YG, the Gold mini futures contract has a value of 1/3 the full size. (3.33 a tick vs. 10 a tick) Am I correct in the assumption that YG has an equivalent delta of .33 to ZG? If I went long a YG contract and long a ZG put that was OTM enough so that it's delta was .33...i would start to accumulate favorable delta's in any direction of the market, correct? Granted there's more potential on the downside as you are limited to .33 delta with an increase in price. The way you lose on this is if the movement isn't enough to overcome the cost of the put or the decrease in IV for the put. Am i correct in this assumption? This seems like a lower cost long straddle for a couple reasons. You don't have to buy the long call and aren't falling victim to as much time decay. You have to put up less initial cash as the OTM put is cheaper than 2 ATM options (C,P) You also lose the potential for as much profit. Am i generally looking at this position correctly or is there something I'm missing? This seems like a pretty good, cost effective play depending on your views, no? Any input at all is appreciated...Thanks.