RMBX Long Put Strategy
RMBX (Investment Managers Series Trust II - Tradr 2X Long RMBS Daily ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.
RMBX uses swap agreements and listed call options to make bullish bets on the share price of Rambus Inc. (NASDAQ: RMBS). The fund may also invest directly in RMBS. The company designs and licenses high-speed semiconductor memory architectures, interface chips, and hardware security IP to optimize data transfer speeds and security for data center, artificial intelligence, and cloud computing workloads. The fund seeks to maintain daily leveraged exposure equivalent to 200% of the daily percentage change in RMBS price through daily rebalancing. Returns may deviate from the expected 200% if held for longer than a single day due to factors such as volatility and compounding. The fund expects to invest in US Government securities, money market funds, short-term bond ETFs, and corporate debt as collateral.
RMBX (Investment Managers Series Trust II - Tradr 2X Long RMBS Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $553,246, a beta of 0.00 versus the broader market, a 52-week range of 8-23.61, average daily share volume of 7K, a public-listing history dating back to 2026. These structural characteristics shape how RMBX etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.00 indicates RMBX 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 long put on RMBX?
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.
RMBX snapshot
As of September 29, 2026, spot at $12.81, ATM IV 134.70%, expected move 38.62%. The long put on RMBX 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 long put structure on RMBX specifically: IV rank is unavailable in the current snapshot, so regime-based timing for RMBX is inferred from ATM IV at 134.70% alone, with a market-implied 1-standard-deviation move of approximately 38.62% (roughly $4.95 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 RMBX expiries trade a higher absolute premium for lower per-day decay. Position sizing on RMBX should anchor to the underlying notional of $12.81 per share and to the trader's directional view on RMBX etf.
RMBX long put setup
The RMBX long 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 RMBX at $12.81 on that close, the first option leg uses a $13.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed RMBX 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 RMBX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $13.00 | $3.45 |
RMBX long put risk and reward
- Net Premium / Debit
- -$345.00
- Max Profit (per contract)
- $954.00
- Max Loss (per contract)
- -$345.00
- Breakeven(s)
- $9.55
- Risk / Reward Ratio
- 2.765
Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.
RMBX long put payoff curve
Modeled P&L at expiration across a range of underlying prices for the long put on RMBX. 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% | +$954.00 |
| $2.84 | -77.8% | +$670.87 |
| $5.67 | -55.7% | +$387.75 |
| $8.50 | -33.6% | +$104.62 |
| $11.34 | -11.5% | -$178.50 |
| $14.17 | +10.6% | -$345.00 |
| $17.00 | +32.7% | -$345.00 |
| $19.83 | +54.8% | -$345.00 |
| $22.66 | +76.9% | -$345.00 |
| $25.49 | +99.0% | -$345.00 |
When traders use long put on RMBX
Long puts on RMBX hedge an existing long RMBX etf position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying RMBX exposure being hedged.
RMBX thesis for this long put
The market-implied 1-standard-deviation range for RMBX extends from approximately $7.86 on the downside to $17.76 on the upside. A RMBX long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long RMBX position with one put per 100 shares held. As a Financial Services name, RMBX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to RMBX-specific events.
RMBX 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. RMBX positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move RMBX alongside the broader basket even when RMBX-specific fundamentals are unchanged. Long-premium structures like a long put on RMBX 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 RMBX chain quotes before placing a trade.
Frequently asked questions
- What is a long put on RMBX?
- A long put on RMBX is the long put strategy applied to RMBX (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 RMBX etf at $12.81 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed RMBX chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are RMBX 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 RMBX long put priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 134.70%), the computed maximum profit is $954.00 per contract and the computed maximum loss is -$345.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a RMBX long put?
- The breakeven for the RMBX long put priced on this page is roughly $9.55 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 RMBX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 38.62%; 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 RMBX?
- Long puts on RMBX hedge an existing long RMBX etf position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying RMBX exposure being hedged.
- How does current RMBX implied volatility affect this long put?
- Current RMBX ATM IV is 134.70%; IV rank context is unavailable in the current snapshot.