CDEI Cash-Secured Put Strategy
CDEI (Calvert US Large-Cap Diversity, Equity And Inclusion Index ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.
Under normal circumstances, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in securities included in the underlying index. The index is composed of common stocks of large companies that operate their businesses in a manner consistent with the Calvert Principles for Responsible Investment. The fund is non-diversified.
CDEI (Calvert US Large-Cap Diversity, Equity And Inclusion Index ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $30.3M, a beta of 0.98 versus the broader market, a 52-week range of 69.714-88.5001, average daily share volume of 2K, a public-listing history dating back to 2023. These structural characteristics shape how CDEI etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.98 places CDEI roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. CDEI 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 CDEI?
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 CDEI snapshot
As of May 15, 2026, spot at $89.28, ATM IV 43.80%, IV rank 62.22%, expected move 12.56%. The cash-secured put on CDEI 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 CDEI specifically: CDEI IV at 43.80% is mid-range versus its 1-year history, so the credit collected on a CDEI cash-secured put sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 12.56% (roughly $11.21 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 CDEI expiries trade a higher absolute premium for lower per-day decay. Position sizing on CDEI should anchor to the underlying notional of $89.28 per share and to the trader's directional view on CDEI etf.
CDEI cash-secured put setup
The CDEI 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 CDEI near $89.28, the first option leg uses a $84.82 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CDEI 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 CDEI shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $84.82 | N/A |
CDEI 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.
CDEI cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on CDEI. 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 CDEI
Cash-secured puts on CDEI earn premium while a trader waits to acquire CDEI etf at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning CDEI.
CDEI thesis for this cash-secured put
The market-implied 1-standard-deviation range for CDEI extends from approximately $78.07 on the downside to $100.49 on the upside. A CDEI cash-secured put lets a trader earn premium while waiting to acquire CDEI 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 CDEI IV rank near 62.22% is mid-range against its 1-year distribution, so the IV signal is neutral; the cash-secured put thesis on CDEI should anchor more to the directional view and the expected-move geometry. As a Financial Services name, CDEI options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CDEI-specific events.
CDEI 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. CDEI positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CDEI alongside the broader basket even when CDEI-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on CDEI carry tail risk when realized volatility exceeds the implied move; review historical CDEI earnings reactions and macro stress periods before sizing. Always rebuild the position from current CDEI chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on CDEI?
- A cash-secured put on CDEI is the cash-secured put strategy applied to CDEI (etf). 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 CDEI etf trading near $89.28, the strikes shown on this page are snapped to the nearest listed CDEI chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are CDEI 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 CDEI cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 43.80%), 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 CDEI cash-secured put?
- The breakeven for the CDEI 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 CDEI market-implied 1-standard-deviation expected move is approximately 12.56%; 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 CDEI?
- Cash-secured puts on CDEI earn premium while a trader waits to acquire CDEI etf at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning CDEI.
- How does current CDEI implied volatility affect this cash-secured put?
- CDEI ATM IV is at 43.80% with IV rank near 62.22%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.