How are TSYY 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 TSYY cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 26.40%), the computed maximum profit is $615.00 per contract and the computed maximum loss is -$1,584.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

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

The breakeven for the TSYY cash-secured put priced on this page is roughly $15.85 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 TSYY market-implied 1-standard-deviation expected move is approximately 7.57%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

TSYY ATM IV is at 26.40% with IV rank near 3.75%, 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.

TSYY Cash-Secured Put Strategy

TSYY (GraniteShares YieldBOOST TSLA ETF), in the Financial Services sector, (Asset Management - Leveraged industry), listed on NASDAQ.

The Fund's primary aim is to double (200%) the income earned from writing options on Tesla Inc. (TSLA). This is achieved by selling options on leveraged exchange-traded funds (ETFs) that are designed to deliver two times the daily performance of TSLA. A secondary goal is to capture the performance of these underlying leveraged ETFs, though any potential investment gains are capped. Furthermore, the fund has the option to implement downside protection measures, which might affect the overall net income generated.

TSYY (GraniteShares YieldBOOST TSLA ETF) trades in the Financial Services sector, specifically Asset Management - Leveraged, with a market capitalization of approximately $78.8M, a beta of 1.50 versus the broader market, a 52-week range of 20.28-82.96, average daily share volume of 104K, a public-listing history dating back to 2024. These structural characteristics shape how TSYY etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.50 indicates TSYY has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. TSYY 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 TSYY?

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 TSYY snapshot

As of June 29, 2026, spot at $23.27, ATM IV 26.40%, IV rank 3.75%, expected move 7.57%. The cash-secured put on TSYY 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 235-day expiry.

Why this cash-secured put structure on TSYY specifically: TSYY IV at 26.40% is on the cheap side of its 1-year range, which means a premium-selling TSYY cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 7.57% (roughly $1.76 on the underlying). The 235-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated TSYY expiries trade a higher absolute premium for lower per-day decay. Position sizing on TSYY should anchor to the underlying notional of $23.27 per share and to the trader's directional view on TSYY etf.

TSYY cash-secured put setup

The TSYY 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 TSYY near $23.27, the first option leg uses a $22.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed TSYY chain at a 235-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 TSYY shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Put	$22.00	$6.15

TSYY cash-secured put risk and reward

Net Premium / Debit: +$615.00
Max Profit (per contract): $615.00
Max Loss (per contract): -$1,584.00
Breakeven(s): $15.85
Risk / Reward Ratio: 0.388

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

TSYY cash-secured put payoff curve

Modeled P&L at expiration across a range of underlying prices for the cash-secured put on TSYY. 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%	-$1,584.00
$5.15	-77.9%	-$1,069.60
$10.30	-55.7%	-$555.20
$15.44	-33.6%	-$40.79
$20.59	-11.5%	+$473.61
$25.73	+10.6%	+$615.00
$30.87	+32.7%	+$615.00
$36.02	+54.8%	+$615.00
$41.16	+76.9%	+$615.00
$46.31	+99.0%	+$615.00

When traders use cash-secured put on TSYY

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

TSYY thesis for this cash-secured put

The market-implied 1-standard-deviation range for TSYY extends from approximately $21.51 on the downside to $25.03 on the upside. A TSYY cash-secured put lets a trader earn premium while waiting to acquire TSYY 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 TSYY IV rank near 3.75% 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 TSYY at 26.40%. As a Financial Services name, TSYY options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to TSYY-specific events.

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

Frequently asked questions

What is a cash-secured put on TSYY?: A cash-secured put on TSYY is the cash-secured put strategy applied to TSYY (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 TSYY etf trading near $23.27, the strikes shown on this page are snapped to the nearest listed TSYY chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are TSYY 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 TSYY cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 26.40%), the computed maximum profit is $615.00 per contract and the computed maximum loss is -$1,584.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a TSYY cash-secured put?: The breakeven for the TSYY cash-secured put priced on this page is roughly $15.85 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 TSYY market-implied 1-standard-deviation expected move is approximately 7.57%; 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 TSYY?: Cash-secured puts on TSYY earn premium while a trader waits to acquire TSYY etf at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning TSYY.
How does current TSYY implied volatility affect this cash-secured put?: TSYY ATM IV is at 26.40% with IV rank near 3.75%, 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.