TSLT Cash-Secured Put Strategy
TSLT (T-REX 2X Long Tesla Daily Target ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.
The fund, under normal circumstances, invests in swap agreements that provide 200% daily exposure to TSLA equal to at least 80% of its net assets (plus any borrowings for investment purposes). The fund will enter into one or more swap agreements with major global financial institutions whereby the fund and the global financial institution will agree to exchange the return earned on an investment by The fund invests in TSLA that is equal, on a daily basis, to 200% of the value of the fund’s net assets. The fund is non-diversified.
TSLT (T-REX 2X Long Tesla Daily Target ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $229.5M, a beta of 3.26 versus the broader market, a 52-week range of 12.06-33.03, average daily share volume of 3.4M, a public-listing history dating back to 2023. These structural characteristics shape how TSLT etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 3.26 indicates TSLT 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 TSLT?
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 TSLT snapshot
As of May 15, 2026, spot at $21.20, ATM IV 89.80%, IV rank 17.98%, expected move 25.74%. The cash-secured put on TSLT 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 TSLT specifically: TSLT IV at 89.80% is on the cheap side of its 1-year range, which means a premium-selling TSLT cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 25.74% (roughly $5.46 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 TSLT expiries trade a higher absolute premium for lower per-day decay. Position sizing on TSLT should anchor to the underlying notional of $21.20 per share and to the trader's directional view on TSLT etf.
TSLT cash-secured put setup
The TSLT 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 TSLT near $21.20, the first option leg uses a $20.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed TSLT 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 TSLT shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $20.00 | $1.53 |
TSLT cash-secured put risk and reward
- Net Premium / Debit
- +$152.50
- Max Profit (per contract)
- $152.50
- Max Loss (per contract)
- -$1,846.50
- Breakeven(s)
- $18.48
- Risk / Reward Ratio
- 0.083
Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.
TSLT cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on TSLT. 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% | -$1,846.50 |
| $4.70 | -77.8% | -$1,377.87 |
| $9.38 | -55.7% | -$909.23 |
| $14.07 | -33.6% | -$440.60 |
| $18.76 | -11.5% | +$28.03 |
| $23.44 | +10.6% | +$152.50 |
| $28.13 | +32.7% | +$152.50 |
| $32.81 | +54.8% | +$152.50 |
| $37.50 | +76.9% | +$152.50 |
| $42.19 | +99.0% | +$152.50 |
When traders use cash-secured put on TSLT
Cash-secured puts on TSLT earn premium while a trader waits to acquire TSLT etf at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning TSLT.
TSLT thesis for this cash-secured put
The market-implied 1-standard-deviation range for TSLT extends from approximately $15.74 on the downside to $26.66 on the upside. A TSLT cash-secured put lets a trader earn premium while waiting to acquire TSLT 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 TSLT IV rank near 17.98% 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 TSLT at 89.80%. As a Financial Services name, TSLT options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to TSLT-specific events.
TSLT 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. TSLT positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move TSLT alongside the broader basket even when TSLT-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on TSLT carry tail risk when realized volatility exceeds the implied move; review historical TSLT earnings reactions and macro stress periods before sizing. Always rebuild the position from current TSLT chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on TSLT?
- A cash-secured put on TSLT is the cash-secured put strategy applied to TSLT (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 TSLT etf trading near $21.20, the strikes shown on this page are snapped to the nearest listed TSLT chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are TSLT 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 TSLT cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 89.80%), the computed maximum profit is $152.50 per contract and the computed maximum loss is -$1,846.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a TSLT cash-secured put?
- The breakeven for the TSLT cash-secured put priced on this page is roughly $18.48 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 TSLT market-implied 1-standard-deviation expected move is approximately 25.74%; 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 TSLT?
- Cash-secured puts on TSLT earn premium while a trader waits to acquire TSLT etf at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning TSLT.
- How does current TSLT implied volatility affect this cash-secured put?
- TSLT ATM IV is at 89.80% with IV rank near 17.98%, 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.