How are EFAX 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 EFAX cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 12.50%), the computed maximum profit is $52.00 per contract and the computed maximum loss is -$4,947.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

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

The breakeven for the EFAX cash-secured put priced on this page is roughly $49.48 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 EFAX market-implied 1-standard-deviation expected move is approximately 3.58%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

EFAX ATM IV is at 12.50% with IV rank near 7.68%, 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.

EFAX Cash-Secured Put Strategy

EFAX (State Street SPDR MSCI EAFE Fossil Fuel Reserves Free ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.

The State Street SPDR MSCI EAFE Fossil Fuel Reserves Free ETF seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the MSCI EAFE ex Fossil Fuels Index (the "Index")First ever international developed markets fossil fuel reserves free ETFSeeks to offer climate-conscious investors exposure to international equities while limiting exposure to companies owning fossil fuel reservesFor investors interested in minimizing fossil fuel reserves exposure from their portfolio, EFAX may serve as an alternative to traditional international developed markets exposure

EFAX (State Street SPDR MSCI EAFE Fossil Fuel Reserves Free ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $488.4M, a beta of 1.00 versus the broader market, a 52-week range of 45.421-54.87, average daily share volume of 24K, a public-listing history dating back to 2016. These structural characteristics shape how EFAX etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.00 places EFAX roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. EFAX 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 EFAX?

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 EFAX snapshot

As of May 15, 2026, spot at $52.50, ATM IV 12.50%, IV rank 7.68%, expected move 3.58%. The cash-secured put on EFAX 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 EFAX specifically: EFAX IV at 12.50% is on the cheap side of its 1-year range, which means a premium-selling EFAX cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 3.58% (roughly $1.88 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 EFAX expiries trade a higher absolute premium for lower per-day decay. Position sizing on EFAX should anchor to the underlying notional of $52.50 per share and to the trader's directional view on EFAX etf.

EFAX cash-secured put setup

The EFAX 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 EFAX near $52.50, the first option leg uses a $50.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed EFAX 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 EFAX shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Put	$50.00	$0.52

EFAX cash-secured put risk and reward

Net Premium / Debit: +$52.00
Max Profit (per contract): $52.00
Max Loss (per contract): -$4,947.00
Breakeven(s): $49.48
Risk / Reward Ratio: 0.011

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

EFAX cash-secured put payoff curve

Modeled P&L at expiration across a range of underlying prices for the cash-secured put on EFAX. 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%	-$4,947.00
$11.62	-77.9%	-$3,786.31
$23.22	-55.8%	-$2,625.61
$34.83	-33.7%	-$1,464.92
$46.44	-11.5%	-$304.23
$58.04	+10.6%	+$52.00
$69.65	+32.7%	+$52.00
$81.26	+54.8%	+$52.00
$92.87	+76.9%	+$52.00
$104.47	+99.0%	+$52.00

When traders use cash-secured put on EFAX

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

EFAX thesis for this cash-secured put

The market-implied 1-standard-deviation range for EFAX extends from approximately $50.62 on the downside to $54.38 on the upside. A EFAX cash-secured put lets a trader earn premium while waiting to acquire EFAX 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 EFAX IV rank near 7.68% 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 EFAX at 12.50%. As a Financial Services name, EFAX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to EFAX-specific events.

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

Frequently asked questions

What is a cash-secured put on EFAX?: A cash-secured put on EFAX is the cash-secured put strategy applied to EFAX (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 EFAX etf trading near $52.50, the strikes shown on this page are snapped to the nearest listed EFAX chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are EFAX 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 EFAX cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 12.50%), the computed maximum profit is $52.00 per contract and the computed maximum loss is -$4,947.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a EFAX cash-secured put?: The breakeven for the EFAX cash-secured put priced on this page is roughly $49.48 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 EFAX market-implied 1-standard-deviation expected move is approximately 3.58%; 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 EFAX?: Cash-secured puts on EFAX earn premium while a trader waits to acquire EFAX etf at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning EFAX.
How does current EFAX implied volatility affect this cash-secured put?: EFAX ATM IV is at 12.50% with IV rank near 7.68%, 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.