FSV Cash-Secured Put Strategy
FSV (FirstService Corporation), in the Real Estate sector, (Real Estate - Services industry), listed on NASDAQ.
FirstService Corporation, together with its subsidiaries, provides residential property management and other essential property services to residential and commercial customers in the United States and Canada. The company operates in two segments, FirstService Residential and FirstService Brands. The FirstService Residential segment offers property management services for private residential communities, such as condominiums, co-operatives, homeowner associations, master-planned communities, active adult and lifestyle communities, and various other residential developments. This segment also provides a range of ancillary services, including on-site staffing for building engineering and maintenance, full-service swimming pool and amenity management, and security and concierge/front desk; and financial services comprising cash management, other banking transaction-related, and specialized property insurance brokerage. In addition, this segment offers energy management solutions and advisory services, and resale processing services. The FirstService Brands segment operates and provides essential property services to residential and commercial customers, through five franchise networks; and company-owned locations, including 20 California Closets, 12 Paul Davis Restoration, and 1 CertaPro Painters locations.
FSV (FirstService Corporation) trades in the Real Estate sector, specifically Real Estate - Services, with a market capitalization of approximately $5.94B, a trailing P/E of 36.37, a beta of 0.91 versus the broader market, a 52-week range of 124.37-209.66, average daily share volume of 198K, a public-listing history dating back to 2015, approximately 30K full-time employees. These structural characteristics shape how FSV stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.91 places FSV roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. The trailing P/E of 36.37 is on the rich side, which tends to correlate with higher earnings-window IV expansion as the market debates whether forward growth supports the multiple. FSV 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 FSV?
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 FSV snapshot
As of May 15, 2026, spot at $129.75, ATM IV 27.70%, IV rank 3.58%, expected move 7.94%. The cash-secured put on FSV 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 FSV specifically: FSV IV at 27.70% is on the cheap side of its 1-year range, which means a premium-selling FSV cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 7.94% (roughly $10.30 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 FSV expiries trade a higher absolute premium for lower per-day decay. Position sizing on FSV should anchor to the underlying notional of $129.75 per share and to the trader's directional view on FSV stock.
FSV cash-secured put setup
The FSV 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 FSV near $129.75, the first option leg uses a $125.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed FSV 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 FSV shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $125.00 | $2.70 |
FSV cash-secured put risk and reward
- Net Premium / Debit
- +$270.00
- Max Profit (per contract)
- $270.00
- Max Loss (per contract)
- -$12,229.00
- Breakeven(s)
- $122.30
- Risk / Reward Ratio
- 0.022
Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.
FSV cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on FSV. 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 | -100.0% | -$12,229.00 |
| $28.70 | -77.9% | -$9,360.27 |
| $57.38 | -55.8% | -$6,491.53 |
| $86.07 | -33.7% | -$3,622.80 |
| $114.76 | -11.6% | -$754.07 |
| $143.45 | +10.6% | +$270.00 |
| $172.13 | +32.7% | +$270.00 |
| $200.82 | +54.8% | +$270.00 |
| $229.51 | +76.9% | +$270.00 |
| $258.20 | +99.0% | +$270.00 |
When traders use cash-secured put on FSV
Cash-secured puts on FSV earn premium while a trader waits to acquire FSV stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning FSV.
FSV thesis for this cash-secured put
The market-implied 1-standard-deviation range for FSV extends from approximately $119.45 on the downside to $140.05 on the upside. A FSV cash-secured put lets a trader earn premium while waiting to acquire FSV 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 FSV IV rank near 3.58% 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 FSV at 27.70%. As a Real Estate name, FSV options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to FSV-specific events.
FSV 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. FSV positions also carry Real Estate sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move FSV alongside the broader basket even when FSV-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on FSV carry tail risk when realized volatility exceeds the implied move; review historical FSV earnings reactions and macro stress periods before sizing. Always rebuild the position from current FSV chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on FSV?
- A cash-secured put on FSV is the cash-secured put strategy applied to FSV (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 FSV stock trading near $129.75, the strikes shown on this page are snapped to the nearest listed FSV chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are FSV 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 FSV cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 27.70%), the computed maximum profit is $270.00 per contract and the computed maximum loss is -$12,229.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a FSV cash-secured put?
- The breakeven for the FSV cash-secured put priced on this page is roughly $122.30 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 FSV market-implied 1-standard-deviation expected move is approximately 7.94%; 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 FSV?
- Cash-secured puts on FSV earn premium while a trader waits to acquire FSV stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning FSV.
- How does current FSV implied volatility affect this cash-secured put?
- FSV ATM IV is at 27.70% with IV rank near 3.58%, 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.