TQQY Cash-Secured Put Strategy
TQQY (GraniteShares YieldBOOST QQQ ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.
The Fund’s primary investment objective is to achieve 3 times (300%) the income generated from selling options on Nasdaq-100 Index. (NASDAQ QQQ) (the “Underlying Stock”) by selling options on leveraged exchange-traded funds designed to deliver 3 times (300%) the daily performance of the Underlying Stock (the “Underlying Leveraged ETF”). The Fund’s secondary investment objective is to gain exposure to the performance of the Underlying Leveraged ETF, subject to a cap on potential investment gains. A downside protection may be implemented which could affect the net income level.
TQQY (GraniteShares YieldBOOST QQQ ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $3.5M, a beta of 1.54 versus the broader market, a 52-week range of 12.496-19.83, average daily share volume of 32K, a public-listing history dating back to 2025. These structural characteristics shape how TQQY etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.54 indicates TQQY has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. TQQY 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 TQQY?
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 TQQY snapshot
As of May 15, 2026, spot at $13.82, ATM IV 58.60%, IV rank 13.55%, expected move 16.80%. The cash-secured put on TQQY 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 TQQY specifically: TQQY IV at 58.60% is on the cheap side of its 1-year range, which means a premium-selling TQQY cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 16.80% (roughly $2.32 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 TQQY expiries trade a higher absolute premium for lower per-day decay. Position sizing on TQQY should anchor to the underlying notional of $13.82 per share and to the trader's directional view on TQQY etf.
TQQY cash-secured put setup
The TQQY 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 TQQY near $13.82, 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 TQQY 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 TQQY shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $13.00 | $0.59 |
TQQY cash-secured put risk and reward
- Net Premium / Debit
- +$59.00
- Max Profit (per contract)
- $59.00
- Max Loss (per contract)
- -$1,240.00
- Breakeven(s)
- $12.41
- Risk / Reward Ratio
- 0.048
Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.
TQQY cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on TQQY. 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 | -99.9% | -$1,240.00 |
| $3.06 | -77.8% | -$934.54 |
| $6.12 | -55.7% | -$629.09 |
| $9.17 | -33.6% | -$323.63 |
| $12.23 | -11.5% | -$18.17 |
| $15.28 | +10.6% | +$59.00 |
| $18.34 | +32.7% | +$59.00 |
| $21.39 | +54.8% | +$59.00 |
| $24.45 | +76.9% | +$59.00 |
| $27.50 | +99.0% | +$59.00 |
When traders use cash-secured put on TQQY
Cash-secured puts on TQQY earn premium while a trader waits to acquire TQQY etf at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning TQQY.
TQQY thesis for this cash-secured put
The market-implied 1-standard-deviation range for TQQY extends from approximately $11.50 on the downside to $16.14 on the upside. A TQQY cash-secured put lets a trader earn premium while waiting to acquire TQQY 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 TQQY IV rank near 13.55% 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 TQQY at 58.60%. As a Financial Services name, TQQY options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to TQQY-specific events.
TQQY 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. TQQY positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move TQQY alongside the broader basket even when TQQY-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on TQQY carry tail risk when realized volatility exceeds the implied move; review historical TQQY earnings reactions and macro stress periods before sizing. Always rebuild the position from current TQQY chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on TQQY?
- A cash-secured put on TQQY is the cash-secured put strategy applied to TQQY (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 TQQY etf trading near $13.82, the strikes shown on this page are snapped to the nearest listed TQQY chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are TQQY 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 TQQY cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 58.60%), the computed maximum profit is $59.00 per contract and the computed maximum loss is -$1,240.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a TQQY cash-secured put?
- The breakeven for the TQQY cash-secured put priced on this page is roughly $12.41 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 TQQY market-implied 1-standard-deviation expected move is approximately 16.80%; 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 TQQY?
- Cash-secured puts on TQQY earn premium while a trader waits to acquire TQQY etf at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning TQQY.
- How does current TQQY implied volatility affect this cash-secured put?
- TQQY ATM IV is at 58.60% with IV rank near 13.55%, 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.