TSLZ Cash-Secured Put Strategy
TSLZ (T-REX 2X Inverse 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% inverse (opposite) daily exposure to TSLA equal to at least 80% of the fund’s net assets. 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 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.
TSLZ (T-REX 2X Inverse Tesla Daily Target ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $68.8M, a beta of -1.99 versus the broader market, a 52-week range of 9.735-45.8, average daily share volume of 6.3M, a public-listing history dating back to 2023. These structural characteristics shape how TSLZ etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of -1.99 indicates TSLZ has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. TSLZ 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 TSLZ?
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 TSLZ snapshot
As of May 15, 2026, spot at $11.36, ATM IV 94.00%, IV rank 12.46%, expected move 26.95%. The cash-secured put on TSLZ 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 TSLZ specifically: TSLZ IV at 94.00% is on the cheap side of its 1-year range, which means a premium-selling TSLZ cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 26.95% (roughly $3.06 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 TSLZ expiries trade a higher absolute premium for lower per-day decay. Position sizing on TSLZ should anchor to the underlying notional of $11.36 per share and to the trader's directional view on TSLZ etf.
TSLZ cash-secured put setup
The TSLZ 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 TSLZ near $11.36, the first option leg uses a $11.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed TSLZ 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 TSLZ shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $11.00 | $1.20 |
TSLZ cash-secured put risk and reward
- Net Premium / Debit
- +$120.00
- Max Profit (per contract)
- $120.00
- Max Loss (per contract)
- -$979.00
- Breakeven(s)
- $9.80
- Risk / Reward Ratio
- 0.123
Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.
TSLZ cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on TSLZ. 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% | -$979.00 |
| $2.52 | -77.8% | -$727.93 |
| $5.03 | -55.7% | -$476.87 |
| $7.54 | -33.6% | -$225.80 |
| $10.05 | -11.5% | +$25.26 |
| $12.56 | +10.6% | +$120.00 |
| $15.07 | +32.7% | +$120.00 |
| $17.58 | +54.8% | +$120.00 |
| $20.10 | +76.9% | +$120.00 |
| $22.61 | +99.0% | +$120.00 |
When traders use cash-secured put on TSLZ
Cash-secured puts on TSLZ earn premium while a trader waits to acquire TSLZ etf at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning TSLZ.
TSLZ thesis for this cash-secured put
The market-implied 1-standard-deviation range for TSLZ extends from approximately $8.30 on the downside to $14.42 on the upside. A TSLZ cash-secured put lets a trader earn premium while waiting to acquire TSLZ 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 TSLZ IV rank near 12.46% 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 TSLZ at 94.00%. As a Financial Services name, TSLZ options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to TSLZ-specific events.
TSLZ 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. TSLZ positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move TSLZ alongside the broader basket even when TSLZ-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on TSLZ carry tail risk when realized volatility exceeds the implied move; review historical TSLZ earnings reactions and macro stress periods before sizing. Always rebuild the position from current TSLZ chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on TSLZ?
- A cash-secured put on TSLZ is the cash-secured put strategy applied to TSLZ (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 TSLZ etf trading near $11.36, the strikes shown on this page are snapped to the nearest listed TSLZ chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are TSLZ 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 TSLZ cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 94.00%), the computed maximum profit is $120.00 per contract and the computed maximum loss is -$979.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a TSLZ cash-secured put?
- The breakeven for the TSLZ cash-secured put priced on this page is roughly $9.80 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 TSLZ market-implied 1-standard-deviation expected move is approximately 26.95%; 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 TSLZ?
- Cash-secured puts on TSLZ earn premium while a trader waits to acquire TSLZ etf at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning TSLZ.
- How does current TSLZ implied volatility affect this cash-secured put?
- TSLZ ATM IV is at 94.00% with IV rank near 12.46%, 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.