How are SNDU 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 SNDU cash-secured put priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 139.60%), the computed maximum profit is $225.00 per contract and the computed maximum loss is -$2,174.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

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

The breakeven for the SNDU cash-secured put priced on this page is roughly $21.75 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 SNDU market-implied 1-standard-deviation expected move in the same options snapshot is approximately 40.02%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

SNDU ATM IV is at 139.60% with IV rank near 4.94%, 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.

SNDU Cash-Secured Put Strategy

SNDU (T-REX 2X Long SNDK Daily Target ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.

The fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in financial instruments that are designed to provide, in the aggregate, 200% exposure to the price performance of SNDK on a daily basis. The fund may also seek to achieve its investment objective by purchasing call options on SNDK or by investing directly in the common stock of SNDK. The fund is non-diversified.

SNDU (T-REX 2X Long SNDK Daily Target ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $264.5M, a beta of 17.10 versus the broader market, a 52-week range of 5.72-79, average daily share volume of 7.0M, a public-listing history dating back to 2026. These structural characteristics shape how SNDU etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 17.10 indicates SNDU has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.

What is a cash-secured put on SNDU?

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.

SNDU snapshot

As of September 29, 2026, spot at $25.38, ATM IV 139.60%, IV rank 4.94%, expected move 40.02%. The cash-secured put on SNDU 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 SNDU specifically: SNDU IV at 139.60% is on the cheap side of its 1-year range, which means a premium-selling SNDU cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 40.02% (roughly $10.16 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 SNDU expiries trade a higher absolute premium for lower per-day decay. Position sizing on SNDU should anchor to the underlying notional of $25.38 per share and to the trader's directional view on SNDU etf.

SNDU cash-secured put setup

The SNDU 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 SNDU at $25.38 on that close, the first option leg uses a $24.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SNDU 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 SNDU shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Put	$24.00	$2.25

SNDU cash-secured put risk and reward

Net Premium / Debit: +$225.00
Max Profit (per contract): $225.00
Max Loss (per contract): -$2,174.00
Breakeven(s): $21.75
Risk / Reward Ratio: 0.103

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

SNDU cash-secured put payoff curve

Modeled P&L at expiration across a range of underlying prices for the cash-secured put on SNDU. 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%	-$2,174.00
$5.62	-77.9%	-$1,612.94
$11.23	-55.7%	-$1,051.89
$16.84	-33.6%	-$490.83
$22.45	-11.5%	+$70.22
$28.06	+10.6%	+$225.00
$33.67	+32.7%	+$225.00
$39.28	+54.8%	+$225.00
$44.89	+76.9%	+$225.00
$50.50	+99.0%	+$225.00

When traders use cash-secured put on SNDU

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

SNDU thesis for this cash-secured put

The market-implied 1-standard-deviation range for SNDU extends from approximately $15.22 on the downside to $35.54 on the upside. A SNDU cash-secured put lets a trader earn premium while waiting to acquire SNDU 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 SNDU IV rank near 4.94% 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 SNDU at 139.60%. As a Financial Services name, SNDU options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SNDU-specific events.

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

Frequently asked questions

What is a cash-secured put on SNDU?: A cash-secured put on SNDU is the cash-secured put strategy applied to SNDU (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 SNDU etf at $25.38 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed SNDU chain strike and the premiums come straight from that session's bid/ask midpoint.
How are SNDU 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 SNDU cash-secured put priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 139.60%), the computed maximum profit is $225.00 per contract and the computed maximum loss is -$2,174.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a SNDU cash-secured put?: The breakeven for the SNDU cash-secured put priced on this page is roughly $21.75 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 SNDU market-implied 1-standard-deviation expected move in the same options snapshot is approximately 40.02%; 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 SNDU?: Cash-secured puts on SNDU earn premium while a trader waits to acquire SNDU etf at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning SNDU.
How does current SNDU implied volatility affect this cash-secured put?: SNDU ATM IV is at 139.60% with IV rank near 4.94%, 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.