How are COPJ 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 COPJ cash-secured put priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 45.80%), the computed maximum profit is $152.50 per contract and the computed maximum loss is -$4,046.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

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

The breakeven for the COPJ cash-secured put priced on this page is roughly $40.48 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 COPJ market-implied 1-standard-deviation expected move in the same options snapshot is approximately 13.13%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

COPJ ATM IV is at 45.80% with IV rank near 6.57%, 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.

COPJ Cash-Secured Put Strategy

COPJ (Sprott Junior Copper Miners ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.

Under typical circumstances, the fund commits a minimum of 80% of its total assets to the securities comprising its tracking index. This index is designed to mirror the financial performance of companies that generate at least 50% of their income or hold at least 50% of their assets in activities related to copper, specifically mining, exploration, development, and production. The index generally consists of 25 to 45 component firms. It is structured as a non-diversified investment vehicle.

COPJ (Sprott Junior Copper Miners ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $24.9M, a beta of 1.27 versus the broader market, a 52-week range of 25.57-53.945, average daily share volume of 91K, a public-listing history dating back to 2023. These structural characteristics shape how COPJ etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.27 places COPJ roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. COPJ 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 COPJ?

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.

COPJ snapshot

As of August 14, 2026, spot at $44.26, ATM IV 45.80%, IV rank 6.57%, expected move 13.13%. The cash-secured put on COPJ 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 cash-secured put structure on COPJ specifically: COPJ IV at 45.80% is on the cheap side of its 1-year range, which means a premium-selling COPJ cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 13.13% (roughly $5.81 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 COPJ expiries trade a higher absolute premium for lower per-day decay. Position sizing on COPJ should anchor to the underlying notional of $44.26 per share and to the trader's directional view on COPJ etf.

COPJ cash-secured put setup

The COPJ cash-secured 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 COPJ at $44.26 on that close, the first option leg uses a $42.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed COPJ 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 COPJ shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Put	$42.00	$1.53

COPJ cash-secured put risk and reward

Net Premium / Debit: +$152.50
Max Profit (per contract): $152.50
Max Loss (per contract): -$4,046.50
Breakeven(s): $40.48
Risk / Reward Ratio: 0.038

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

COPJ cash-secured put payoff curve

Modeled P&L at expiration across a range of underlying prices for the cash-secured put on COPJ. 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%	-$4,046.50
$9.80	-77.9%	-$3,068.00
$19.58	-55.8%	-$2,089.49
$29.37	-33.7%	-$1,110.99
$39.15	-11.5%	-$132.49
$48.94	+10.6%	+$152.50
$58.72	+32.7%	+$152.50
$68.51	+54.8%	+$152.50
$78.29	+76.9%	+$152.50
$88.08	+99.0%	+$152.50

When traders use cash-secured put on COPJ

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

COPJ thesis for this cash-secured put

The market-implied 1-standard-deviation range for COPJ extends from approximately $38.45 on the downside to $50.07 on the upside. A COPJ cash-secured put lets a trader earn premium while waiting to acquire COPJ 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 COPJ IV rank near 6.57% 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 COPJ at 45.80%. As a Financial Services name, COPJ options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to COPJ-specific events.

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

Frequently asked questions

What is a cash-secured put on COPJ?: A cash-secured put on COPJ is the cash-secured put strategy applied to COPJ (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 COPJ etf at $44.26 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed COPJ chain strike and the premiums come straight from that session's bid/ask midpoint.
How are COPJ 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 COPJ cash-secured put priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 45.80%), the computed maximum profit is $152.50 per contract and the computed maximum loss is -$4,046.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a COPJ cash-secured put?: The breakeven for the COPJ cash-secured put priced on this page is roughly $40.48 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 COPJ market-implied 1-standard-deviation expected move in the same options snapshot is approximately 13.13%; 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 COPJ?: Cash-secured puts on COPJ earn premium while a trader waits to acquire COPJ etf at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning COPJ.
How does current COPJ implied volatility affect this cash-secured put?: COPJ ATM IV is at 45.80% with IV rank near 6.57%, 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.