How are LEUX 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 LEUX cash-secured put priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 129.20%), the computed maximum profit is $182.50 per contract and the computed maximum loss is -$516.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

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

The breakeven for the LEUX cash-secured put priced on this page is roughly $5.18 at expiration, derived from the September 29, 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 LEUX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 37.04%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

LEUX ATM IV is at 129.20% with IV rank near 1.90%, 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.

LEUX Cash-Secured Put Strategy

LEUX (Investment Managers Series Trust II - Tradr 2X Long LEU Daily ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.

LEUX uses swap agreements and listed call options to make bullish bets on the share price of Centrus Energy Corp. (NYSE: LEU). The fund may also invest directly in LEU. Centrus Energy Corp. engages in the supply of nuclear fuel and services for the nuclear power industry. The nuclear fuel it supplies includes low-enriched uranium and high-performance nuclear fuel or high-assay, low-enriched uranium (HALEU). Under contract with the U.S. Department of Energy, it also develops uranium enrichment gas centrifuges for both national security and commercial purposes.

LEUX (Investment Managers Series Trust II - Tradr 2X Long LEU Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $3.6M, a beta of 3.43 versus the broader market, a 52-week range of 6.94-28.93, average daily share volume of 89K, a public-listing history dating back to 2026. These structural characteristics shape how LEUX etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 3.43 indicates LEUX 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 LEUX?

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.

LEUX snapshot

As of September 29, 2026, spot at $7.05, ATM IV 129.20%, IV rank 1.90%, expected move 37.04%. The cash-secured put on LEUX below is built from the September 29, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 80-day expiry.

Why this cash-secured put structure on LEUX specifically: LEUX IV at 129.20% is on the cheap side of its 1-year range, which means a premium-selling LEUX cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 37.04% (roughly $2.61 on the underlying). The 80-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated LEUX expiries trade a higher absolute premium for lower per-day decay. Position sizing on LEUX should anchor to the underlying notional of $7.05 per share and to the trader's directional view on LEUX etf.

LEUX cash-secured put setup

The LEUX cash-secured put below is built from the September 29, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With LEUX at $7.05 on that close, the first option leg uses a $7.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed LEUX chain at a 80-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 LEUX shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Put	$7.00	$1.83

LEUX cash-secured put risk and reward

Net Premium / Debit: +$182.50
Max Profit (per contract): $182.50
Max Loss (per contract): -$516.50
Breakeven(s): $5.18
Risk / Reward Ratio: 0.353

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

LEUX cash-secured put payoff curve

Modeled P&L at expiration across a range of underlying prices for the cash-secured put on LEUX. 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	-99.9%	-$516.50
$1.57	-77.8%	-$360.73
$3.13	-55.7%	-$204.96
$4.68	-33.6%	-$49.19
$6.24	-11.5%	+$106.58
$7.80	+10.6%	+$182.50
$9.36	+32.7%	+$182.50
$10.91	+54.8%	+$182.50
$12.47	+76.9%	+$182.50
$14.03	+99.0%	+$182.50

When traders use cash-secured put on LEUX

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

LEUX thesis for this cash-secured put

The market-implied 1-standard-deviation range for LEUX extends from approximately $4.44 on the downside to $9.66 on the upside. A LEUX cash-secured put lets a trader earn premium while waiting to acquire LEUX 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 LEUX IV rank near 1.90% 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 LEUX at 129.20%. As a Financial Services name, LEUX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to LEUX-specific events.

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

Frequently asked questions

What is a cash-secured put on LEUX?: A cash-secured put on LEUX is the cash-secured put strategy applied to LEUX (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 LEUX etf at $7.05 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed LEUX chain strike and the premiums come straight from that session's bid/ask midpoint.
How are LEUX 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 LEUX cash-secured put priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 129.20%), the computed maximum profit is $182.50 per contract and the computed maximum loss is -$516.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a LEUX cash-secured put?: The breakeven for the LEUX cash-secured put priced on this page is roughly $5.18 at expiration, derived from the September 29, 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 LEUX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 37.04%; 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 LEUX?: Cash-secured puts on LEUX earn premium while a trader waits to acquire LEUX etf at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning LEUX.
How does current LEUX implied volatility affect this cash-secured put?: LEUX ATM IV is at 129.20% with IV rank near 1.90%, 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.