How are STXU 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 STXU cash-secured put priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 161.70%), the computed maximum profit is $372.50 per contract and the computed maximum loss is -$926.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

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

The breakeven for the STXU cash-secured put priced on this page is roughly $9.28 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 STXU market-implied 1-standard-deviation expected move in the same options snapshot is approximately 46.36%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

Current STXU ATM IV is 161.70%; IV rank context is unavailable in the current snapshot.

STXU Cash-Secured Put Strategy

STXU (Themes ETF Trust - Leverage Shares 2X Long STX Daily ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.

STXU is designedfor makingbullishbets on the stock price ofSeagate Technology Holdings plc (Nasdaq: STX), through swap agreements. Theobjectiveis to obtain daily leveraged exposure equivalent to 200% of the fund's net assets. Tomaintainthis exposure, daily rebalancing is performed tomake adjustmentsin response toSTX's daily price movements. As a geared product, the fund is intended as a short-term tactical tool, ratherthan asa long-term investment vehicle. As a result, returns may deviate from the expected 2x if held for longer than a single day due to compounding. This strategy is high-risk and does not include a defensive position as part of its overall process.

STXU (Themes ETF Trust - Leverage Shares 2X Long STX Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $5.8M, a beta of -3.14 versus the broader market, a 52-week range of 8.7-26.34, average daily share volume of 65K, a public-listing history dating back to 2026. These structural characteristics shape how STXU etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of -3.14 indicates STXU 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 STXU?

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.

STXU snapshot

As of September 29, 2026, spot at $13.50, ATM IV 161.70%, expected move 46.36%. The cash-secured put on STXU 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 80-day expiry.

Why this cash-secured put structure on STXU specifically: IV rank is unavailable in the current snapshot, so regime-based timing for STXU is inferred from ATM IV at 161.70% alone, with a market-implied 1-standard-deviation move of approximately 46.36% (roughly $6.26 on the underlying). The 80-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated STXU expiries trade a higher absolute premium for lower per-day decay. Position sizing on STXU should anchor to the underlying notional of $13.50 per share and to the trader's directional view on STXU etf.

STXU cash-secured put setup

The STXU 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 STXU at $13.50 on that close, the first option leg uses a $13.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed STXU chain at a 80-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 STXU shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Put	$13.00	$3.73

STXU cash-secured put risk and reward

Net Premium / Debit: +$372.50
Max Profit (per contract): $372.50
Max Loss (per contract): -$926.50
Breakeven(s): $9.28
Risk / Reward Ratio: 0.402

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

STXU cash-secured put payoff curve

Modeled P&L at expiration across a range of underlying prices for the cash-secured put on STXU. 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%	-$926.50
$2.99	-77.8%	-$628.12
$5.98	-55.7%	-$329.74
$8.96	-33.6%	-$31.35
$11.95	-11.5%	+$267.03
$14.93	+10.6%	+$372.50
$17.91	+32.7%	+$372.50
$20.90	+54.8%	+$372.50
$23.88	+76.9%	+$372.50
$26.86	+99.0%	+$372.50

When traders use cash-secured put on STXU

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

STXU thesis for this cash-secured put

The market-implied 1-standard-deviation range for STXU extends from approximately $7.24 on the downside to $19.76 on the upside. A STXU cash-secured put lets a trader earn premium while waiting to acquire STXU 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, STXU options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to STXU-specific events.

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

Frequently asked questions

What is a cash-secured put on STXU?: A cash-secured put on STXU is the cash-secured put strategy applied to STXU (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 STXU etf at $13.50 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed STXU chain strike and the premiums come straight from that session's bid/ask midpoint.
How are STXU 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 STXU cash-secured put priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 161.70%), the computed maximum profit is $372.50 per contract and the computed maximum loss is -$926.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a STXU cash-secured put?: The breakeven for the STXU cash-secured put priced on this page is roughly $9.28 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 STXU market-implied 1-standard-deviation expected move in the same options snapshot is approximately 46.36%; 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 STXU?: Cash-secured puts on STXU earn premium while a trader waits to acquire STXU etf at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning STXU.
How does current STXU implied volatility affect this cash-secured put?: Current STXU ATM IV is 161.70%; IV rank context is unavailable in the current snapshot.