How are PBRG 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 PBRG cash-secured put priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 97.70%), the computed maximum profit is $230.00 per contract and the computed maximum loss is -$3,969.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

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

The breakeven for the PBRG cash-secured put priced on this page is roughly $39.70 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 PBRG market-implied 1-standard-deviation expected move in the same options snapshot is approximately 28.01%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

PBRG ATM IV is at 97.70% with IV rank near 16.39%, 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.

PBRG Cash-Secured Put Strategy

PBRG (Themes ETF Trust - Leverage Shares 2X Long PBR Daily ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.

PBRG is designed for making bullish bets on the stock price of Petroleo Brasileiro S.A., through swap agreements. The objective is to obtain daily leveraged exposure equivalent to 200% of the fund's net assets. To maintain this exposure, daily rebalancing is performed to make adjustments in response to PBR's daily price movements. As a geared product, the fund is intended as a short-term tactical tool, rather than as a long-term investment vehicle. As a result, returns may deviate from the expected 2x if held for longer than a single day due to compounding. This strategy is high-risk and does not include a defensive position as part of its overall process.

PBRG (Themes ETF Trust - Leverage Shares 2X Long PBR Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $1.2M, a beta of -2.58 versus the broader market, a 52-week range of 14.83-52.49, average daily share volume of 2K, a public-listing history dating back to 2025. These structural characteristics shape how PBRG etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of -2.58 indicates PBRG has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.

What is a cash-secured put on PBRG?

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.

PBRG snapshot

As of September 29, 2026, spot at $44.53, ATM IV 97.70%, IV rank 16.39%, expected move 28.01%. The cash-secured put on PBRG 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 PBRG specifically: PBRG IV at 97.70% is on the cheap side of its 1-year range, which means a premium-selling PBRG cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 28.01% (roughly $12.47 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 PBRG expiries trade a higher absolute premium for lower per-day decay. Position sizing on PBRG should anchor to the underlying notional of $44.53 per share and to the trader's directional view on PBRG etf.

PBRG cash-secured put setup

The PBRG 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 PBRG at $44.53 on that close, the first option leg uses a $42.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed PBRG 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 PBRG shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Put	$42.00	$2.30

PBRG cash-secured put risk and reward

Net Premium / Debit: +$230.00
Max Profit (per contract): $230.00
Max Loss (per contract): -$3,969.00
Breakeven(s): $39.70
Risk / Reward Ratio: 0.058

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

PBRG cash-secured put payoff curve

Modeled P&L at expiration across a range of underlying prices for the cash-secured put on PBRG. 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%	-$3,969.00
$9.85	-77.9%	-$2,984.53
$19.70	-55.8%	-$2,000.06
$29.54	-33.7%	-$1,015.58
$39.39	-11.5%	-$31.11
$49.23	+10.6%	+$230.00
$59.08	+32.7%	+$230.00
$68.92	+54.8%	+$230.00
$78.77	+76.9%	+$230.00
$88.61	+99.0%	+$230.00

When traders use cash-secured put on PBRG

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

PBRG thesis for this cash-secured put

The market-implied 1-standard-deviation range for PBRG extends from approximately $32.06 on the downside to $57.00 on the upside. A PBRG cash-secured put lets a trader earn premium while waiting to acquire PBRG 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 PBRG IV rank near 16.39% 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 PBRG at 97.70%. As a Financial Services name, PBRG options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to PBRG-specific events.

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

Frequently asked questions

What is a cash-secured put on PBRG?: A cash-secured put on PBRG is the cash-secured put strategy applied to PBRG (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 PBRG etf at $44.53 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed PBRG chain strike and the premiums come straight from that session's bid/ask midpoint.
How are PBRG 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 PBRG cash-secured put priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 97.70%), the computed maximum profit is $230.00 per contract and the computed maximum loss is -$3,969.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a PBRG cash-secured put?: The breakeven for the PBRG cash-secured put priced on this page is roughly $39.70 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 PBRG market-implied 1-standard-deviation expected move in the same options snapshot is approximately 28.01%; 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 PBRG?: Cash-secured puts on PBRG earn premium while a trader waits to acquire PBRG etf at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning PBRG.
How does current PBRG implied volatility affect this cash-secured put?: PBRG ATM IV is at 97.70% with IV rank near 16.39%, 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.