How are KORU 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 KORU cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 225.19%), the computed maximum profit is $17,900.00 per contract and the computed maximum loss is -$56,099.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

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

The breakeven for the KORU cash-secured put priced on this page is roughly $561.00 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 KORU market-implied 1-standard-deviation expected move is approximately 64.56%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

KORU ATM IV is at 225.19% with IV rank near 77.63%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.

KORU Cash-Secured Put Strategy

KORU (Direxion Daily MSCI South Korea Bull 3X ETF), in the Financial Services sector, (Asset Management - Leveraged industry), listed on AMEX.

The Direxion Daily MSCI South Korea Bull 3X ETF aims to provide daily returns that are triple (300%) the performance of the MSCI Korea 25/50 Index. This target is measured prior to the deduction of any fees and operating expenses. However, investors should be aware that there is no guarantee the fund will consistently meet its stated objective.

KORU (Direxion Daily MSCI South Korea Bull 3X ETF) trades in the Financial Services sector, specifically Asset Management - Leveraged, with a market capitalization of approximately $673.1M, a beta of 5.51 versus the broader market, a 52-week range of 73.95-1279.7, average daily share volume of 948K, a public-listing history dating back to 2013. These structural characteristics shape how KORU etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 5.51 indicates KORU has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. KORU 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 KORU?

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 KORU snapshot

As of June 30, 2026, spot at $775.90, ATM IV 225.19%, IV rank 77.63%, expected move 64.56%. The cash-secured put on KORU 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 31-day expiry.

Why this cash-secured put structure on KORU specifically: KORU IV at 225.19% is rich versus its 1-year range, which favors premium-selling structures like a KORU cash-secured put, with a market-implied 1-standard-deviation move of approximately 64.56% (roughly $500.93 on the underlying). The 31-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated KORU expiries trade a higher absolute premium for lower per-day decay. Position sizing on KORU should anchor to the underlying notional of $775.90 per share and to the trader's directional view on KORU etf.

KORU cash-secured put setup

The KORU 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 KORU near $775.90, the first option leg uses a $740.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed KORU chain at a 31-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 KORU shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Put	$740.00	$179.00

KORU cash-secured put risk and reward

Net Premium / Debit: +$17,900.00
Max Profit (per contract): $17,900.00
Max Loss (per contract): -$56,099.00
Breakeven(s): $561.00
Risk / Reward Ratio: 0.319

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

KORU cash-secured put payoff curve

Modeled P&L at expiration across a range of underlying prices for the cash-secured put on KORU. 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%	-$56,099.00
$171.56	-77.9%	-$38,943.53
$343.12	-55.8%	-$21,788.07
$514.67	-33.7%	-$4,632.60
$686.23	-11.6%	+$12,522.87
$857.78	+10.6%	+$17,900.00
$1,029.34	+32.7%	+$17,900.00
$1,200.89	+54.8%	+$17,900.00
$1,372.45	+76.9%	+$17,900.00
$1,544.00	+99.0%	+$17,900.00

When traders use cash-secured put on KORU

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

KORU thesis for this cash-secured put

The market-implied 1-standard-deviation range for KORU extends from approximately $274.97 on the downside to $1,276.83 on the upside. A KORU cash-secured put lets a trader earn premium while waiting to acquire KORU 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 KORU IV rank near 77.63% sits in the upper third of its 1-year distribution, which historically reverts; this raises the bar for premium-buying structures and lowers it for premium-selling structures on KORU at 225.19%. As a Financial Services name, KORU options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to KORU-specific events.

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

Frequently asked questions

What is a cash-secured put on KORU?: A cash-secured put on KORU is the cash-secured put strategy applied to KORU (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 KORU etf trading near $775.90, the strikes shown on this page are snapped to the nearest listed KORU chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are KORU 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 KORU cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 225.19%), the computed maximum profit is $17,900.00 per contract and the computed maximum loss is -$56,099.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a KORU cash-secured put?: The breakeven for the KORU cash-secured put priced on this page is roughly $561.00 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 KORU market-implied 1-standard-deviation expected move is approximately 64.56%; 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 KORU?: Cash-secured puts on KORU earn premium while a trader waits to acquire KORU etf at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning KORU.
How does current KORU implied volatility affect this cash-secured put?: KORU ATM IV is at 225.19% with IV rank near 77.63%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.