How are RCLY 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 RCLY cash-secured put priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 26.30%), the computed maximum profit is $46.00 per contract and the computed maximum loss is -$9,753.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

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

The breakeven for the RCLY cash-secured put priced on this page is roughly $97.54 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 RCLY market-implied 1-standard-deviation expected move in the same options snapshot is approximately 7.54%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

Current RCLY ATM IV is 26.30%; IV rank context is unavailable in the current snapshot.

RCLY Cash-Secured Put Strategy

RCLY (Reckoner BBB-B CLO Annual ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.

RCLY is a feeder fund that provides leveraged exposure to CLO tranches rated as BBB+ to B- by investing exclusively in its master fund, the Reckoner BBB-B CLO ETF (RCLO). The underlying ETF, RCLO, primarily focuses on floating-rate CLOs within its target rating range but may invest up to 70% in CLOs rated BB+ or lower, and up to 10% in CLOs rated above BBB+. Investments could be of any maturity, purchased from both primary and secondary markets. It applies a bottom-up approach to select investments by reviewing documentation on an issuers management, individual CLO structure and collateral, ability to meet obligations, cash flow, and trading frequency. RCLY makes a single annual dividend payment, offering tax efficiency, compounding potential, and the opportunity to maximize long-term total return.

RCLY (Reckoner BBB-B CLO Annual ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $13.0M, a beta of 0.09 versus the broader market, a 52-week range of 96.37-103.662, average daily share volume of 0K, a public-listing history dating back to 2026, approximately 320 full-time employees. These structural characteristics shape how RCLY etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.09 indicates RCLY 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 RCLY?

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.

RCLY snapshot

As of September 29, 2026, spot at $103.61, ATM IV 26.30%, expected move 7.54%. The cash-secured put on RCLY 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 RCLY specifically: IV rank is unavailable in the current snapshot, so regime-based timing for RCLY is inferred from ATM IV at 26.30% alone, with a market-implied 1-standard-deviation move of approximately 7.54% (roughly $7.81 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 RCLY expiries trade a higher absolute premium for lower per-day decay. Position sizing on RCLY should anchor to the underlying notional of $103.61 per share and to the trader's directional view on RCLY etf.

RCLY cash-secured put setup

The RCLY 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 RCLY at $103.61 on that close, the first option leg uses a $98.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed RCLY 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 RCLY shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Put	$98.00	$0.46

RCLY cash-secured put risk and reward

Net Premium / Debit: +$46.00
Max Profit (per contract): $46.00
Max Loss (per contract): -$9,753.00
Breakeven(s): $97.54
Risk / Reward Ratio: 0.005

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

RCLY cash-secured put payoff curve

Modeled P&L at expiration across a range of underlying prices for the cash-secured put on RCLY. 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%	-$9,753.00
$22.92	-77.9%	-$7,462.24
$45.83	-55.8%	-$5,171.47
$68.73	-33.7%	-$2,880.71
$91.64	-11.6%	-$589.94
$114.55	+10.6%	+$46.00
$137.46	+32.7%	+$46.00
$160.36	+54.8%	+$46.00
$183.27	+76.9%	+$46.00
$206.18	+99.0%	+$46.00

When traders use cash-secured put on RCLY

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

RCLY thesis for this cash-secured put

The market-implied 1-standard-deviation range for RCLY extends from approximately $95.80 on the downside to $111.42 on the upside. A RCLY cash-secured put lets a trader earn premium while waiting to acquire RCLY 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. As a Financial Services name, RCLY options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to RCLY-specific events.

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

Frequently asked questions

What is a cash-secured put on RCLY?: A cash-secured put on RCLY is the cash-secured put strategy applied to RCLY (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 RCLY etf at $103.61 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed RCLY chain strike and the premiums come straight from that session's bid/ask midpoint.
How are RCLY 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 RCLY cash-secured put priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 26.30%), the computed maximum profit is $46.00 per contract and the computed maximum loss is -$9,753.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a RCLY cash-secured put?: The breakeven for the RCLY cash-secured put priced on this page is roughly $97.54 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 RCLY market-implied 1-standard-deviation expected move in the same options snapshot is approximately 7.54%; 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 RCLY?: Cash-secured puts on RCLY earn premium while a trader waits to acquire RCLY etf at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning RCLY.
How does current RCLY implied volatility affect this cash-secured put?: Current RCLY ATM IV is 26.30%; IV rank context is unavailable in the current snapshot.