EFZ Cash-Secured Put Strategy
EFZ (ProShares - Short MSCI EAFE), in the Financial Services sector, (Asset Management - Leveraged industry), listed on AMEX.
This ProShares fund is designed to generate daily returns that are precisely inverse (-1x) to the daily performance of the MSCI EAFE Index, prior to accounting for any charges and expenses.
EFZ (ProShares - Short MSCI EAFE) trades in the Financial Services sector, specifically Asset Management - Leveraged, with a market capitalization of approximately $6.7M, a beta of -0.62 versus the broader market, a 52-week range of 21.94-27.28, average daily share volume of 9K, a public-listing history dating back to 2007. These structural characteristics shape how EFZ etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of -0.62 indicates EFZ has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. EFZ 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 EFZ?
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.
EFZ snapshot
As of November 13, 2026, spot at $23.04, ATM IV 15.60%, expected move 4.47%. The cash-secured put on EFZ below is built from the November 13, 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 EFZ specifically: IV rank is unavailable in the current snapshot, so regime-based timing for EFZ is inferred from ATM IV at 15.60% alone, with a market-implied 1-standard-deviation move of approximately 4.47% (roughly $1.03 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 EFZ expiries trade a higher absolute premium for lower per-day decay. Position sizing on EFZ should anchor to the underlying notional of $23.04 per share and to the trader's directional view on EFZ etf.
EFZ cash-secured put setup
The EFZ cash-secured put below is built from the November 13, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With EFZ at $23.04 on that close, the first option leg uses a $22.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed EFZ 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 EFZ shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $22.00 | $0.10 |
EFZ cash-secured put risk and reward
- Net Premium / Debit
- +$10.00
- Max Profit (per contract)
- $10.00
- Max Loss (per contract)
- -$2,189.00
- Breakeven(s)
- $21.90
- 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.
EFZ cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on EFZ. 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% | -$2,189.00 |
| $5.10 | -77.9% | -$1,679.68 |
| $10.20 | -55.7% | -$1,170.37 |
| $15.29 | -33.6% | -$661.05 |
| $20.38 | -11.5% | -$151.73 |
| $25.48 | +10.6% | +$10.00 |
| $30.57 | +32.7% | +$10.00 |
| $35.66 | +54.8% | +$10.00 |
| $40.76 | +76.9% | +$10.00 |
| $45.85 | +99.0% | +$10.00 |
When traders use cash-secured put on EFZ
Cash-secured puts on EFZ earn premium while a trader waits to acquire EFZ etf at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning EFZ.
EFZ thesis for this cash-secured put
The market-implied 1-standard-deviation range for EFZ extends from approximately $22.01 on the downside to $24.07 on the upside. A EFZ cash-secured put lets a trader earn premium while waiting to acquire EFZ 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. As a Financial Services name, EFZ options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to EFZ-specific events.
EFZ 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. EFZ positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move EFZ alongside the broader basket even when EFZ-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on EFZ carry tail risk when realized volatility exceeds the implied move; review historical EFZ earnings reactions and macro stress periods before sizing. Always rebuild the position from current EFZ chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on EFZ?
- A cash-secured put on EFZ is the cash-secured put strategy applied to EFZ (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 EFZ etf at $23.04 on the November 13, 2026 close, the strikes shown on this page are snapped to the nearest listed EFZ chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are EFZ 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 EFZ cash-secured put priced from the November 13, 2026 end-of-day chain at a 30-day expiry (ATM IV 15.60%), the computed maximum profit is $10.00 per contract and the computed maximum loss is -$2,189.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a EFZ cash-secured put?
- The breakeven for the EFZ cash-secured put priced on this page is roughly $21.90 at expiration, derived from the November 13, 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 EFZ market-implied 1-standard-deviation expected move in the same options snapshot is approximately 4.47%; 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 EFZ?
- Cash-secured puts on EFZ earn premium while a trader waits to acquire EFZ etf at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning EFZ.
- How does current EFZ implied volatility affect this cash-secured put?
- Current EFZ ATM IV is 15.60%; IV rank context is unavailable in the current snapshot.