CCUP Cash-Secured Put Strategy
CCUP (T-REX 2X Long CRCL Daily Target ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.
The fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in financial instruments that are designed to provide, in the aggregate, 200% exposure to the price performance of CRCL on a daily basis. The fund is non-diversified.
CCUP (T-REX 2X Long CRCL Daily Target ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $42.1M, a beta of 1.30 versus the broader market, a 52-week range of 11.8-216.3, average daily share volume of 466K, a public-listing history dating back to 2025. These structural characteristics shape how CCUP etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.30 places CCUP roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.
What is a cash-secured put on CCUP?
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.
CCUP snapshot
As of September 29, 2026, spot at $21.38, ATM IV 131.90%, IV rank 27.69%, expected move 37.81%. The cash-secured put on CCUP 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 17-day expiry.
Why this cash-secured put structure on CCUP specifically: CCUP IV at 131.90% is on the cheap side of its 1-year range, which means a premium-selling CCUP cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 37.81% (roughly $8.08 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CCUP expiries trade a higher absolute premium for lower per-day decay. Position sizing on CCUP should anchor to the underlying notional of $21.38 per share and to the trader's directional view on CCUP etf.
CCUP cash-secured put setup
The CCUP cash-secured 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 CCUP at $21.38 on that close, the first option leg uses a $20.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CCUP chain at a 17-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 CCUP shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $20.00 | $1.68 |
CCUP cash-secured put risk and reward
- Net Premium / Debit
- +$167.50
- Max Profit (per contract)
- $167.50
- Max Loss (per contract)
- -$1,831.50
- Breakeven(s)
- $18.33
- Risk / Reward Ratio
- 0.091
Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.
CCUP cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on CCUP. 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% | -$1,831.50 |
| $4.74 | -77.8% | -$1,358.89 |
| $9.46 | -55.7% | -$886.27 |
| $14.19 | -33.6% | -$413.66 |
| $18.91 | -11.5% | +$58.95 |
| $23.64 | +10.6% | +$167.50 |
| $28.37 | +32.7% | +$167.50 |
| $33.09 | +54.8% | +$167.50 |
| $37.82 | +76.9% | +$167.50 |
| $42.55 | +99.0% | +$167.50 |
When traders use cash-secured put on CCUP
Cash-secured puts on CCUP earn premium while a trader waits to acquire CCUP etf at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning CCUP.
CCUP thesis for this cash-secured put
The market-implied 1-standard-deviation range for CCUP extends from approximately $13.30 on the downside to $29.46 on the upside. A CCUP cash-secured put lets a trader earn premium while waiting to acquire CCUP 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 CCUP IV rank near 27.69% 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 CCUP at 131.90%. As a Financial Services name, CCUP options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CCUP-specific events.
CCUP 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. CCUP positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CCUP alongside the broader basket even when CCUP-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on CCUP carry tail risk when realized volatility exceeds the implied move; review historical CCUP earnings reactions and macro stress periods before sizing. Always rebuild the position from current CCUP chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on CCUP?
- A cash-secured put on CCUP is the cash-secured put strategy applied to CCUP (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 CCUP etf at $21.38 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed CCUP chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are CCUP 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 CCUP cash-secured put priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 131.90%), the computed maximum profit is $167.50 per contract and the computed maximum loss is -$1,831.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a CCUP cash-secured put?
- The breakeven for the CCUP cash-secured put priced on this page is roughly $18.33 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 CCUP market-implied 1-standard-deviation expected move in the same options snapshot is approximately 37.81%; 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 CCUP?
- Cash-secured puts on CCUP earn premium while a trader waits to acquire CCUP etf at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning CCUP.
- How does current CCUP implied volatility affect this cash-secured put?
- CCUP ATM IV is at 131.90% with IV rank near 27.69%, 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.