How are CORD 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 CORD cash-secured put priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 131.70%), the computed maximum profit is $85.00 per contract and the computed maximum loss is -$214.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

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

The breakeven for the CORD cash-secured put priced on this page is roughly $2.15 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 CORD market-implied 1-standard-deviation expected move in the same options snapshot is approximately 37.76%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

CORD ATM IV is at 131.70% with IV rank near 30.51%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.

CORD Cash-Secured Put Strategy

CORD (ETF Opportunities Trust - T-Rex 2x Inverse CRWV Daily Target ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.

CORD is designed for making bearish bets on the stock price of CoreWeave Incorporated through swap agreements. The objective is to obtain daily inverse exposure equivalent to -200% of the fund's net assets. To maintain this exposure, daily rebalancing is performed to make adjustments in response to CRWV's daily price movements. As a geared product, the fund is intended as a short-term tactical tool, rather than as a long-term investment vehicle. As a result, returns may deviate from the expected -2x if held for longer than a single day due to compounding. This strategy is high-risk and does not include a defensive position as part of its overall process.

CORD (ETF Opportunities Trust - T-Rex 2x Inverse CRWV Daily Target ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $25.5M, a beta of -4.87 versus the broader market, a 52-week range of 1.87-67.545, average daily share volume of 7.8M, a public-listing history dating back to 2025. These structural characteristics shape how CORD etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of -4.87 indicates CORD has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.

What is a cash-secured put on CORD?

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.

CORD snapshot

As of September 29, 2026, spot at $3.02, ATM IV 131.70%, IV rank 30.51%, expected move 37.76%. The cash-secured put on CORD 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 80-day expiry.

Why this cash-secured put structure on CORD specifically: CORD IV at 131.70% is mid-range versus its 1-year history, so the credit collected on a CORD cash-secured put sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 37.76% (roughly $1.14 on the underlying). The 80-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CORD expiries trade a higher absolute premium for lower per-day decay. Position sizing on CORD should anchor to the underlying notional of $3.02 per share and to the trader's directional view on CORD etf.

CORD cash-secured put setup

The CORD 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 CORD at $3.02 on that close, the first option leg uses a $3.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CORD chain at a 80-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 CORD shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Put	$3.00	$0.85

CORD cash-secured put risk and reward

Net Premium / Debit: +$85.00
Max Profit (per contract): $85.00
Max Loss (per contract): -$214.00
Breakeven(s): $2.15
Risk / Reward Ratio: 0.397

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

CORD cash-secured put payoff curve

Modeled P&L at expiration across a range of underlying prices for the cash-secured put on CORD. 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	-99.7%	-$214.00
$0.68	-77.6%	-$147.34
$1.34	-55.5%	-$80.67
$2.01	-33.4%	-$14.01
$2.68	-11.4%	+$52.65
$3.34	+10.7%	+$85.00
$4.01	+32.8%	+$85.00
$4.68	+54.8%	+$85.00
$5.34	+76.9%	+$85.00
$6.01	+99.0%	+$85.00

When traders use cash-secured put on CORD

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

CORD thesis for this cash-secured put

The market-implied 1-standard-deviation range for CORD extends from approximately $1.88 on the downside to $4.16 on the upside. A CORD cash-secured put lets a trader earn premium while waiting to acquire CORD 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 CORD IV rank near 30.51% is mid-range against its 1-year distribution, so the IV signal is neutral; the cash-secured put thesis on CORD should anchor more to the directional view and the expected-move geometry. As a Financial Services name, CORD options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CORD-specific events.

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

Frequently asked questions

What is a cash-secured put on CORD?: A cash-secured put on CORD is the cash-secured put strategy applied to CORD (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 CORD etf at $3.02 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed CORD chain strike and the premiums come straight from that session's bid/ask midpoint.
How are CORD 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 CORD cash-secured put priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 131.70%), the computed maximum profit is $85.00 per contract and the computed maximum loss is -$214.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a CORD cash-secured put?: The breakeven for the CORD cash-secured put priced on this page is roughly $2.15 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 CORD market-implied 1-standard-deviation expected move in the same options snapshot is approximately 37.76%; 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 CORD?: Cash-secured puts on CORD earn premium while a trader waits to acquire CORD etf at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning CORD.
How does current CORD implied volatility affect this cash-secured put?: CORD ATM IV is at 131.70% with IV rank near 30.51%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.