How are SIL 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 SIL cash-secured put priced from the September 30, 2026 end-of-day chain at a 30-day expiry (ATM IV 45.20%), the computed maximum profit is $142.50 per contract and the computed maximum loss is -$8,056.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

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

The breakeven for the SIL cash-secured put priced on this page is roughly $80.58 at expiration, derived from the September 30, 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 SIL market-implied 1-standard-deviation expected move in the same options snapshot is approximately 12.96%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

SIL ATM IV is at 45.20% with IV rank near 13.42%, 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.

SIL Cash-Secured Put Strategy

SIL (Global X - Silver Miners ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.

The Global X Silver Miners ETF (SIL) aims to deliver investment returns that broadly align with the overall financial performance of the Solactive Global Silver Miners Total Return Index. Its objective is to mirror the index's movements, encompassing both capital appreciation and income generation, prior to the deduction of any fund-related fees and operational expenses.

SIL (Global X - Silver Miners ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $4.91B, a beta of 1.06 versus the broader market, a 52-week range of 61.8-119.24, average daily share volume of 1.2M, a public-listing history dating back to 2010. These structural characteristics shape how SIL etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.06 places SIL roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. SIL 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 SIL?

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.

SIL snapshot

As of September 30, 2026, spot at $86.00, ATM IV 45.20%, IV rank 13.42%, expected move 12.96%. The cash-secured put on SIL below is built from the September 30, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 16-day expiry.

Why this cash-secured put structure on SIL specifically: SIL IV at 45.20% is on the cheap side of its 1-year range, which means a premium-selling SIL cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 12.96% (roughly $11.14 on the underlying). The 16-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated SIL expiries trade a higher absolute premium for lower per-day decay. Position sizing on SIL should anchor to the underlying notional of $86.00 per share and to the trader's directional view on SIL etf.

SIL cash-secured put setup

The SIL cash-secured put below is built from the September 30, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With SIL at $86.00 on that close, the first option leg uses a $82.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SIL chain at a 16-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 SIL shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Put	$82.00	$1.43

SIL cash-secured put risk and reward

Net Premium / Debit: +$142.50
Max Profit (per contract): $142.50
Max Loss (per contract): -$8,056.50
Breakeven(s): $80.58
Risk / Reward Ratio: 0.018

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

SIL cash-secured put payoff curve

Modeled P&L at expiration across a range of underlying prices for the cash-secured put on SIL. 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%	-$8,056.50
$19.02	-77.9%	-$6,155.10
$38.04	-55.8%	-$4,253.71
$57.05	-33.7%	-$2,352.31
$76.07	-11.6%	-$450.91
$95.08	+10.6%	+$142.50
$114.09	+32.7%	+$142.50
$133.11	+54.8%	+$142.50
$152.12	+76.9%	+$142.50
$171.14	+99.0%	+$142.50

When traders use cash-secured put on SIL

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

SIL thesis for this cash-secured put

The market-implied 1-standard-deviation range for SIL extends from approximately $74.86 on the downside to $97.14 on the upside. A SIL cash-secured put lets a trader earn premium while waiting to acquire SIL 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 SIL IV rank near 13.42% 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 SIL at 45.20%. As a Financial Services name, SIL options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SIL-specific events.

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

Frequently asked questions

What is a cash-secured put on SIL?: A cash-secured put on SIL is the cash-secured put strategy applied to SIL (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 SIL etf at $86.00 on the September 30, 2026 close, the strikes shown on this page are snapped to the nearest listed SIL chain strike and the premiums come straight from that session's bid/ask midpoint.
How are SIL 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 SIL cash-secured put priced from the September 30, 2026 end-of-day chain at a 30-day expiry (ATM IV 45.20%), the computed maximum profit is $142.50 per contract and the computed maximum loss is -$8,056.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a SIL cash-secured put?: The breakeven for the SIL cash-secured put priced on this page is roughly $80.58 at expiration, derived from the September 30, 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 SIL market-implied 1-standard-deviation expected move in the same options snapshot is approximately 12.96%; 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 SIL?: Cash-secured puts on SIL earn premium while a trader waits to acquire SIL etf at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning SIL.
How does current SIL implied volatility affect this cash-secured put?: SIL ATM IV is at 45.20% with IV rank near 13.42%, 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.