How are REW 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 REW cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 92.00%), the computed maximum profit is $105.00 per contract and the computed maximum loss is -$994.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

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

The breakeven for the REW cash-secured put priced on this page is roughly $9.95 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 REW market-implied 1-standard-deviation expected move is approximately 26.38%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

REW ATM IV is at 92.00% with IV rank near 14.95%, 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.

REW Cash-Secured Put Strategy

REW (ProShares - UltraShort Technology), in the Financial Services sector, (Asset Management - Leveraged industry), listed on AMEX.

This ProShares UltraShort Technology fund endeavors to achieve daily investment outcomes that inversely track, at a two-to-one (2x) ratio, the day-to-day fluctuations of the S&P Technology Select Sector Index. This objective is stated before accounting for any associated fees and operating expenses.

REW (ProShares - UltraShort Technology) trades in the Financial Services sector, specifically Asset Management - Leveraged, with a market capitalization of approximately $4.1M, a beta of -2.54 versus the broader market, a 52-week range of 11.03-30.36, average daily share volume of 31K, a public-listing history dating back to 2007. These structural characteristics shape how REW etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of -2.54 indicates REW has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. REW 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 REW?

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 REW snapshot

As of June 29, 2026, spot at $12.00, ATM IV 92.00%, IV rank 14.95%, expected move 26.38%. The cash-secured put on REW 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 53-day expiry.

Why this cash-secured put structure on REW specifically: REW IV at 92.00% is on the cheap side of its 1-year range, which means a premium-selling REW cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 26.38% (roughly $3.17 on the underlying). The 53-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated REW expiries trade a higher absolute premium for lower per-day decay. Position sizing on REW should anchor to the underlying notional of $12.00 per share and to the trader's directional view on REW etf.

REW cash-secured put setup

The REW 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 REW near $12.00, the first option leg uses a $11.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed REW chain at a 53-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 REW shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Put	$11.00	$1.05

REW cash-secured put risk and reward

Net Premium / Debit: +$105.00
Max Profit (per contract): $105.00
Max Loss (per contract): -$994.00
Breakeven(s): $9.95
Risk / Reward Ratio: 0.106

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

REW cash-secured put payoff curve

Modeled P&L at expiration across a range of underlying prices for the cash-secured put on REW. 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	-99.9%	-$994.00
$2.66	-77.8%	-$728.78
$5.31	-55.7%	-$463.57
$7.97	-33.6%	-$198.35
$10.62	-11.5%	+$66.86
$13.27	+10.6%	+$105.00
$15.92	+32.7%	+$105.00
$18.58	+54.8%	+$105.00
$21.23	+76.9%	+$105.00
$23.88	+99.0%	+$105.00

When traders use cash-secured put on REW

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

REW thesis for this cash-secured put

The market-implied 1-standard-deviation range for REW extends from approximately $8.83 on the downside to $15.17 on the upside. A REW cash-secured put lets a trader earn premium while waiting to acquire REW 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 REW IV rank near 14.95% 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 REW at 92.00%. As a Financial Services name, REW options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to REW-specific events.

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

Frequently asked questions

What is a cash-secured put on REW?: A cash-secured put on REW is the cash-secured put strategy applied to REW (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 REW etf trading near $12.00, the strikes shown on this page are snapped to the nearest listed REW chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are REW 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 REW cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 92.00%), the computed maximum profit is $105.00 per contract and the computed maximum loss is -$994.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a REW cash-secured put?: The breakeven for the REW cash-secured put priced on this page is roughly $9.95 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 REW market-implied 1-standard-deviation expected move is approximately 26.38%; 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 REW?: Cash-secured puts on REW earn premium while a trader waits to acquire REW etf at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning REW.
How does current REW implied volatility affect this cash-secured put?: REW ATM IV is at 92.00% with IV rank near 14.95%, 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.