CPNX Long Put Strategy
CPNX (Investment Managers Series Trust II - Tradr 2X Long CPNG Daily ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.
CPNX is a short-term tactical tool that aims to deliver twice (200%) the daily performance of Coupang, Inc. (CPNG), before fees and expenses. The fund primarily enters into total return swap agreements with major global financial institutions that mirror CPNGs daily returns. In case swaps are unavailable or less efficient, the fund may use FLEX call options or directly hold CPNG 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.
CPNX (Investment Managers Series Trust II - Tradr 2X Long CPNG Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $1.3M, a beta of -4.89 versus the broader market, a 52-week range of 9.58-25.43, average daily share volume of 11K, a public-listing history dating back to 2026. These structural characteristics shape how CPNX etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of -4.89 indicates CPNX has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.
What is a long put on CPNX?
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.
CPNX snapshot
As of September 29, 2026, spot at $9.57, ATM IV 386.60%, expected move 110.83%. The long put on CPNX 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 CPNX specifically: IV rank is unavailable in the current snapshot, so regime-based timing for CPNX is inferred from ATM IV at 386.60% alone, with a market-implied 1-standard-deviation move of approximately 110.83% (roughly $10.61 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 CPNX expiries trade a higher absolute premium for lower per-day decay. Position sizing on CPNX should anchor to the underlying notional of $9.57 per share and to the trader's directional view on CPNX etf.
CPNX long put setup
The CPNX 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 CPNX at $9.57 on that close, the first option leg uses a $10.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CPNX 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 CPNX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $10.00 | $2.93 |
CPNX long put risk and reward
- Net Premium / Debit
- -$292.50
- Max Profit (per contract)
- $706.50
- Max Loss (per contract)
- -$292.50
- Breakeven(s)
- $7.08
- Risk / Reward Ratio
- 2.415
Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.
CPNX long put payoff curve
Modeled P&L at expiration across a range of underlying prices for the long put on CPNX. 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% | +$706.50 |
| $2.12 | -77.8% | +$495.01 |
| $4.24 | -55.7% | +$283.53 |
| $6.35 | -33.6% | +$72.04 |
| $8.47 | -11.5% | -$139.45 |
| $10.58 | +10.6% | -$292.50 |
| $12.70 | +32.7% | -$292.50 |
| $14.81 | +54.8% | -$292.50 |
| $16.93 | +76.9% | -$292.50 |
| $19.04 | +99.0% | -$292.50 |
When traders use long put on CPNX
Long puts on CPNX hedge an existing long CPNX etf position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying CPNX exposure being hedged.
CPNX thesis for this long put
The market-implied 1-standard-deviation range for CPNX extends from approximately $-1.04 on the downside to $20.18 on the upside. A CPNX long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long CPNX position with one put per 100 shares held. As a Financial Services name, CPNX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CPNX-specific events.
CPNX 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. CPNX positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CPNX alongside the broader basket even when CPNX-specific fundamentals are unchanged. Long-premium structures like a long put on CPNX 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 CPNX chain quotes before placing a trade.
Frequently asked questions
- What is a long put on CPNX?
- A long put on CPNX is the long put strategy applied to CPNX (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 CPNX etf at $9.57 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed CPNX chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are CPNX 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 CPNX long put priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 386.60%), the computed maximum profit is $706.50 per contract and the computed maximum loss is -$292.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a CPNX long put?
- The breakeven for the CPNX long put priced on this page is roughly $7.08 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 CPNX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 110.83%; 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 CPNX?
- Long puts on CPNX hedge an existing long CPNX etf position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying CPNX exposure being hedged.
- How does current CPNX implied volatility affect this long put?
- Current CPNX ATM IV is 386.60%; IV rank context is unavailable in the current snapshot.