IZRL Cash-Secured Put Strategy

IZRL (ARK Israel Innovative Technology ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.

ARK ETF Trust - ARK Israel Innovative Technology ETF is an exchange traded fund launched and managed by ARK Investment Management LLC. The fund invests in public equity markets of Israel. It invests in stocks of companies operating across consumer discretionary, consumer services, health care, health care equipment and services, communication services, health care technology, electronic technology sectors. The fund invests in growth and value stocks of companies across diversified market capitalization. The fund seeks to track the performance of the ARK Israeli Innovation Index, by using full replication technique. ARK ETF Trust - ARK Israel Innovative Technology ETF was formed on December 5, 2017 and is domiciled in the United States.

IZRL (ARK Israel Innovative Technology ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $144.1M, a beta of 0.91 versus the broader market, a 52-week range of 25.96-32.76, average daily share volume of 13K, a public-listing history dating back to 2017. These structural characteristics shape how IZRL etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.91 places IZRL roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. IZRL 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 IZRL?

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.

IZRL snapshot

As of August 14, 2026, spot at $30.50, ATM IV 19.70%, IV rank 3.63%, expected move 5.65%. The cash-secured put on IZRL below is built from the 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 IZRL specifically: IZRL IV at 19.70% is on the cheap side of its 1-year range, which means a premium-selling IZRL cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 5.65% (roughly $1.72 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 IZRL expiries trade a higher absolute premium for lower per-day decay. Position sizing on IZRL should anchor to the underlying notional of $30.50 per share and to the trader's directional view on IZRL etf.

IZRL cash-secured put setup

The IZRL 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 IZRL at $30.50 on that close, the first option leg uses a $28.97 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed IZRL 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 IZRL shares for the stock leg in covered calls and collars).

ActionTypeStrike / BasisPremium (est)
Sell 1Put$28.97N/A

IZRL cash-secured put risk and reward

Net Premium / Debit
N/A
Max Profit (per contract)
Unbounded
Max Loss (per contract)
Unbounded
Breakeven(s)
None on modeled curve
Risk / Reward Ratio
N/A

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

IZRL cash-secured put payoff curve

Modeled P&L at expiration across a range of underlying prices for the cash-secured put on IZRL. 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.

When traders use cash-secured put on IZRL

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

IZRL thesis for this cash-secured put

The market-implied 1-standard-deviation range for IZRL extends from approximately $28.78 on the downside to $32.22 on the upside. A IZRL cash-secured put lets a trader earn premium while waiting to acquire IZRL 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 IZRL IV rank near 3.63% 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 IZRL at 19.70%. As a Financial Services name, IZRL options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to IZRL-specific events.

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

Frequently asked questions

What is a cash-secured put on IZRL?
A cash-secured put on IZRL is the cash-secured put strategy applied to IZRL (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 IZRL etf at $30.50 on the most recent close, the strikes shown on this page are snapped to the nearest listed IZRL chain strike and the premiums come straight from that session's bid/ask midpoint.
How are IZRL 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 IZRL cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 19.70%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a IZRL cash-secured put?
The breakeven for the IZRL cash-secured put priced on this page is no defined breakeven on the modeled curve at expiration, derived from the 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 IZRL market-implied 1-standard-deviation expected move in the same options snapshot is approximately 5.65%; 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 IZRL?
Cash-secured puts on IZRL earn premium while a trader waits to acquire IZRL etf at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning IZRL.
How does current IZRL implied volatility affect this cash-secured put?
IZRL ATM IV is at 19.70% with IV rank near 3.63%, 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.

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