A Cash-Secured PutWrite strategy sells a put option and fully collateralizes the option with cash or cash equivalents, i.e. the collateral balance is equal to the maximum possible loss of the short put at expiration. Historically, Cash-Secured PutWrite strategies such as the Cboe S&P 500 PutWrite (PUT) Index have provided investors with equity-like returns with 2/3 of the volatility. Sometimes dubbed an “exotic” strategy, Cash-Secured PutWrite is often misunderstood and mischaracterized. In this article, we review five claims about Cash-Secured PutWrite strategies.