How are CTEX 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 CTEX cash-secured put priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 41.70%), the computed maximum profit is $18.00 per contract and the computed maximum loss is -$3,281.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

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

The breakeven for the CTEX cash-secured put priced on this page is roughly $32.82 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 CTEX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 11.96%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

CTEX ATM IV is at 41.70% with IV rank near 5.58%, 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.

CTEX Cash-Secured Put Strategy

CTEX (ProShares - S&P Kensho Cleantech ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.

This exchange-traded fund is managed by ProShare Advisors with the goal of replicating the performance of its benchmark index. The index itself is composed of companies that are actively developing technologies and products vital for clean energy production, such as solar, wind, geothermal, hydrogen, and hydroelectric power. To achieve its objective, the fund invests directly in all the constituent securities of the index, typically maintaining their approximate weightings. It is categorized as a non-diversified fund.

CTEX (ProShares - S&P Kensho Cleantech ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $5.3M, a beta of 2.17 versus the broader market, a 52-week range of 24.06-51.5, average daily share volume of 2K, a public-listing history dating back to 2021. These structural characteristics shape how CTEX etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 2.17 indicates CTEX has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. CTEX 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 CTEX?

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.

CTEX snapshot

As of August 14, 2026, spot at $35.25, ATM IV 41.70%, IV rank 5.58%, expected move 11.96%. The cash-secured put on CTEX 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 7-day expiry.

Why this cash-secured put structure on CTEX specifically: CTEX IV at 41.70% is on the cheap side of its 1-year range, which means a premium-selling CTEX cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 11.96% (roughly $4.21 on the underlying). The 7-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CTEX expiries trade a higher absolute premium for lower per-day decay. Position sizing on CTEX should anchor to the underlying notional of $35.25 per share and to the trader's directional view on CTEX etf.

CTEX cash-secured put setup

The CTEX 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 CTEX at $35.25 on that close, the first option leg uses a $33.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CTEX chain at a 7-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 CTEX shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Put	$33.00	$0.18

CTEX cash-secured put risk and reward

Net Premium / Debit: +$18.00
Max Profit (per contract): $18.00
Max Loss (per contract): -$3,281.00
Breakeven(s): $32.82
Risk / Reward Ratio: 0.005

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

CTEX cash-secured put payoff curve

Modeled P&L at expiration across a range of underlying prices for the cash-secured put on CTEX. 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%	-$3,281.00
$7.80	-77.9%	-$2,501.71
$15.60	-55.8%	-$1,722.43
$23.39	-33.6%	-$943.14
$31.18	-11.5%	-$163.85
$38.97	+10.6%	+$18.00
$46.77	+32.7%	+$18.00
$54.56	+54.8%	+$18.00
$62.35	+76.9%	+$18.00
$70.15	+99.0%	+$18.00

When traders use cash-secured put on CTEX

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

CTEX thesis for this cash-secured put

The market-implied 1-standard-deviation range for CTEX extends from approximately $31.04 on the downside to $39.46 on the upside. A CTEX cash-secured put lets a trader earn premium while waiting to acquire CTEX 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 CTEX IV rank near 5.58% 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 CTEX at 41.70%. As a Financial Services name, CTEX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CTEX-specific events.

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

Frequently asked questions

What is a cash-secured put on CTEX?: A cash-secured put on CTEX is the cash-secured put strategy applied to CTEX (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 CTEX etf at $35.25 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed CTEX chain strike and the premiums come straight from that session's bid/ask midpoint.
How are CTEX 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 CTEX cash-secured put priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 41.70%), the computed maximum profit is $18.00 per contract and the computed maximum loss is -$3,281.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a CTEX cash-secured put?: The breakeven for the CTEX cash-secured put priced on this page is roughly $32.82 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 CTEX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 11.96%; 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 CTEX?: Cash-secured puts on CTEX earn premium while a trader waits to acquire CTEX etf at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning CTEX.
How does current CTEX implied volatility affect this cash-secured put?: CTEX ATM IV is at 41.70% with IV rank near 5.58%, 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.