How are FDRS 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 FDRS long put priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 13.10%), the computed maximum profit is $2,435.00 per contract and the computed maximum loss is -$64.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a FDRS long put?

The breakeven for the FDRS long put priced on this page is roughly $24.36 at expiration, derived from the August 14, 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 FDRS market-implied 1-standard-deviation expected move in the same options snapshot is approximately 3.76%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current FDRS implied volatility affect this long put?

FDRS ATM IV is at 13.10% with IV rank near 0.15%, 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.

FDRS Long Put Strategy

FDRS (Founder-Led ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.

The FDRS ETF invests in a portfolio comprising the top 50 U.S. companies that remain under the leadership of at least one of their founders. While these companies can have any market capitalization, their individual weighting within the portfolio is determined by their market value, with no single stock accounting for more than 10% of the total. The fund's underlying index is reviewed and adjusted quarterly, specifically on the third Friday of March, June, September, and December. Classified as non-diversified, this fund may, at times, exhibit significant concentration in particular sectors or industries.

FDRS (Founder-Led ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $11.1M, a beta of 1.34 versus the broader market, a 52-week range of 19.37-25.75, average daily share volume of 75K, a public-listing history dating back to 2025. These structural characteristics shape how FDRS stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.34 indicates FDRS 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 FDRS?

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.

FDRS snapshot

As of August 14, 2026, spot at $25.05, ATM IV 13.10%, IV rank 0.15%, expected move 3.76%. The long put on FDRS below is built from the August 14, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.

Why this long put structure on FDRS specifically: FDRS IV at 13.10% is on the cheap side of its 1-year range, which favors premium-buying structures like a FDRS long put, with a market-implied 1-standard-deviation move of approximately 3.76% (roughly $0.94 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated FDRS expiries trade a higher absolute premium for lower per-day decay. Position sizing on FDRS should anchor to the underlying notional of $25.05 per share and to the trader's directional view on FDRS stock.

FDRS long put setup

The FDRS long put below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With FDRS at $25.05 on that close, the first option leg uses a $25.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed FDRS chain at a 35-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 FDRS shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Put	$25.00	$0.64

FDRS long put risk and reward

Net Premium / Debit: -$64.00
Max Profit (per contract): $2,435.00
Max Loss (per contract): -$64.00
Breakeven(s): $24.36
Risk / Reward Ratio: 38.047

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

FDRS long put payoff curve

Modeled P&L at expiration across a range of underlying prices for the long put on FDRS. 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	-100.0%	+$2,435.00
$5.55	-77.9%	+$1,881.24
$11.09	-55.7%	+$1,327.48
$16.62	-33.6%	+$773.72
$22.16	-11.5%	+$219.96
$27.70	+10.6%	-$64.00
$33.24	+32.7%	-$64.00
$38.77	+54.8%	-$64.00
$44.31	+76.9%	-$64.00
$49.85	+99.0%	-$64.00

When traders use long put on FDRS

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

FDRS thesis for this long put

The market-implied 1-standard-deviation range for FDRS extends from approximately $24.11 on the downside to $25.99 on the upside. A FDRS long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long FDRS position with one put per 100 shares held. Current FDRS IV rank near 0.15% 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 FDRS at 13.10%. As a Financial Services name, FDRS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to FDRS-specific events.

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

Frequently asked questions

What is a long put on FDRS?: A long put on FDRS is the long put strategy applied to FDRS (stock). 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 FDRS stock at $25.05 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed FDRS chain strike and the premiums come straight from that session's bid/ask midpoint.
How are FDRS 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 FDRS long put priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 13.10%), the computed maximum profit is $2,435.00 per contract and the computed maximum loss is -$64.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a FDRS long put?: The breakeven for the FDRS long put priced on this page is roughly $24.36 at expiration, derived from the August 14, 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 FDRS market-implied 1-standard-deviation expected move in the same options snapshot is approximately 3.76%; 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 FDRS?: Long puts on FDRS hedge an existing long FDRS stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying FDRS exposure being hedged.
How does current FDRS implied volatility affect this long put?: FDRS ATM IV is at 13.10% with IV rank near 0.15%, 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.