MAXI Cash-Secured Put Strategy
MAXI (Simplify Bitcoin Strategy PLUS Income ETF), in the Financial Services sector, (Asset Management - Income industry), listed on NASDAQ.
The Simplify Bitcoin Strategy PLUS Income ETF (MAXI) seeks capital gains through an actively managed Bitcoin strategy. A risk-managed options overlay is added to provide income. The Bitcoin exposure will vary between 50% to 200% of the fund’s net assets, based on a proprietary technical model. Exposure may be gained through various instruments, including Bitcoin ETFs, futures, options, or swaps. The options income strategy will focus on selling put spreads on a variety of instruments, including equity indices as well as bond and commodity ETFs.* *The fund does not invest in bitcoin directly.
MAXI (Simplify Bitcoin Strategy PLUS Income ETF) trades in the Financial Services sector, specifically Asset Management - Income, with a market capitalization of approximately $34.1M, a beta of 1.53 versus the broader market, a 52-week range of 9.2-36.34, average daily share volume of 29K, a public-listing history dating back to 2022. These structural characteristics shape how MAXI etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.53 indicates MAXI has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. MAXI 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 MAXI?
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 MAXI snapshot
As of May 15, 2026, spot at $11.70, ATM IV 53.10%, IV rank 19.40%, expected move 15.22%. The cash-secured put on MAXI 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 MAXI specifically: MAXI IV at 53.10% is on the cheap side of its 1-year range, which means a premium-selling MAXI cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 15.22% (roughly $1.78 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 MAXI expiries trade a higher absolute premium for lower per-day decay. Position sizing on MAXI should anchor to the underlying notional of $11.70 per share and to the trader's directional view on MAXI etf.
MAXI cash-secured put setup
The MAXI 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 MAXI near $11.70, the first option leg uses a $11.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed MAXI 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 MAXI shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $11.00 | $0.55 |
MAXI cash-secured put risk and reward
- Net Premium / Debit
- +$55.00
- Max Profit (per contract)
- $55.00
- Max Loss (per contract)
- -$1,044.00
- Breakeven(s)
- $10.45
- Risk / Reward Ratio
- 0.053
Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.
MAXI cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on MAXI. 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 | -99.9% | -$1,044.00 |
| $2.60 | -77.8% | -$785.42 |
| $5.18 | -55.7% | -$526.83 |
| $7.77 | -33.6% | -$268.25 |
| $10.35 | -11.5% | -$9.67 |
| $12.94 | +10.6% | +$55.00 |
| $15.52 | +32.7% | +$55.00 |
| $18.11 | +54.8% | +$55.00 |
| $20.70 | +76.9% | +$55.00 |
| $23.28 | +99.0% | +$55.00 |
When traders use cash-secured put on MAXI
Cash-secured puts on MAXI earn premium while a trader waits to acquire MAXI etf at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning MAXI.
MAXI thesis for this cash-secured put
The market-implied 1-standard-deviation range for MAXI extends from approximately $9.92 on the downside to $13.48 on the upside. A MAXI cash-secured put lets a trader earn premium while waiting to acquire MAXI 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 MAXI IV rank near 19.40% 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 MAXI at 53.10%. As a Financial Services name, MAXI options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to MAXI-specific events.
MAXI 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. MAXI positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move MAXI alongside the broader basket even when MAXI-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on MAXI carry tail risk when realized volatility exceeds the implied move; review historical MAXI earnings reactions and macro stress periods before sizing. Always rebuild the position from current MAXI chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on MAXI?
- A cash-secured put on MAXI is the cash-secured put strategy applied to MAXI (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 MAXI etf trading near $11.70, the strikes shown on this page are snapped to the nearest listed MAXI chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are MAXI 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 MAXI cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 53.10%), the computed maximum profit is $55.00 per contract and the computed maximum loss is -$1,044.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a MAXI cash-secured put?
- The breakeven for the MAXI cash-secured put priced on this page is roughly $10.45 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 MAXI market-implied 1-standard-deviation expected move is approximately 15.22%; 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 MAXI?
- Cash-secured puts on MAXI earn premium while a trader waits to acquire MAXI etf at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning MAXI.
- How does current MAXI implied volatility affect this cash-secured put?
- MAXI ATM IV is at 53.10% with IV rank near 19.40%, 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.