OZEM Cash-Secured Put Strategy
OZEM (Roundhill Investments - GLP-1 & Weight Loss ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.
Roundhill believes that weight loss drugs, including GLP-1 agonists, represent one of the most revolutionary advancements in the global pharmaceuticals industry. The Roundhill GLP-1 & Weight Loss ETF (“OZEM”) is the world’s first GLP-1 ETF. OZEM is an actively-managed ETF.
OZEM (Roundhill Investments - GLP-1 & Weight Loss ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $40.9M, a beta of 0.44 versus the broader market, a 52-week range of 23.09-37.15, average daily share volume of 21K, a public-listing history dating back to 2024. These structural characteristics shape how OZEM etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.44 indicates OZEM has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. OZEM 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 OZEM?
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 OZEM snapshot
As of May 15, 2026, spot at $30.97, ATM IV 26.40%, IV rank 1.97%, expected move 7.57%. The cash-secured put on OZEM 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 OZEM specifically: OZEM IV at 26.40% is on the cheap side of its 1-year range, which means a premium-selling OZEM cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 7.57% (roughly $2.34 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 OZEM expiries trade a higher absolute premium for lower per-day decay. Position sizing on OZEM should anchor to the underlying notional of $30.97 per share and to the trader's directional view on OZEM etf.
OZEM cash-secured put setup
The OZEM 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 OZEM near $30.97, the first option leg uses a $29.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed OZEM 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 OZEM shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $29.00 | $0.22 |
OZEM cash-secured put risk and reward
- Net Premium / Debit
- +$22.00
- Max Profit (per contract)
- $22.00
- Max Loss (per contract)
- -$2,877.00
- Breakeven(s)
- $28.78
- Risk / Reward Ratio
- 0.008
Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.
OZEM cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on OZEM. 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 | -100.0% | -$2,877.00 |
| $6.86 | -77.9% | -$2,192.35 |
| $13.70 | -55.8% | -$1,507.69 |
| $20.55 | -33.6% | -$823.04 |
| $27.40 | -11.5% | -$138.39 |
| $34.24 | +10.6% | +$22.00 |
| $41.09 | +32.7% | +$22.00 |
| $47.94 | +54.8% | +$22.00 |
| $54.78 | +76.9% | +$22.00 |
| $61.63 | +99.0% | +$22.00 |
When traders use cash-secured put on OZEM
Cash-secured puts on OZEM earn premium while a trader waits to acquire OZEM etf at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning OZEM.
OZEM thesis for this cash-secured put
The market-implied 1-standard-deviation range for OZEM extends from approximately $28.63 on the downside to $33.31 on the upside. A OZEM cash-secured put lets a trader earn premium while waiting to acquire OZEM 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 OZEM IV rank near 1.97% 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 OZEM at 26.40%. As a Financial Services name, OZEM options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to OZEM-specific events.
OZEM 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. OZEM positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move OZEM alongside the broader basket even when OZEM-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on OZEM carry tail risk when realized volatility exceeds the implied move; review historical OZEM earnings reactions and macro stress periods before sizing. Always rebuild the position from current OZEM chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on OZEM?
- A cash-secured put on OZEM is the cash-secured put strategy applied to OZEM (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 OZEM etf trading near $30.97, the strikes shown on this page are snapped to the nearest listed OZEM chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are OZEM 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 OZEM cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 26.40%), the computed maximum profit is $22.00 per contract and the computed maximum loss is -$2,877.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a OZEM cash-secured put?
- The breakeven for the OZEM cash-secured put priced on this page is roughly $28.78 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 OZEM market-implied 1-standard-deviation expected move is approximately 7.57%; 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 OZEM?
- Cash-secured puts on OZEM earn premium while a trader waits to acquire OZEM etf at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning OZEM.
- How does current OZEM implied volatility affect this cash-secured put?
- OZEM ATM IV is at 26.40% with IV rank near 1.97%, 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.