How are HIYY 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 HIYY cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 153.60%), the computed maximum profit is $145.00 per contract and the computed maximum loss is -$1,454.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

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

The breakeven for the HIYY cash-secured put priced on this page is roughly $14.55 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 HIYY market-implied 1-standard-deviation expected move is approximately 44.04%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

HIYY ATM IV is at 153.60% with IV rank near 73.30%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.

HIYY Cash-Secured Put Strategy

HIYY (YieldMax HIMS Option Income Strategy ETF), in the Financial Services sector, (Asset Management - Income industry), listed on AMEX.

The YieldMax HIMS Option Income Strategy ETF, known by its ticker HIYY, functions as an actively managed exchange-traded fund. Its primary objective is to produce consistent weekly income for investors. This is accomplished through a strategic approach of selling either call options or call spreads linked to the HIMS stock. The fund's methodology is designed to both secure income from the premiums generated by these options and allow for participation in any potential upward movement of HIMS's share price.

HIYY (YieldMax HIMS Option Income Strategy ETF) trades in the Financial Services sector, specifically Asset Management - Income, with a market capitalization of approximately $946,274, a beta of 0.41 versus the broader market, a 52-week range of 9.53-53.97, average daily share volume of 47K, a public-listing history dating back to 2025. These structural characteristics shape how HIYY etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.41 indicates HIYY has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. HIYY 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 HIYY?

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 HIYY snapshot

As of June 30, 2026, spot at $16.63, ATM IV 153.60%, IV rank 73.30%, expected move 44.04%. The cash-secured put on HIYY 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 17-day expiry.

Why this cash-secured put structure on HIYY specifically: HIYY IV at 153.60% is rich versus its 1-year range, which favors premium-selling structures like a HIYY cash-secured put, with a market-implied 1-standard-deviation move of approximately 44.04% (roughly $7.32 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated HIYY expiries trade a higher absolute premium for lower per-day decay. Position sizing on HIYY should anchor to the underlying notional of $16.63 per share and to the trader's directional view on HIYY etf.

HIYY cash-secured put setup

The HIYY 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 HIYY near $16.63, the first option leg uses a $16.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed HIYY chain at a 17-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 HIYY shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Put	$16.00	$1.45

HIYY cash-secured put risk and reward

Net Premium / Debit: +$145.00
Max Profit (per contract): $145.00
Max Loss (per contract): -$1,454.00
Breakeven(s): $14.55
Risk / Reward Ratio: 0.100

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

HIYY cash-secured put payoff curve

Modeled P&L at expiration across a range of underlying prices for the cash-secured put on HIYY. 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	-99.9%	-$1,454.00
$3.69	-77.8%	-$1,086.41
$7.36	-55.7%	-$718.82
$11.04	-33.6%	-$351.24
$14.71	-11.5%	+$16.35
$18.39	+10.6%	+$145.00
$22.07	+32.7%	+$145.00
$25.74	+54.8%	+$145.00
$29.42	+76.9%	+$145.00
$33.09	+99.0%	+$145.00

When traders use cash-secured put on HIYY

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

HIYY thesis for this cash-secured put

The market-implied 1-standard-deviation range for HIYY extends from approximately $9.31 on the downside to $23.95 on the upside. A HIYY cash-secured put lets a trader earn premium while waiting to acquire HIYY 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 HIYY IV rank near 73.30% sits in the upper third of its 1-year distribution, which historically reverts; this raises the bar for premium-buying structures and lowers it for premium-selling structures on HIYY at 153.60%. As a Financial Services name, HIYY options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to HIYY-specific events.

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

Frequently asked questions

What is a cash-secured put on HIYY?: A cash-secured put on HIYY is the cash-secured put strategy applied to HIYY (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 HIYY etf trading near $16.63, the strikes shown on this page are snapped to the nearest listed HIYY chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are HIYY 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 HIYY cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 153.60%), the computed maximum profit is $145.00 per contract and the computed maximum loss is -$1,454.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a HIYY cash-secured put?: The breakeven for the HIYY cash-secured put priced on this page is roughly $14.55 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 HIYY market-implied 1-standard-deviation expected move is approximately 44.04%; 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 HIYY?: Cash-secured puts on HIYY earn premium while a trader waits to acquire HIYY etf at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning HIYY.
How does current HIYY implied volatility affect this cash-secured put?: HIYY ATM IV is at 153.60% with IV rank near 73.30%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.