How are OBOR 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 OBOR cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 392.40%), the computed maximum profit is $100.00 per contract and the computed maximum loss is -$2,399.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

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

The breakeven for the OBOR cash-secured put priced on this page is roughly $24.00 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 OBOR market-implied 1-standard-deviation expected move is approximately 112.50%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

OBOR ATM IV is at 392.40% with IV rank near 80.49%, 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.

OBOR Cash-Secured Put Strategy

OBOR (KraneShares MSCI One Belt One Road Index ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.

This exchange-traded fund allocates at least 80% of its total assets, including any capital leveraged for investment, to securities that are either direct constituents of its benchmark index or possess similar economic characteristics. The index itself aims to gauge the stock market performance of publicly traded corporations that derive a significant portion of their revenue from projects connected to the Chinese government's "One Belt, One Road" initiative, with this revenue exposure being determined by the index's administrator.

OBOR (KraneShares MSCI One Belt One Road Index ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $4.1M, a beta of 0.70 versus the broader market, a 52-week range of 23.799-30.07, average daily share volume of 2K, a public-listing history dating back to 2017. These structural characteristics shape how OBOR etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.70 places OBOR roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. OBOR 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 OBOR?

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 OBOR snapshot

As of June 29, 2026, spot at $25.81, ATM IV 392.40%, IV rank 80.49%, expected move 112.50%. The cash-secured put on OBOR 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 53-day expiry.

Why this cash-secured put structure on OBOR specifically: OBOR IV at 392.40% is rich versus its 1-year range, which favors premium-selling structures like a OBOR cash-secured put, with a market-implied 1-standard-deviation move of approximately 112.50% (roughly $29.04 on the underlying). The 53-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated OBOR expiries trade a higher absolute premium for lower per-day decay. Position sizing on OBOR should anchor to the underlying notional of $25.81 per share and to the trader's directional view on OBOR etf.

OBOR cash-secured put setup

The OBOR 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 OBOR near $25.81, 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 OBOR chain at a 53-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 OBOR shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Put	$25.00	$1.00

OBOR cash-secured put risk and reward

Net Premium / Debit: +$100.00
Max Profit (per contract): $100.00
Max Loss (per contract): -$2,399.00
Breakeven(s): $24.00
Risk / Reward Ratio: 0.042

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

OBOR cash-secured put payoff curve

Modeled P&L at expiration across a range of underlying prices for the cash-secured put on OBOR. 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%	-$2,399.00
$5.72	-77.9%	-$1,828.44
$11.42	-55.7%	-$1,257.87
$17.13	-33.6%	-$687.31
$22.83	-11.5%	-$116.75
$28.54	+10.6%	+$100.00
$34.24	+32.7%	+$100.00
$39.95	+54.8%	+$100.00
$45.66	+76.9%	+$100.00
$51.36	+99.0%	+$100.00

When traders use cash-secured put on OBOR

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

OBOR thesis for this cash-secured put

The market-implied 1-standard-deviation range for OBOR extends from approximately $-3.23 on the downside to $54.85 on the upside. A OBOR cash-secured put lets a trader earn premium while waiting to acquire OBOR 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 OBOR IV rank near 80.49% 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 OBOR at 392.40%. As a Financial Services name, OBOR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to OBOR-specific events.

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

Frequently asked questions

What is a cash-secured put on OBOR?: A cash-secured put on OBOR is the cash-secured put strategy applied to OBOR (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 OBOR etf trading near $25.81, the strikes shown on this page are snapped to the nearest listed OBOR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are OBOR 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 OBOR cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 392.40%), the computed maximum profit is $100.00 per contract and the computed maximum loss is -$2,399.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a OBOR cash-secured put?: The breakeven for the OBOR cash-secured put priced on this page is roughly $24.00 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 OBOR market-implied 1-standard-deviation expected move is approximately 112.50%; 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 OBOR?: Cash-secured puts on OBOR earn premium while a trader waits to acquire OBOR etf at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning OBOR.
How does current OBOR implied volatility affect this cash-secured put?: OBOR ATM IV is at 392.40% with IV rank near 80.49%, 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.