NVYY Cash-Secured Put Strategy
NVYY (GraniteShares YieldBOOST NVDA ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.
The Fund’s primary investment objective is to achieve 2 times (200%) the income generated from selling options on NVIDIA Corp. (NASDAQ NVDA) (the “Underlying Stock”) by selling options on leveraged exchange-traded funds designed to deliver 2 times (200%) the daily performance of the Underlying Stock (the “Underlying Leveraged ETF”). The Fund’s secondary investment objective is to gain exposure to the performance of the Underlying Leveraged ETF, subject to a cap on potential investment gains. A downside protection may be implemented which could affect the net income level.
NVYY (GraniteShares YieldBOOST NVDA ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $57.3M, a beta of 0.88 versus the broader market, a 52-week range of 13.58-28.3, average daily share volume of 106K, a public-listing history dating back to 2025. These structural characteristics shape how NVYY etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.88 places NVYY roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. NVYY 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 NVYY?
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 NVYY snapshot
As of May 15, 2026, spot at $14.07, ATM IV 75.70%, IV rank 36.05%, expected move 21.70%. The cash-secured put on NVYY 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 NVYY specifically: NVYY IV at 75.70% is mid-range versus its 1-year history, so the credit collected on a NVYY cash-secured put sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 21.70% (roughly $3.05 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 NVYY expiries trade a higher absolute premium for lower per-day decay. Position sizing on NVYY should anchor to the underlying notional of $14.07 per share and to the trader's directional view on NVYY etf.
NVYY cash-secured put setup
The NVYY 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 NVYY near $14.07, the first option leg uses a $13.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed NVYY 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 NVYY shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $13.00 | $0.77 |
NVYY cash-secured put risk and reward
- Net Premium / Debit
- +$77.00
- Max Profit (per contract)
- $77.00
- Max Loss (per contract)
- -$1,222.00
- Breakeven(s)
- $12.23
- Risk / Reward Ratio
- 0.063
Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.
NVYY cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on NVYY. 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 | -99.9% | -$1,222.00 |
| $3.12 | -77.8% | -$911.02 |
| $6.23 | -55.7% | -$600.03 |
| $9.34 | -33.6% | -$289.05 |
| $12.45 | -11.5% | +$21.94 |
| $15.56 | +10.6% | +$77.00 |
| $18.67 | +32.7% | +$77.00 |
| $21.78 | +54.8% | +$77.00 |
| $24.89 | +76.9% | +$77.00 |
| $28.00 | +99.0% | +$77.00 |
When traders use cash-secured put on NVYY
Cash-secured puts on NVYY earn premium while a trader waits to acquire NVYY etf at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning NVYY.
NVYY thesis for this cash-secured put
The market-implied 1-standard-deviation range for NVYY extends from approximately $11.02 on the downside to $17.12 on the upside. A NVYY cash-secured put lets a trader earn premium while waiting to acquire NVYY 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 NVYY IV rank near 36.05% is mid-range against its 1-year distribution, so the IV signal is neutral; the cash-secured put thesis on NVYY should anchor more to the directional view and the expected-move geometry. As a Financial Services name, NVYY options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to NVYY-specific events.
NVYY 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. NVYY positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move NVYY alongside the broader basket even when NVYY-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on NVYY carry tail risk when realized volatility exceeds the implied move; review historical NVYY earnings reactions and macro stress periods before sizing. Always rebuild the position from current NVYY chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on NVYY?
- A cash-secured put on NVYY is the cash-secured put strategy applied to NVYY (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 NVYY etf trading near $14.07, the strikes shown on this page are snapped to the nearest listed NVYY chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are NVYY 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 NVYY cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 75.70%), the computed maximum profit is $77.00 per contract and the computed maximum loss is -$1,222.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a NVYY cash-secured put?
- The breakeven for the NVYY cash-secured put priced on this page is roughly $12.23 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 NVYY market-implied 1-standard-deviation expected move is approximately 21.70%; 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 NVYY?
- Cash-secured puts on NVYY earn premium while a trader waits to acquire NVYY etf at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning NVYY.
- How does current NVYY implied volatility affect this cash-secured put?
- NVYY ATM IV is at 75.70% with IV rank near 36.05%, 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.