ODDS Cash-Secured Put Strategy

ODDS (Pacer BlueStar Digital Entertainment ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.

ODDS is designed to provide thematic exposure to an index of digital entertainment companies around the world. To be eligible, firms must generate at least half of their revenue from relevant segments, such as online gambling, content streaming, iGaming, and eSports, in addition to meeting several investability requirements including market-cap and liquidity. The fund assigns the constituents into two separate tiers, both holding 50% of the portfolios weighting. The first tier is composed of the companies involved with online gambling and betting, while the second tier comprises those tied to the development, operation, and utilization of video games, streaming services, and eSports events. Each component then is market cap-weighted in its own tier with an 8% capping to ensure diversification. The index is reconstituted and rebalanced quarterly.

ODDS (Pacer BlueStar Digital Entertainment ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $3.9M, a beta of 1.01 versus the broader market, a 52-week range of 22.61-35.52, average daily share volume of 1K, a public-listing history dating back to 2022, approximately 3K full-time employees. These structural characteristics shape how ODDS etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.01 places ODDS roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. ODDS 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 ODDS?

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.

ODDS snapshot

As of August 14, 2026, spot at $25.81, ATM IV 29.80%, IV rank 14.24%, expected move 8.54%. The cash-secured put on ODDS below is built from the end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.

Why this cash-secured put structure on ODDS specifically: ODDS IV at 29.80% is on the cheap side of its 1-year range, which means a premium-selling ODDS cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 8.54% (roughly $2.21 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated ODDS expiries trade a higher absolute premium for lower per-day decay. Position sizing on ODDS should anchor to the underlying notional of $25.81 per share and to the trader's directional view on ODDS etf.

ODDS cash-secured put setup

The ODDS 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 ODDS at $25.81 on that close, the first option leg uses a $24.52 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ODDS chain at a 35-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 ODDS shares for the stock leg in covered calls and collars).

ActionTypeStrike / BasisPremium (est)
Sell 1Put$24.52N/A

ODDS cash-secured put risk and reward

Net Premium / Debit
N/A
Max Profit (per contract)
Unbounded
Max Loss (per contract)
Unbounded
Breakeven(s)
None on modeled curve
Risk / Reward Ratio
N/A

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

ODDS cash-secured put payoff curve

Modeled P&L at expiration across a range of underlying prices for the cash-secured put on ODDS. 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.

When traders use cash-secured put on ODDS

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

ODDS thesis for this cash-secured put

The market-implied 1-standard-deviation range for ODDS extends from approximately $23.60 on the downside to $28.02 on the upside. A ODDS cash-secured put lets a trader earn premium while waiting to acquire ODDS 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 ODDS IV rank near 14.24% 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 ODDS at 29.80%. As a Financial Services name, ODDS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ODDS-specific events.

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

Frequently asked questions

What is a cash-secured put on ODDS?
A cash-secured put on ODDS is the cash-secured put strategy applied to ODDS (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 ODDS etf at $25.81 on the most recent close, the strikes shown on this page are snapped to the nearest listed ODDS chain strike and the premiums come straight from that session's bid/ask midpoint.
How are ODDS 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 ODDS cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 29.80%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a ODDS cash-secured put?
The breakeven for the ODDS cash-secured put priced on this page is no defined breakeven on the modeled curve at expiration, derived from the 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 ODDS market-implied 1-standard-deviation expected move in the same options snapshot is approximately 8.54%; 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 ODDS?
Cash-secured puts on ODDS earn premium while a trader waits to acquire ODDS etf at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning ODDS.
How does current ODDS implied volatility affect this cash-secured put?
ODDS ATM IV is at 29.80% with IV rank near 14.24%, 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.

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