INTW Cash-Secured Put Strategy
INTW (GraniteShares 2x Long INTC Daily ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.
The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Intel Corp, (NASDAQ: INTC) There is no guarantee that the Fund will meet its stated objective. The fund should not be expected to provide 2 times the cumulative return of INTC for periods greater than a day.
INTW (GraniteShares 2x Long INTC Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $522.7M, a beta of 4.26 versus the broader market, a 52-week range of 13.74-407.99, average daily share volume of 759K, a public-listing history dating back to 2025. These structural characteristics shape how INTW etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 4.26 indicates INTW has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.
What is a cash-secured put on INTW?
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 INTW snapshot
As of May 15, 2026, spot at $271.76, ATM IV 160.60%, IV rank 59.00%, expected move 46.04%. The cash-secured put on INTW 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 INTW specifically: INTW IV at 160.60% is mid-range versus its 1-year history, so the credit collected on a INTW cash-secured put sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 46.04% (roughly $125.13 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 INTW expiries trade a higher absolute premium for lower per-day decay. Position sizing on INTW should anchor to the underlying notional of $271.76 per share and to the trader's directional view on INTW etf.
INTW cash-secured put setup
The INTW 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 INTW near $271.76, the first option leg uses a $260.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed INTW 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 INTW shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $260.00 | $45.00 |
INTW cash-secured put risk and reward
- Net Premium / Debit
- +$4,500.00
- Max Profit (per contract)
- $4,500.00
- Max Loss (per contract)
- -$21,499.00
- Breakeven(s)
- $215.00
- Risk / Reward Ratio
- 0.209
Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.
INTW cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on INTW. 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% | -$21,499.00 |
| $60.10 | -77.9% | -$15,490.35 |
| $120.18 | -55.8% | -$9,481.69 |
| $180.27 | -33.7% | -$3,473.04 |
| $240.36 | -11.6% | +$2,535.61 |
| $300.44 | +10.6% | +$4,500.00 |
| $360.53 | +32.7% | +$4,500.00 |
| $420.62 | +54.8% | +$4,500.00 |
| $480.70 | +76.9% | +$4,500.00 |
| $540.79 | +99.0% | +$4,500.00 |
When traders use cash-secured put on INTW
Cash-secured puts on INTW earn premium while a trader waits to acquire INTW etf at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning INTW.
INTW thesis for this cash-secured put
The market-implied 1-standard-deviation range for INTW extends from approximately $146.63 on the downside to $396.89 on the upside. A INTW cash-secured put lets a trader earn premium while waiting to acquire INTW 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 INTW IV rank near 59.00% is mid-range against its 1-year distribution, so the IV signal is neutral; the cash-secured put thesis on INTW should anchor more to the directional view and the expected-move geometry. As a Financial Services name, INTW options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to INTW-specific events.
INTW 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. INTW positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move INTW alongside the broader basket even when INTW-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on INTW carry tail risk when realized volatility exceeds the implied move; review historical INTW earnings reactions and macro stress periods before sizing. Always rebuild the position from current INTW chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on INTW?
- A cash-secured put on INTW is the cash-secured put strategy applied to INTW (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 INTW etf trading near $271.76, the strikes shown on this page are snapped to the nearest listed INTW chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are INTW 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 INTW cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 160.60%), the computed maximum profit is $4,500.00 per contract and the computed maximum loss is -$21,499.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a INTW cash-secured put?
- The breakeven for the INTW cash-secured put priced on this page is roughly $215.00 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 INTW market-implied 1-standard-deviation expected move is approximately 46.04%; 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 INTW?
- Cash-secured puts on INTW earn premium while a trader waits to acquire INTW etf at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning INTW.
- How does current INTW implied volatility affect this cash-secured put?
- INTW ATM IV is at 160.60% with IV rank near 59.00%, 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.