How are CRPT 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 CRPT cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 55.50%), the computed maximum profit is $55.00 per contract and the computed maximum loss is -$1,344.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

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

The breakeven for the CRPT cash-secured put priced on this page is roughly $13.45 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 CRPT market-implied 1-standard-deviation expected move is approximately 15.91%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

CRPT ATM IV is at 55.50% with IV rank near 13.61%, 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.

CRPT Cash-Secured Put Strategy

CRPT (First Trust SkyBridge Crypto Industry and Digital Economy ETF), in the Financial Services sector, (Asset Management - Cryptocurrency industry), listed on AMEX.

The First Trust SkyBridge Crypto Industry and Digital Economy ETF's (the "Fund") investment objective is to provide investors with capital appreciation. Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any investment borrowings) in the common stocks and American Depositary Receipts ("ADRs") of Crypto Industry Companies, including Bitcoin Exchange-Traded Products, and Digital Economy Companies. Under normal market conditions, the Fund will invest at least 50% of its net assets (plus any investment borrowings) in Crypto Industry Companies. The remainder of the Fund's net assets used to satisfy the 80% test set forth above will be invested in Digital Economy Companies. The Fund generally intends to invest up to 25% of its net assets in Bitcoin Exchange-Traded Products; however, at certain times, the Fund may invest more than 25% of its net assets in Bitcoin Exchange-Traded Products.

CRPT (First Trust SkyBridge Crypto Industry and Digital Economy ETF) trades in the Financial Services sector, specifically Asset Management - Cryptocurrency, with a market capitalization of approximately $92.6M, a beta of 3.56 versus the broader market, a 52-week range of 10.745-25.9, average daily share volume of 88K, a public-listing history dating back to 2021. These structural characteristics shape how CRPT etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 3.56 indicates CRPT has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. CRPT 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 CRPT?

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 CRPT snapshot

As of May 15, 2026, spot at $15.22, ATM IV 55.50%, IV rank 13.61%, expected move 15.91%. The cash-secured put on CRPT 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 CRPT specifically: CRPT IV at 55.50% is on the cheap side of its 1-year range, which means a premium-selling CRPT cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 15.91% (roughly $2.42 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 CRPT expiries trade a higher absolute premium for lower per-day decay. Position sizing on CRPT should anchor to the underlying notional of $15.22 per share and to the trader's directional view on CRPT etf.

CRPT cash-secured put setup

The CRPT 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 CRPT near $15.22, the first option leg uses a $14.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CRPT 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 CRPT shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Put	$14.00	$0.55

CRPT cash-secured put risk and reward

Net Premium / Debit: +$55.00
Max Profit (per contract): $55.00
Max Loss (per contract): -$1,344.00
Breakeven(s): $13.45
Risk / Reward Ratio: 0.041

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

CRPT cash-secured put payoff curve

Modeled P&L at expiration across a range of underlying prices for the cash-secured put on CRPT. 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	-99.9%	-$1,344.00
$3.37	-77.8%	-$1,007.59
$6.74	-55.7%	-$671.18
$10.10	-33.6%	-$334.76
$13.47	-11.5%	+$1.65
$16.83	+10.6%	+$55.00
$20.19	+32.7%	+$55.00
$23.56	+54.8%	+$55.00
$26.92	+76.9%	+$55.00
$30.29	+99.0%	+$55.00

When traders use cash-secured put on CRPT

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

CRPT thesis for this cash-secured put

The market-implied 1-standard-deviation range for CRPT extends from approximately $12.80 on the downside to $17.64 on the upside. A CRPT cash-secured put lets a trader earn premium while waiting to acquire CRPT 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 CRPT IV rank near 13.61% 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 CRPT at 55.50%. As a Financial Services name, CRPT options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CRPT-specific events.

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

Frequently asked questions

What is a cash-secured put on CRPT?: A cash-secured put on CRPT is the cash-secured put strategy applied to CRPT (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 CRPT etf trading near $15.22, the strikes shown on this page are snapped to the nearest listed CRPT chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are CRPT 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 CRPT cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 55.50%), the computed maximum profit is $55.00 per contract and the computed maximum loss is -$1,344.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a CRPT cash-secured put?: The breakeven for the CRPT cash-secured put priced on this page is roughly $13.45 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 CRPT market-implied 1-standard-deviation expected move is approximately 15.91%; 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 CRPT?: Cash-secured puts on CRPT earn premium while a trader waits to acquire CRPT etf at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning CRPT.
How does current CRPT implied volatility affect this cash-secured put?: CRPT ATM IV is at 55.50% with IV rank near 13.61%, 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.