How are FGRU 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 FGRU cash-secured put priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 98.90%), the computed maximum profit is $266.00 per contract and the computed maximum loss is -$433.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

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

The breakeven for the FGRU cash-secured put priced on this page is roughly $4.34 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 FGRU market-implied 1-standard-deviation expected move in the same options snapshot is approximately 28.35%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

FGRU ATM IV is at 98.90% with IV rank near 19.25%, 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.

FGRU Cash-Secured Put Strategy

FGRU (ETF Opportunities Trust - T-REX 2X Long FIGR Daily Target ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.

FGRU uses swap agreements and listed call options to make bullish bets on the share price of Figure Technology Solutions, Inc. (FIGR). The fund may also invest directly in the FIGR. Figure Technology Solutions, Inc. is a blockchain-native capital marketplace, which engages in connecting origination, funding, and secondary market activity. It operates through the following segments: FTI, Markets, and Other. The fund seeks to maintain daily leveraged exposure equivalent to 200% of the daily percentage change in FIGR price through daily rebalancing. Returns may deviate from the expected 200% if held for longer than a single day due to factors such as volatility and compounding.

FGRU (ETF Opportunities Trust - T-REX 2X Long FIGR Daily Target ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $2.5M, a beta of -1.35 versus the broader market, a 52-week range of 6.05-26.1, average daily share volume of 61K, a public-listing history dating back to 2026. These structural characteristics shape how FGRU stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of -1.35 indicates FGRU has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.

What is a cash-secured put on FGRU?

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.

FGRU snapshot

As of September 29, 2026, spot at $7.60, ATM IV 98.90%, IV rank 19.25%, expected move 28.35%. The cash-secured put on FGRU 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 80-day expiry.

Why this cash-secured put structure on FGRU specifically: FGRU IV at 98.90% is on the cheap side of its 1-year range, which means a premium-selling FGRU cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 28.35% (roughly $2.15 on the underlying). The 80-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated FGRU expiries trade a higher absolute premium for lower per-day decay. Position sizing on FGRU should anchor to the underlying notional of $7.60 per share and to the trader's directional view on FGRU stock.

FGRU cash-secured put setup

The FGRU 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 FGRU at $7.60 on that close, the first option leg uses a $7.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed FGRU chain at a 80-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 FGRU shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Put	$7.00	$2.66

FGRU cash-secured put risk and reward

Net Premium / Debit: +$266.00
Max Profit (per contract): $266.00
Max Loss (per contract): -$433.00
Breakeven(s): $4.34
Risk / Reward Ratio: 0.614

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

FGRU cash-secured put payoff curve

Modeled P&L at expiration across a range of underlying prices for the cash-secured put on FGRU. 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	-99.9%	-$433.00
$1.69	-77.8%	-$265.07
$3.37	-55.7%	-$97.14
$5.05	-33.6%	+$70.79
$6.73	-11.5%	+$238.72
$8.41	+10.6%	+$266.00
$10.09	+32.7%	+$266.00
$11.77	+54.8%	+$266.00
$13.44	+76.9%	+$266.00
$15.12	+99.0%	+$266.00

When traders use cash-secured put on FGRU

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

FGRU thesis for this cash-secured put

The market-implied 1-standard-deviation range for FGRU extends from approximately $5.45 on the downside to $9.75 on the upside. A FGRU cash-secured put lets a trader earn premium while waiting to acquire FGRU 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 FGRU IV rank near 19.25% 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 FGRU at 98.90%. As a Financial Services name, FGRU options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to FGRU-specific events.

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

Frequently asked questions

What is a cash-secured put on FGRU?: A cash-secured put on FGRU is the cash-secured put strategy applied to FGRU (stock). 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 FGRU stock at $7.60 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed FGRU chain strike and the premiums come straight from that session's bid/ask midpoint.
How are FGRU 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 FGRU cash-secured put priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 98.90%), the computed maximum profit is $266.00 per contract and the computed maximum loss is -$433.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a FGRU cash-secured put?: The breakeven for the FGRU cash-secured put priced on this page is roughly $4.34 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 FGRU market-implied 1-standard-deviation expected move in the same options snapshot is approximately 28.35%; 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 FGRU?: Cash-secured puts on FGRU earn premium while a trader waits to acquire FGRU stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning FGRU.
How does current FGRU implied volatility affect this cash-secured put?: FGRU ATM IV is at 98.90% with IV rank near 19.25%, 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.