How are XDAT 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 XDAT cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 25.70%), the computed maximum profit is $97.50 per contract and the computed maximum loss is -$2,301.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

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

The breakeven for the XDAT cash-secured put priced on this page is roughly $23.03 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 XDAT market-implied 1-standard-deviation expected move is approximately 7.37%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

XDAT ATM IV is at 25.70% with IV rank near 5.05%, 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.

XDAT Cash-Secured Put Strategy

XDAT (Franklin Exponential Data ETF), in the Financial Services sector, (Asset Management - Global industry), listed on CBOE.

This fund aims for long-term growth of capital by investing in equity securities across global markets, including both developed and emerging economies. Its investment strategy focuses on companies relevant to the "exponential data" theme. Specifically, the fund targets businesses that its investment manager anticipates will gain significantly from the utilization of extensive data sets or from the overall expansion of data.

XDAT (Franklin Exponential Data ETF) trades in the Financial Services sector, specifically Asset Management - Global, with a market capitalization of approximately $2.9M, a beta of 1.24 versus the broader market, a 52-week range of 20.15-28.78, average daily share volume of 1K, a public-listing history dating back to 2021. These structural characteristics shape how XDAT etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.24 places XDAT roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. XDAT 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 XDAT?

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 XDAT snapshot

As of June 30, 2026, spot at $24.98, ATM IV 25.70%, IV rank 5.05%, expected move 7.37%. The cash-secured put on XDAT 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 52-day expiry.

Why this cash-secured put structure on XDAT specifically: XDAT IV at 25.70% is on the cheap side of its 1-year range, which means a premium-selling XDAT cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 7.37% (roughly $1.84 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 XDAT expiries trade a higher absolute premium for lower per-day decay. Position sizing on XDAT should anchor to the underlying notional of $24.98 per share and to the trader's directional view on XDAT etf.

XDAT cash-secured put setup

The XDAT 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 XDAT near $24.98, the first option leg uses a $24.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed XDAT 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 XDAT shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Put	$24.00	$0.98

XDAT cash-secured put risk and reward

Net Premium / Debit: +$97.50
Max Profit (per contract): $97.50
Max Loss (per contract): -$2,301.50
Breakeven(s): $23.03
Risk / Reward Ratio: 0.042

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

XDAT cash-secured put payoff curve

Modeled P&L at expiration across a range of underlying prices for the cash-secured put on XDAT. 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%	-$2,301.50
$5.53	-77.9%	-$1,749.29
$11.05	-55.7%	-$1,197.08
$16.58	-33.6%	-$644.87
$22.10	-11.5%	-$92.66
$27.62	+10.6%	+$97.50
$33.14	+32.7%	+$97.50
$38.66	+54.8%	+$97.50
$44.19	+76.9%	+$97.50
$49.71	+99.0%	+$97.50

When traders use cash-secured put on XDAT

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

XDAT thesis for this cash-secured put

The market-implied 1-standard-deviation range for XDAT extends from approximately $23.14 on the downside to $26.82 on the upside. A XDAT cash-secured put lets a trader earn premium while waiting to acquire XDAT 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 XDAT IV rank near 5.05% 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 XDAT at 25.70%. As a Financial Services name, XDAT options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to XDAT-specific events.

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

Frequently asked questions

What is a cash-secured put on XDAT?: A cash-secured put on XDAT is the cash-secured put strategy applied to XDAT (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 XDAT etf trading near $24.98, the strikes shown on this page are snapped to the nearest listed XDAT chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are XDAT 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 XDAT cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 25.70%), the computed maximum profit is $97.50 per contract and the computed maximum loss is -$2,301.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a XDAT cash-secured put?: The breakeven for the XDAT cash-secured put priced on this page is roughly $23.03 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 XDAT market-implied 1-standard-deviation expected move is approximately 7.37%; 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 XDAT?: Cash-secured puts on XDAT earn premium while a trader waits to acquire XDAT etf at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning XDAT.
How does current XDAT implied volatility affect this cash-secured put?: XDAT ATM IV is at 25.70% with IV rank near 5.05%, 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.