How are GUSH 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 GUSH cash-secured put priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 57.90%), the computed maximum profit is $172.50 per contract and the computed maximum loss is -$3,726.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

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

The breakeven for the GUSH cash-secured put priced on this page is roughly $37.28 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 GUSH market-implied 1-standard-deviation expected move in the same options snapshot is approximately 16.60%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

GUSH ATM IV is at 57.90% with IV rank near 36.08%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.

GUSH Cash-Secured Put Strategy

GUSH (Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X ETF), in the Financial Services sector, (Asset Management - Leveraged industry), listed on AMEX.

The Direxion Daily S&P Oil & Gas Exploration & Production Bull and Bear 2X ETFs aim to generate daily returns that, prior to considering fees and expenses, equate to double (200%) the performance, or double (200%) the inverse performance, of the S&P Oil & Gas Exploration & Production Select Industry Index. It is important to note that there is no guarantee these funds will consistently meet their specific investment goals.

GUSH (Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X ETF) trades in the Financial Services sector, specifically Asset Management - Leveraged, with a market capitalization of approximately $247.1M, a beta of 0.01 versus the broader market, a 52-week range of 20.805-48.66, average daily share volume of 1.0M, a public-listing history dating back to 2015. These structural characteristics shape how GUSH etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.01 indicates GUSH has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. GUSH 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 GUSH?

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.

GUSH snapshot

As of August 14, 2026, spot at $41.37, ATM IV 57.90%, IV rank 36.08%, expected move 16.60%. The cash-secured put on GUSH 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 GUSH specifically: GUSH IV at 57.90% is mid-range versus its 1-year history, so the credit collected on a GUSH cash-secured put sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 16.60% (roughly $6.87 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 GUSH expiries trade a higher absolute premium for lower per-day decay. Position sizing on GUSH should anchor to the underlying notional of $41.37 per share and to the trader's directional view on GUSH etf.

GUSH cash-secured put setup

The GUSH 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 GUSH at $41.37 on that close, the first option leg uses a $39.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed GUSH 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 GUSH shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Put	$39.00	$1.73

GUSH cash-secured put risk and reward

Net Premium / Debit: +$172.50
Max Profit (per contract): $172.50
Max Loss (per contract): -$3,726.50
Breakeven(s): $37.28
Risk / Reward Ratio: 0.046

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

GUSH cash-secured put payoff curve

Modeled P&L at expiration across a range of underlying prices for the cash-secured put on GUSH. 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%	-$3,726.50
$9.16	-77.9%	-$2,811.90
$18.30	-55.8%	-$1,897.29
$27.45	-33.7%	-$982.69
$36.59	-11.5%	-$68.09
$45.74	+10.6%	+$172.50
$54.89	+32.7%	+$172.50
$64.03	+54.8%	+$172.50
$73.18	+76.9%	+$172.50
$82.32	+99.0%	+$172.50

When traders use cash-secured put on GUSH

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

GUSH thesis for this cash-secured put

The market-implied 1-standard-deviation range for GUSH extends from approximately $34.50 on the downside to $48.24 on the upside. A GUSH cash-secured put lets a trader earn premium while waiting to acquire GUSH 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 GUSH IV rank near 36.08% is mid-range against its 1-year distribution, so the IV signal is neutral; the cash-secured put thesis on GUSH should anchor more to the directional view and the expected-move geometry. As a Financial Services name, GUSH options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to GUSH-specific events.

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

Frequently asked questions

What is a cash-secured put on GUSH?: A cash-secured put on GUSH is the cash-secured put strategy applied to GUSH (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 GUSH etf at $41.37 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed GUSH chain strike and the premiums come straight from that session's bid/ask midpoint.
How are GUSH 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 GUSH cash-secured put priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 57.90%), the computed maximum profit is $172.50 per contract and the computed maximum loss is -$3,726.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a GUSH cash-secured put?: The breakeven for the GUSH cash-secured put priced on this page is roughly $37.28 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 GUSH market-implied 1-standard-deviation expected move in the same options snapshot is approximately 16.60%; 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 GUSH?: Cash-secured puts on GUSH earn premium while a trader waits to acquire GUSH etf at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning GUSH.
How does current GUSH implied volatility affect this cash-secured put?: GUSH ATM IV is at 57.90% with IV rank near 36.08%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.