CNBS Long Put Strategy
CNBS (Amplify Seymour Cannabis ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.
CNBS is an actively managed exchange-traded fund designed to offer broad U.S. market access to the cannabis sector. It invests across the diverse landscape of this industry, encompassing companies involved in cannabis cultivation (plants), essential operational support, and various ancillary businesses. The primary aim of CNBS is to generate capital appreciation for its investors.
CNBS (Amplify Seymour Cannabis ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $90.9M, a beta of 0.92 versus the broader market, a 52-week range of 18.43-43.94, average daily share volume of 11K, a public-listing history dating back to 2019. These structural characteristics shape how CNBS etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.92 places CNBS roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. CNBS pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a long put on CNBS?
A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration.
CNBS snapshot
As of August 14, 2026, spot at $26.79, ATM IV 50.60%, IV rank 11.14%, expected move 14.51%. The long put on CNBS below is built from the August 14, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 7-day expiry.
Why this long put structure on CNBS specifically: CNBS IV at 50.60% is on the cheap side of its 1-year range, which favors premium-buying structures like a CNBS long put, with a market-implied 1-standard-deviation move of approximately 14.51% (roughly $3.89 on the underlying). The 7-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CNBS expiries trade a higher absolute premium for lower per-day decay. Position sizing on CNBS should anchor to the underlying notional of $26.79 per share and to the trader's directional view on CNBS etf.
CNBS long put setup
The CNBS long put below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With CNBS at $26.79 on that close, the first option leg uses a $27.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CNBS chain at a 7-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 CNBS shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $27.00 | $1.18 |
CNBS long put risk and reward
- Net Premium / Debit
- -$118.00
- Max Profit (per contract)
- $2,581.00
- Max Loss (per contract)
- -$118.00
- Breakeven(s)
- $25.82
- Risk / Reward Ratio
- 21.873
Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.
CNBS long put payoff curve
Modeled P&L at expiration across a range of underlying prices for the long put on CNBS. 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.
| Underlying Price | % From Spot | P&L at Expiration |
|---|---|---|
| $0.01 | -100.0% | +$2,581.00 |
| $5.93 | -77.9% | +$1,988.77 |
| $11.85 | -55.7% | +$1,396.54 |
| $17.78 | -33.6% | +$804.31 |
| $23.70 | -11.5% | +$212.08 |
| $29.62 | +10.6% | -$118.00 |
| $35.54 | +32.7% | -$118.00 |
| $41.47 | +54.8% | -$118.00 |
| $47.39 | +76.9% | -$118.00 |
| $53.31 | +99.0% | -$118.00 |
When traders use long put on CNBS
Long puts on CNBS hedge an existing long CNBS etf position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying CNBS exposure being hedged.
CNBS thesis for this long put
The market-implied 1-standard-deviation range for CNBS extends from approximately $22.90 on the downside to $30.68 on the upside. A CNBS long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long CNBS position with one put per 100 shares held. Current CNBS IV rank near 11.14% sits in the lower third of its 1-year distribution, where IV often re-expands toward the mean; this favors premium-buying structures and disadvantages premium-selling structures on CNBS at 50.60%. As a Financial Services name, CNBS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CNBS-specific events.
CNBS long put positions are structurally bearish; 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. CNBS positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CNBS alongside the broader basket even when CNBS-specific fundamentals are unchanged. Long-premium structures like a long put on CNBS are particularly exposed to IV-crush risk through scheduled events (earnings, FDA decisions, central-bank meetings) where IV typically contracts post-event regardless of the directional outcome. Always rebuild the position from current CNBS chain quotes before placing a trade.
Frequently asked questions
- What is a long put on CNBS?
- A long put on CNBS is the long put strategy applied to CNBS (etf). The strategy is structurally bearish: A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration. With CNBS etf at $26.79 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed CNBS chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are CNBS long put max profit and max loss calculated?
- Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium. For the CNBS long put priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 50.60%), the computed maximum profit is $2,581.00 per contract and the computed maximum loss is -$118.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a CNBS long put?
- The breakeven for the CNBS long put priced on this page is roughly $25.82 at expiration, derived from the August 14, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The CNBS market-implied 1-standard-deviation expected move in the same options snapshot is approximately 14.51%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a long put on CNBS?
- Long puts on CNBS hedge an existing long CNBS etf position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying CNBS exposure being hedged.
- How does current CNBS implied volatility affect this long put?
- CNBS ATM IV is at 50.60% with IV rank near 11.14%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.