How are NBIL 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 NBIL cash-secured put priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 156.70%), the computed maximum profit is $247.50 per contract and the computed maximum loss is -$2,251.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

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

The breakeven for the NBIL cash-secured put priced on this page is roughly $22.53 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 NBIL market-implied 1-standard-deviation expected move in the same options snapshot is approximately 44.92%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

Current NBIL ATM IV is 156.70%; IV rank context is unavailable in the current snapshot.

NBIL Cash-Secured Put Strategy

NBIL (GraniteShares 2x Long NBIS Daily ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.

NBIL is a short-term tactical tool that aims to deliver 2x the price return, less fees and expenses, for a single day of Nebius Group N.V. stock. Purchasers holding shares for longer than a day need to monitor and frequently rebalance their position to attempt to achieve the 2x multiple. At the adviser's discretion, the fund may utilize standardized exchange-traded and FLEX call and put options with 1-week to 1-month terms. It may either buy deep in-the-money calls or use a synthetic forward options strategy. Aside from the leverage, the shares take on added volatility due to the lack of diversification. Purchasers should conduct their own stock research prior to initiating a position and trade with conviction.

NBIL (GraniteShares 2x Long NBIS Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $227.3M, a beta of 7.83 versus the broader market, a 52-week range of 6.37-68.49, average daily share volume of 3.2M, a public-listing history dating back to 2025. These structural characteristics shape how NBIL etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 7.83 indicates NBIL 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 NBIL?

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.

NBIL snapshot

As of September 29, 2026, spot at $26.71, ATM IV 156.70%, expected move 44.92%. The cash-secured put on NBIL 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 17-day expiry.

Why this cash-secured put structure on NBIL specifically: IV rank is unavailable in the current snapshot, so regime-based timing for NBIL is inferred from ATM IV at 156.70% alone, with a market-implied 1-standard-deviation move of approximately 44.92% (roughly $12.00 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated NBIL expiries trade a higher absolute premium for lower per-day decay. Position sizing on NBIL should anchor to the underlying notional of $26.71 per share and to the trader's directional view on NBIL etf.

NBIL cash-secured put setup

The NBIL 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 NBIL at $26.71 on that close, the first option leg uses a $25.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed NBIL chain at a 17-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 NBIL shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Put	$25.00	$2.48

NBIL cash-secured put risk and reward

Net Premium / Debit: +$247.50
Max Profit (per contract): $247.50
Max Loss (per contract): -$2,251.50
Breakeven(s): $22.53
Risk / Reward Ratio: 0.110

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

NBIL cash-secured put payoff curve

Modeled P&L at expiration across a range of underlying prices for the cash-secured put on NBIL. 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%	-$2,251.50
$5.91	-77.9%	-$1,661.04
$11.82	-55.7%	-$1,070.58
$17.72	-33.6%	-$480.11
$23.63	-11.5%	+$110.35
$29.53	+10.6%	+$247.50
$35.44	+32.7%	+$247.50
$41.34	+54.8%	+$247.50
$47.25	+76.9%	+$247.50
$53.15	+99.0%	+$247.50

When traders use cash-secured put on NBIL

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

NBIL thesis for this cash-secured put

The market-implied 1-standard-deviation range for NBIL extends from approximately $14.71 on the downside to $38.71 on the upside. A NBIL cash-secured put lets a trader earn premium while waiting to acquire NBIL 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. As a Financial Services name, NBIL options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to NBIL-specific events.

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

Frequently asked questions

What is a cash-secured put on NBIL?: A cash-secured put on NBIL is the cash-secured put strategy applied to NBIL (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 NBIL etf at $26.71 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed NBIL chain strike and the premiums come straight from that session's bid/ask midpoint.
How are NBIL 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 NBIL cash-secured put priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 156.70%), the computed maximum profit is $247.50 per contract and the computed maximum loss is -$2,251.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a NBIL cash-secured put?: The breakeven for the NBIL cash-secured put priced on this page is roughly $22.53 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 NBIL market-implied 1-standard-deviation expected move in the same options snapshot is approximately 44.92%; 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 NBIL?: Cash-secured puts on NBIL earn premium while a trader waits to acquire NBIL etf at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning NBIL.
How does current NBIL implied volatility affect this cash-secured put?: Current NBIL ATM IV is 156.70%; IV rank context is unavailable in the current snapshot.