How are HBMX 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 HBMX cash-secured put priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 45.30%), the computed maximum profit is $185.00 per contract and the computed maximum loss is -$2,214.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

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

The breakeven for the HBMX cash-secured put priced on this page is roughly $22.15 at expiration, derived from the September 29, 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 HBMX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 12.99%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

Current HBMX ATM IV is 45.30%; IV rank context is unavailable in the current snapshot.

HBMX Cash-Secured Put Strategy

HBMX (ETF Opportunities Trust - Tuttle Capital Concentrated Memory Stack ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.

HBMX invests in a concentrated portfolio of approximately 20 to 35 companies involved in the memory semiconductor value chain. The strategy focuses on businesses that derive a meaningful portion of their revenues from memory technologies such as DRAM, NAND flash, high-bandwidth memory (HBM), and emerging memory architectures, as well as companies providing semiconductor packaging, testing, materials, equipment, and related services. The fund uses a pure-play approach, generally requiring at least 25% of revenues to come from memory-related activities. Portfolio holdings may include companies across developed and emerging markets and can span all market capitalizations. The adviser may use derivatives, including swaps, options, and futures, to obtain exposure and manage portfolio positioning. The fund is non-diversified and seeks concentrated exposure to a segment of the semiconductor industry expected to play an increasingly important role in AI and high-performance computing infrastructure.

HBMX (ETF Opportunities Trust - Tuttle Capital Concentrated Memory Stack ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $27.6M, a beta of 0.00 versus the broader market, a 52-week range of 19.43-31.9, average daily share volume of 92K, a public-listing history dating back to 2026. These structural characteristics shape how HBMX etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.00 indicates HBMX has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.

What is a cash-secured put on HBMX?

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.

HBMX snapshot

As of September 29, 2026, spot at $25.02, ATM IV 45.30%, expected move 12.99%. The cash-secured put on HBMX below is built from the September 29, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 80-day expiry.

Why this cash-secured put structure on HBMX specifically: IV rank is unavailable in the current snapshot, so regime-based timing for HBMX is inferred from ATM IV at 45.30% alone, with a market-implied 1-standard-deviation move of approximately 12.99% (roughly $3.25 on the underlying). The 80-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated HBMX expiries trade a higher absolute premium for lower per-day decay. Position sizing on HBMX should anchor to the underlying notional of $25.02 per share and to the trader's directional view on HBMX etf.

HBMX cash-secured put setup

The HBMX cash-secured put below is built from the September 29, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With HBMX at $25.02 on that close, the first option leg uses a $24.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed HBMX chain at a 80-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 HBMX shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Put	$24.00	$1.85

HBMX cash-secured put risk and reward

Net Premium / Debit: +$185.00
Max Profit (per contract): $185.00
Max Loss (per contract): -$2,214.00
Breakeven(s): $22.15
Risk / Reward Ratio: 0.084

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

HBMX cash-secured put payoff curve

Modeled P&L at expiration across a range of underlying prices for the cash-secured put on HBMX. 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%	-$2,214.00
$5.54	-77.9%	-$1,660.90
$11.07	-55.7%	-$1,107.81
$16.60	-33.6%	-$554.71
$22.13	-11.5%	-$1.62
$27.66	+10.6%	+$185.00
$33.20	+32.7%	+$185.00
$38.73	+54.8%	+$185.00
$44.26	+76.9%	+$185.00
$49.79	+99.0%	+$185.00

When traders use cash-secured put on HBMX

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

HBMX thesis for this cash-secured put

The market-implied 1-standard-deviation range for HBMX extends from approximately $21.77 on the downside to $28.27 on the upside. A HBMX cash-secured put lets a trader earn premium while waiting to acquire HBMX 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. As a Financial Services name, HBMX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to HBMX-specific events.

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

Frequently asked questions

What is a cash-secured put on HBMX?: A cash-secured put on HBMX is the cash-secured put strategy applied to HBMX (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 HBMX etf at $25.02 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed HBMX chain strike and the premiums come straight from that session's bid/ask midpoint.
How are HBMX 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 HBMX cash-secured put priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 45.30%), the computed maximum profit is $185.00 per contract and the computed maximum loss is -$2,214.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a HBMX cash-secured put?: The breakeven for the HBMX cash-secured put priced on this page is roughly $22.15 at expiration, derived from the September 29, 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 HBMX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 12.99%; 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 HBMX?: Cash-secured puts on HBMX earn premium while a trader waits to acquire HBMX etf at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning HBMX.
How does current HBMX implied volatility affect this cash-secured put?: Current HBMX ATM IV is 45.30%; IV rank context is unavailable in the current snapshot.