How are BNGE cash-secured put max profit and max loss calculated?

Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium. For the BNGE cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 35.60%), the computed maximum profit is $65.00 per contract and the computed maximum loss is -$2,834.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a BNGE cash-secured put?

The breakeven for the BNGE cash-secured put priced on this page is roughly $28.35 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 BNGE market-implied 1-standard-deviation expected move is approximately 10.21%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current BNGE implied volatility affect this cash-secured put?

BNGE ATM IV is at 35.60% with IV rank near 11.11%, 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.

BNGE Cash-Secured Put Strategy

BNGE (First Trust S-Network Streaming & Gaming ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.

The First Trust S-Network Streaming & Gaming ETF (the "Fund") seeks investment results that correspond generally to the price and yield (before the Fund's fees and expenses) of an index called the S-Network Streaming & Gaming Index (the "Index"). The Fund will normally invest at least 80% of its net assets (including investment borrowings) in the common stocks and depositary receipts that comprise the Index. The Fund, using an indexing investment approach, attempts to replicate, before fees and expenses, the performance of the Index. The Index is developed, maintained and sponsored by S-Network Global Indexes, Inc. (the "Index Provider"). The Index Provider retains the right at any time, upon prior written notice, to modify the Index methodology.

BNGE (First Trust S-Network Streaming & Gaming ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $6.7M, a beta of 1.02 versus the broader market, a 52-week range of 29.389-41.04, average daily share volume of 2K, a public-listing history dating back to 2022. These structural characteristics shape how BNGE etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.02 places BNGE roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. BNGE pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a cash-secured put on BNGE?

A cash-secured put sells an out-of-the-money put while holding cash equal to the strike-times-100 obligation, keeping the premium when the underlying stays above the strike.

Current BNGE snapshot

As of May 15, 2026, spot at $30.45, ATM IV 35.60%, IV rank 11.11%, expected move 10.21%. The cash-secured put on BNGE 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 cash-secured put structure on BNGE specifically: BNGE IV at 35.60% is on the cheap side of its 1-year range, which means a premium-selling BNGE cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 10.21% (roughly $3.11 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 BNGE expiries trade a higher absolute premium for lower per-day decay. Position sizing on BNGE should anchor to the underlying notional of $30.45 per share and to the trader's directional view on BNGE etf.

BNGE cash-secured put setup

The BNGE cash-secured 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 BNGE near $30.45, the first option leg uses a $29.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed BNGE 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 BNGE shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Put	$29.00	$0.65

BNGE cash-secured put risk and reward

Net Premium / Debit: +$65.00
Max Profit (per contract): $65.00
Max Loss (per contract): -$2,834.00
Breakeven(s): $28.35
Risk / Reward Ratio: 0.023

Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.

BNGE cash-secured put payoff curve

Modeled P&L at expiration across a range of underlying prices for the cash-secured put on BNGE. 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%	-$2,834.00
$6.74	-77.9%	-$2,160.84
$13.47	-55.8%	-$1,487.69
$20.20	-33.6%	-$814.53
$26.94	-11.5%	-$141.38
$33.67	+10.6%	+$65.00
$40.40	+32.7%	+$65.00
$47.13	+54.8%	+$65.00
$53.86	+76.9%	+$65.00
$60.59	+99.0%	+$65.00

When traders use cash-secured put on BNGE

Cash-secured puts on BNGE earn premium while a trader waits to acquire BNGE etf at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning BNGE.

BNGE thesis for this cash-secured put

The market-implied 1-standard-deviation range for BNGE extends from approximately $27.34 on the downside to $33.56 on the upside. A BNGE cash-secured put lets a trader earn premium while waiting to acquire BNGE at the strike price; the strategy is most attractive when the trader is comfortable holding the underlying at that level and IV is rich enough to compensate for the assignment risk. Current BNGE IV rank near 11.11% 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 BNGE at 35.60%. As a Financial Services name, BNGE options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to BNGE-specific events.

BNGE cash-secured put positions are structurally neutral to slightly bullish; 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. BNGE positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move BNGE alongside the broader basket even when BNGE-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on BNGE carry tail risk when realized volatility exceeds the implied move; review historical BNGE earnings reactions and macro stress periods before sizing. Always rebuild the position from current BNGE chain quotes before placing a trade.

Frequently asked questions

What is a cash-secured put on BNGE?: A cash-secured put on BNGE is the cash-secured put strategy applied to BNGE (etf). The strategy is structurally neutral to slightly bullish: A cash-secured put sells an out-of-the-money put while holding cash equal to the strike-times-100 obligation, keeping the premium when the underlying stays above the strike. With BNGE etf trading near $30.45, the strikes shown on this page are snapped to the nearest listed BNGE chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are BNGE cash-secured put max profit and max loss calculated?: Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium. For the BNGE cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 35.60%), the computed maximum profit is $65.00 per contract and the computed maximum loss is -$2,834.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a BNGE cash-secured put?: The breakeven for the BNGE cash-secured put priced on this page is roughly $28.35 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 BNGE market-implied 1-standard-deviation expected move is approximately 10.21%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a cash-secured put on BNGE?: Cash-secured puts on BNGE earn premium while a trader waits to acquire BNGE etf at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning BNGE.
How does current BNGE implied volatility affect this cash-secured put?: BNGE ATM IV is at 35.60% with IV rank near 11.11%, 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.