RUNN Cash-Secured Put Strategy
RUNN (Running Oak Efficient Growth ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.
RUNN is an actively managed investment strategy with a goal of long-term growth of capital.
RUNN (Running Oak Efficient Growth ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $361.5M, a beta of 0.76 versus the broader market, a 52-week range of 31.45-35.19, average daily share volume of 44K, a public-listing history dating back to 2023. These structural characteristics shape how RUNN etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.76 places RUNN roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. RUNN 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 RUNN?
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 RUNN snapshot
As of May 15, 2026, spot at $32.25, ATM IV 39.00%, IV rank 21.57%, expected move 11.18%. The cash-secured put on RUNN 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 RUNN specifically: RUNN IV at 39.00% is on the cheap side of its 1-year range, which means a premium-selling RUNN cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 11.18% (roughly $3.61 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 RUNN expiries trade a higher absolute premium for lower per-day decay. Position sizing on RUNN should anchor to the underlying notional of $32.25 per share and to the trader's directional view on RUNN etf.
RUNN cash-secured put setup
The RUNN 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 RUNN near $32.25, the first option leg uses a $31.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed RUNN 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 RUNN shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $31.00 | $1.20 |
RUNN cash-secured put risk and reward
- Net Premium / Debit
- +$120.00
- Max Profit (per contract)
- $120.00
- Max Loss (per contract)
- -$2,979.00
- Breakeven(s)
- $29.80
- Risk / Reward Ratio
- 0.040
Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.
RUNN cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on RUNN. 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% | -$2,979.00 |
| $7.14 | -77.9% | -$2,266.05 |
| $14.27 | -55.8% | -$1,553.09 |
| $21.40 | -33.6% | -$840.14 |
| $28.53 | -11.5% | -$127.18 |
| $35.66 | +10.6% | +$120.00 |
| $42.79 | +32.7% | +$120.00 |
| $49.92 | +54.8% | +$120.00 |
| $57.05 | +76.9% | +$120.00 |
| $64.18 | +99.0% | +$120.00 |
When traders use cash-secured put on RUNN
Cash-secured puts on RUNN earn premium while a trader waits to acquire RUNN etf at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning RUNN.
RUNN thesis for this cash-secured put
The market-implied 1-standard-deviation range for RUNN extends from approximately $28.64 on the downside to $35.86 on the upside. A RUNN cash-secured put lets a trader earn premium while waiting to acquire RUNN 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 RUNN IV rank near 21.57% 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 RUNN at 39.00%. As a Financial Services name, RUNN options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to RUNN-specific events.
RUNN 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. RUNN positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move RUNN alongside the broader basket even when RUNN-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on RUNN carry tail risk when realized volatility exceeds the implied move; review historical RUNN earnings reactions and macro stress periods before sizing. Always rebuild the position from current RUNN chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on RUNN?
- A cash-secured put on RUNN is the cash-secured put strategy applied to RUNN (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 RUNN etf trading near $32.25, the strikes shown on this page are snapped to the nearest listed RUNN chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are RUNN 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 RUNN cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 39.00%), the computed maximum profit is $120.00 per contract and the computed maximum loss is -$2,979.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a RUNN cash-secured put?
- The breakeven for the RUNN cash-secured put priced on this page is roughly $29.80 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 RUNN market-implied 1-standard-deviation expected move is approximately 11.18%; 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 RUNN?
- Cash-secured puts on RUNN earn premium while a trader waits to acquire RUNN etf at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning RUNN.
- How does current RUNN implied volatility affect this cash-secured put?
- RUNN ATM IV is at 39.00% with IV rank near 21.57%, 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.