The mirror of a call. It gives its holder the right to trade the underlying at a fixed strike, in the direction that gains when the index is below that strike at expiry, and gives its writer the matching obligation. Index puts settle in cash like index calls.
Mayawhat these words mean
Maya reads the desk’s written explainers and the glossary. She holds no market data at all, so she can say what a thing is and cannot say what it is doing today.