GPTY Cash-Secured Put Strategy
GPTY (YieldMax AI & Tech Portfolio Option Income ETF), in the Financial Services sector, (Asset Management - Income industry), listed on AMEX.
The YieldMax AI & Tech Portfolio Option Income ETF (GPTY) is a dynamically managed exchange-traded fund designed to provide investors with both ongoing income and potential growth in value. It achieves this by investing in a focused portfolio, typically comprising 15 to 30 publicly listed companies operating within the artificial intelligence (AI) industry. A core strategy for generating income involves the strategic sale of options contracts written against the fund's underlying stock holdings, with the aim of delivering weekly income distributions. Additionally, GPTY seeks capital appreciation through its direct equity investments in these selected AI innovators. The fund's advisor carefully selects prospective holdings based on criteria such as the liquidity of both the stocks and their associated options, prevailing price levels, and implied volatility. This portfolio is then regularly reviewed and adjusted to optimize its composition and performance.
GPTY (YieldMax AI & Tech Portfolio Option Income ETF) trades in the Financial Services sector, specifically Asset Management - Income, with a market capitalization of approximately $109.9M, a beta of 2.01 versus the broader market, a 52-week range of 34.25-50.64, average daily share volume of 52K, a public-listing history dating back to 2025. These structural characteristics shape how GPTY etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 2.01 indicates GPTY has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. GPTY 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 GPTY?
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.
GPTY snapshot
As of August 14, 2026, spot at $43.08, ATM IV 28.10%, IV rank 4.34%, expected move 8.06%. The cash-secured put on GPTY 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 GPTY specifically: GPTY IV at 28.10% is on the cheap side of its 1-year range, which means a premium-selling GPTY cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 8.06% (roughly $3.47 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 GPTY expiries trade a higher absolute premium for lower per-day decay. Position sizing on GPTY should anchor to the underlying notional of $43.08 per share and to the trader's directional view on GPTY etf.
GPTY cash-secured put setup
The GPTY 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 GPTY at $43.08 on that close, the first option leg uses a $41.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed GPTY 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 GPTY shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $41.00 | $0.91 |
GPTY cash-secured put risk and reward
- Net Premium / Debit
- +$91.00
- Max Profit (per contract)
- $91.00
- Max Loss (per contract)
- -$4,008.00
- Breakeven(s)
- $40.09
- Risk / Reward Ratio
- 0.023
Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.
GPTY cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on GPTY. 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% | -$4,008.00 |
| $9.53 | -77.9% | -$3,055.59 |
| $19.06 | -55.8% | -$2,103.18 |
| $28.58 | -33.7% | -$1,150.76 |
| $38.11 | -11.5% | -$198.35 |
| $47.63 | +10.6% | +$91.00 |
| $57.15 | +32.7% | +$91.00 |
| $66.68 | +54.8% | +$91.00 |
| $76.20 | +76.9% | +$91.00 |
| $85.73 | +99.0% | +$91.00 |
When traders use cash-secured put on GPTY
Cash-secured puts on GPTY earn premium while a trader waits to acquire GPTY etf at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning GPTY.
GPTY thesis for this cash-secured put
The market-implied 1-standard-deviation range for GPTY extends from approximately $39.61 on the downside to $46.55 on the upside. A GPTY cash-secured put lets a trader earn premium while waiting to acquire GPTY 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 GPTY IV rank near 4.34% 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 GPTY at 28.10%. As a Financial Services name, GPTY options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to GPTY-specific events.
GPTY 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. GPTY positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move GPTY alongside the broader basket even when GPTY-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on GPTY carry tail risk when realized volatility exceeds the implied move; review historical GPTY earnings reactions and macro stress periods before sizing. Always rebuild the position from current GPTY chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on GPTY?
- A cash-secured put on GPTY is the cash-secured put strategy applied to GPTY (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 GPTY etf at $43.08 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed GPTY chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are GPTY 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 GPTY cash-secured put priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 28.10%), the computed maximum profit is $91.00 per contract and the computed maximum loss is -$4,008.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a GPTY cash-secured put?
- The breakeven for the GPTY cash-secured put priced on this page is roughly $40.09 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 GPTY market-implied 1-standard-deviation expected move in the same options snapshot is approximately 8.06%; 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 GPTY?
- Cash-secured puts on GPTY earn premium while a trader waits to acquire GPTY etf at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning GPTY.
- How does current GPTY implied volatility affect this cash-secured put?
- GPTY ATM IV is at 28.10% with IV rank near 4.34%, 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.