / Reward Ratio: 21.522

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

XME long put payoff curve

Modeled P&L at expiration across a range of underlying prices for the long put on XME. 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%	+$11,084.00
$25.59	-77.9%	+$8,526.14
$51.17	-55.8%	+$5,968.28
$76.75	-33.7%	+$3,410.42
$102.32	-11.6%	+$852.56
$127.90	+10.6%	-$515.00
$153.48	+32.7%	-$515.00
$179.06	+54.8%	-$515.00
$204.64	+76.9%	-$515.00
$230.22	+99.0%	-$515.00

When traders use long put on XME

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

XME thesis for this long put

The market-implied 1-standard-deviation range for XME extends from approximately $103.22 on the downside to $128.16 on the upside. A XME long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long XME position with one put per 100 shares held. Current XME IV rank near 40.63% is mid-range against its 1-year distribution, so the IV signal is neutral; the long put thesis on XME should anchor more to the directional view and the expected-move geometry. As a Financial Services name, XME options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to XME-specific events.

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

Frequently asked questions

What is a long put on XME?: A long put on XME is the long put strategy applied to XME (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 XME etf trading near $115.69, the strikes shown on this page are snapped to the nearest listed XME chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are XME 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 XME long put priced from the end-of-day chain at a 30-day expiry (ATM IV 37.60%), the computed maximum profit is $11,084.00 per contract and the computed maximum loss is -$515.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a XME long put?: The breakeven for the XME long put priced on this page is roughly $110.85 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 XME market-implied 1-standard-deviation expected move is approximately 10.78%; 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 XME?: Long puts on XME hedge an existing long XME etf position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying XME exposure being hedged.
How does current XME implied volatility affect this long put?: XME ATM IV is at 37.60% with IV rank near 40.63%, 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.