How are PICK 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 PICK cash-secured put priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 34.90%), the computed maximum profit is $172.50 per contract and the computed maximum loss is -$5,726.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

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

The breakeven for the PICK cash-secured put priced on this page is roughly $57.28 at expiration, derived from the August 14, 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 PICK market-implied 1-standard-deviation expected move in the same options snapshot is approximately 10.01%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

PICK ATM IV is at 34.90% with IV rank near 47.94%, 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.

PICK Cash-Secured Put Strategy

PICK (iShares MSCI Global Metals & Mining Producers ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.

iShares, Inc. - iShares MSCI Global Metals & Mining Producers ETF is an exchange traded fund launched by BlackRock, Inc. The fund is managed by BlackRock Fund Advisors. It invests in public equity markets of global region. The fund invests in stocks of companies operating across materials, metals and mining, aluminum, diversified metals and mining, precious metals and minerals, steel sectors. It invests in growth and value stocks of companies across diversified market capitalization. It seeks to track the performance of the MSCI ACWI Select Metals & Mining Producers ex Gold and Silver Investable Market Index, by using representative sampling technique. iShares, Inc. - iShares MSCI Global Metals & Mining Producers ETF was formed on January 31, 2012 and is domiciled in the United States.

PICK (iShares MSCI Global Metals & Mining Producers ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $2.36B, a beta of 1.17 versus the broader market, a 52-week range of 39.61-69.02, average daily share volume of 737K, a public-listing history dating back to 2012. These structural characteristics shape how PICK etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.17 places PICK roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. PICK 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 PICK?

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.

PICK snapshot

As of August 14, 2026, spot at $61.97, ATM IV 34.90%, IV rank 47.94%, expected move 10.01%. The cash-secured put on PICK below is built from the August 14, 2026 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 PICK specifically: PICK IV at 34.90% is mid-range versus its 1-year history, so the credit collected on a PICK cash-secured put sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 10.01% (roughly $6.20 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 PICK expiries trade a higher absolute premium for lower per-day decay. Position sizing on PICK should anchor to the underlying notional of $61.97 per share and to the trader's directional view on PICK etf.

PICK cash-secured put setup

The PICK cash-secured put below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With PICK at $61.97 on that close, the first option leg uses a $59.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed PICK 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 PICK shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Put	$59.00	$1.73

PICK cash-secured put risk and reward

Net Premium / Debit: +$172.50
Max Profit (per contract): $172.50
Max Loss (per contract): -$5,726.50
Breakeven(s): $57.28
Risk / Reward Ratio: 0.030

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

PICK cash-secured put payoff curve

Modeled P&L at expiration across a range of underlying prices for the cash-secured put on PICK. 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%	-$5,726.50
$13.71	-77.9%	-$4,356.42
$27.41	-55.8%	-$2,986.34
$41.11	-33.7%	-$1,616.26
$54.81	-11.5%	-$246.18
$68.51	+10.6%	+$172.50
$82.21	+32.7%	+$172.50
$95.92	+54.8%	+$172.50
$109.62	+76.9%	+$172.50
$123.32	+99.0%	+$172.50

When traders use cash-secured put on PICK

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

PICK thesis for this cash-secured put

The market-implied 1-standard-deviation range for PICK extends from approximately $55.77 on the downside to $68.17 on the upside. A PICK cash-secured put lets a trader earn premium while waiting to acquire PICK 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 PICK IV rank near 47.94% is mid-range against its 1-year distribution, so the IV signal is neutral; the cash-secured put thesis on PICK should anchor more to the directional view and the expected-move geometry. As a Financial Services name, PICK options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to PICK-specific events.

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

Frequently asked questions

What is a cash-secured put on PICK?: A cash-secured put on PICK is the cash-secured put strategy applied to PICK (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 PICK etf at $61.97 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed PICK chain strike and the premiums come straight from that session's bid/ask midpoint.
How are PICK 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 PICK cash-secured put priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 34.90%), the computed maximum profit is $172.50 per contract and the computed maximum loss is -$5,726.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a PICK cash-secured put?: The breakeven for the PICK cash-secured put priced on this page is roughly $57.28 at expiration, derived from the August 14, 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 PICK market-implied 1-standard-deviation expected move in the same options snapshot is approximately 10.01%; 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 PICK?: Cash-secured puts on PICK earn premium while a trader waits to acquire PICK etf at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning PICK.
How does current PICK implied volatility affect this cash-secured put?: PICK ATM IV is at 34.90% with IV rank near 47.94%, 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.