How are SMOG 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 SMOG cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 20.90%), the computed maximum profit is $111.00 per contract and the computed maximum loss is -$14,288.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

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

The breakeven for the SMOG cash-secured put priced on this page is roughly $142.89 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 SMOG market-implied 1-standard-deviation expected move is approximately 5.99%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

SMOG ATM IV is at 20.90% with IV rank near 8.16%, 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.

SMOG Cash-Secured Put Strategy

SMOG (VanEck Low Carbon Energy ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.

VanEck Low Carbon Energy ETF (SMOG) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the MVIS Global Low Carbon Energy Index (MVSMOGTR). The index is a rules based index intended to track the overall performance of renewable energy companies which may include, but is not limited to: wind, solar, hydro, hydrogen, bio-fuel or geothermal technology, lithium-ion batteries, electric vehicles and related equipment, waste-to-energy production, smart grid technologies, or building or industrial materials that reduce carbon emissions or energy consumption.

SMOG (VanEck Low Carbon Energy ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $151.3M, a beta of 1.23 versus the broader market, a 52-week range of 107.45-157.27, average daily share volume of 2K, a public-listing history dating back to 2007. These structural characteristics shape how SMOG etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.23 places SMOG roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. SMOG 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 SMOG?

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 SMOG snapshot

As of May 15, 2026, spot at $151.50, ATM IV 20.90%, IV rank 8.16%, expected move 5.99%. The cash-secured put on SMOG 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 SMOG specifically: SMOG IV at 20.90% is on the cheap side of its 1-year range, which means a premium-selling SMOG cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 5.99% (roughly $9.08 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 SMOG expiries trade a higher absolute premium for lower per-day decay. Position sizing on SMOG should anchor to the underlying notional of $151.50 per share and to the trader's directional view on SMOG etf.

SMOG cash-secured put setup

The SMOG 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 SMOG near $151.50, the first option leg uses a $144.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SMOG 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 SMOG shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Put	$144.00	$1.11

SMOG cash-secured put risk and reward

Net Premium / Debit: +$111.00
Max Profit (per contract): $111.00
Max Loss (per contract): -$14,288.00
Breakeven(s): $142.89
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.

SMOG cash-secured put payoff curve

Modeled P&L at expiration across a range of underlying prices for the cash-secured put on SMOG. 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	-100.0%	-$14,288.00
$33.51	-77.9%	-$10,938.36
$67.00	-55.8%	-$7,588.72
$100.50	-33.7%	-$4,239.09
$134.00	-11.6%	-$889.45
$167.49	+10.6%	+$111.00
$200.99	+32.7%	+$111.00
$234.48	+54.8%	+$111.00
$267.98	+76.9%	+$111.00
$301.48	+99.0%	+$111.00

When traders use cash-secured put on SMOG

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

SMOG thesis for this cash-secured put

The market-implied 1-standard-deviation range for SMOG extends from approximately $142.42 on the downside to $160.58 on the upside. A SMOG cash-secured put lets a trader earn premium while waiting to acquire SMOG 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 SMOG IV rank near 8.16% 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 SMOG at 20.90%. As a Financial Services name, SMOG options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SMOG-specific events.

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

Frequently asked questions

What is a cash-secured put on SMOG?: A cash-secured put on SMOG is the cash-secured put strategy applied to SMOG (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 SMOG etf trading near $151.50, the strikes shown on this page are snapped to the nearest listed SMOG chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are SMOG 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 SMOG cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 20.90%), the computed maximum profit is $111.00 per contract and the computed maximum loss is -$14,288.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a SMOG cash-secured put?: The breakeven for the SMOG cash-secured put priced on this page is roughly $142.89 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 SMOG market-implied 1-standard-deviation expected move is approximately 5.99%; 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 SMOG?: Cash-secured puts on SMOG earn premium while a trader waits to acquire SMOG etf at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning SMOG.
How does current SMOG implied volatility affect this cash-secured put?: SMOG ATM IV is at 20.90% with IV rank near 8.16%, 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.