How are XNDU 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 XNDU cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 132.91%), the computed maximum profit is $151.00 per contract and the computed maximum loss is -$898.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

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

The breakeven for the XNDU cash-secured put priced on this page is roughly $8.99 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 XNDU market-implied 1-standard-deviation expected move is approximately 38.10%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

Current XNDU ATM IV is 132.91%; IV rank context is unavailable in the current snapshot.

XNDU Cash-Secured Put Strategy

XNDU (Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares), in the Technology sector, (Software - Infrastructure industry), listed on NASDAQ.

Xanadu Quantum Technologies Inc. specializes in the creation and delivery of photonic quantum computing solutions, encompassing both sophisticated hardware and versatile software platforms. Their hardware offerings include cloud-accessible "x-series" photonic quantum computers, which boast features such as programmable quantum gates and advanced photon-number resolving detectors. On the software front, Xanadu provides a suite of tools: Pennylane: A Python library for quantum programming that supports differentiable quantum programming, facilitating integration with machine learning frameworks and enabling the development of hybrid quantum-classical applications. Catalyst: Designed for just-in-time compilation, it optimizes quantum algorithms for enhanced performance. Lightning: A high-performance quantum simulator built for both CPU and GPU architectures, engineered to integrate seamlessly with Pennylane. The company ensures robust support for its users, offering extensive documentation, instructional tutorials, practical guides, and community-driven resources that cover areas like quantum machine learning, quantum chemistry simulations, and various other quantum computing applications.

XNDU (Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares) trades in the Technology sector, specifically Software - Infrastructure, with a market capitalization of approximately $253.1M, a beta of 2.76 versus the broader market, a 52-week range of 6.97-42.44, average daily share volume of 5.4M, a public-listing history dating back to 2026, approximately 3 full-time employees. These structural characteristics shape how XNDU stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 2.76 indicates XNDU 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 XNDU?

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 XNDU snapshot

As of June 29, 2026, spot at $11.09, ATM IV 132.91%, expected move 38.10%. The cash-secured put on XNDU 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 32-day expiry.

Why this cash-secured put structure on XNDU specifically: IV rank is unavailable in the current snapshot, so regime-based timing for XNDU is inferred from ATM IV at 132.91% alone, with a market-implied 1-standard-deviation move of approximately 38.10% (roughly $4.23 on the underlying). The 32-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated XNDU expiries trade a higher absolute premium for lower per-day decay. Position sizing on XNDU should anchor to the underlying notional of $11.09 per share and to the trader's directional view on XNDU stock.

XNDU cash-secured put setup

The XNDU 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 XNDU near $11.09, the first option leg uses a $10.50 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed XNDU chain at a 32-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 XNDU shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Put	$10.50	$1.51

XNDU cash-secured put risk and reward

Net Premium / Debit: +$151.00
Max Profit (per contract): $151.00
Max Loss (per contract): -$898.00
Breakeven(s): $8.99
Risk / Reward Ratio: 0.168

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

XNDU cash-secured put payoff curve

Modeled P&L at expiration across a range of underlying prices for the cash-secured put on XNDU. 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%	-$898.00
$2.46	-77.8%	-$652.90
$4.91	-55.7%	-$407.81
$7.36	-33.6%	-$162.71
$9.81	-11.5%	+$82.38
$12.26	+10.6%	+$151.00
$14.72	+32.7%	+$151.00
$17.17	+54.8%	+$151.00
$19.62	+76.9%	+$151.00
$22.07	+99.0%	+$151.00

When traders use cash-secured put on XNDU

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

XNDU thesis for this cash-secured put

The market-implied 1-standard-deviation range for XNDU extends from approximately $6.86 on the downside to $15.32 on the upside. A XNDU cash-secured put lets a trader earn premium while waiting to acquire XNDU 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 Technology name, XNDU options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to XNDU-specific events.

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

Frequently asked questions

What is a cash-secured put on XNDU?: A cash-secured put on XNDU is the cash-secured put strategy applied to XNDU (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 XNDU stock trading near $11.09, the strikes shown on this page are snapped to the nearest listed XNDU chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are XNDU 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 XNDU cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 132.91%), the computed maximum profit is $151.00 per contract and the computed maximum loss is -$898.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a XNDU cash-secured put?: The breakeven for the XNDU cash-secured put priced on this page is roughly $8.99 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 XNDU market-implied 1-standard-deviation expected move is approximately 38.10%; 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 XNDU?: Cash-secured puts on XNDU earn premium while a trader waits to acquire XNDU stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning XNDU.
How does current XNDU implied volatility affect this cash-secured put?: Current XNDU ATM IV is 132.91%; IV rank context is unavailable in the current snapshot.