FLY · Wheel

Firefly Aerospace Inc. (FLY) wheel

The cash-secured put → assigned shares → covered call cycle for this ticker.

$19.87
Modelled strike
$16.00
Modelled premium
$0.27
Cash required
$1,600.00
Breakeven
$15.73
Downside buffer
20.8%
Period return
1.7%
Annualized return
66.8%
Days to expiration
12
Strategy payoffModelled cash-secured put payoff. Spot $19.87. Expiry maximum profit $27.00 · Expiry maximum loss -$1,573.00 · Expiry breakevens $15.73. Total position fees $0.00 deducted once. Intrinsic at the common expiration; IV/time never alters expiry P/L. No early exercise, assignment, slippage, dividends or taxes modeled.

Update time unavailable

Loading graph — the exact table is available below.

$9.935: Expiration P/L: -$579.50 Update time unavailable
Event / reference markers
  • Spot: $19.87
  • Expiry breakeven $15.73: $15.73
  • sell put strike $16.00: $16.00
Exact data table

Strategy payoff · full stored dataset, independent of graph range/toggles

ObservationExpiration P/L (USD)ContextUpdated
-$579.50Update time unavailable
-$559.63Update time unavailable
-$539.76Update time unavailable
-$519.89Update time unavailable
-$500.02Update time unavailable
-$480.15Update time unavailable
-$460.28Update time unavailable
-$440.41Update time unavailable
-$420.54Update time unavailable
-$400.67Update time unavailable
-$380.80Update time unavailable
-$360.93Update time unavailable
-$341.06Update time unavailable
-$321.19Update time unavailable
-$301.32Update time unavailable
-$281.45Update time unavailable
-$261.58Update time unavailable
-$241.71Update time unavailable
-$221.84Update time unavailable
-$201.97Update time unavailable
-$182.10Update time unavailable
-$162.23Update time unavailable
-$142.36Update time unavailable
-$122.49Update time unavailable
-$102.62Update time unavailable
-$82.75Update time unavailable
-$62.88Update time unavailable
-$43.01Update time unavailable
-$23.14Update time unavailable
-$3.27Update time unavailable
$0.00Update time unavailable
$16.60Update time unavailable
$27.00Update time unavailable
$27.00Update time unavailable
$27.00Update time unavailable
$27.00Update time unavailable
$27.00Update time unavailable
$27.00Update time unavailable
$27.00Update time unavailable
$27.00Update time unavailable
$27.00Update time unavailable
$27.00Update time unavailable
$27.00Update time unavailable
$27.00Update time unavailable
$27.00Update time unavailable
$27.00Update time unavailable
$27.00Update time unavailable
$27.00Update time unavailable
$27.00Update time unavailable
$27.00Update time unavailable
$27.00Update time unavailable
$27.00Update time unavailable
$27.00Update time unavailable
$27.00Spot referenceUpdate time unavailable
$27.00Update time unavailable
$27.00Update time unavailable
$27.00Update time unavailable
$27.00Update time unavailable
$27.00Update time unavailable
$27.00Update time unavailable
$27.00Update time unavailable
$27.00Update time unavailable
$27.00Update time unavailable
$27.00Update time unavailable
$27.00Update time unavailable
$27.00Update time unavailable
$27.00Update time unavailable
$27.00Update time unavailable
$27.00Update time unavailable
$27.00Update time unavailable
$27.00Update time unavailable
$27.00Update time unavailable
$27.00Update time unavailable
$27.00Update time unavailable
$27.00Update time unavailable
$27.00Update time unavailable
$27.00Update time unavailable
$27.00Update time unavailable
$27.00Update time unavailable
$27.00Update time unavailable
$27.00Update time unavailable
$27.00Update time unavailable
$27.00Update time unavailable
$27.00Update time unavailable
$27.00Update time unavailable
$27.00Update time unavailable
$27.00Update time unavailable
$27.00Update time unavailable
$27.00Update time unavailable
$27.00Update time unavailable
$27.00Update time unavailable
$27.00Update time unavailable
$27.00Update time unavailable
$27.00Update time unavailable
$27.00Update time unavailable
$27.00Update time unavailable
$27.00Update time unavailable
$27.00Update time unavailable
$27.00Update time unavailable
$27.00Update time unavailable
$27.00Update time unavailable
$27.00Update time unavailable
$27.00Update time unavailable
$27.00Update time unavailable

Black-Scholes from the published at-the-money implied volatility (one expected move out of the money). If assigned you buy 100 shares at the strike, an effective $15.73 per share after premium; the shares can keep falling.

Stage C would sell a $24.00 call for about $0.44, lowering the effective basis further.

Next steps

Data provenance

Figures are from published, reviewed research as of Oct 29, 2026, 4:00 PM EDT. Modelled option premiums use Black-Scholes with the published at-the-money implied volatility and are labelled as modelled, not as live quotes.