How are COMB 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 COMB cash-secured put priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 9.60%), the computed maximum profit is $21.00 per contract and the computed maximum loss is -$2,478.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

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

The breakeven for the COMB cash-secured put priced on this page is roughly $24.79 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 COMB market-implied 1-standard-deviation expected move in the same options snapshot is approximately 2.75%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

COMB ATM IV is at 9.60% with IV rank near 0.00%, 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.

COMB Cash-Secured Put Strategy

COMB (GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.

The fund is an actively managed ETF that seeks to provide long-term capital appreciation, primarily through exposure to commodity futures markets. While the fund generally will seek exposure to the commodity futures markets included in the COMB Benchmark, it is not an index tracking ETF and will seek to enhance its performance, in part through a cash management strategy consisting of investments in investment grade fixed income securities. The fund is non-diversified.

COMB (GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $125.1M, a beta of 1.00 versus the broader market, a 52-week range of 20.23-28.05, average daily share volume of 73K, a public-listing history dating back to 2017. These structural characteristics shape how COMB etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.00 places COMB roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. COMB 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 COMB?

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.

COMB snapshot

As of August 14, 2026, spot at $26.52, ATM IV 9.60%, IV rank 0.00%, expected move 2.75%. The cash-secured put on COMB 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 35-day expiry.

Why this cash-secured put structure on COMB specifically: COMB IV at 9.60% is on the cheap side of its 1-year range, which means a premium-selling COMB cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 2.75% (roughly $0.73 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated COMB expiries trade a higher absolute premium for lower per-day decay. Position sizing on COMB should anchor to the underlying notional of $26.52 per share and to the trader's directional view on COMB etf.

COMB cash-secured put setup

The COMB cash-secured 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 COMB at $26.52 on that close, the first option leg uses a $25.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed COMB chain at a 35-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 COMB shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Put	$25.00	$0.21

COMB cash-secured put risk and reward

Net Premium / Debit: +$21.00
Max Profit (per contract): $21.00
Max Loss (per contract): -$2,478.00
Breakeven(s): $24.79
Risk / Reward Ratio: 0.008

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

COMB cash-secured put payoff curve

Modeled P&L at expiration across a range of underlying prices for the cash-secured put on COMB. 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	-100.0%	-$2,478.00
$5.87	-77.9%	-$1,891.74
$11.74	-55.7%	-$1,305.48
$17.60	-33.6%	-$719.22
$23.46	-11.5%	-$132.95
$29.32	+10.6%	+$21.00
$35.19	+32.7%	+$21.00
$41.05	+54.8%	+$21.00
$46.91	+76.9%	+$21.00
$52.77	+99.0%	+$21.00

When traders use cash-secured put on COMB

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

COMB thesis for this cash-secured put

The market-implied 1-standard-deviation range for COMB extends from approximately $25.79 on the downside to $27.25 on the upside. A COMB cash-secured put lets a trader earn premium while waiting to acquire COMB 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 COMB IV rank near 0.00% 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 COMB at 9.60%. As a Financial Services name, COMB options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to COMB-specific events.

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

Frequently asked questions

What is a cash-secured put on COMB?: A cash-secured put on COMB is the cash-secured put strategy applied to COMB (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 COMB etf at $26.52 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed COMB chain strike and the premiums come straight from that session's bid/ask midpoint.
How are COMB 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 COMB cash-secured put priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 9.60%), the computed maximum profit is $21.00 per contract and the computed maximum loss is -$2,478.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a COMB cash-secured put?: The breakeven for the COMB cash-secured put priced on this page is roughly $24.79 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 COMB market-implied 1-standard-deviation expected move in the same options snapshot is approximately 2.75%; 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 COMB?: Cash-secured puts on COMB earn premium while a trader waits to acquire COMB etf at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning COMB.
How does current COMB implied volatility affect this cash-secured put?: COMB ATM IV is at 9.60% with IV rank near 0.00%, 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.