How are USGG 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 USGG cash-secured put priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 126.70%), the computed maximum profit is $82.50 per contract and the computed maximum loss is -$316.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

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

The breakeven for the USGG cash-secured put priced on this page is roughly $3.18 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 USGG market-implied 1-standard-deviation expected move in the same options snapshot is approximately 36.32%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

USGG ATM IV is at 126.70% with IV rank near 0.00%, 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.

USGG Cash-Secured Put Strategy

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

USGG is designed for making bullish bets on the stock price of USA Rare Earth, Inc., through swap agreements. The objective is to obtain daily leveraged exposure equivalent to 200% of the fund's net assets. To maintain this exposure, daily rebalancing is performed to make adjustments in response to USAR's daily price movements. As a geared product, the fund is intended as a short-term tactical tool, rather than as a 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.

USGG (Themes ETF Trust - Leverage Shares 2X Long USAR Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $8.5M, a beta of 13.56 versus the broader market, a 52-week range of 3.89-43.67, average daily share volume of 363K, a public-listing history dating back to 2026. These structural characteristics shape how USGG etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 13.56 indicates USGG 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 USGG?

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.

USGG snapshot

As of September 29, 2026, spot at $4.03, ATM IV 126.70%, IV rank 0.00%, expected move 36.32%. The cash-secured put on USGG 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 52-day expiry.

Why this cash-secured put structure on USGG specifically: USGG IV at 126.70% is on the cheap side of its 1-year range, which means a premium-selling USGG cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 36.32% (roughly $1.46 on the underlying). The 52-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated USGG expiries trade a higher absolute premium for lower per-day decay. Position sizing on USGG should anchor to the underlying notional of $4.03 per share and to the trader's directional view on USGG etf.

USGG cash-secured put setup

The USGG 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 USGG at $4.03 on that close, the first option leg uses a $4.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed USGG chain at a 52-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 USGG shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Put	$4.00	$0.83

USGG cash-secured put risk and reward

Net Premium / Debit: +$82.50
Max Profit (per contract): $82.50
Max Loss (per contract): -$316.50
Breakeven(s): $3.18
Risk / Reward Ratio: 0.261

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

USGG cash-secured put payoff curve

Modeled P&L at expiration across a range of underlying prices for the cash-secured put on USGG. 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	-99.8%	-$316.50
$0.90	-77.7%	-$227.51
$1.79	-55.6%	-$138.51
$2.68	-33.5%	-$49.52
$3.57	-11.4%	+$39.48
$4.46	+10.7%	+$82.50
$5.35	+32.7%	+$82.50
$6.24	+54.8%	+$82.50
$7.13	+76.9%	+$82.50
$8.02	+99.0%	+$82.50

When traders use cash-secured put on USGG

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

USGG thesis for this cash-secured put

The market-implied 1-standard-deviation range for USGG extends from approximately $2.57 on the downside to $5.49 on the upside. A USGG cash-secured put lets a trader earn premium while waiting to acquire USGG 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 USGG IV rank near 0.00% 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 USGG at 126.70%. As a Financial Services name, USGG options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to USGG-specific events.

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

Frequently asked questions

What is a cash-secured put on USGG?: A cash-secured put on USGG is the cash-secured put strategy applied to USGG (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 USGG etf at $4.03 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed USGG chain strike and the premiums come straight from that session's bid/ask midpoint.
How are USGG 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 USGG cash-secured put priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 126.70%), the computed maximum profit is $82.50 per contract and the computed maximum loss is -$316.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a USGG cash-secured put?: The breakeven for the USGG cash-secured put priced on this page is roughly $3.18 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 USGG market-implied 1-standard-deviation expected move in the same options snapshot is approximately 36.32%; 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 USGG?: Cash-secured puts on USGG earn premium while a trader waits to acquire USGG etf at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning USGG.
How does current USGG implied volatility affect this cash-secured put?: USGG ATM IV is at 126.70% with IV rank near 0.00%, 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.