ODTE Cash-Secured Put Strategy

ODTE (VegaShares SPX NDX RTY Premium Income ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.

ODTE actively purses a covered call strategy using the S&P 500, Nasdaq-100 and Russell 2000 Indexes. The investment strategy utilizes a quantitative framework to actively adjust allocations and covered call exposure across the three indexes based on market volatility, liquidity and expected returns. Long exposure to the indexes is achieved either through direct investments, index-tracking ETFs, or synthetic positions created with deep in-the-money call options. The fund sells short-term, zero or one day-to-expiration, out-of-the-money index call options to collect premiums and distribute weekly income. While this approach offers current income, it also limits upside gains if the underlying indexes rise above the strike prices of the written options. The options utilized by the fund are listed on US exchanges or may include FLEX options.

ODTE (VegaShares SPX NDX RTY Premium Income ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $1.1M, a beta of 0.00 versus the broader market, a 52-week range of 24.81-27.46, average daily share volume of 4K, a public-listing history dating back to 2026. These structural characteristics shape how ODTE stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.00 indicates ODTE has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. ODTE 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 ODTE?

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 ODTE snapshot

As of May 15, 2026, spot at $27.13, ATM IV 60.10%, expected move 17.23%. The cash-secured put on ODTE 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 ODTE specifically: IV rank is unavailable in the current snapshot, so regime-based timing for ODTE is inferred from ATM IV at 60.10% alone, with a market-implied 1-standard-deviation move of approximately 17.23% (roughly $4.67 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 ODTE expiries trade a higher absolute premium for lower per-day decay. Position sizing on ODTE should anchor to the underlying notional of $27.13 per share and to the trader's directional view on ODTE stock.

ODTE cash-secured put setup

The ODTE 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 ODTE near $27.13, the first option leg uses a $25.77 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ODTE 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 ODTE shares for the stock leg in covered calls and collars).

ActionTypeStrike / BasisPremium (est)
Sell 1Put$25.77N/A

ODTE cash-secured put risk and reward

Net Premium / Debit
N/A
Max Profit (per contract)
Unbounded
Max Loss (per contract)
Unbounded
Breakeven(s)
None on modeled curve
Risk / Reward Ratio
N/A

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

ODTE cash-secured put payoff curve

Modeled P&L at expiration across a range of underlying prices for the cash-secured put on ODTE. 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.

When traders use cash-secured put on ODTE

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

ODTE thesis for this cash-secured put

The market-implied 1-standard-deviation range for ODTE extends from approximately $22.46 on the downside to $31.80 on the upside. A ODTE cash-secured put lets a trader earn premium while waiting to acquire ODTE 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. As a Financial Services name, ODTE options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ODTE-specific events.

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

Frequently asked questions

What is a cash-secured put on ODTE?
A cash-secured put on ODTE is the cash-secured put strategy applied to ODTE (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 ODTE stock trading near $27.13, the strikes shown on this page are snapped to the nearest listed ODTE chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are ODTE 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 ODTE cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 60.10%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a ODTE cash-secured put?
The breakeven for the ODTE cash-secured put priced on this page is no defined breakeven on the modeled curve 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 ODTE market-implied 1-standard-deviation expected move is approximately 17.23%; 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 ODTE?
Cash-secured puts on ODTE earn premium while a trader waits to acquire ODTE stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning ODTE.
How does current ODTE implied volatility affect this cash-secured put?
Current ODTE ATM IV is 60.10%; IV rank context is unavailable in the current snapshot.

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