How are GGLS 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 GGLS cash-secured put priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 27.40%), the computed maximum profit is $80.00 per contract and the computed maximum loss is -$5,419.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

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

The breakeven for the GGLS cash-secured put priced on this page is roughly $54.20 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 GGLS market-implied 1-standard-deviation expected move in the same options snapshot is approximately 7.86%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

GGLS ATM IV is at 27.40% with IV rank near 5.35%, 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.

GGLS Cash-Secured Put Strategy

GGLS (Direxion Daily GOOGL Bear 1X ETF), in the Financial Services sector, (Asset Management - Leveraged industry), listed on NASDAQ.

These Direxion funds, the Daily GOOGL Bull 2X ETF and the Daily GOOGL Bear 1X ETF, are structured to achieve distinct daily investment outcomes, not including costs and charges. The Bull ETF endeavors to yield twice the daily performance of Alphabet Inc.'s (NASDAQ: GOOGL) Class A shares, whereas the Bear ETF aims for returns equivalent to the single inverse (or opposite) daily movement of these same shares.

GGLS (Direxion Daily GOOGL Bear 1X ETF) trades in the Financial Services sector, specifically Asset Management - Leveraged, with a market capitalization of approximately $11.9M, a beta of -1.11 versus the broader market, a 52-week range of 50.65-111.19, average daily share volume of 1.2M, a public-listing history dating back to 2022. These structural characteristics shape how GGLS etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of -1.11 indicates GGLS has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. GGLS 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 GGLS?

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.

GGLS snapshot

As of August 14, 2026, spot at $58.40, ATM IV 27.40%, IV rank 5.35%, expected move 7.86%. The cash-secured put on GGLS 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 35-day expiry.

Why this cash-secured put structure on GGLS specifically: GGLS IV at 27.40% is on the cheap side of its 1-year range, which means a premium-selling GGLS cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 7.86% (roughly $4.59 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 GGLS expiries trade a higher absolute premium for lower per-day decay. Position sizing on GGLS should anchor to the underlying notional of $58.40 per share and to the trader's directional view on GGLS etf.

GGLS cash-secured put setup

The GGLS 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 GGLS at $58.40 on that close, the first option leg uses a $55.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed GGLS 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 GGLS shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Put	$55.00	$0.80

GGLS cash-secured put risk and reward

Net Premium / Debit: +$80.00
Max Profit (per contract): $80.00
Max Loss (per contract): -$5,419.00
Breakeven(s): $54.20
Risk / Reward Ratio: 0.015

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

GGLS cash-secured put payoff curve

Modeled P&L at expiration across a range of underlying prices for the cash-secured put on GGLS. 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%	-$5,419.00
$12.92	-77.9%	-$4,127.85
$25.83	-55.8%	-$2,836.71
$38.74	-33.7%	-$1,545.56
$51.66	-11.5%	-$254.42
$64.57	+10.6%	+$80.00
$77.48	+32.7%	+$80.00
$90.39	+54.8%	+$80.00
$103.30	+76.9%	+$80.00
$116.21	+99.0%	+$80.00

When traders use cash-secured put on GGLS

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

GGLS thesis for this cash-secured put

The market-implied 1-standard-deviation range for GGLS extends from approximately $53.81 on the downside to $62.99 on the upside. A GGLS cash-secured put lets a trader earn premium while waiting to acquire GGLS 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 GGLS IV rank near 5.35% 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 GGLS at 27.40%. As a Financial Services name, GGLS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to GGLS-specific events.

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

Frequently asked questions

What is a cash-secured put on GGLS?: A cash-secured put on GGLS is the cash-secured put strategy applied to GGLS (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 GGLS etf at $58.40 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed GGLS chain strike and the premiums come straight from that session's bid/ask midpoint.
How are GGLS 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 GGLS cash-secured put priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 27.40%), the computed maximum profit is $80.00 per contract and the computed maximum loss is -$5,419.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a GGLS cash-secured put?: The breakeven for the GGLS cash-secured put priced on this page is roughly $54.20 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 GGLS market-implied 1-standard-deviation expected move in the same options snapshot is approximately 7.86%; 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 GGLS?: Cash-secured puts on GGLS earn premium while a trader waits to acquire GGLS etf at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning GGLS.
How does current GGLS implied volatility affect this cash-secured put?: GGLS ATM IV is at 27.40% with IV rank near 5.35%, 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.